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Story Archives: More debt not the answer


More debt not the answer
posted Thursday, September 9th, 2010 @ 7:48 amE-mail Story E-mail Story | Print Story Print Story 
President Obama proposed another spending spree courtesy of the America people that he claimed will help jump-start the U.S. economy.

Speaking in an election year at an AFL-CIO get-together on Labor Day in Milwaukee, Wis., Obama called on the Congress to approve a $50 billion appropriation to improve America's roads and to tackle other infrastructure concerns. Obama administration officials acknowledged that it would be next year before any jobs were created if Congress signed off on Obama's $50 billion request.

A spokesman for Senate Majority Leader Harry Reid said Obama's proposal would have a difficult time attracting enough support in the Congress for it to pass before the Congress adjourns for the year to campaign for the mid term elections. Reid's spokesman blamed Republicans for the poor prospects of another economic stimulus bill being approved by the Congress.

Obama struck a partisan cord, too, in his remarks in Wisconsin. He said Republicans were to be blamed for the country's economic ills since, according to Obama, the GOP created the economic malaise the American people face today.

We understand politics. That said, we realize it is politically expedient for the president to blame someone else for his administration's failure to deliver on promises Obama made on the campaign trail in 2008 as well as when the Congress approved a roughly $1 trillion economic stimulus package last year.

Remember?

Remember promises Obama made concerning the economy if the American people elected him? Remember when Obama and other administration officials as well as the Democratic leadership in the Congress claimed that the unemployment rate would not exceed 8 percent if the Congress approved an economic stimulus bill, creating shovel-ready jobs from the get-go?

We remember them well.

We doubted those promises in 2008 and again last year knowing that the fallacy of incurring massive debt under the premise that it would create jobs was simply that, a fallacy. We knew it to be true then, and we still know it to be true today. We suspect a majority of the American people realize it, too. What concerns us is it would appear that Obama and the Democratic leadership in the Congress do not understand it. Quite frankly, it's frightening.

We would do well to remember, too, that the amount of debt the nation has incurred under Obama's watch alone exceeds all of the debt the nation accumulated under every single U.S. president who served prior to Obama. That's an alarming fact Obama and the Democratic leadership in the Congress cannot run from or blame on someone else, including a dysfunctional GOP.

Accordingly, tacking on another $50 billion in debt unto the backs of the American people is a bad idea that should encounter a quick death. Besides, fanning the flames of economic warfare is beneath the presidency.

We are afraid Obama does not understand that either.
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