Written by John Eidson
Barack Obama could go down in history as the president who saved America from the fiscal recklessness of his predecessors. Instead, he has embarked on a breathtaking spending binge that is going through staggering sums of money the country does not have to fund an endless wish-list of social welfare programs at the worst of all possible times: in the midst of a crippling recession.
As a result, the country's first black president will likely be remembered as a pariah, the last in a decades-long line of self-centered Washington politicians who used the public treasury to build their legacies, while leaving behind a crushing mountain of debt too large for even America to survive.
His presidency started with so much hope. After mesmerizing a Bush-weary electorate by presenting himself as a bipartisan centrist who would usher in a new era of fiscal responsibility, Obama has used the economic crisis he inherited as political cover to pursue the progressive left's dream of transforming America into a cradle to grave welfare state run by an all-knowing federal government.
After telling a terrified nation that it must agree to his $787 billion stimulus plan, or else, Obama has used little of the money to grow the economy and create jobs. Instead, stimulus money has been used primarily as a slush fund to prop up and reward his most faithful political allies: blue-state governors, big-city political machines, labor unions, and community organizing groups like ACORN.
With the stimulus funding in hand, he then released his budget, estimated by the non-partisan Congressional Budget Office to create deficits of a nearly a trillion dollars a year for each of the next ten years. That's in addition to the $12 trillion national debt that already exists, and another $106 trillion in unfunded liabilities for Medicare and Social Security. Next, he proposed a damn-the-torpedoes attempt to saddle an already deeply-overburdened country with yet another ultra-costly entitlement program - guaranteed health insurance for all.
There may still be time for Barack Obama to save America from insolvency. But, he won't because of his belief that the country he leads is so fundamentally unjust that only massive wealth redistribution can make right its evil and unjust past. He therefore will continue to pursue his unsustainable reparations agenda until the greatest nation in history finally succumbs to bankruptcy.
To read why the debt time bomb is on the verge of detonating, click here.
Related Series, written by Don Snyder - Part 1 of 5. Click here.