Monday, May 3, 2010

The truth . . . from Barack Obama's own budget director

Barack Obama's Fiscal Commission met last week.  Peter Orszag, the President's Budget Director spoke.  Surprisingly, he told the truth.  Not so surprisingly, we haven't seen much reporting of what he said.  Here are a couple of excerpts . . .

"Sustained, growing long-term deficits will increase our reliance on creditors from abroad, reduce investment in our labs, factories and businesses, and weaken confidence in the federal government's creditworthiness."

Translation:  The federal government is spending borrowed money like a bunch of drunken sailors, steadily destroying the country's economic engine, and increasing our indebtedness to the Chinese.

"Under current policies, our projected deficits amount to about 5 percent of GDP in the second half of this decade, much higher than would be prudent or sustainable."

Translation:  Unless the federal government stops spending borrowed money like a bunch of drunken sailors - soon - the country will be in deep sh#@!

Unfortunately, there is no sentiment at the White House to listen to Mr. Orzag.  It is too difficult, you see, to buy the votes the Democrats need to retain power on a fiscally responsible government.

"Simply put," Orszag said, "it may be easier to ignore long-term problems, but we will pay a severe price if we do so . . ."  (Emphasis added.  Link here.)

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