Steyn’s recent column dealing with Obama’s economic “plan” cuts through the crap and gets right to the heart of the matter:
After hearing the president’s plan, Standard & Poor’s downgraded the U.S. Sovereign debt outlook to “negative.” Ah, the fine art of understatement. In 1940, after the fall of France and the evacuation from Dunkirk, presumably they downgraded Britain’s outlook to “spot of bother.”
At the world’s first “Presidential Facebook town hall meeting” on Wednesday, even Obama had a hard time taking his “plan” seriously. Sometimes he referred to it as a 12-year plan, sometimes 10 years, sometimes saving four trillion, sometimes saving two trillion. So will the Obama plan save four trillion over 12 years or two trillion over 10?
For the answer let’s go to next week’s first Presidential Twitter town hall meeting:
OMG!!! LOL!!!!!!! ROFLMAO!!!!!!!!!
Overly Massive Government!!! Legislating Official Largesse!!!!!!! Requiring Offering Foreign Lenders More American Ownership!!!!!!!!!
The president’s plan is to balance the budget by climbing into his Little Orphan Obammie costume and singing: “The sun’ll come out tomorrow/Bet your bottom dollar that tomorrow there’ll be sun.” We’ve already bet our bottom dollar and it’s looking like total eclipse. But Obammie figures if we can only bet Daddy Warbucks’ bottom dollar the sun will shine. The “rich” don’t have enough money to plug the gap: As a general principle, whatever the tax rates, the Treasury can never take in more than about 19 percent of GDP. Since Obama took office, the government’s spent on average 24.4 percent of GDP.
That five-point gap cannot be closed, and it’s the difference between the possibility of a future and the certainty of utter ruin. Hence, outlook “negative.”
Read the rest, it’s well worth your time