$128 billion surplus morphed to giant deficit

Posted by Moonage on 28 Jul 2008 | Tagged as: Fed Policy

That’s the teaser on CNN.  Here’s some of the meat:

A Democratic point man on the budget, Sen. Kent Conrad of North Dakota, blasted the administration for its “reckless fiscal policies,” blaming the president’s tax cuts for driving the government into deficit and saying Bush “will be remembered as the most fiscally irresponsible president in our nation’s history.”

Conrad, who chairs the Senate’s budget committee, accused the president of “squandering” the deficit he inherited from President Bill Clinton and said the increased debt the government has taken on to cover the deficit has undermined the value of the dollar and hurt the overall economy.

“If they gave out Olympic medals for fiscal irresponsibility, President Bush would take the gold, silver and bronze,” Conrad said. “With his eight years in office, he will have had the five highest deficits ever recorded. And the highest of those deficits is now projected to come in 2009, as he leaves office.”

Now, Kent Conrad, as noted, is on the Senate Budget Committee.  Legislation is controlled by Harry Reid and Nancy Pelosi, two DEMOCRATS.  The budgets come from committees, ALL CONTROLLED BY DEMOCRATS.

In simpler terms, if they don’t like the budget, they can change it.  They can balance this budget right now if they so choose.

What are the chances Harry Reid and Nancy Pelosi are going to do anything about this fiscal irresponsibility other than blame the budgets they pass on someone else?

Zero.

When Nancy Pelosi took over the House, she promised to end this fiscal irresponsibility.

It’s only gotten much, much, worse.

However, if Harry and Nancy do dick around with the budget, which they say they’re trying to do, I imagine the economic downturn that coincides with their taking over the House and Senate will only get much, much, worse.

So, they’re kinda screwed.  However, if CNN keeps ignoring them and instead focusing on people that recite the party line, Harry and Nancy will keep getting passes while things continue to get much, much, worse.

And if Obama does win, given his same rhetoric of fiscal irresponsibility, he will be so, so, screwed when he tries to stop Harry and Nancy from making things much, much, worse.

You heard it first folks.  That’s really a shame too.

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