Afghanistan is to Bush’s Iraq as the economy is to Obama’s health care
November 21, 2009
Obama’s belief in government as the solve-all to America’s ills is unfortunate.
The current administration, with the support of the Democratically controlled Congress, has used its non-negotiable belief in the purity of government to expand itself at rates not seen since WWII.
Amongst other things, it has impeded labour rights by eliminating the right to secret ballot during union drives and it has encroached on the free markets by becoming America’s biggest corporation. All the while it is undertaking an overhaul of its health care system (look at the obscene size – more than 2,00o pages – of the health care bill in the picture below) that is going to cost trillions.
The Obama administration has done this by financing our future.
The massive deficits that President Obama is now running will be exacerbated by the following axis of evil (yes, Obama has one too – he just may not yet know it):
(1) reduced tax revenues from retiring baby boomers.
(2) increased government spending on social programs (medicaid, medicare and the current health care reforms amongst others), and
(3) a run up in interest rates (increasing the financing costs of Obama’s debt, leaving less money for his cherished government programs).
So, Obama is either going to have to reduce his spending, increase America’s taxes or, put off the inevitable to his successor by continuing to run these questionable, bloated and growing deficits.
For our sake, I hope he gets this under control quickly.
Douglas Holtz-Eakin has a short piece on this very topic in today’s Wall Street Journal. If you’re interested then visit this link for good read: The Coming Deficit Disaster.