Basic political tactics dictate that bad news is released on a Friday, preferably before a big holiday weekend, when few people are paying attention. The current administration has had no shortage of bad news of late, but last Friday they announced that their previous ten-year estimate of the budget deficit (about $7 trillion) was too low. The revised deficit estimate for 2010-2019 is $9 trillion–two trillion dollars higher than before.
Until Obama came to the Oval Office, finding something to spend two trillion dollars on was a challenge. Now that Obama and the Democrats are in charge, of course, spending two trillion dollars is an almost monthly occurrence. But in the old days (prior to 2009), two trillion was a lot of money. It’s the sort of price tag one would expect for waging a protracted world war, finding a cure for cancer, turning the Sahara Desert into fertile farmland, or colonizing Mars. And such ambitious programs would be exhaustively debated in Congress, in the media, and among voters across the country. Because two trillion dollars is more money than any previous administration has spent on anything, and we’d want to be sure we were getting our money’s worth.
But the value of two trillion dollars has changed under Barack Obama. The current president seems to think that he has been issued the world’s most powerful credit card, with no limit and easy terms–spend however much you want, and simply mail the bill to successive generations. Under Barack Obama, massive spending is the solution to everything. But this is not two trillion dollars invested in a major piece of legislation or vital investment in our nation’s future. This is two trillion dollars of accounting error.
And remember, this is only an estimate of what the deficit will be ten years from now. In the first six months of the administration, that estimate has already been adjusted upward by two trillion dollars. That estimate does not take into account more wars, natural disasters, terrorist attacks, energy disruptions, or pandemics. Any of these occurrences could cause the estimate of the deficit to be bumped upward again. By how much more next time? Two trillion? Five trillion? Ten trillion?
The administration released this information on a Friday, hoping Americans would be too busy enjoying their weekend to notice. Barack Obama hoped to set the example by flying off to a Martha’s Vineyard vacation in the direct path of Hurricane Bill. If the president isn’t worried by this looming tsunami of red ink, why should any of us be concerned? Besides, every thousand-page piece of legislation the president champions carries a multi-trillion dollar price tag. What’s a couple more trillion added to a multi-trillion dollar debt we have no way of repaying anyway? Max out the credit card and head for beach!
One other bit of weekend news most Americans won’t notice came out on Sunday. Rasmussen reports that the president’s approval rating is the worst since he took office. While 27% of respondents strongly approve of the president’s performance in office, 41% strongly disapprove. Rasmussen’s numbers are the lowest for the president of any major national poll, but all show steady deterioration in support for Obama. It may be that Americans are paying attention after all. And they have two trillion more reasons to do so since last Friday.
