Victor Davis Hanson: After Obama, the Deluge
President Obama established a bipartisan debt-reduction commission — and then ignored its findings, which called for unpopular reductions in entitlements and across-the-board spending cuts. His first two budgets led to the largest deficits in U.S. history. The ensuing $3 trillion in red ink gave rise to the Tea Party movement and led to the largest midterm defeat of the Democratic party in the House of Representatives since 1938.
No matter. The president has proposed a new budget with an even larger $1.6 trillion deficit. That record federal borrowing prompted columnist Charles Krauthammer to describe it as a Louis XV indulgence, an allusion to the wild royal spending that brought about the French Revolution. Even Newsweek editor-at-large Evan Thomas, who once gushed that Obama stood “above the world” as some “sort of God,” called the president’s new budget a “profile in cowardice.” After Obama leaves office, a perfect storm of rising international interest rates, an anemic dollar, and panic on the part of foreign lenders may force an end to this unhinged American rush to borrow and blow what it has not earned.
comments powered by Disqus
Stephen Kislock - 2/27/2011
Detroit is a Great success of the Democrats, People working.
Where as you Mr. Wilson, would like to see Detroit, closed lock stock and barrel.
John a Wilson - 2/27/2011
Where is there any comment about deficit in the rant above? Social Security is very close to insolvent no matter what the writing is on your SS statement every year.
If there is no money as in wealth in this country, there are no benefits. We might feel that the federal government is an ATM perpetually doling out cash like the Obama dollars in Detroit, but there is an end to it all if we are not careful.
Stephen Kislock - 2/26/2011
As one who lives in the Plastic World of "Foxx News" Social Security is Not an Entitlement!
Social Security, is Not an "Entitlement", it's Paid for and you want to give this TRILLIONS of Dollars, to wall street, the Greatest Failure, in the History of the World.
Without the "Bail-Out", wall street, would be Belly Up! You talk about an "Entitlement"!
- South Dakota drops history as a high school requirement
- The Forgotten History Of 'Violent Displacement' That Helped Create The National Parks
- Gospel of Jesus’ Wife May Be Authentic, New Tests Suggest
- Architect Sought for Obama’s Presidential Library Complex
- 2016 election's leading candidates have strong Jewish family ties
- Historians tackle America’s mass incarceration problem
- Report: Russian studies in crisis
- Ken Burns: Donald Trump’s birtherism — a “politer way of saying the ‘N-word'” — proves America isn’t remotely “post-racial”
- Medievalist calls on historians to welcome pop culture
- NYT History Book Reviews: Who Got Noticed this Week?