Mr. Obama cannot dismiss critics by pointing to President George W. Bush's decision to run $2.9 trillion in deficits while fighting two wars and dealing with 9/11 and Katrina. Mr. Obama will surpass Mr. Bush's eight-year total in his first 20 months and 11 days in office, adding $3.2 trillion to the national debt. If America "cannot and will not sustain" deficits like Mr. Bush's, as Mr. Obama said during the campaign, how can Mr. Obama sustain the geometrically larger ones he's flogging?
There is more. Mr. Obama pledged "no tax hikes on any families earning less than a quarter million dollars." What he didn't draw attention to was $600 billion in higher energy taxes he wants to impose through a cap-and-trade system on carbon emissions. These taxes will hit everyone who drives, flips a light switch, or buys anything manufactured, grown or shipped.
Wednesday, March 4, 2009
Bait-and-switch
http://online.wsj.com/article/SB123621161271234665.html
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