Obama's Fiscal Oil Spill
There are some striking parallels between BP's huge Gulf oil spill and Obama's unprecedented deficit spending.
Both are totally out-of-control. In just two years, Obama has raised the national debt from 10.6 trillion to 12.6 trillion -- or 20%. Although he blames this on what he inherited, his 2010 budget of 3.55 trillion and his 2011 budget of 3.8 trillion are all his. Just as hundreds of thousands of gallons of crude keep expanding the mammoth Gulf oil slick, so profligate government deficit spending keeps expanding.
Both will adversely affect future generations. Even with their billions, BP cannot possibly fulfill its obligations to remediate the lasting damage done to Gulf ecology, fishing, shipping and tourism, etc. As Obama keeps increasing deficit spending, there is no way government will ever be able to cover its obligations in the years ahead -- except by massive taxation and/or by printing cheap money. Either way, our children suffer.
Both share the same arrogance -- some BP executives assuming the ocean is big enough to absorb the spreading spill -- and the Obama administration assuming there is no limit to taxpayers' pockets as deficit spending expands inexorably.
Both lack the responsible leadership we need.