Yesterday the Washington Post was trying to make the point that President Obama is offering no solutions to the debt tsunami that has suddenly consumed the newspaper’s attention:
“To put it bluntly, the fiscal policy of the United States is unsustainable. Debt is growing faster than gross domestic product. Under the CBO’s most realistic scenario, the publicly held debt of the U.S. government will reach 82 percent of GDP by 2019 — roughly double what it was in 2008.”
Um, to put it bluntly, this is not news. As Jennifer Rubin notes, no one should be surprised by this:
“John McCain regularly accused then-candidate Barack Obama of being a tax-and-spend liberal, seeking to “spread the wealth” as Obama disclosed in a much regretted off-hand comment.
Obama ran as a fiscal moderate — swearing affection for markets and promising only to tax the “rich.” The reality, just as McCain predicted, is quite different. The question remains whether the voters will notice and object to having been so blatantly deceived.”
There is no doubt that some voters have already noticed the deceit and evidence has been out there for weeks that President Obama is walking back his pledge to not raise taxes on the middle class. The mirage of green shoots of economic recovery is apparently sedating the Washington/New York pundit class into a stupor just as deep as the one they fell into last year during the election. The dumbfounding aspect of the national discussion on Obama/Pelosi/Reid economic policy is that no one is demanding to know what their endgame is. A recipe of higher taxes, historic spending and massive federal borrowing will deliver economic collapse and currency collapse.
Where is the policy that provides incentives for private sector growth? Cap and Trade? Nope. Health care reform? Nope. Massive middle and upper middle class tax increases? Nope. Bank bailouts? Nope. Stimulus spending? Nope. There is not a single Obama policy being considered or recently enacted that promotes the private sector growth necessary to create tax revenues sufficient to pay for the above. The same can be said for the lack of incentives to create jobs.
While President Obama and Congress remain knee deep in the hoopla of their grand schemes no one is asking them about their endgame.