“Ken Rogoff of Harvard and Carmen Reinhart of Maryland have studied the impact of high levels of national debt on economic growth in the U.S. and around the world in the last two centuries…they conclude that, so long as the gross debt-GDP ratio is relatively modest, 30%-90% of GDP, the negative growth impact of higher debt is likely to be modest as well. But as it gets to 90% of GDP, there is a dramatic slowing of economic growth by at least one percentage point a year…The Obama budget takes the publicly held debt to 73% and the gross debt to 103% of GDP by 2015, over this precipice.
Mr. Obama’s fiscal strategy is more akin to the voyage of the Titanic. Let’s hope he changes course soon enough to prevent disaster.”
“Will he emulate Clinton and save his presidency by moving to the center? Certainly not before he has lost his control over Congress. It was not the defeat of healthcare that impelled Clinton’s change of course, but his defeat in the elections of 1994. Even then, it took six months to turn the battleship around. And after he loses Congress? Probably not even then. Clinton was a lifelong moderate who moved to the left when expediency dictated. Obama is a lifelong liberal who pretends to move to the center when he has to.”
“Exploiting concerns that another global meltdown might be around the corner, the Obama legislation effectively brings socialism to the United States. There’s no other term for it.”
“Prosecutors will be forced to reveal U.S. intelligence on KSM, the methods and sources for acquiring its information, and his relationships to fellow al Qaeda operatives. The information will enable al Qaeda to drop plans and personnel whose cover is blown. It will enable it to detect our means of intelligence-gathering, and to push forward into areas we know nothing about.”
