Instapundit » Blog Archive » FORGET THE DEBT CEILING: S&P: U.S. Debt Could Reach ‘Junk’ Rating by 2030, Absent Entitlement R…: "Then came the Obama blowout, in league with Nancy Pelosi’s Congress. With the recession as a rationale, Democrats consciously blew up the national balance sheet, lifting federal outlays to 25% in 2009, the highest level since 1945. (Even in 1946, with millions still in the military, spending was only 24.8% of GDP. In 1947 it fell to 14.8%.) Though the recession ended in June 2009, spending in 2010 stayed high at nearly 24%, and this year it is heading back toward 25%. . . . The President is now claiming to have found fiscal virtue, but notice how hard he has fought House Republicans as they’ve sought to abate the spending boom.
Junk leadership and junk policies lead to junk status.
UPDATE: This reminds me of the Insta-Dad’s prophetic take on TARP: “The bad thing is that the federal government has figured out that it can borrow a lot more money than it previously thought.”
Posted by Glenn Reynolds at 8:39 am"
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