Amidst the euphoria of sweeping "hope and change," newly elected President Obama told Americans:
Today, I'm pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we've long neglected. But I refuse to leave our children with a debt that they cannot repay ? and that means taking responsibility right now, in this administration, for getting our spending under control.
(Click here if you want to hear it as spoken.)
It was a bogus pledge from the outset. The Obama voting bloc is not going to stand for measures required to cut the deficit, and Obama has absolutely no need or interest to do anything good for America. Therefore, his budget proposal sent to Congress raises the deficit by trillions of dollars - dollars that will be trashed through the Fed currency devaluation policies, by the way.
This is not going to be a pretty ride, but never fear. We always have a lib-quote to cover any and every contingency:
"When we took office, the economy was falling so fast that the first thing we had to do was put a bottom in. That cost money in the Recovery Act. It cost money in terms of lost revenue and slower economic growth. We're on track now. We've seen several months of sustained economic growth and job creation, but we're not out of the woods yet. That's one of the reasons that we still need even this month for Congress to take action and pass the extension of the payroll tax cut. The president's budget is a plan for 10 years, and over the 10 years, what it would do is bring the deficit down to below 3 percent of the economy, which means that we won't be adding to the deficit based on current spending. Secondly, it'll bring the debt as a percentage of the economy down to a point that all international financial organizations look at and say is what you need to do to have stability." - Obama's budget director Jack Lew
Well, that fixes everything.