“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.” – Senator Barack Obama (D-IL), Mar. 16, 2006, (emphasis added).
By President Barack Obama’s (D) own criteria, he and the Democratic super-majorities in the House and Senate that have run the show for the last two years are failed leaders.
Faced with a recession that the government could have stopped in its tracks with a sane tax policy and long-overdue federal budget cuts, the new administration doubled-down on President George W. Bush’s (R) dysfunctional bailout and deficit policies and quadrupled the annual deficit in their first year, setting a new record that dwarfed the worst Bush ever did. While the Bush/Obama Bailout Bonanza seems to have mostly come to an end, the destructive deficit spending continues apace. The U.S. federal government—by which I mean us, the taxpayers—now owes $14,083,345,766,082.15 to countless creditors, including foreign companies and governments (as of 2/10/2010, according to the U.S. Dept. of the Treasury). At some point in the next one or two years, U.S. public debt is expected to rise above 100 percent of our Gross Domestic Product (GDP)—meaning we will owe more to our creditors than the worth of the entire country’s economic production in a year. The last time our debt was more than 100 percent of our GDP was during and immediately following the Second World War.
Bruce L. Hargraves, USN Retired, wrote a pithy letter to the editor which appeared in the Northern Wyoming Daily News on April 2, 2010. Hargraves said, “I object and take exception to everyone saying that Obama and Congress are spending money like a drunken sailor. As a former drunken sailor, I quit when I ran out of money” (emphasis added). It was funny when I read it last year. It’s not so funny anymore.


