Obama's Spending Spree

Back to Mr. Davidowitz: In this interview I have no arguments with Davidowitz and his analysis of the current administration and their ridiculous spending. His comments are right in line with what most of the rational economist have been saying: the current path of our government is unsustainable. There is no way that we can keep on spending the way we are. There are not enough resources, not enough tax revenue and the economic side effects will be nothing short of a catastrophe.

The US press are not the only ones noticing either. Even the UK press, the great bastion of socialized medicine, knows the President is taking us down the wrong path. This article from the Telegraph reports on a pamphlet from the Institute of Economic affairs says that there are striking similarities between the policies of Barak Obama and the actions of the government during the early 30's not only did not cause economic recovery, but served to prolong and worsen the Great Depression. Comforting isn't it.

Back to Davidowitz: there were some great lines in his interview. Coming right out and saying it, he called Obama's numbers "mad". In just six months his budget has been revised from leading to over a Seven Trillion deficit to Nine Trillion over the next decade. And this "positive" outlook is based on 4% growth in the economy and a health plan costing only $1 Trillion when it is more likely to cost upwards of $3 Trillion or more. Truly mad.

Perhaps the last line of the interview with Mr. Davidowitz says it as good as anything I have heard.

Always be loyal to your Country, never be loyal to the people in power. Because they are conning you every day.

Well said Mr. Davidowitz, well said.