Since his State of the Union address the president has been fond of talking about "winning the future" by revving the engine of government to invest in all facets of the country. Such rhetoric willfully ignores the reality that the combination of increased outlays from his first biennium coupled with desperately insolvent entitlements promise a future consumed by debt. Far from "winning the future," further government "investment" akin to what the president is calling for promises to steal the future from present and successive generations.
As our cumulative national debt approaches GDP levels, action – both drastic and immediate – is required.
The president pays some lip service to this but is derelict in deed. Before Congress last month, he refused to acknowledge the issue (and the reason that dozens of new members from the other party were sitting in his audience) and called for billions more in new spending on light-speed rail and other sundries.
His budget, released today, does not cut even half of what Republicans are proposing and does virtually nothing to ameliorate the red ink crisis. As Fred Barnes points out, the president's budget would cut $1.1 trillion over the next decade – a sum that does not even exceed the projected deficit for this year.
President Obama and his apologists came into office fancying him as the next FDR: the long-awaited heir who would create a social welfare system for the twenty-first century. This is clearly the presidency he and they still envision.
It is not the presidency that history, or what Machiavelli called fortuna, has designed for him.
The defining issue of this political generation is debt, the single matter that we cannot shirk without being entirely consumed in a sea of insolvency. For other generations it was slavery and civil war, Nazism or communism. Debt is ours.
The president refuses to either recognize or accept this, and so he demurs, creating a leadership void others will be compelled to fill. Only by that time the problem will be even greater than it is now. As Noemie Emery writes, "The mess he claims he inherited from President George W. Bush (which was made in large part by Obama's friends and his party) will be as nothing compared to the one he'll pass on to his heirs."
A long snake of debt – made of zero after zero – ready to squeeze and suffocate present and future generations: such is the bequest the president will leave for his successors.
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