Let Them Eat Cake

In the coming years, reality will become too big a monster for Obama and his tax-and-spend Democrats to ignore. As was the case with overextended debt in the housing market, the overextended debt caused by Obama’s “stimulus” and new entitlement programs will reach a tipping point in the next few years. According to the government’s own accounting, servicing the national debt will rise from its current rate of $200 billion annually to $700 billion a year by 2019. Based on the Obama administrations dishonest past calculations, that number is likely to be much higher.

With the exception of its editorial board, even the New York Times is beginning to recognize the danger posed by Obama’s massive additions to our national debt:

“The potential for rapidly escalating interest payouts is just one of the wrenching challenges facing the United States after decades of living beyond its means.
The surge in borrowing over the last year or two is widely judged to have been a necessary response to the financial crisis and the deep recession, and there is still a raging debate over how aggressively to bring down deficits over the next few years. But there is little doubt that the United States’ long-term budget crisis is becoming too big to postpone.

“Americans now have to climb out of two deep holes: as debt-loaded consumers, whose personal wealth sank along with housing and stock prices; and as taxpayers, whose government debt has almost doubled in the last two years alone, just as costs tied to benefits for retiring baby boomers are set to explode.”

Soon, the annual servicing of the debt will cost more than we spend fighting the wars in Afghanistan and Iraq. This begins a new war – a war on the freedom of Americans by conscripting them into financing the Democratic Party’s aristocratic program to buy the votes of targeted constituencies with the scarce dollars of us taxpaying surfs. Obama’s spending spree is his administration’s way of telling Americans they can “eat cake.”

-- Mr. Curmudgeon