From Karl Denninger:
It takes some real BALLS to cough up this load of crap:
WASHINGTON - President Barack Obama on Tuesday challenged Congress to force itself to pay for new spending as it goes rather than sink the nation deeper into a debt, calling it a matter of public responsibility. Republicans lashed back that Obama is no voice of fiscal restraint as the deficit soars.
I'll be interested in that if and only if it is retroactive to Obama's submitted budget, and holds deficits to no more than George W. Bush's average deficit.
Remember, we're not going to be fighting any more wars, right? So no need for big deficits, right?
Oh wait - we're going to run somewhere around $1.8 trillion in deficits this year, and Obama wants to talk about "PayGo"?
To increase the deficit from HERE?
Who cares? A deficit four times larger than ever run before, and now we're going to say "we'll cap it here"?
This is a joke, right?
No, its not:
The deficit figures flow from the deep recession, the Wall Street bailout and the cost of the economic stimulus bill. Obama has defended the massive stimulus plan as essential to helping pump some life back in the economy, one that is still shedding jobs but showing more signs of life in recent weeks.
But that "stimulus" and "bailout" won't and mathematically cannot work, because the excessive debt is still there, having been simply shifted to The Federal Government instead of forced to default on the balance sheets of the imprudent where it would have blown them to smithereens. Instead, it will blow all of us to smithereens.
How in the hell does anyone support this crap? How does this sort of thing not lead to immediate jeers from the peanut gallery, the Press and the people?
How does this sort of flat LIE not lead to 100,000 people surrounding 1600 Pennsylvania Avenue with signs, pitchforks and torches - tomorrow?
We are truly a nation of sheep, and we are not going to get sheared this time - we're going to get slaughtered and eaten.
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