More on the economic debacle: epic fail obama

“On Thursday the non-partisan Congressional Budget Office (CBO) announced the federal budget deficit for 2010 will exceed $1.3 trillion. This is already on the heels of a 2009 budget deficit of $1.2 trillion and on top of a national debt of some $13.3 trillion. The word ‘trillion’ seems to have, almost overnight, crept into our standard economic parlance and by the looks of it is here to stay. And with the CBO’s forecast of more than $6 trillion in federal budget deficits accruing over the next nine years from 2010 to 2019, many are logically wondering if the United States has effectively crossed, or is fast approaching, a virtual economic point of no return — an economic Rubicon if you will.” –columnist Matt O’Connor

“[P]rogressively over these three decades the Republican party has exempted every material component of the budget from cuts, including middle-class entitlements, defense, veterans, education, housing, farm subsidies, and even Amtrak! Like Casey, the GOP has been in the anti-spending batter’s box for 30 years, and has never stopped whiffing the ball. The final proof is that the one GOP spending cut plan with any integrity — the ‘roadmap’ of Congressman Paul Ryan — has the grand sum of 13 co-sponsors, and I dare say half would call in sick if it ever came to a vote.” –former Reagan budget director David Stockman

“Why isn’t the economy recovering? After previous recessions, unemployment didn’t get stuck at close to 10 percent. If left alone, the economy can and does heal itself, as the mistakes of the previous inflationary boom are corrected. The problem today is that the economy is not being left alone. Instead, it is haunted by uncertainty on a hundred fronts. When rules are unintelligible and unpredictable, when new workers are potential threats because of Labor Department regulations, businesses have little confidence to hire. President Obama’s vaunted legislative record not only left entrepreneurs with the burden of bigger government, it also makes it impossible for them to accurately estimate the new burden. In at least three big areas — health insurance, financial regulation and taxes — no one can know what will happen.” –columnist John Stossel

“[T]he conviction that government no longer works for the majority of Americans is spreading like wildfire. That nearly all of President Obama’s major policies have gone against public will is fueling voter anger across the nation.” –columnist Michael Goodwin

“Most elected officials cling to their ideological biases, despite the real-world facts that disprove their theories time and again. Most have no common sense, and most never acknowledge that they were wrong.” –economist Lawrence Kudlow


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4 Responses to “More on the economic debacle: epic fail obama”

  1. PanAm Says:

    Good, overall synopsis of the problem, Patrick.


  2. Jim Says:

    I consider myself a libertarian but I have a problem with the conservative version of it. State power can easily become oppressive and such power should be opposed. The state has never been a particular friend to democracy. But a bigger threat to real freedom today is concentrated wealth and the system that requires the vast majority to work for it. It’s never been more difficult to succeed in small business and that’s mostly because of the increasing domination of big business. Globalization and economies of scale will only drive this further. Not to mention technology and productivity which will continuously drive the need for labor down. Our current path should be seen as a ‘road to serfdom’.

    I think true libertarians need to fight all concentrations of power and recognize that we’re in the 21st century and not the 18th (a la tea baggers). I write about this on my blog. I also point out that Cheney was right about deficits – they don’t matter and the democratization of monetary policy would be a key 1st step in a true libertarian (freeing ourselves from power) program.



  3. mainenowandthen Says:

    Thanks for a fine selection of quotes. In particular, the fact that the government no longer represents the wishes of the people is something that cannot be stressed enough. Our current crop of politicians has recklessly squandered the public trust with their arrogant and oppressive actions and there is a imperative need to “take out the trash” come this November.


  4. Patrick Sperry Says:

    There was an interesting article today in an interview with Senator Jim Demint saying exactly that Maine.

    That’s a very interesting article that you linked to Jim, thanks for stopping by and sharing.


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