Jacob Sullum on Reason Online: "Obama pretends to be frugal as we sink deeper in debt"
This year, the Associated Press notes, "the government will have to borrow nearly 50 cents for every dollar it spends." Even with optimistic economic assumptions, the Obama administration projects budget deficits of more than $500 billion every year from 2010 to 2019, totaling $7.1 trillion in additional debt at a time when Social Security and Medicare spending will be skyrocketing due to the retirement of baby boomers-a problem Obama has not begun to address.It seems like the man has a problem with simple math.
"We can no longer afford to spend as if deficits do not matter and waste is not our problem," the president said last week. "We can no longer afford to leave the hard choices for the next budget, the next administration-or the next generation." I wish that Obama had some influence on the one who is setting the administration's fiscal policy.
1 comment:
But it doesn't matter though, does it? As long as he says deficit spending is unsustainable, that's all that counts.
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