Monday, July 13, 2009

This Probably Won't End Well for the Obama Administration

I don't really want to talk specifically about politics here, but given the massive heaps of uncontrolled spending, it's difficult not to. The level of admiration accorded to President Obama has far exceeded the level of his achievements but this has been helped, in no small part, by the media who seem to fawn at his every move and defend what little there is of his record to the point of absurdity (TheVirginian) .

As Rex Murphy puts it "Mr. Obama has taken the real crisis of the U.S. (and world) economy and used it as the screen and lever for a massive agenda of transformation, a transformation that calls for expenditures on a scale never before seen in the history of government on this planet" (Globe and Mail). Keith Hennessey makes a similar point in critiquing Mr. Obama's Op-Ed that Obama ironically chose to publish in the Washington Post (Politico). Mr. Obama has chosen to use this crisis to spend trillions of dollars on an ideological agenda to expand the size of government. As Victor Hanson points out, in what he calls The War Against The Producers (via Instapundit), this can't possibly be sustainable:

Ponder a simple fact: The Obama administration is dispersing income lavishly to those who do not pay taxes and it will have to be paid for by those who do. For all the talk of that awful percentile who make over $200,000, this administration has not distinguished the hyper-rich 1% that make untold money (e.g., the Buffets, Soroses, Turners, Gateses, Kerrys, Gores, etc), from the much more demonized, larger 5% of the population whose income does not come from investments and insider influence and deal-making, but rather from providing more tangible goods and services–the family doctor, the plumbing contractor, the small lumber company owner, the car dealer, the local family-held insurance company, the airline pilot, the car-leasing firm, the patent attorney, etc.
I do believe one thing is for certain - if the 'stimulus' doesn't end up working as planned (and there's unfortunately very little reason to believe that it has or that it will), and as Americans begin having to pay off their new gargantuan debt loads that have been accumulated, Obama could end up even less popular with history far less kind than even the previous Bush Administration.

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