A Trillion Dollars per Year
President Obama has put the government on track to realize nearly one trillion dollars per year of cumulative deficit for the next decade:
In a chilling forecast, the White House is predicting a 10-year federal deficit of $9 trillion — more than the sum of all previous deficits since America’s founding. And it says by the next decade’s end the national debt will equal three-quarters of the entire U.S. economy.
Do you suppose Americans are finally waking up to the hangover resulting from their campaign-year binge of moral vanity and political superficiality? It’s becoming difficult to miss the scam-pitch in such nonsense as the assertion by Obama’s Budget Director Peter Orszag that rewriting our healthcare system with an emphasis on regulation and government involvement will decrease the deficit. Sorry, Pete, more and more of us simply aren’t buying.
But before President Barack Obama can do much about it, he’ll have to weather recession aftershocks including unemployment that his advisers said Tuesday is still heading for 10 percent.
I submit that the solution to both problems is one and the same: shrink government. Define the United States as something grander than its government, and the tidal economic rewards of freedom will lift the bureaucrats’ boat, as well.