His first mistake was listening to his economic team, and pumping funds into failing businesses. The second is that Bush is now the biggest social spending president in American history. Under Bush, and pretty soon under Obama - Federal spending as a percentage of GDP will be 28%
Essentially what that means is that the Federal Government will directly control almost 30% of our economy. The gov't hasn't had this level of spending since World War 2.
From the WSJ:
Federal expenditures are now rapidly outpacing the growth of the economy, which is expected to be negative this year. CBO estimates that even before the stimulus federal spending will climb to an all-time high 24.9% of GDP, up from the previous post-World War II high of 23.5% in 1985. Add the stimulus and bailout cash and we estimate the federal spending share of GDP will climb to 27.5%.
All of this is fast pushing the U.S. to European spending levels, and that's before Mr. Obama's new health-care entitlements.
From the same article...
The Congressional Budget Office released its latest budget forecast yesterday, and we now really do have red ink as far as the eye can see.
Thanks to a 6.6% decline in revenues due to recession, a spending increase of some $500 billion or 19%, and assorted federal bailouts, the U.S. deficit for fiscal 2009 (ending September 30) will nearly triple to $1.19 trillion.
That's 8.3% of GDP, which CBO says "will most likely shatter the previous post-World War II record high of 6.0 percent posted in 1983." It certainly blows away any deficit this decade, not to mention the Reagan years when smaller deficits were the media cause celebre.
It's appalling that we don't have EVEN ONE political leader denouncing these spending packages, bailouts and macro-socialization of our economy. The government caused these economic problems through the Freddie Mac/Fannie Mae debacle.
Team Bush laid the groundwork for more and more centralized government control, and Team Obama is going to run the ball to the end-zone. Obama wants a highly centralized government - a socialist government that controls more and more of your life and removes decisions from you.
This is all WITHOUT the coming National Healthcare proposals. Obama and Dashle want to add additional economic burdens to our staggering economy through funneling government spending through a nationalized medical plan.
From Dashle's own book, he claims that in his opinion "there are too many angioplasties" and that we could start to deny coverage and procedures by just saying "it's too expensive."
As I stated in a previous post, we're heading down a path of tyranny that will be very difficult to get out of once we're there. Obama wants the government to seize more control of you. He thinks the constitution is broken and that it is "a bunch of negative rights." He thinks the constitution should be revamped into a vast social spending program. That's why he and his Green agenda cohorts are pushing environmental initiatives. The Green plans are perfect covers to infiltrate everyone's life and impose the will of the Government.
You have a high watt bulb in your kitchen? The government will fine you. You want to drive a big car because it's roomier for your kids, groceries and it's safer on the road? Too bad - the government will tax your big car out of existence. Do you see what I'm getting at? It's apparent that the mainstream media isn't interesting in writing about these topics because they're in bed with the Marxist Left in this country.
How about cutting taxes, ramping back government spending and letting the economy do what it does best: create jobs and increase tax revenues. Naaaa ... Obama knows better. Afterall he's created so many of his own businesses and employed so many people in his long illustrious illinois career.
The Founders are probably rolling over in their graves.