Maybe it came the day Obama chose Tim Geitner as Treasury Secretary, but today's soon to be announcement in the state of the union address of a non-military spending freeze for the next three years has just about everybody that voted for Obama munching on tin foil. Krugman is beside himself and...
Obama's team, content to have bailed out Wall Street, seem to now run the rest of the economy on a cash accounting basis. That's bad, self-defeating policy.
What needs to be run on a cash accounting basis -- that is not -- is the part of the budget Obama seems not to want to reign in.....a huge, runaway bill to pay for Iraq and Afghanistan. In 2010, the cost of America's Iraq engagement will still run more than $150 billion. And add to that $100 billion plus for Afghanistan.
One QUARTER OF A TRILLION DOLLARS is what the US is spending on two nations, Iraq and Afghanistan that together have a COMBINED GDP of just $23 billion.
That is lunacy. Americans have a US President who is going to say tonight -- we cannot afford our future, we cannot afford investment in ourselves, but we can afford to bail out Wall Street financiers, and we can afford to pump $250 billion into two small countries abroad, but we can't afford to do the right things by American working families -- who deserve far better.
It is obvious now that there isn't a single politician at the local, state or federal level that actually gives a good Goddamn about the average taxpayer.