By PATRICK J. BUCHANAN
Posted Tuesday, March 03, 2009 4:20 PM PT
In his campaign and inaugural address, Barack Obama cast himself as a moderate man seeking common ground with conservatives.
Yet his budget calls for the radical restructuring of the U.S. economy, a sweeping redistribution of power and wealth to government and Democratic constituencies. It is a declaration of war on the right.
The real Obama has stood up and lived up to his ranking as the most left-wing member of the Senate. Barack has no mandate for this. He was even behind John McCain when the decisive event that gave him the presidency occurred — the September collapse of Lehman Bros. and the market crash...
We are not "headed down the road to socialism." We are there.
Since the budget was released, word has come that the U.S. economy did not shrink by 3.8% in the fourth quarter, but 6.2%. All the assumptions in Obama's budget about growth in 2009 and 2010 need to be revised downward, and the deficits revised upward. Look for the deficit for 2009 to cross $2 trillion.
Who abroad is going to lend us the trillions to finance our deficits without demanding higher interest rates on the U.S. bonds they are being asked to hold? And if we must revert to the printing press to create the money, what happens to the dollar?
As Americans save only a pittance and have lost — in the value of homes, stocks, bonds and other assets — $15 trillion to $20 trillion since 2007, how can the people provide the feds with the needed money?...
Markets are not infallible. But the stock market has long been a "lead indicator" of where the economy will be six months from now. What are the markets, the collective decisions of millions of investors, saying?
Having fallen every month since Obama's election, with January and February the worst two months in history, they are telling us the stimulus package will not work, that Tim Geithner is clueless about how to save the banks, that the Obama budget portends disaster for the republic.
The president says he is gearing up for a fight on his budget.
Good. Let's give him one.
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