Skip to comments.Obama's fiscal fantasyland (Only true Keynesians still think we can spend our way to prosperity)
Posted on 06/30/2010 6:54:58 AM PDT by SeekAndFind
"Irresponsible" refers to Congress and the Obama administration - and here's why. For thousands of years, businesses, organizations, governments and even individuals have relied on a basic tool to make sure they do not spend or borrow more than they can service - it is called a budget. Yet, for the first time since 1974, when the current rules were put into effect, the U.S. House of Representatives does not intend to pass a budget resolution. The main purpose of the budget resolution is to set discretionary spending caps for the coming fiscal year.
Without a budget resolution, members of Congress are, in essence, able to spend as much money as they wish, subject only to the limitation of getting half plus one of the other members to go along with the spending proposal. The budget procedure was put in place to make sure members of Congress would not spend money as irresponsibly as many teenagers might if they were given unlimited credit cards. If teenagers were in charge of the federal budget, we might end up with a $1.5 trillion deficit this year. Ah, but we are going to have a $1.5 trillion deficit this year - and who's in charge?
In the face of the unprecedented congressional spending binge, President Obama has been asking Congress to spend even more. Not content with actively promoting the eventual bankruptcy of the United States, Mr. Obama is urging foreign leaders also to increase their government spending - which is truly bizarre. Look at the facts. All of the major European countries have been increasing government spending and deficits at unsustainable rates. The talk for the past couple of months has been about which countries would follow Greece in going over the financial cliff.
(Excerpt) Read more at washingtontimes.com ...
Democrat Party!!! Force POTUS Obama to resign or impeach him, or....go down with this incompetent moron!!!
Let them go down..... dont feed them ideas.....
The delusions of the left can be breathtaking. Sometimes I am remined of the Queen of Hearts in Alice in Wonderland, who bragged about her ability to believe impossible things. (”Why, when I was your age I was able to believe in as many as 7 impossible things before breakfast”)
Obama is trying to outdo FDR!!He had the right idea(Government Spending),he just didn’t spend enough!!!Wasn’t it Albert Einstein who defined INSANITY as doing the same thing(the same way)over and over again all the while expecting a different result?
0’s a Keynesian? I thought he was a Kenyan!
Oh... Kenyan, e is Keynesian.
Keynesianism: Bonfire of the Currencies.
Taxing ourselves into prosperity.
When we’re all poor, we’ll all be equal. Then we’ll be told we’re all prosperous.
“Wasnt it Albert Einstein who defined INSANITY as doing the same thing(the same way)over and over again all the while expecting a different result?”
Yes, but to paraphrase Einstein and Margaret Thatcher, insanity is continually trying to divert resources from productive members of society to non-productive members while believing you will never run out of other people’s money.
Obama apparently thinks he can safely get away with relentless bashing of “the rich” and profit-making private enterprises all while increasing the diversion of their “undeserved” wealth and profits. He will learn the hard way just how wrong he is. Atlas doesn’t need to shrug when a vast majority of Americans is able and willing to simply vote these clowns from office.
We haven't had that many surpluses in the past 70 years with which to offset all the deficits we ran ... and are continuing to run.
Good point, and I am not confident that will have any surpluses in the near future.