You remember when an LA Times opinion column told us that Obama was the “magic negro,” don’t you? I think Obama took that idea way to seriously, because he’s now engaged in some magical thinking. He assures us that, despite economic freefall, despite a trillion dollars in added debt, and despite the nationalization of our industries with the concomitant creation of busywork jobs that aren’t economically meaningful, he’s going to halve the deficit in four years:
Republican governors reacted skeptically Sunday to news that President Obama plans to halve the record budget deficits to more than a half trillion dollars by 2013, the end of the current presidential term.
Minnesota Gov. Tim Pawlenty told “FOX News Sunday” that the markets reacted badly to the $787 billion stimulus bill signed into legislation this past week — the market is now down more than 41 percent off its mark of one year ago — and it’s only going to get worse if the president raises taxes.
Pawlenty said if voters think raising taxes will solve the deficit, he’s got “hunting land for you in northern Minnesota.”
South Carolina Gov. Mark Sanford, who vehemently opposed the stimulus bill, said cutting in half the annual deficit is a drop in the bucket.
“The operational deficit is a very small component of the larger deficit this country is running,” he said.
An administration official, speaking on condition of anonymity, said Saturday that the president plans to cut back the annual budget deficit to $533 billion by time he ends his current term in office. That would be down from the $1.3 trillion deficit expected in fiscal year 2009.
Side me with the skeptical Republican governors, because I do not see how you can dramatically increase the debt, suck money out of the economy, and nationalize major businesses, and then simultaneously decrease the debt. Am I missing here, or is Obama (at the risk of sounding racist) engaging in voodoo economics?