It has come to Mr. Obama's attention that the government of the United States in on the hook for more money than the country is worth. Mr. Obama has a plan to deal with this problem: he will convene a summit to talk about it. That should do the trick, don't you think?
Mr Obama will host a bipartisan summit on fiscal discipline next Monday that will aim to address America’s long-term struggle to control entitlement costs in healthcare and social security. For most economists, it cannot come a moment too soon. “We are now looking at fiscal deficits of over a trillion [a million million] dollars every year for the next decade,” says William Gale of the Brookings Institution. “And that is without adding all the trillions of dollars in contingent liabilities of the Federal Reserve and the Treasury, which show up nowhere in the budget or national debt numbers.”
Mr. Obama has just added more than $800 billion to the national debt and plans to add lots more. And now he wants to talk about fiscal responsibility? This is like throwing a cocktail party on the stern of the Titanic just after the last lifeboat has rowed away. It's too late, pal Obama. You've sealed your fate and the country's too. Bankruptcy, insolvency, financial paralysis, run-away inflation, political chaos, social upheaval--these are on the menu now. Jabber all you want on Monday as if yet another pointless meeting will do anything but provide photo-ops and a 30-second spot on TV news. There won't be trillion-dollar deficits year after year because nobody's going finance them, starting with the $2-3 trillion deficit that Mr. O is running this year. Mr. O has been in office only one month, yet he is already the most reckless president we've ever had. He's taken all the worst politics of the Bush administration and amplified them.
We're in trouble so bad that there aren't words powerful enough to express it.
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