Monday, March 29, 2010

Democrats have sown the seeds for disaster

The CBO has said the President's proposed spending over the next decade will take our country's debt to 90% of GDP by 2020. Our government's bond rating will fall, making it more difficult to borrow and sustain the budgetary overspending. Robert Samuelson of the Washington Post puts it all in the proper perspective:

Should the United States someday suffer a budget crisis, it will be hard not to conclude that Obama and his allies sowed the seeds, because they ignored conspicuous warnings. A further irony will not escape historians. For two years, Obama and members of Congress have angrily blamed the shortsightedness and selfishness of bankers and rating agencies for causing the recent financial crisis. The president and his supporters, historians will note, were equally shortsighted and self-centered -- though their quest was for political glory, not financial gain.