As reported by the Washington Post: “President Obama’s proposed budget would add more than $9.7 trillion to the national debt over the next decade.”
CNN adds, “Of that amount, an estimated $5.6 trillion will be in interest alone.”
The Post continues: “The CBO [Congressional Budget Office] and the White House [are] . . . both predicting a deficit of about $1.5 trillion this year — a post-World War II record at 10.3 percent of the overall economy. But the CBO is considerably less optimistic about future years, predicting that deficits would never fall below 4 percent of the economy under Obama’s policies and would begin to grow rapidly after 2015.
“Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said.”
CNN notes this particularly chilling prediction from the CBO: “By 2020 . . . debt held by the public would reach $20.3 trillion, or 90% of GDP.That’s up from 53% of GDP in 2009.”
I suspect that most Americans, if asked whether these numbers trouble the Democratic leadership and President Obama, would answer in the affirmative.
They would be wrong.
They would be wrong not because the Democratic party and the president are economic illiterates or bad individuals, but because the Democratic party and the president are leftists, and most Americans, including most Democrats, do not understand the Left. They may understand liberalism, but President Obama, Nancy Pelosi, Harry Reid, and most Democratic representatives and senators are not liberals; they are leftists. Few Americans understand the difference.
They do not realize, for example, that there is no major difference between the American Democratic party and the leftist social democratic parties of Western Europe. They do not know that, from Karl Marx to Barack Obama, the Left (as opposed to liberals) has never created wealth because it has never been interested in creating wealth; it is interested in redistributing wealth.