Obama’s Liberal Fantasy Dream World
Sometimes it seems that life would be less stressful in a liberal fantasy dream world where numbers don’t really mean anything and “truth” is whatever you want to make it. But alas, that’s not the way things are.
Today, President Obama said “we don’t have an immediate crisis in terms of debt” and that “for the next ten years, it’s gonna be a sustainable place.” His cavalier attitude is not exactly breaking news; he made similar comments last September.
But here’s the thing about our debt: it’s not actually sustainable and creditors will demand you pay it off eventually.
Yes, you, the taxpayer, have to pay it off. In fact, the level of debt stands at over $111,000 per U.S. taxpayer. That’s not okay. In fact, through his constant calls to keep raising taxes on us, the President acknowledges as much. Even if he’s buried it in the deepest recesses of his mind, he must know that debt is something you have to pay off.
If common sense isn’t sufficient to convince you that the $16 trillion debt is a problem, perhaps the Congressional Budget Office’s (CBO) annual budget and economic outlook can clear things up. It explains that the debt held by the public is indeed a problem that, due to “an aging population, rising health care costs, and expansion of federal subsidies for health insurance, and growing interest payments on federal debt,” will remain “historically high relative to the size of the economy for the next decade.”
The President’s hypocrisy on debt is well documented, and the old Obama would agree with CBO’s conclusion that “such high and rising debt would have serious negative consequences.”
Fortunately, the American people are beginning to wake up and smell the coffee. The President’s approval ratings are falling in the polls, particularly with regard to his handling of the economy. Though the President thought that he’d received the go ahead from America to continue to raise taxes and ignore the debt for the next four years, it’s far from clear that that is what the American people want.
Barely more than half of those surveyed say the economy has started its recovery. And after a brief foray into neutral territory, most Americans again give Obama negative marks on handling the economy.
Despite the message the polls are sending about Obamanomics not being too popular, folks like Maryland Gov. Martin O’Malley, a 2016 presidential hopeful, still think raising taxes is a pretty good platform to run on. O’Malley is testing the theory currently:
O’Malley, who is thought to be an all but certain player in the next race for the White House, surprised some observers when he proposed last week to raise taxes on gasoline statewide as part of a transportation plan designed to repair failing infrastructure and reduce commute time.
But emboldened by President Barack Obama’s sweeping 2012 electoral victory — built largely on a pledge to raise rates on the wealthiest Americans — Democrats are now making the case that a record of tax increases isn’t the albatross it once was, as long as they pay for substantive improvements for constituents.
He must not have seen today’s polling numbers, which are at least an indication that Americans don’t like higher taxes, high debt and deficits, and high unemployment.
Unemployed Americans and struggling families await the President’s historically late budget with bated breath. Unfortunately for them, if it’s anything like last year’s budget, it will include higher taxes, more spending, and more debt. That will be consistent with his remarks on the debt today and the pain many Americans continue to feel.