Borrow a Trillion Dollars, but Pay as You Go--Starting Now!

"The pay-go approach is based on a very simple concept. You don't spend what you don't have. So if we want to spend, we'll need to find somewhere else to cut," the president said at the White House Fiscal Responsibility Summit. "This is the rule that families across this country follow every single day, and there's no reason why their government shouldn't do the same."

Wow! Really? That's from today's Washington Times, a real non sequitur to the recent Stimulus Bill. I especially appreciate the obamadent explaining what 'pay as you go' means. The obamadent later said that he realizes that the "stimulus" will add to the deficit, but that it will be accounted for in the upcoming budgets. Oh, I see.

Unless income and corporate taxes are increased significantly (very likely) and government spending is reduced (highly unlikely), there is no way to catch up to what we owe China and the EU and pay back the exhorbitant amount of cash that will be distributed/re-distributed over the next three to four years.

With regard to the obamadent's statement that pay-as-you-go is what families follow, is he on drugs? (Come to think of it, yes, at least until he ran for President.) If American families followed pay-go, the banking and credit failures of recent years would not have happened. Debt is a bad thing, credit cards are no good, savings are good; three ideas that, on balance, Americans fail to grasp.

I hate to be a pessimist, but there is no light at the end of the tunnel with the incredibly stupid policies put forth by the Democrats. Even with transparency.