Two cheers for the Washington Post, which this morning ran an editorial giving full voice to the coming dangers of mounting debt. I am a "Johnny Come Lately" to the anti-debt crowd, thinking for years that our debt as a percentage of GDP was reasonable (others, like frequent poster JPH have been warning me of the problems of debt for years). Clearly though, we have accelerated the debt problem and it is a sea anchor that will slow and ultimately doom our economy.
Noticeably absent from this editorial is a single word....Obama. There's nothing here to tie our President---you remember him, the Hopey/Changey guy....to the debt explosion. Nothing about an $800B non-stimulating stimulus. Nothing about $1T health care proposals. Nothing about the largest expansion of government (read: spending) in recent memory. Yes, yes, we were on the debt gravy train when he took office (yet another thing he can blame on Bush), but it is presumably his job to do something about it--well, something other than triple it.
Monday, December 14, 2009
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5 comments:
It's all Bush's fault!
Obama gives himself a B+ but his approval ratings are sub-50%. Sounds like my end-of-year self appraisal.
When a narcissist assess himself below an A, he's really beating himself up. Clearly, with good reason.
You were correct when our debt as a percentage of GDP was relatively low. But unfortunately our GDP has decreased while our debt has increased so naturally the debt as a percentage of GDP has ballooned.
Increasing layoffs and company closings will reduce our GDP even further while resultant lower revenues will continue to hamper our ability to pay down the debt.
Not to worry though. Our responsible congress passed a 12% increase over last years spending yesterday while the inflation rate has remained near zero. That will help. GOODBYE AMERICA, WE LOVED YOU.
Yeah zero inflation now, just wait.
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