Hold on—there’s a typo in that paragraph. "$3.6 trillion budget" can’t be right.The entire national debt is—what—about $11 trillion? He can’t actually be proposing to spend nearly one-third of that in one year, surely. Let me check. Hmm. He did. The Wall Street Journal notes that federal outlays in fiscal 2009 will rise to almost 30 percent of the gross national product. In language that even an innumerate English major such as myself can understand: The US government is now spending annually about one-third of what the entire US economy produces. . .And Buckley's not the only one.
If this is what the American people want, so be it, but they ought to have no illusions about the perils of this approach. Mr. Obama is proposing among everything else $1 trillion in new entitlements, and entitlement programs never go away, or in the oddly poetic bureaucratic jargon, "sunset." He is proposing $1.4 trillion in new taxes, an appetite for which was largely was whetted by the shameful excesses of American CEO corporate culture. And finally, he has proposed $5 trillion in new debt, one--half the total accumulated national debt in all US history. All in one fell swoop.
He tells us that all this is going to work because the economy is going to be growing by 3.2 percent a year from now. Do you believe that? Would you take out a loan based on that?
(via Conservative Grapevine)