In addition, let me mention that I strongly approve of his foreign policy agenda and his first contacts with leaders on the world stage. President Obama is living up to our highest expectations. American is both better liked and more respected under President Obama.
I know many Republicans are busy picking nits. And I know many of my conservative readers disagree. I appreciate both their genuine beliefs and the role of the "loyal opposition."
Finally, I recognize that the major media, the press, is not doing their job and their very unhealthy love affair with the President continues. This romance does not serve our nation well. We need it to be over. Now.
And here's why. Flying beneath the radar is a deficit and spending/borrowing program that runs the risk of destroying President Obama's administration. Tragically, even if Obama somehow survives, the country will be left in ruins.
I've listened to all the Obama administration spokespersons and the left wing talking heads and I've read many of the important left wing blogs, so I know all the official explanations. I also recognize that at least 50% of the apologists don't believe a single word they are saying. Under the cloak of false confidence, they are secretly praying that somehow Obama can pull it off.
Meanwhile I know that Republicans are attacking the deficit because they think it's their job. However, since Republicans have little to no credibility on deficit spending, no one is paying any attention.
As a result a time bomb that will have the power of 100 atomic explosions remains ticking beneath the surface. It will explode unless credible economists and Democrat leaders wake up and immediately sound the alarm. We cannot support this level of debt. It is economically not possible.
By the end of Obama's first term we run the risk of both interest rates and unemployment exploding to double digits. I want to emphasize again that President Obama's Stimulus Package (actually it is Nancy Pelosi's Stimulus Package) will not work. It's not that I don't want it to work. I do. It just won't. It was nothing more than a badly conceived waste of taxpayer's money.
Meanwhile here is the news, White House Boosts Deficit Projections:
WASHINGTON -- The federal budget deficit will widen to a record $1.841 trillion this fiscal year, $89 billion wider than previously expected, because of the weak economy and expensive financial rescue, the White House said Monday.
"The change in the deficit estimates reflects upward technical revisions in light of new information regarding the collection of receipts, financial stabilization efforts, and other federal programs," Mr. Orszag said in a blog posting.
In summary, we must all stop looking the other way. The deficit is the 800 pound gorilla in the room. It will destroy us all.
We can only accomplish President Obama's important agenda with a realistic outlook and with common sense spending and control of the deficits. We must begin today.