‘Ultimately Not Sustainable’

A tad over one year ago, your faithful servant noted in Obama’s Doo-Doo Economics that Obama administration budget guru Peter Orszag had conceded that the out-year budgets being then proposed by President Barack Obama–budgets which the Congressional Budget Office projected would result in deficits of “four to five percent of gross domestic product (‘GDP’),”–would be, in Orszag’s own words: “ultimately not sustainable.”

An interesting concept: “ultimately not sustainable.” If there were a dictionary or some other resource dedicated to understanding the lexicon of the collectivist apparatchiks now running the show for the regime in power, the definition of those three words from Orszag might read: “Something which is excellent, and should be made even worse by enacting policies, laws and programs (perhaps a better term these days is ‘pogroms’) to even further accelerate the nation’s bankruptcy.”

To these folks, moral bankruptcy is not enough, for it is embraced only by them. Financial bankruptcy on a nationwide basis, on the other hand, is needed if the goal of bringing everyone down to their level is to be met. Or, to utilize the observation of Karl Marx: “All shall suffer equally until none shall suffer at all.”

The problem, of course, is that the “all shall suffer” bromide was tried, and failed. Miserably. Ask the Russians. Aided and abetted by an American President named Reagan–who, parenthetically, understood the recently disdained concept of American exceptionalism–we all witnessed the implosion of the Soviet Union. And the creation of a safer world. Despite this fact, the folks now in charge at 1600 Pennsylvania Avenue and on Capitol Hill seem hell-bent on repeating the Soviet experience here. Why? Well, you sillies, for the same reason cats and dogs lick themselves: because they can.

Flash forward from the prior America’s Right post from last year to this week, when the CBO again revised–upward (imagine that)–its estimates for the budget deficits and debt burdens being piled onto present a future generations of Americans. Whereas one year ago, deficits of four to five percent of GDP were predicted and characterized by Orszag as “ultimately not sustainable,” the revised figures now estimate fiscal year 2010 and 2011 deficits at 10.3 percent and 8.9 percent of GDP.

Hello? Anyone out there listening? A deficit of 10.3 percent of GDP is two hundred six percent (206%) higher than a deficit of 5 percent of GDP. A deficit of 8.9 percent of GDP is two hundred twenty-two point five percent (222.5%) higher than a deficit of 4 percent of GDP. And the CBO report gets worse. By the year 2020, if the policies advanced and put into place by this administration continue, the deficit will reach 5.6 percent of GDP, compared to the CBO’s “baseline” projections of 3.0 percent, or 186 percent higher than originally estimated. By 2020, public debt (i.e., that which your children and grandchildren will be called upon, as tax slaves, to pay) will rise to $20.3 trillion.  That’s $20,300,000,000,000.00.  Count the zeroes.

But wait, there’s more! The best has indeed been saved for last! The CBO report admits that the report “does not incorporate the specific effects of the health care bill that was signed into law yesterday.” Great. The fiscal impacts of policies which are already leading the nation down the path to become North America’s Zimbabwe do not even take into account the stratospheric costs of healthcare “reform.”

On the other hand, it can logically be argued that converting the greatest and most powerful nation in the world into a Zimbabwe banana republic is, after all, “change.”  Oh, and I hope we can all agree on that.

When all of this regime detritus is scooped up off the barn floor and dumped into a bucket, what emerges–besides a pungent aroma–is one growing, inescapable and, yes, inconvenient truth: that which is ultimately not sustainable is the United States of America under the command and control of the folks now steering the ship.

So wake up and wise up, America. November 2, 2010 is fast approaching.

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Comments

  1. Why, Grandpa? says:

    I sincerely dread the day my now 4 month old grandson asks me why I let this happen, and worse, let it continue. It seems even the election process has now been jury-rigged to keep these imbeciles in there forever…. where does that leave patriots? Nov 2 is our last gasp.

  2. William A. Rose says:

    To Grandpa, I know where it leaves Patriots. I’d say, but it’s still distasteful and no one wants to hear it even entertain the idea that it is a real possiblility. It’s happened once already.

  3. Randy Wills says:

    Right on, Rick.

    When a person – or a country – insists on living beyond its means, there is no choice but to either sell off assets, take out second and third mortgages against those assets, or, as the U.S. will attempt to do, print more “fiat currency”, causing galloping inflation.

    As Ian Thorp pointed out in a previous comment, the U.S. still has great value, in terms of territory and natural and human resources, but at some point the lenders will conclude that our GDP is insufficient to pay off our debt and meet our current obligations at the same time. The value of our pledged assets will continue to errode as a result of the inevitable inflation, so, those lenders will do what all lenders do when faced with declining-value collateral and insolvent debtors. First, they will stop lending the U.S. money, and then they will foreclose on whatever assets are fungible – while they still have some value.

    The recent – and ongoing – housing bust is a good example of how all this will play out. Only, in the case of the national debt, the whole neighborhood will be “under water” and will come under the management of the first-in-line creditor.

    Dispossesion is an ugly thing to contemplate for citizens who have taken freedom for granted, but no one yet has found a way to negate the laws of physics or finance.

    Randy

  4. Something simple and beautiful, screwed up says:

    The fundamental purpose of our gov’t. per the Constitution is to protect the individual freedoms & liberties of our citizens, NOT infringe upon them as we see Congress doing today. We must take back America, one vote at a time.

  5. Dee says:

    Thank you, Rick, for a very thought provoking article. Paul Ryan attempted to show the administration what the costs would be and he was ignored. He was brilliant but BO told the Republicans at the end of the debate to go home and think about changing their minds. Is there NO ONE who will listen and who has half a brain?
    Thank you all for letting me know I am not alone in my frustration.

  6. Help v Harm says:

    “Government is never more dangerous than when our desire to have it help us blinds us to its great power to harm us.”

    -Ronald Reagan

    a REAL leader

  7. You can quit working out, Barack says:

    Beauty isn’t worth thinking about; what’s important is your mind. You don’t want a fifty-dollar haircut on a fifty-cent head.

  8. Jack Ott says:

    Just piggy-backing on what “Why Grandpa” had to say…

    Like him, I don’t have that many years left. If it were just about us, we could put up with almost anything that the Progressive statists could throw at us, and we could be silent. But the single comment that I hear more than any other from my fellow tea partiers concerns what lies in store for our children and grandchildren. Obama, Reid, and Pelosi personify the old adage “Eat, drink, and be merry, for tomorrow we die.” In their abundantly selfish, narcissitic, and limited minds, they have no concern whatsoever for their descendants or ours. They are beneath contempt.

    We MUST use the eletoral process in 2010 and 2012 to save the Greatest Country on Earth for our progeny by removing them from office.

  9. William A. Rose says:

    To Jack Ott,

    I agree. I have to ask: Who are we going to put in office?

    Where the presidency is concerned, our votes don’t really count. Th Electoral College decides the presidency. Each member of the EC should cast their vote commensurate with the popular vote, but they are not required to do so. Something else that bugs me, the EC members are not elected. They are appointed.

  10. psydog says:

    We are on a freight train to disaster. I this isn’t stopped in November the train will gain speed. The public is starting to stir. Tea Party movement and the sharp rise in militia organizations to name a few. I hope that things are bad enough in November that a vast number of the public is shaken out of their apathetic stupor and sweep the socialist bent politicians out of office during the elections. We need change now, just not the kind currently being advanced.

  11. Sam says:

    The primary elections are 30 days away, here in Ohio. Many of the house representives have challengers. Lets vote them out now! The lame duck reps could still do whatever they want, but it will put fear into those still hoping for re-election.

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