Looking the Other Way

President Barack Obama has an impressive and important agenda. And he has the ability to multitask, delegate and manage a complex process of proposals with apparent ease and competency. I am both impressed and pleased.

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.

He can't.

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 Obama administration expects the deficit to be $1.258 trillion in fiscal 2010, which begins in October. In its February budget overview, the White House predicted a $1.752 trillion budget gap in 2009 and a $1.171 trillion deficit next year. Changes in a host of tax and spending projections are propelling the deficit higher in the near term, primarily the result of the continued woes of the U.S. economy. "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. OMB now expects total government receipts to decline nearly 15%, or $368 billion, this year. As a percentage of gross domestic product, receipts are seen sinking to their lowest level since 1950, 15.1%. Since February, the estimate for this year's corporate tax receipts has fallen $18 billion, while projected individual tax revenue has declined $5 billion. The deficit is now expected to reach 12.9% of GDP this year -- a level not seen since World War II. Over the next decade, the White House expects accumulated deficits of $7.1 trillion. The White House still says it can halve the deficit by the end of President Barack Obama's four-year term. Yet the new figures are likely to trigger more Republican criticism that the administration isn't doing enough to tackle runaway government spending. While the White House has updated its top-line deficit figures, it hasn't changed the economic assumptions that underpin the budget, which are based on information available at the end of January. The economy appears to have worsened since then, potentially foreshadowing even wider deficits. The administration's forecast calls for a recovery to begin by the end of this year and gain momentum in 2010. Specifically, the White House expects the economy to contract 1.2% this year before rebounding and growing 3.2% in 2010 and 4% in 2011. After miserable first-quarter growth data, the White House's figures look even more optimistic now than they did in February. The White House expects the unemployment rate to average 8.1% this year. Last month, though, the rate surged to 8.9%, the highest level since 1983.

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.