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.