Usually, when one points out Obama's unprecedented spending spree, his supporters start deflecting by saying bad things about Bush's spending or even Reagan's. Indeed, it's probably bad under any circumstances to increase the nation's debt. But what the president has done staggers the mind and shows what happens when you elect a guy who hasn't run a business and has no real economic acumen.
The non-partisan Congressional Budget Office has projected that over the next ten years, cumulative deficits will reach $9.7 trillion and federal debt 90% of the gross domestic product. Global capital markets are unlikely to accept that credit erosion. If they revolt, as they did in 1979, ugly changes in fiscal and monetary policy will be imposed on Washington.
How bad is the outlook? The size of the federal debt will increase by 250% over 10 years. Other than during WWII, this hasn't been seen since record-keeping began in 1792. It is so bad that by 2020, the country will have to borrow $5 trillion a year just to refinance maturing debt and raise new money.
No family can long survive spending beyond its means...sooner or later, it has to shut down all-but-necessary spending and try to get the wheels back on the road. Obama loves big government and he's the answer to every liberal's prayer. But this ain't play money he's tossing around. And to help cover his uncontrollable spending habit, he is resorting to another Democrat favorite...raising taxes. For our sake, and the future of our kids and grandkids, this neophyte spender-in-chief needs to be reined in. His first trip to the woodshed will occur in November.