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Gary Horton

Posted: April 25, 2009 8:49 p.m.
Updated: April 26, 2009 4:55 a.m.
 
On Wednesday, Gary Horton confirmed what conservatives long suspected: The Democrat’s denouncement of President Bush’s deficits is as phony as a three dollar bill.

Why phony? They obsess on the deficit speck in President Bush’s eye while ignoring the deficit mote in their own.

Some numbers: The deficit for the last year the Republicans controlled Congress, 2007, was $162 billion, or 1.2 percent of GDP; the
Congressional Budget Office projects President Obama’s first-year budget deficit to be an eye-popping $1.86 trillion, or 13.1 percent of GDP.

President Obama’s first-year budget is 34 percent higher than last year’s budget.

As Peter Ferrera notes, “Since World War II, going back over 60 years now, federal spending as a percent of GDP has been stable, hovering around 20 percent. But federal spending for this year under the Obama budget and economic policies will soar to a shocking 28.5 percent of GDP, an increase in the size of the federal government in Obama’s first year of 42 percent compared to the postwar average relative to GDP.”

And what of the national debt? In eight weeks in office, President Obama has added more to the national debt than the sum total of every president from Washington through Bush.

The national debt will double in five years and triple in 10.

At the end of the Obama decade, the interest alone on the debt will be $1 trillion per year. I am not a big fan of John McCain, but he was correct to label this as “generational theft.”

Your children and grandchildren’s future is being mortgaged to pay for this orgy of spending.

“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There was never a democracy yet that did not commit suicide.”  — John Adams



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