On Tuesday, a front page NYT story by David Sanger on President Obama's proposed budget for 20011 scared the hell out of me. Diving deep into the numbers, Sanger wrote:
By President Obama's own optimistic projections, American deficits will not return to what are widely considered sustainable levels over the next 10 years. In fact, in 2019 and 2020 "” years after Mr. Obama has left the political scene, even if he serves two terms "” they start rising again sharply, to more than 5 percent of gross domestic product. His budget draws a picture of a nation that like many American homeowners simply cannot get above water. For Mr. Obama and his successors, the effect of those projections is clear: Unless miraculous growth, or miraculous political compromises, creates some unforeseen change over the next decade, there is virtually no room for new domestic initiatives for Mr. Obama or his ...
