'O' Worsens Every Woe He Touches
Thu, February 24, 2011 at 16:48 Have I ever said anything like this before?
President Obama established a bipartisan debt-reduction com mission -- and then ignored its findings, which called for unpopular cuts in entitlements and spending. His first two budgets led to the largest deficits in US history. The ensuing $3 trillion in red ink prompted the Tea Party movement and led to the Democrats' largest midterm House defeat since 1938. No matter. Obama has proposed a budget with an even larger, $1.6 trillion deficit. That record federal borrowing prompted columnist Charles Krauthammer to describe it as Louis XV indulgence, an allusion to the wild royal spending that brought about the French Revolution. Even Newsweek's Evan Thomas, who once gushed that Obama stood "above the world" as some "sort of God," called the president's new budget a "profile in cowardice." After Obama leaves office, a perfect storm of rising international interest rates, an anemic dollar and panic on the part of foreign lenders may force an end to this unhinged American rush to borrow and blow what it has not earned.
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