Send in the Clowns
In 2008 candidate Obama said: "We cannot simply spend as we please and defer the consequences to the next budget, administration or generation." In 2009 Obama promised to cut the nation's budget deficit in half by the end of his first term. His peculiar method to achieve this goal though was to spend our way back into fiscal responsibility and, thus, prosperity. As a result of this disastrous economic 'strategy,' the projected deficit this year is not 'half' of that contained in Bush's final budget but rather a deficit that is nearly 3 times larger!
The only question to be asked in this connection then is: When the above promises were made, was Obama acting as Barack-the-Clown or as Barack-the-Liar? Well yes, I suppose we could accept both.
At best the often proposed explanation that 'he didn't know how bad it was' suggests at least two things: 1) He did little serious preparation before entering Office (i.e. he knew how to become president but not how to be president). Or 2) He apparently did not understand the concept that a Government which decides to spend a trillion dollars more than in the final year of its predecessor without making a single attempt to curtail stupidity, waste, duplication and corruption will very likely expand the deficit by said trillion dollars.
Despite what they asked us to believe, does anyone really think his crack economic team of Summers, Volcker, Romer and tax-swindler Geithner did not grasp this high order of economics?
I am afraid that any reasonable grader would be obligated to give Obama and his team a report card "F" for fiscal responsibility. Herewith a very brief summary: Spending now at $3.6 trillion, spending burden now at 24% of GDP up from an average of about 20%. Note please, this is not an increase of 4% as the Obama regime would like us to swallow but rather an increase of 20%! And what do we have to show for this profligate spending? To paraphrase Ms. Romer about a year ago, a "growth-less recovery." Sorry, no matter how it is cut and diced, a "F" for the Clowns.
