It seems like a bad dream. The man who is spending like there is no tomorrow, lecturing us on how we are spending too much money.
President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
Is this a joke? I keep waiting for President Obama to burst out laughing and say, “April Fool’s” but it’s well past April.
Two weeks ago Obama announced his budget and proposed $17 billion in spending cuts. Let’s be generous and say he can deliver on that. Big deal! Twenty-five years ago, in 1984 President Reagan received a report from the Grace Commission, whom he charged with the task of finding areas of the federal government to cut costs. The Grace Commission, led by Peter Grace, came up with $424 billion in savings in three years and $1.9 trillion in savings by 2000. Let those numbers sink in for a moment. In 1984, with a far smaller federal government, the Grace Commission was able find twenty-five TIMES as much savings as President Obama can find in his behemoth budget. Unfortunately, the Democrats controlled Congress and therefore the purse strings, and scoffed at most of what the Grace Commission proposed. Why? Less government means less power, and the statists are all about power.
Let me make a modest suggestion. President Obama, dust off the Grace Commission Report and give it a read. You might find some gems in there that are worth more than a paltry $17 billion in savings.
