"The most significant threat to our national security is our debt," Admiral Michael Mullen, Chairman, Joint Chiefs of Staff, August 27, 2010


Tuesday, January 12, 2010

Harry and history (or Wishful Thinking)

"This is a good man who has always been on the right side of history.”

Well that is a pretty strong statement – always been on the right side of history. We know what always means. Right side probably means not the wrong side. Or it might mean right side rather than left side. Maybe the good side or the bad side. The upside or the downside. How many other sides are there?

How many people can you think of who have always been on the right side of history?

Let’s take a look at some other sides of history that Harry finds himself on.

How about the deficit side. Well, Harry has been a leader of the Senate since 2001 when he became majority whip. He went on to be minority leader and then majority leader which is the position he has held for the last three years. So, how has Harry been on deficits? And on debt? And on debt repayment? Here are the numbers:

                                           Deficits                                Debt                                  Net Debt Repayment

                                                     (In Billions – rounded)

2001                                $ 128 surplus                         $5,943                                       B

2002                                  (158)                                    6,406                                       I

2003                                  (378)                                    6,998                                       G

2004                                  (413)                                    7,596

2005                                  (318)                                    8,170                                        F

2006                                  (248)                                    8,680                                        A

2007                                  (161)                                    9,229                                        T

2008                                  (459)                                  10,700

2009                               (1,841) est                             12,311                                        0

Source: http://www.whitehouse.gov/omb/budget/Historicals/  and

http://www.treasurydirect.gov/NP/BPDLogin?application=np

The state senator from Illinois cum US senator from Illinois cum president says that this record is the “right side of history.” We doubt it. Bush and his cronies were tossed out after eight years of fiscal promiscuity. Obama and Harry and their cronies are doubling, even tripling the level of damage done by Bush. This is not the “right side of history.” History has taught us a few lasting lessons. Here are two:

Deficits = Debt = Destruction and basic fiscal discipline requires frugality and sacrifice.

Those are proven history yardsticks. Harry, don’t expect high marks. Your final report card will be issued soon by a less forgiving electorate, unless you decide to retire first.

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