Riding the buyers’ remorse train on day 44 of Obama’s presidency
Like the college students who stayed up late to be inspired by his campaign rallies only to find Obama’s first significant action to be a stimulus program that will transfer about a trillion dollars from them to the Baby Boomers, Silicon Valley Obama supporters are likely to find that a government-dominated economic era will not a great one in which to start companies that threaten big incumbent corporations that have juice with the government. I hope they appreciate the irony.
More here on entrepreneurs in general from the ever-thoughtful Jim Manzi. How do statists like Obama think jobs are created?
Whose next on the Obama buyers’ remorse train?
Will it matter enough to force changes in Obama’s radical agenda?
Democratic Senator Evan Bayh writes in the Wall Street Journal:
…Our nation’s current fiscal imbalance is unprecedented, unsustainable and, if unaddressed, a major threat to our currency and our economic vitality. The national debt now exceeds $10 trillion. This is almost double what it was just eight years ago, and the debt is growing at a rate of about $1 million a minute.
Washington borrows from foreign creditors to fund its profligacy. The amount of U.S. debt held by countries such as China and Japan is at a historic high, with foreign investors holding half of America’s publicly held debt. This dependence raises the specter that other nations will be able to influence our policies in ways antithetical to American interests. The more of our debt that foreign governments control, the more leverage they have on issues like trade, currency and national security. Massive debts owed to foreign creditors weaken our global influence, and threaten high inflation and steep tax increases for our children and grandchildren.
The solution going forward is to stop wasteful spending before it starts. Families and businesses are tightening their belts to make ends meet — and Washington should too.
The omnibus debate is not merely a battle over last year’s unfinished business, but the first indication of how we will shape our fiscal future. Spending should be held in check before taxes are raised, even on the wealthy. Most people are willing to do their duty by paying taxes, but they want to know that their money is going toward important priorities and won’t be wasted…
…But what ultimately matters are not meetings or words, but actions. Those who vote for the omnibus this week — after standing with the president and pledging to slice our deficit in half last week — jeopardize their credibility.
As Indiana’s governor, I balanced eight budgets, never raised taxes, and left the largest surplus in state history. It wasn’t always easy. Cuts had to be made and some initiatives deferred. Occasionally I had to say “no.”
But the bloated omnibus requires sacrifice from no one, least of all the government. It only exacerbates the problem and hastens the day of reckoning. Voters rightly demanded change in November’s election, but this approach to spending represents business as usual in Washington, not the voters’ mandate…
Barack Obama’s lurch to the left is costing him some support among centrist pundits, but now he’s lost a prominent Democratic Senator, Evan Bayh.
…Bayh and Nelson both pushed back against the idea of raising taxes in a recession. Presumably there are more legislators who are not ready for this lurch to the left.
This is potentially a turning point, as Democrats step forward willing to say, “Enough!” Whether they succeed in dragging the president back to a more centrist and sensible agenda remains to be seen. But one thing is clear: the center, at least in the Senate, is closer to the Republicans than to the Obama administration when it comes to fiscal sobriety and taxation.
Want the definition of overreach? When even Maureen Dowd whines about Obama. LOL.