Tuesday, July 21, 2009
Our government has a worst-case scenario estimate of the total, long-term cost of federal government support of troubled firms and markets. It’s $23.7 trillion, with a “t.” This is not to say that the economy will need this level of support, but only that we’ve made commitments which could, conceivably, end up costing us this much. (See Politico’s piece by Eamon Javers, July 20, 2009, “Bailouts could cost US $23 trillion”, which will help put this number in perspective.)
Breathtaking, isn’t it? Overstated? Maybe. The Treasury Department says we’ve spent less than $2 trillion so far. Chump change by Obama standards.
In case anyone doubted that we’re in a financial crisis, we are and its name is “President Barack Obama.”
Maybe it’s his naïveté, his almost complete lack of fiscal and administrative management experience. Maybe he’s blinded by the light of a liberalism so profoundly simpleminded, it gives Liberals a bad name. That he has a sincere commitment to making America better, to fixing the multitude of our problems is not an excuse for the mess his level of spending and government interference with the economy will eventually cause.
We elected Barack Obama President of the United States government. He’s been hired, by “We, the People,” to manage our government for us. He is not the President of the Economy, if there were such a position, and he needs to get it out of his head that he can run it, the economy that is.
They say that the greatest mistake any salesman can make, even the very best, is to believe his own hype. “Yes we can!” was a good, very effective campaign slogan, but it’s time for a reality check. The election’s over. It’s time for Barack Obama to stop campaigning and start managing the government.
Whatever the precise causes of his fiscal recklessness, it’s got to stop. Either he comes to his senses and gets it out of his head that “money is no object” government isn’t tenable or, simply put, it’s up to the Republicans and some Democrats in Congress to provide the checks and balances which are their Constitutional responsibility.
If they’re not up to it or need our help, the good news is that there’s another election just 15 months from now.