The Fiscal Calamity

Peter Wehner:

Consider where we are and where we are headed. The deficit in 2009 was $1.4 trillion — the equivalent of 10 percent of the nation’s economic output and the highest percentage since the end of World War II. The president’s 2011 budget will generate a combined $9.75 trillion in deficits over the next decade. Our publicly held debt, which was $6.3 trillion when Obama entered office, now totals $8.2 trillion. According to the CBO, it’s headed to more than $20 trillion in 2020, equaling 90 percent of the estimated gross domestic product that year. (As a reference point, nations that comprise the European Union are required to keep their debt levels below 60 percent.) Interest rates alone would consume some $900 billion per year, almost five times what they were last year. In addition, the total unfunded liability (the gap between projected assets and benefit obligations) for Medicare and Social Security is $43 trillion; in five years, the total is estimated to grow to $57 trillion. (For more, see this, this, and this.

Confronting figures like this, Mr. Obama should have made spending restraint and entitlement reform his top domestic priority. And yet the president has taken us in exactly the opposite direction, engineering the passage of ObamaCare (over its first ten years of full implementation, it will cost at least $2 trillion). That is the equivalent of dropping plane loads of lighter fluid onto a fire that is raging out of control.

You really need to go over and read the entire piece. Wehner believes that history will judge Obama and the Democrats harshly for what they have done to America and its citizens.

What I worry about is the loss of the courts. If we lose the Federal courts for a generation, how will we be able to undo much of the long-term damage the hard left has already done and will continue to do to this country?

The priority has to be to stop the Democrats from doing further harm. Or our children and grandchildren will be nothing more than indentured servants to the self-appointed Washington “elite”. We have a very small – and rapidly closing – window of opportunity to stop and reverse this mess.

Let’s not blow it.

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