Two interesting stories caught my eye this morning:
This one from the Washington Post, then this one from the Financial Times of London. You may have to register to see the Times story (worth it). The possibility of the loss of both houses of Congress is now being openly admitted. Nancy Pelosi, Speaker of the House, of course took Robert Gibbs to task publicly, vowing to keep her Democrat majority in the House. Clever strategy, appear to be divided within the party. James Carville called it "brilliant." The only problem with such brilliant strategy is that it's all backfiring -- a growing majority is not buying what they're selling.
When Washington becomes so out of touch with their employers, the American people, there is no other alternative but to make substantial changes. That generally means somebody's going to get fired. Apparently, Americans are quickly coming to the realization that well-intended financed social re-engineering is NOT in their best interest after all.
The deficit hit $1 Trillion for this budget year, and is estimated to increase to $1.4 Trillion before the end of the fiscal year on October 1. Total outstanding debt is $13.2 TRILLION. No proposed budget yet in sight for next year from the Obama administration. If you were the new budget director, where would you even begin? Good thing "he's a talented guy."
Former Vice-President Dick Cheney was famously quoted as having said, "Reagan proved deficits don't matter." Memo to Cheney -- maybe not when they were "only" in the range of a half-trillion. Now they matter a lot. . .
I don't care what your political party is -- this reckless spending is totally unsustainable and we need to assiduously find candidates who will take the hits in popularity and put the brakes on the spending spree we are witnessing every day. Our elected representatives in 2010 had better reflect the true intents of our poll numbers or we have no one else to blame but ourselves if we allow this course to continue.
Way to go, America. So far, so good. Don't forget what you're learning between now and November.