Budget Deficit at $1.3 Trillion So Far in Fiscal 2010 - WSJ.com

CREDIT CARD PRESIDENT, PLASTIC CONGRESS: Budget Deficit at $1.3 Trillion So Far in Fiscal 2010 - WSJ.com: "- Sent using Google Toolbar"

Can we say the "credit card president" and "plastic congress"?

One just wonders how they think they'll ever pay these debts off?

After all, families are led to think there is nothing wrong with running high credit card balances - even though they soon realize that most of what they would like to spend is actually going just to pay interest.

And, even though they hope for some fabulous new job or legacy to bail them out, when the debts get out of hand, it's usually Chapter 7 (or maybe 13 they turn to).

With our current leadership, Obama was vowing just yesterday how he's out to defend the middle class. So spending isn't going to be cut.

And, since he thinks the rich will earn the same gross taxable income with higher rates (which everyone who has made the slightest study of history or human behavior knows to be false), then income tax rates may be up but in all liklihood the total take will be down (check out the recent article showing how the percent of total tax receipts paid by the 'rich' went up when Bush lowered rates; assume the percentage goes back to where it was before Bush's tax cuts, then ... you see where it gets us.).

So, with UAW-type economic policies (i.e. the company eventually goes bankrupt; and, until then shrinks), it's hard to see the economy doing much growing.

The picture looks pretty horrible. But, then again, as someone said today, "sadly we knew the administration didn't have an economic clue; now, we know they don't even know basic arithmetic".