|Pres. Barack Obama|
President Barack Obama inherited a $1.2 trillion budget deficit. George W. Bush inherited a $300 billion budget surplus. In the former President’s two terms, well-known economist Nouriel Roubini, a New York University professor, lists five components that tanked the fiscal condition of the U.S.
- A cut in taxes
- GWB spent $2 trillion on Iraq and Afghan wars
- Discretionary spending was doubled
- Addition of entitlements like Medicare drug benefit
- The bailing out of banks and financial institutions
Roubini said, “We destroyed our fiscal sustainability before President Obama came to power.” He added, “We’re lucky that this Great Recession is not turning into another Great Depression.” Roubini also talks of more recession in the next year or two. The professor is distinguished for his warning in 2005 that the housing bubble would cause an economic crisis, which it did.
All this said, Barack Obama needs to start being a President. Agreed, he has many accomplishments we can be thankful for, the most important of which is Health Care Reform. You can see a list of 90 of his efforts since entering office here. But the President must change the course of a spiraling-down economy, and that would be best served by standing up to a Republican House and holding his ground on issues he truly believes in. Let the public decide who is wrong.
Things are not going well for Obama. His approval rating now is the lowest of his presidency. Many voters are tired of speeches that promise; they want results. Some Democrats are even distancing themselves from him. A rare positive sign is that Blacks are encouraged by his jobs plan, but some economists say it isn’t enough.
But the one thread running through all this is a GOP battalion that is committed to making President Obama fail. One major impetus behind this is the fanatical group, the Tea Party, which is loathed by most Americans but has some supernatural hold over Republican conservatives. Bungling presidential candidates like Bachmann and Perry cater to these pathetic people who seem bent on bringing down the U.S.
All’s well that ends well, and the real hope of this progressive is that 2012 will see radical changes in Washington, maybe even the throwing out of some old hands on the left, but still with significant moves away from the right.