You don't need to be an economic expert these days to realize that Obama's promises on the economy will be impossible to keep.
People elected him because they thought he would be able to solve the financial crisis (a few days ago, a poll showed a majority of Americans are confident that "Obama can fix the economy".
But gullible voters are soon going to see all this not so simple, and it is now too late !
Not only are Obama's promises on the economy impossible to keep, but what he has said is pure illusion : nothing but a collection of lies intended to get people's votes.
What is wrong with the US economy is that for years, the government, the banks and the citizens all lived way, way, way beyond their means.
The Bush administration slashed taxes at the same time it cranked up spending, notably on a trillion-dollar war in Iraq, and just let the deficit go on growing. The banks bought and sold "assets," notably low-interest mortgages, that were castles in the air. The citizens took on debt obligations, notably on new houses, that they could not realistically hope to pay off.
THERE'S A LIMIT to this, and America just crashed into it. Yet now, with the government spending $700 billion to rescue the banks, with General Motors, for God's sake, waiting on a bailout to stave off imminent bankruptcy, with America already so deeply in the hole - now Obama should come in and spend a fortune on infrastructure projects? Where is the money supposed to come from?
Are we being fooled ?
Obama says his government will help Americans pay for health care, college tuition, mortgages and so on, and that he'll get the money by raising taxes on the richest 5 percent of the population. As for the other 95%, he says they'll get a tax reduction.
It is unrealistic ! To give Americans all the help Obama promises, plus all these job-creating programs the liberals are pushing on him, will require absolutely massive tax increases, and not just on the richest 5%, not by a long shot. And I don't see how middle-class Americans, as deeply in debt and worried about their livelihoods are they are, can handle higher taxes now, or how Obama or anybody else would suggest such a thing.
The only way to pay for a new New Deal in the US now is with a steep, broad tax increase, which is impossible, or by driving the country even deeper into debt, which is reckless beyond belief.
Something's got to give, and it's going to be Obama's promises. The only promise he can, and should, keep is the one about taxing the rich, but that money should go first to pay down some of America's runaway debt and prevent catastrophes like the bankruptcy of General Motors - and then (only then, if there is some money left) to pay for new social programs.
It is never a good thing to place one's hopes in a providential man. Examples are numerous in the histories of many countries to show that it generally ends into a real disaster. Saviours can, at best, disappoint those who have believed in them and increase their bitterness and despair ; at worst, they can also reveal themselves extremely dangerous.
It is a real pity that American voters seem to have forgotten the lessons of History...