Democrats and Deficits

Liberals and Progressives have a track record of spending that is unrivaled.  It is amazing to me that with a track record of recklessness, that they were able to gain such power.  Hopefully, the current sting of what is happening will live on in the minds of the American people for a long time to come; if we are able to survive as a nation financially.

President Obama has hit a new low in his approval rating on handling the deficit according to Gallup.  He simply has lost all credibility when speaking of reigning in the deficit.  On his watch, it has done nothing but balloon to new highs.  Of course, the biggest part of the blame lies squarely on the Democrat controlled Congress, but he was part of the spending party.  At a time when we needed true leadership, he showed none and instead went along with the crowd.  Now he is paying the price for that.  I suspect he will pay a bigger price in 2012.

In the meantime, he has sent his budget to Congress, where the new Republican House has a chance to stand up and show America that they have learned from past mistakes.  Today, Federal Reserve Chairman Ben Bernake will experience his first grilling by the House Budget Committee.

Hopefully, someone will ask him about the wisdom of issuing 100 year bonds.  I think it shows that we clearly are in dire straits with the federal debt, a hole too big to ever dig out of.  But with interest rates so low, albeit artificially, isn’t it prudent to lock in a lower rate?  Maybe for a responsible person who has learned their lesson.  Unfortunately, the federal government has shown that in the past when tough decisions are made to fix a problem, they always revert back to their old spending ways.  The robbing of the Social Security piggy bank and stuffing it with IOUs is a prime example of this.