Kevin Fassett agrees that the Obama program of massive Federal spending on welfare and infrastructure will succeed only in blowing up the deficit. He notes..
When President George W. Bush was first elected, total federal government spending was about $1.7 trillion. In other words, the [deficit] this year will be bigger than the entire government was as recently as 2000.
And only about a third of the stimulus will even go into infrastructure. The rest is to bailout states that increased spending faster than their populations increased, along with unemployment and welfare spending.
Obama and the elite Democrats he has brought to power with him have no understanding of the economy. The closest thing Obama ever had to a real job was editing wire reports for a reference book publisher. Even in his campaign, he had so much money, he never had to make hard choices about where to spend it.
It is said the only tool you have is a hammer, every problem looks like a nail. To a lawyer, the solution to every problem is a law. To a psychologist, the solution to every problem is therapy. To a teacher, every problem requires that someone be educated.
BO was a community organizer. What do community organizers do? They shake down the government for money. That’s his mind-set. It’s the only thing he knows. And that’s the only policy he can think of to apply to the economy, but the end result is unlikely to be recovery (that language, as I have noted, is absent from his proclamations), but very likely to be default and/or hyperinflation.