I’ve many times criticized Barack Obama on this blog, and I still do think many aspects of his economic policies will be harmful. But his opening speech at the “Fiscal Health of the Nation Summit” was candid, and in a lot of ways very “conservative”. Although words like these are much easier to say than to implement, they just needed to be said:
“We cannot and will not sustain deficits like these without end… We cannot simply spend as we please and defer the consequences,” the president said Monday. He said the government must both confront the current economic crisis and address skyrocketing deficits or “we risk sinking into another crisis down the road.”
“I refuse to leave our children with a debt they cannot repay,” Mr. Obama declared.
More here. Updates: Information and transcripts from The White House here and here.
Right now at spokesman Robert Gibbs’ White House Briefing, both politicians and journalists (except Helen Thomas with her usual non sequiteurs) are actually acknowleding the future implosion of the Social Security funds and the costs of Medicare. I wish that Danish politicians would at some point have an honest debate on the rising costs of welfare as the ratio of workers vs. non-workers change. That is: seeing future liabilities as part of the budget.
Of course, Obama’s goal of halving the deficit at the end of his term is probably wildly unrealistic, considering the speed of spending right now. In the end, it’s probably all rhetoric, but it sounds good.
