What’s the President’s Weapon of Choice for America’s Economic Decline?

Kathryn Nix / May 10, 2010

When it comes to spending, President Obama’s proposed budget for 2011 takes fiscal irresponsibility to Greece and beyond. Ernest S. Christian and Gary A. Robbins, both former Treasury tax officials, write in the Washington Times that “the president’s planned fiscal excesses beyond 2010 cannot plausibly be attributed to the recession, blamed on George W. Bush or justified by economic principles, Keynesian or otherwise.”

Growth in spending will only aggravate the nation’s currently poor fiscal outlook. By 2020, the public debt will be 91 percent of Gross Domestic Product (GDP), and the gross debt will be upwards of 123 percent of GDP.  Christian and Robbins put this into perspective by pointing to the debt held by Greece—currently in financial crisis–of 123 percent of Greek GDP.  This is the projected fate for America’s federal public debt, scheduled for this decade if nothing changes. (more…)