The President demands that we charge into more debt, as if that won’t produce more economic damage.
I distinctly remember, when Barack Obama was campaigning for porkulous, that he said over and over we must spend more money in order to “stimulate” the economy. He made it clear that the only proper rational reaction to a recession was to increase the national debt in order to spend.
Now that he is talking up the great economy, it turns out that there is, again, only one rational response possible: increase the national debt in order to spend. Here is the headline for an Associated Press story: “Obama: Spending surge will keep recovery churning: Critics call plan ‘happy talk’”
Happy talk? More like delusional ravings!
Declaring an end to “mindless austerity,” President Barack Obama called for a surge in government spending Thursday, and asked Congress to throw out the sweeping budget cuts both parties agreed to four years ago when deficits were spiraling out of control.
Obama’s proposed $74 billion in added spending — about 7 percent — would be split about evenly between defense programs and the domestic side of the budget. Although he’s sought before to reverse the “sequester” spending cuts, Obama’s pitch in this year’s budget comes with the added oomph of an improving economy and big recent declines in federal deficits.
“If Congress rejects my plan and refuses to undo these arbitrary cuts, it will threaten our economy and our military,” Obama warned in an op-ed article Thursday in The Huffington Post. He said the nation’s debt still would decline as a share of the overall economy under his plan.
What “mindless austerity”? The fact is, as the CBO admits, the national debt is set to blow up unless emergency cuts are made. We need to double or triple down on the sequester, not eliminate it.
But Obama is desperate for cash. He already had to publicly back down on his state of the union speech because he found he can’t tax the middle class to bribe the middle class. He needs the debt floodgates to be opened up so that he has more plunder to use for political payoffs.