It’s official — the young will not be better off than their parents and grandparents.
(Page 2 of 2)
But the worst may be the disaster in fiscal policy. In the last 12 years, as taxes were cut and expenditures soared, the nation went into a calamitous downdraft of dissaving. Our government racked up debt as a basically peacetime nation on a scale never seen before. The national debt went from being 15-20 per cent of GDP in 2000 to over 100 percent of GDP by now. This rise — alarming enough under W. — has been accelerating drastically under. Mr Obama’s leadership. We have now reached a stage in which the combined total of losses in asset value — primarily in real estate — plus the immense addition of debt to the system, have left us substantially poorer per household than we were in 1999 or even in 1995.
“Are you better off than you were four years ago?”
Clearly, for the nation as a whole, no. This cannot all be laid at Mr. Obama’s doorstep. The enemy is not solely Mr. Obama, nor is it the Republican party. The enemy, as Pogo used to say, “is us” and our lazy children and grandchildren (obviously some, not all), our politicians who use the federal budget as a credit card to buy votes. (Actually Mr. Obama has been too busy to submit a budget for the past three years, a phenomenon not seen before — sort of like his “scholarly” work at Harvard Law School turning out to be a long love letter to his absentee father.) The enemy is our something-for-nothing fiscal policy. The enemy is our abdication of exercising discipline upon our children and upon ourselves. The enemy is lassitude and carelessness and a society where the bribe is the highest form of achievement in academe and in government, and where the national religion is the worship of money.
Will my granddaughter live as well as my wife and I do? God help her, but I don’t see how she can. This society is coming unglued.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online