Silver Lining .... Obama owns it!



I can see only one good outcome from yesterday’s election: the fact that Barack Obama will be the president who inherits the mess left by Barack Obama. The economy is in awful shape; it won’t get much better given Obama’s policies, and may get worse. 

But I digress: back to the silver lining. Obama will now have to reveal his agenda for a second term, heretofore a closely-guarded secret. In particular, what is he going to do about the nation’s $16 trillion debt? Obama’s answer during his first term was “nothing.” His budget, incorporating any number of optimistic assumptions, called for the debt to rise to $20 trillion. I don’t see how Obama can get through his second term without articulating some plan, however half-baked, for dealing with the debt. Ben Bernanke can’t keep interest rates at zero for another four years; at least, I don’t think he can. As soon as interest rates start to rise, the budget–no, wait, we don’t have a budget, but you know what I mean–is blown. It will be difficult for the press to conceal from the American people the fact that we are broke.

Obama’s default idea is to raise taxes on the rich, but that approach has a fatal defect. We suffer from a severe shortage of rich people. You could confiscate every penny belonging to every rich person in America, and not make a dent in the national debt. So, Barry, over to you: what’s your plan? I confess that I am looking forward to watching Obama squirm.
Comment: He cannot blame Bush anymore!

1 comment:

  1. He can't blame Bush anymore? Nah, I'm guessing W will be blamed for ever more, and O is going to forget that the recession started when HE joined the Senate in 2007.


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