The politicians and bankers of this nation have historically been quite content to enjoy the inflationary good times brought on by easy money; particularly if the deflationary crunch will happen on someone else’s watch. These days it doesn’t raise an eyebrow when the President announces a budgets that shows deficits as far as the eye can see, but that furnish a projection that the deficit can be cut dramatically cut in half a few years down the road… on someone else’s watch. Every President in modern history has done the same, and making excuses for our financial irresponsibility has just become part of the political process.
By that measure, Obama’s budget is hardly a surprise. It has lots of government spending on pet issues while not making any hard choices about where to cut back in order to pay for it. Like other Presidents before him, Obama is promising that once the investments that his budget is making in this country come to fruition, that America will become a great nation once again. It comes as no surprise to anyone that Obama will be long gone by the projected time that these “investments” come to fruition and therefore he has no accountability in the outcome. Taking action that seems like a bad idea at the time, but claiming that history will show your wisdom in the long run is just part of being President. Bush did it so much you’d have thought that the historians of the future were his main political base. So much of Obama’s budget just seems to be politics as usual.
What does strike me as strange is the fervor and hype with which the Democrats are touting it. Continue reading Obama’s Budget Attempts to Create “The Great Society”