The Obama Presidency remains in a dangerous state of denial

[Geee]

UK Telegraph:

If there is one big takeaway from Barack Obama’s State of the Union address last night, it is that this presidency remains in a complete state of denial regarding the massive threat the United States faces with its budget deficit. Obama’s speech was a major lost opportunity to address the number one menace to America’s long-term prosperity – the towering mountain of debt. Ironically, Obama’s head in the sand speech came just a day before the release of the Congressional Budget Office’s latest economic outlook, which revealed that the deficits generated under the Obama administration are the largest since 1945. As the report states:

The deficits of $1.4 trillion in 2009 and $1.3 trillion in 2010 are, when measured as a share of gross domestic product (GDP), the largest since 1945—representing 10.0 percent and 8.9 percent of the nation’s output, respectively.

… Just two years ago, debt held by the public was less than $6 trillion, or about 40 percent of GDP; at the end of fiscal year 2010, such debt was roughly $9 trillion, or 62 percent of GDP, and by the end of 2021, it is projected to climb to $18 trillion, or 77 percent of GDP.
With such a large increase in debt, plus an expected increase in interest rates as the economic recovery strengthens, interest payments on the debt are poised to skyrocket over the next decade. CBO projects that the government’s annual spending on net interest will more than double between 2011 and 2021 as a share of GDP, increasing from 1.5 percent to 3.3 percent.

In contrast to the president, Wisconsin Congressman Paul Ryan, chairman of the House Budget Committee, conveyed a far more credible and serious message in his response to the State of the Union. As Ryan noted:

[Pepper]

Geee!

 

Denial is probably as good a word as any.

 

Obama could not believe that on his watch, our ship of state might actually capsize.

 

He seems to have more in common with Captain Edward J. Smith of the Titanic infamy than the leader of the Free World.

[AceRimmer]

This is truly sad. I predicted it, but it's still kind of depressing that somebody could be as tonedeaf and stupid as Obambi is could be elected to the White House.

 

I'm guessing that there were a lot of RATS leaving the Capitol last night cringing about next year.