The deficit for last year was $1.4 trillion. The deficit rose as a share of the gross domestic product from 3.1 percent in 2008 to 9.9 percent in 2009, the highest deficit as a share of GDP since 1945. The projected deficit for the fiscal year that ends in September is another $1.3 trillion.
So much for all that fiscal sanity blather from Team Obama in ‘08. How dishonest. Even worse, there’s a good reason to stay pessimistic about deficits as far as the eye can see. It’s called the “news” media.
Legislators who want to get re-elected will clearly want to avoid any spending decision that will create bad national publicity, and our news media, the manufacturers of bad national publicity, will send crying victims down the assembly line at the slightest thought of a social spending cut or freeze.
From OutloudOpinion – For Podcasts of IBDeditorials, The New Republic, and Over 30 Syndicated Columnists, go to www.outloudopinion.com
