Tony Blankley is a tad pessimistic today:

we are not prepared to forgo what all this soon-to-be-unavailable deficit spending can buy us (health care, bank bailouts, defense spending, food stamps, etc.). Nor can our governments (and the publics who elect them) stop the spending.

In Rome, eventually a contradiction arose between Romans’ concern for the tasks that needed to be performed and their concern for their form of government. The contradiction was resolved and the problems solved at the price of their republic: Came Gaius Julius Caesar.

Surely (presumably?), for the next decade, the United States will bungle onward with both our form of government and our deficit spending. But sometime soon after 2017, when Medicare’s trust fund will begin to be depleted (or earlier, if the world stops buying our bonds), the shocking reality of being forced to do without borrowing will shape — and probably misshape — both our way of life and our form of governance.

Right now America is in the midst of a fairy tale that we call “the Obama administration.” Over the course of the next several years, that fairy tale will have an ending, and in all likelihood it will not be a good ending.

The numbers are absolutely clear: the Obama administration’s spending and borrowing plans are ludicrous and unsustainable. Why large portions of the American electorate seem to buy into Obama’s economic fairy tale is a mystery to us.

This entry was posted on Friday, June 5th, 2009 at 12:28 pm and is filed under business, Democrats, General, MSM. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.