Barack Obama’s Louis XV Budget

Five days before his inauguration, President-elect Barack Obama told the Washington Post that entitlement reform could no longer be kicked down the road. He then spent the next two years kicking — racking up $3 trillion in new debt along the way — on the grounds that massive temporary deficit spending was necessary to prevent another Great Depression.

To prove his bona fides, he later appointed a deficit-reduction commission. It made its report last December, when the economy was well past recession, solemnly declaring that “the era of debt denial is over.”


About Well of Knowledge Tour Guide

I am a public policy thinker and amateur historian. My interests are seeking knowledge in all areas of life.
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