As you may have heard me opining on a number of occasions, I do like to point out that for all the whining Democrats do regarding health care reform, they still own the White House, the Senate, the New York Times, the Washington Post, NBC News, and pretty much 95% of the media outside of Fox News and WABC Radio. So the fact that they still aren’t able to cram a new entitlement down the throats of the American people, it really is kind of sad.
Apparently after miscalculating the debt by aboot $2,000,000,000,000.00, the VA accidentally misdiagnosing 1,864 veterans with Lou Gehrig’s Disease, and the “hugely popular” Cash for Clunker Fiasco where – out of a $800,000,000,000.00 political boondoggle – one of the few things actually stimulating the economy was underfunded and horribly mis-managed, the American people just aren’t having it. Damn those pesky average Americans who are easily manipulated by Rush Limbaugh and are too stupid to know any better that what Dear Leader wants is best.
Well, apparently the editors of the Washington Post – not the Times or the Examiner, but the WASHINGTON POST must be drinking the El Rushbo Kool-aid as well…
NO ONE LIKES to be the bearer of bad news — especially when it could threaten your multibillion-dollar health-care reform bill. And so the Obama administration did not exactly rush to publish yesterday’s required mid-session update to its federal budget estimates of last February. Still, once the numbers finally emerged in the dog days of August, they retained the power to stun: Instead of a cumulative $7.1 trillion deficit over the next decade, the White House now projects a $9 trillion deficit. These figures imply average annual budget deficits greater than 4 percent of gross domestic product through fiscal 2019, a rate of debt accumulation faster than projected GDP growth. This is not a sustainable fiscal path.
The extra $1.9 trillion in red ink mainly reflects the Office of Management and Budget’s adoption of more realistic — that is, more pessimistic — estimates of economic growth and unemployment. White House officials protest that their original, rosier numbers made sense at the time; actually, plenty of forecasters, including those at the nonpartisan Congressional Budget Office, made more accurate calls. This situation was foreseeable and should have been acknowledged earlier.
But, it’s all George Bush’s fault, right? It has to be…
Still, the Bush administration’s irresponsibility notwithstanding, it is time to stop crying “we inherited it.” The Obama administration needs its own clear, credible plan for restoring fiscal sustainability once the worst of the recession has run its course. Unless it can at least limit the growth in debt to the growth of the economy, investors will gradually lose faith in Treasury obligations, increasing the government’s borrowing costs — and turning a deficit crunch into a deficit spiral. In the worst case, unchecked debt could trigger a return to the double-digit inflation and interest rates of the late 1970s, only this time with massive U.S. obligations to foreign lenders such as China and Japan.
Looks like you’ve lost the Washington Post there, Sparky. I guess you at least still have the New York Times.