By Terence P. Jeffrey,CNSNEWS
Obama loves FDR's New Deal which has men making picnic tables
President Obama posed as a fiscal conservative Monday when he hosted a “fiscal responsibility summit.”
Close inspection reveals that what he is actually proposing,however,is a massive increase in government debt—thus raising the already unsustainable burden of government that is certain to fall on our children unless the welfare state is somehow curtailed.
In the first seven fiscal years overseen by the high-spending President Bush,the annual federal budget deficits were truly obscene. Yet,they never exceeded $500 billion.
In fiscal 2002 through 2008,according to the historical tables published by the Office of Management and Budget last fall,the annual deficits were $157.7 billion,$377.5 billion,$412.7 billion,$318.3 billion,$248.1 billion,$162 billion and $410 billion. (The Congressional Budget Office has since calculated that the fiscal 2008 deficit actually ended up being $454.8 billion.)