So, the brother from another mother beat the stormin’ Mormon! Who’da thunk it. Well, almost everyone it seems. And almost everyone seems to be pleased as punch about it. No doubt America was awash with Obama parties last night and more than a few celebratory Buds were consumed as Americans responded to Obama’s stirring rhetoric with a reflexive surge of hope; belief that Obama can ‘fix’ the economy, provide ‘free’ health care and generally make America great again.
Sadly, it’s false hope. Unfounded, baseless, ill-founded hope. As false as the hope clung to by someone who has just fallen out of a window that they will suddenly develop the ability to fly and will glide gently into a nearby tree instead of becoming pavement pizza. You see, Obama is powerless to stop the American government’s rocket ride to bankruptcy (and subsequent dislocation of the American economy) by virtue of one simple fact (stated succinctly by Simon Black in his original article on his website):
“The US government is legally bound to spend more money on mandatory entitlements and interest than it can raise in tax revenue. It won’t make a difference how high they raise taxes, or even if they cut everything else that remains in government as we know it.”
Mandatory spending includes entitlements like Medicare, social security et al, and cannot be messed with by the president, however good a basketball player he is. That money goes out the door as sure as the average Joe’s mortgage payments leave his bank account. Congress doesn’t get a whiff of this money nor the interest payments on government debt, it’s as good as non-existent from their point of view. Not convinced of the gravity of the situation? Then consider this:
“It took over 200 years for the US government to accumulate its first trillion dollars in debt. It took just 286 days to accumulate the most recent trillion (from $15 trillion to $16 trillion). Last month alone, the first full month of Fiscal Year 2013, the US government accumulated nearly $200 billion in new debt– 20% of the way to a fresh trillion in just 31 days.”
Medicare, the very thing that almost everyone on the planet seems to think makes Obama more virtuous than JC and Ghandi mashed together, will only result in placing a few more trillions atop the towering, teetering pile of debt that is America’s economy. What goes up, must come down. What gets inflated or piled up by government must come crashing down or burst.
Obama might be a great speaker, but he can no more defy the laws of economics than he can defy the laws of physics.
If Obama declared he could levitate or walk through walls people would think him insane, but when he declared that he could provide ‘free’ healthcare to all Americans everyone believed him. Obama will be the man behind the wheel as the debt-laden ship that is America capsizes and plunges tens of millions into the icy waters of destitution. History will not look kindly upon him, nor will the millions of hungry, jobless – and angry – Americans. If we posit that America’s economy will collapse under a black president, might that spark a racist backlash? I sure hope not.