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Friday, March 6th, 2009

Time Event
4:07p
Adding more to the debt than all previous presidents combined

In The Wall Street Journal, Michael Boskin writes:

Mr. Obama's $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents — from George Washington to George W. Bush — combined. It reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP). And all of this before addressing the impending explosion in Social Security and Medicare costs.
Mark Steyn makes this comment on Boskin:

What emerges from such a blueprint will not be America. The United States will survive as a geographical designation, a collection of zip codes, but what goes on within them will be a Euro-Canadian form of societal arrangement

My comment: With this amount of money, NASA could have built an Arthur C Clarkian space elevator. Out of one hundred dollar bills.

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