No Permanent Majorities In America
Cartoony Politics in Canada
Being President 101
Failure To Blow Election Stuns Democratic Party Faithful Mourn End To Losing Tradition
Hope Is On The Way
The Future Is Upon Us
Illinois Outdoes Itself
Environmentalists Disregard Public Safety
There's Something About Harry
The White Collar Lament
What Good Can Come Of This?
Dummies
If The Shoe Fits Hurl It
Obama The Magic Negro-Gate
Sick Of The Doom And Gloom?
Crazy Like A Fox
Out With The Old
Remember The Empty Chairs At Holiday Tables
Who Are The Real Nazis?
The Gaza Rules
Harper's Weekly
The Mortgage Thieves Return
Bringing A Bit Of Fairness To The American Workplace
Bye-Bye 2008: Things I Want To Forget
The Fierce Urgency Of Now
How Many Government Workers Does It Take To Change A Light Bulb?
The Perils And Joys Of Self-Esteem
The Future Of Civilization
'Hunk' Obama Can Help Nation Fight Obesity Epidemic
Moral Clarity In Gaza
Obama's Tax Cuts Leave Logic Behind
Talking About Sex-Ed That Works
The Time Is Now
Et Al Ad Nauseam: 2008 And All That
The Generational Theft Act Of 2009
Pay Rod Gives Democrats Fits With Senate Choice
'Tis The Season To Be Jolly. Or At least Try
Gaza: The Dove'S War
Hamas Rockets Blew Away Gaza Opportunity
Season's Readings
Old Acquaintances
A Social Trauma For Obama: Youth Crime
Sensitivity And 'Gran Torino'
A Question For My Friend Alan Dershowitz
The Unsung Hero Of Obama'S Victory
Red Ink Did Me Good
Barack in Limbo
A Hard Year Ahead
Ask Not For Plum Political Appointments
Eric Holder And All Political Prisoners
Mideast Overshadows Obama's Prospects
A Clean Start
Year-End Odds And Ends
Team Obama Dabbles In Drama
The Gamble in Gaza -- Interview With Aaron David Miller
Cal Thomas-Bonus
A Respite From Reality
One Nation, One People-God Bless Us Everyone
Dr. Leavitt's Scary Diagnosis
Rich People Versus Politicians
Richardson's Exit And The Vetting Process



Pat Buchanan
Socialist Republic
Pat Buchanan 11/28/2008
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Barack Obama and George W. Bush seem to have come away from their study of the Great Depression with similar conclusions:

To wit: After the Crash of 1929, the Federal Reserve did not move fast enough to save the banks and inject cash into the economy. Second, the New Deal, far from being wastrel deficit spending, was not bold enough. So it was that America wallowed in depression for a decade until the unbridled spending and mammoth deficits of World War II pulled us out.

Bush and Obama seem determined not to make the same mistake.

We are all Keynesians now.

Thus, we have the $700 billion Bush bank bailout, the $700 billion "stimulus package" Obama wants by inauguration to "jolt this economy back into shape" and the $800 billion fund Hank Paulson created to get consumers borrowing and buying again.

These come on top of Bush $455 billion deficit, the $29 billion bailout of Bear Stearns, the $105 billion in pork to grease the $700 billion bailout, the $100 billion to $200 billion to keep Fannie and Freddie afloat, the $140-billion-and-counting for AIG, the $25 billion for the greening of GM, Ford and Chrysler, the $25 billion more to save the Big Three and the $20 billion for CitiGroup.

Now much of this overlaps, and some will be retrieved. But we are still staring at a deficit
that could approach $2 trillion.

How would this stack up historically?

A deficit of $1.4 trillion would be 10 percent of gross domestic product, dwarfing the postwar record 6 percent run by Ronald Reagan in the Jimmy Carter recession.

Bewailing the "Reagan deficits" has been a staple of Democratic oratory. This will stop. But the politics of this is not the point, the policy is.

Consider what we are about to do. Bush in 2008 spent 21 percent of GDP. States, counties and cities spent another 12 percent. Thus, one third of GDP is spent by government at all levels. Obama and Co. propose to raise that by another 10 percent of GDP. We may soon be north of 40 percent of gross domestic product controlled and spent by government.

That is Eurosocialism.

And where, exactly, are we going to get the money?

Americans save nothing. We spend more than we earn. Thus the levels of consumer debt, credit card debt, auto debt and mortgage debt. U.S. foreign-exchange reserves amount to a piddling $73 billion.

The only nation with the kind of cash on hand we need now — if we don't print the money and invite another gigantic bubble — is China, with its $2 trillion in foreign-exchange reserves.

Will Beijing lend back the dollars it has piled up by selling to us?

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Obamas Celebrants COLOR
By Gary McCoy - Cagle Cartoons * Posted 11/6/2008 12:00:00 AM
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Obamas Celebrants COLOR
© Copyright 2008  Gary McCoy - All Rights Reserved.

Posted By: Jonathan Colb  on Sunday, November 30, 2008

Not to mention the vast amount of money we've been spending every month in Iraq, which is beginning to look like mere pocket change by comparison.

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