“The reckless fiscal policies of the past have left us in a very deep hole,” Obama said last week. “And digging our way out of it will take time, patience and some tough choices.”
Given the enormous deficits and debt Obama is determined to multiply and increase, apparently one of those “tough choices” is not to stop digging.
John – Obama predictably will try and pin this on the Bush administration. To some degree I can see it – Bush hardly spoke to fiscal responsibility.
But it doesn’t matter.
The debt has quadrupled since Obama took office and his own rosy predictions make it look worse.
He has no background in economics. He neither has any executive experience. And he has a Congress that is hardly disposed to fiscal conservatism.
But he will learn quickly about the bond vigilantes. They are growing noisier each day. And they will make the cost of capital prohibitive unless we start to drastically cut spending. No President can obtain a next term with 13% unemployment. The bond vigilantes will force it.