Confirmation of impending catastrophe

If you thought that electing Barack Obama president would set the country back on the right track, we now have absolute confirmation that nothing of the sort will happen. From his speech today:

"I have already directed my economic team to come up with an Economic Recovery Plan that will mean 2.5 million more jobs by January of 2011 – a plan big enough to meet the challenges we face that I intend to sign soon after taking office. We’ll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy. We’ll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels; fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead."

In other words, the federal government will use money that it does not have to create jobs out of thin air. Who will be hired, why, on what qualifications? What specific positions will be created, why, for what purpose? Who will choose, on what basis, for what purpose, to accomplish what goals? Not a word about that. Just a plan is in the works, hang on, the good times will roll eventually.

Does Mr. Obama not know that the federal budget deficit for this fiscal year will be $2 trillion? Only a few years ago this sum was the entire budget for the federal government; now it is only the deficit. Who will finance this deficit? Not Americans because we have no savings. The Chinese? The Japanese? They have that kind of money just lying around unused? Will they hand us $2 trillion just because they like us? Does Mr. Obama not know that somebody has to pay for all his dreams and promises? Why do we keep listening to this nonsense?

Do you want to know what is really going to happen in the next four years? Then go here and listen to podcast 72 with Peter Schiff of Europacific Capital. He'll tell you what's really going to happen in a dead-broke country with an insolvent government. It doesn't sound anything like Mr. Obama's dreamworld.