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Wednesday, January 07, 2009

Obama: Trillion Dollar Deficits for Years

Apparently the Democrats no longer care about deficits. Obama and his aides are conceding that we will have trillion dollar deficits "for years." They are very quick to point out, however, that none of this is Obama's fault, as he is inheriting these economic conditions. And this will become a very common media refrain.

While I agree that it's not Obama's fault alone that the deficits are increasing (he still is advocating measures that will increase the problem), the same exact thing could be said of President Bush, who inherited a stock market collapse (worse than the existing collapse, in terms of market value lost), 9/11, and a host of corporate scandals. But never once did the media suggest that these conditions weren't Bush's fault. What Bush did was increase incentives, grow the economy, and nearly work the country out of the deficits. (The last year, where he succumbed to Democrat pressure to pass idiotic rebate checks and then the recent nationalization plans are another story.)

Obama seems to be playing victim, arguing that there's no real solution and it's not his fault. (Btw, why is he already declaring that his stimulus plans are not going to work?)