We've heard this BS before

Mr. Obama intends to reduce the budget deficit by half come 2013. His goal is a deficit of some $500 billion. He will achieve this non-miracle by (1) winding down the war in Iraq; (2) taxing more; (3) eliminating government programs that don't work.

(1) Mr. Obama is widening the war in Afghanistan, which means more money spent on that ruinous war. Mr. Obama has yet to wind anything down in Iraq, and there's no particular reason to suppose he will. I see no reason to think that Mr. Obama will save even a penny by reducing anything to do with the military. More likely, military expenditures will rise, just as they have risen in the last eight years.

(2) Mr. Obama is raising taxes on people making over $250,000. States are raising taxes. Counties are raising taxes. Cities are raising taxes. All this in a depression! Raising taxes on declining economic activity will not raise more revenue. Higher taxes will depress economic activity further.

(3) Mr. Obama's campaign for president lasted two years during which, as far as I know, he did not name a single government program that he intended to eliminate. Why should we believe him now? Ronald Reagan promised to eliminate "waste, fraud, and abuse" in government, but time has instead eliminated Mr. Reagan and left the "waste, fraud, and absue" in place. Mr. Clinton promised to reinvent government, but bequeathed his successor the same old government he started with, except that it was but fatter and more costly; Mr. Bush promised us conservative government yet gave us the biggest expansion of government cost and power in human history. Why will Mr. Obama be any different?

In truth, Mr. Obama will not reduce the budge deficit by a penny. In a single month, he has vastly expanded government spending, which he can finance only by borrowing. He has plans to spend more on new national health care among other things on his to-do list. Since the tax base of the United States is rapidly shrinking, he will have to borrow indefinitely into the future to finance his grand plans for the country. Beyond Mr. Obama's spending spree, government expenditure is now rapidly increasing because as every day passes, more people move onto the Social Security and Medicare rolls. Nothing Mr. Obama has proposed or thought of will cope with that relentless, ever-growing demand on government funding.

Mr. Obama faces an insoluble problem: government expenditures are exploding while sources of revenue are shrinking. What to do? Answer: borrow and then borrow some more! But our foreign creditors have reached their limit with American debt. Russia has recently stopped buying American debt; China and Japan are both plunging into depression; low oil prices are playing havoc with Saudi Arabia; Europe faces a catastrophic banking crisis; Britain's economy is crashing. Who will pay for Mr. Obama's spending spree? Mr. Obama's intentions are mere fantasy. Reality has other plans for this guy.

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