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Happy Debt Day!

Sunday is “Debt Day”: As of Sunday, the federal government has spent all the money it will raise in taxes for the current fiscal year. From now until the end of the fiscal year in the fall, the government will be spending money that it will borrow from the Chinese and others, which will be repaid by our children and grandchildren. With interest. This is the earliest Debt Day in modern history, if not ever. From 2002 until now, it has fallen between July and September.

The Obama administration is wasting our children’s birthright on stupid government spending, authorized by legislation that not a single member of Congress read before voting for it. And we haven’t even gotten to cap and trade and socialized medicine yet. Barack Obama is Bernie Madoff in 1998.

UPDATE: On reflection, that analogy is unfair to Madoff. Obama’s fraud is orders of magnitude worse. And Madoff never forced anyone to invest with him; those who did so at least had the opportunity to evaluate his schemes. Not so with Obama: even those of us who are well aware that his policies are a fraud are nevertheless required to pay our taxes. My apologies to Mr. Madoff.

Recommend this Power Line article to your Facebook friends.

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