After a rather vigorous discussion with a co-worker about the upcoming budget, I asked the one question I thought might settle the question about the outrageous deficit Obama's proposed budget would incur: “How can the President possibly justify such a large deficit when just about everyone that understands economics knows there's no way we'll ever be able to pay off the debt?”
My co-worker's response was disheartening, proving to me they had absolutely no understanding of how the economy actually works.
“It won't be a problem. There will be plenty of money to pay the debt. It won't be like the Bush years, with the huge deficits he ran because of the war in Iraq.”
That's when I realized that, like Obama and far too many members of his administration, as well as Congress, believe that money will appear like magic. They don't understand that money has to be made, to be earned. Just turning on the printing presses doesn't fix the problem. Clinging to Bush Derangement Syndrome is not a solution.
Of course my co-worker was dead wrong. As I informed them, the budget deficit for Obama;s budget for the upcoming fiscal year will be as big as the deficits of George Bush's budgets combined.
How anyone can think spending, borrowing, and taxing to the level that will be required to pay for all the spending and borrowing will in any way benefit any of us is beyond me. Frankly, we will have little to show for all that spending except massive debt, an even larger, more bloated government incapable of doing anything for anyone, a seriously crippled economy, and a decline in our standard of living to that of sometime around 1900. What's worse is that none of it is necessary. The kind of intervention Obama insists we need is just so much neo-marxist BS. But with the Marxist-In-Chief (barely) running the show, the chances of us not taking a major hit to our wallets over the next four years are two – slim and none.