The Obama Bankruptcy ? The Weekly Standard (blog) | Bankruptcy ...

President Obama certainly cuts a more elegant figure than the late, rumpled Walter Matthau, but he, too, has no money to back his spending plans. Which is why the Democrats are sticking to their negative campaign rather than saying just how they propose to save these entitlements as we know them. Matthau solved his problem by marrying an extraordinarily wealthy heiress; Obama has solved his problem?our problem?by borrowing almost 40 cents to cover every dollar he spends. That can?t go on, and won?t be solved by soaking the rich: Squeeze them dry and he won?t affect the rounding error in his deficits.

We have already lost our triple-A rating and are on notice that the world?s investors will charge a lot more for their money if we don?t get off this wrong track. The burden of the debt Obama has already incurred in record-breaking amounts, the burden hanging over the next generation, will increase when mounting debt drives interest rates up. Entitlements will not be the only things surrendered: Doubt that and ask overly indebted cities around the country how they are faring with reduced budgets for education, police, firemen, and the parks and other amenities that their citizens assumed were theirs by right.

So the choices on offer are continuing full speed ahead towards the fiscal cliff?the Obama plan?or adopting some version of the Ryan reforms. It is not between some viable Obama plan, nowhere in sight, and the Ryan plan; it is between denial and a willingness to face hard facts. That is not to say that all of those reforms are perfect, or that Mitt Romney has not been vague about just which loopholes he plans to close in order to finance his proposed tax cuts and Ryan?s proposed reforms. That is less important than the differences between Obama and Romney-Ryan on the direction in which they wish to take the country. Voters generally agree that Obama has us on the wrong track?even those who like some of what the president has done by and large concede that an economy with prolonged high unemployment and eye-watering deficits approaching a financial cliff, is headed in the wrong direction. The Romney-Ryan details matter less than that they have committed themselves to changing that direction by, among other things, preserving entitlements as we will come to know them, entitlements we can afford.

Source: http://bankruptcylawyersacramento.net/the-obama-bankruptcy-the-weekly-standard-blog/

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