Hat tip to Robert Breedlove.

Paul Kengor thinks today’s youth deserves it for supporting Obama.

There’s a collective outcry from conservatives bemoaning the “generational debt” that President Obama is in the process of placing upon this country, particularly its youth. They’re right, of course. But why complain?

It seems only fitting to me that the voters responsible for electing Obama ought to be saddled with the consequences. Let ‘em pay.

Obama’s election was a self-fueling political-cum-economic catastrophe. Markets began plummeting in early Fall from fear of an Obama victory, and that market decline made investors’ fears an inevitable reality. But, as Dick Morris explain, even after the election, economic turmoil and public panic is still an essential factor in promoting Obama’s radical agenda.

Why does Obama preach gloom and doom? Because he is so anxious to cram through every last spending bill, tax increase on the so-called rich, new government regulation, and expansion of healthcare entitlement that he must preserve the atmosphere of crisis as a political necessity. Only by keeping us in a state of panic can he induce us to vote for trillion-dollar deficits and spending packages that send our national debt soaring.

And then there is the matter of blame. The deeper the mess goes — and the further down his rhetoric drives it — the more imperative it becomes to lay off the blame on Bush. He must perpetually “discover” — to his shock — how deep the crisis that he inherited runs, stoking global fears in the process.

So, having inherited a recession, his words are creating a depression. He entered office amid a disaster and he is transforming it into a catastrophe, all to pass every last bit of government spending and move us a bit further to the left before his political capital dwindles.

But the jig will be up soon. The crash of the stock market in the days since he took power (indeed, from the moment he won the election) can increasingly be attributed to his own failure to lead us in the right direction, his failed policies in addressing the recession and his own spreading of panic and fear. The market collapse makes it evident that it is Obama who is the problem, where he should, instead, be the solution.

Hat tip to the News Junkie.

F-22 Raptors

One might think that if one believed it appropriate to spend federal money just to create jobs that jobs for Lockheed Martin workers would be at least as worthy of creation as jobs for community organizers and social workers. It could be argued as well that investing in long-term American Air Supremacy is far more likely to contribute to the welfare of the nation than funding uneconomic energy projects or pouring more dollars into Amtrak. Of course, as decisions on spending priorities are made, it isn’t very likely that Barack Obama is going to look at it that way.

In the Atlantic, Mark Bowden discusses the meaning and consequences of the probable termination of F-22 purchases.

[US] complete dominance is eroding. Some foreign-built fighters can now match or best the F‑15 in aerial combat, and given the changing nature of the threats our country is facing and the dizzying costs of maintaining our advantage, America is choosing to give up some of the edge we’ve long enjoyed, rather than pay the price to preserve it. The next great fighter, the F‑22 Raptor, is every bit as much a marvel today as the F‑15 was 25 years ago, and if we produced the F-22 in sufficient numbers we could move the goalposts out of reach again. But we are building fewer than a third of the number needed to replace the older fighters in service. After losing hope of upgrading the whole F‑15 fleet, the Air Force requested 381 F‑22s, the minimum number that independent analysts said it needs to retain its current edge. Congress is buying 183, and has authorized the manufacture of parts for 20 more at the front end of the production line, enough to at least keep it working until President Obama decides whether or not to continue building F-22s. Like so many presidential dilemmas, it’s a Scylla-and-Charybdis choice: a decision to save money and not build more would deliver a severe blow to a sprawling and vital U.S. industry at a time when the nation is mired in recession. And once the production line for the F-22 begins to shut down, restarting it will not be easy or cheap, even in reaction to a new threat. Each plane consists of about 1,000 parts, manufactured in 44 states, and because of the elaborate network of highly specialized subcontractors needed to fashion its unique airframe and avionics, assembling one F-22 can take as long as three years. Modern aerial wars are usually over in days, if not hours. Once those 183 to 203 new Raptors are built, they will have to do. Our end of the fight will still be borne primarily by the current fleet of aged F‑15s.

When Obama unveiled his national-security team in December, he remarked that he intended “to maintain the strongest military on the planet.” That goal will continue to require the biggest bill in the world, but the portion that bought aerial dominance for so long may have become too dear. …

The Air Force fears that the dominance of U.S. airpower has been so complete for so long that it is taken for granted. The ability of the United States to own the skies over any battlefield has transformed the way we fight. The last American soldier killed on the ground by an enemy air attack died in Korea, on April 15, 1953.

Russia, China, Iran, India, North Korea, Pakistan, and others are now flying fourth-generation fighters with avionics that match or exceed the F‑15’s. Ideally, from the standpoint of the U.S. Air Force, the F‑22 would gradually replace most of the F‑15s in the U.S. fleet over the next 15 years, and two or three more generations of American pilots, soldiers, and marines would fight without worrying about attacks from the sky. But that isn’t going to happen.

“It means a step down from air dominance,” Richard Aboulafia, an air-warfare analyst for the Teal Group, which conducts assessments for the defense industry, told me. “The decision not to replace the F‑15 fleet with the F‑22 ultimately means that we will accept air casualties. We will lose more pilots. We will still achieve air superiority, but we will get hurt achieving it.”

And the spending just keeps going. Having just passed the $787 billion so-called Stimulus Package, democrat commissars on Capitol Hill are next turning their attention to an Omnibus Spending Bill, which as Newsmax reports, will contain more earmarks than ever before. The Saturnalia of Spending continues.

During the 2008 presidential campaign, candidates Barack Obama and John McCain fought vigorously over who would be toughest on congressional earmarks.

“We need earmark reform,” Obama said in September during a presidential debate in Oxford, Miss. “And when I’m president, I will go line by line to make sure that we are not spending money unwisely.”

President Barack Obama should prepare to carve out a lot of free time and keep the coffee hot this week as Congress prepares to unveil a $410 billion omnibus spending bill that’s riddled with thousands of earmarks, despite his calls for restraint and efforts on Capitol Hill to curtail the practice.

The bill will contain about 9,000 earmarks totaling $5 billion, congressional officials say. Many of the earmarks — loosely defined as local projects inserted by members of Congress — were inserted last year as the spending bills worked their way through various committees.

Byron York reminds readers of Congressional democrats posing as deficit hawks back when George W. Bush was in the White House. Now that they have control of Congress and the White House they are using the recession as a pretext for a budgetary blowout calculated to make the Great Society look like a Presbyterian picnic. Americans will be paying for Obama’s first month in office for a generation.

Back in 2006, when Democrats were hoping to win control of the House and Senate, party leaders worked themselves into a righteous outrage over the issue of out-of-control federal spending. Rep. Nancy Pelosi, D-Calif., called the Republican budget “irresponsible” and “unpatriotic” because it increased the amount of U.S. debt held by foreign countries. Sen. Harry Reid, D-Nev., accused Republicans of going on “an unprecedented and dangerous borrowing spree” and declared GOP leadership “the most fiscally irresponsible in the history of our country … no other president or Congress even comes close.”

You won’t find too many defenders of George W. Bush’s record on spending these days, even among Republicans. But a check of historical tables compiled by the Office of Management and Budget shows that the spending that so distressed Pelosi and Reid seems downright modest today. After beginning with a Clinton-era surplus of $128 billion in fiscal year 2001, the Bush administration racked up deficits of $158 billion in 2002, $378 billion in 2003, $413 billion in 2004, $318 billion in 2005, $248 billion in 2006, $162 billion in 2007, and $410 billion in 2008.

The current administration would kill to have such small numbers. President Barack Obama is unveiling his budget this week, and, in addition to the inherited Bush deficit, he’s adding his own spending at an astonishing pace, projecting annual deficits well beyond $1 trillion in the near future, and, in the rosiest possible scenario, a $533 billion deficit in 2013, the last year of Obama’s first term.

And what about the national debt? It increased from $5 trillion to $10 trillion in the Bush years, leading to dramatically higher interest costs. “We pay in interest four times more than we spend on education and four times what it will cost to cover 10 million children with health insurance for five years,” Pelosi said in 2007. “That’s fiscal irresponsibility.”

Now, under Obama, the national debt — and the interest payments — will increase at a far faster rate than during the Bush years.

“We thought the Bush deficits were big at the time,” Senate Minority Leader Mitch McConnell, told me this week as he prepared to attend Obama’s Fiscal Responsibility Summit. “But this is going to make the previous administration look like rank amateurs. We could be adding multiple trillions to the national debt in the first year.”

At some point last week, the sheer velocity of Obama’s spending proposals began to overwhelm even experienced Washington hands. In the span of four days, we saw the signing of the $787 billion stimulus bill, the rollout of a $275 billion housing proposal, discussion of Congress’s remaining appropriations bills (about $400 billion) and word of a vaguely-defined financial stabilization plan that could ultimately cost $2 trillion. When representatives of GM and Chrysler said they might need $21 billion more to survive, it seemed like small beer.

Chuckie Lemos, at the bolshie My DD blog, thought that Rick Santelli’s Chicago Board of Trade rant (4:57 video) was just typical of those white ethnic traders who attended all the wrong schools.

I spent a decade on Wall Street working for Alex. Brown & Sons, Deutsche Banc Securities and Goldman Sachs. I found Wall Street a largely liberal environment with one major exception, the trading floor. In my experience I found traders, who are largely white ethnics – Irish, Italian, Greek, Polish or Slovak among others- and graduates of the Seton Halls, the Boston Colleges, the Notre Dames, the Penn States were the most rabid conservative and foul mouthed people on the planet. Nor could any of them ever get my name right. “My name is Charles, not Chuckie” was something I would repeat whenever I had the misfortune to have to interact with them. Some of these folks made William Buckley appear moderate.

Don Surber admires the condescension of the elites who want to give away the money and take the bows toward the humble peons who actually earn it.

First you throw away $787 billion dollars on democrat party special interests, then you raise taxes on “the rich,” i.e., you, me, and Joe the Plumber, and finally you cut the Defense Budget.

After all, in 2008, with two wars underway, we spent the staggering sum of $667 billion (base budget of $480 billion and $187 billion in supplemental spending) on national defense. Why, we wasted almost as much money last year on defending the country as Obama spent in his first month in office on “community development” (i.e., ACORN), the National Endowment for the Arts, more welfare, green boondoggles, and fattening the wallets of politically connected construction companies.

Washington Post:

President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on businesses and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.

In addition to tackling a deficit swollen by the $787 billion stimulus package and other efforts to ease the nation’s economic crisis, the budget blueprint will press aggressively for progress on the domestic agenda Obama outlined during the presidential campaign. This would include key changes to environmental policies and a major expansion of health coverage that he hopes to enact later this year.

A summary of Obama’s budget request for the fiscal year that begins in October will be delivered to Congress on Thursday, with the complete, multi-hundred-page document to follow in April. But Obama plans to unveil his goals for scaling back record deficits and rebuilding the nation’s costly and inefficient health care system tomorrow, when he addresses lawmakers and budget experts at a White House summit on restoring “fiscal responsibility” to Washington. …

Even before Congress approved the stimulus package this month, congressional budget analysts forecast that this year’s deficit would approach $1.2 trillion — 8.3 percent of the overall economy, the highest since World War II. With the stimulus and other expenses, some analysts say, the annual gap between federal spending and income could reach $2 trillion when the fiscal year ends in September.

Obama proposes to dramatically reduce those numbers, said White House budget director Peter Orszag: “We will cut the deficit in half by the end of the president’s first term.” The plan would keep the deficit hovering near $1 trillion in 2010 and 2011, but shows it dropping to $533 billion by 2013, he said — still high but a more manageable 3 percent of the economy.

To get there, Obama proposes to cut spending and raise taxes. The savings would come primarily from “winding down the war” in Iraq, a senior administration official said. The budget assumes continued spending on “overseas military contingency operations” throughout Obama’s presidency, the official said, but that number is lower than the nearly $190 billion budgeted for Iraq and Afghanistan last year.

Obama also seeks to increase tax collections, mainly by making good on his promise to eliminate some of the temporary tax cuts enacted in 2001 and 2003. While the budget would keep the breaks that benefit middle-income families, it would eliminate them for wealthy taxpayers, defined as families earning more than $250,000 a year. Those tax breaks would be permitted to expire on schedule in 2011. That means the top tax rate would rise from 35 percent to 39.6 percent, the tax on capital gains would jump to 20 percent from 15 percent for wealthy filers and the tax on estates worth more than $3.5 million would be maintained at the current rate of 45 percent.

Obama also proposes “a fairly aggressive effort on tax enforcement” that would target corporate loopholes, the official said. And Obama’s budget seeks to tax the earnings of hedge fund managers as normal income rather than at the lower 15 percent capital gains rate.

Overall, tax collections under the plan would rise from about 16 percent of the economy this year to 19 percent in 2013, while federal spending would drop from about 26 percent of the economy, another post-World War II high, to 22 percent.

Caroline Baum, at Bloomberg, expresses skepticism that treating printed dollars as pixie dust and sprinkling them on democrat pet projects and constituencies will really make the faltering economy fly.

Whoops! Somewhere a fairy just died.

It’s a jobs-creation program. No, it’s investment in our future.

It’s a tax-relief plan. Wait, it provides assistance to consumers hardest hit by the economic recession.

It’s legislation to jump-start the economy. No, it’s a recovery program. It’s a life raft for state and local governments. It’s a spending bill.

Which is it? Fiscal stimulus is all things to all people. In other words, it represents the triumph of faith over reason.

Read the whole thing.

The Capitol Hill offices of many congressmen and senators don’t even have a copy! If you need top get hold of a copy, Paul Bedard advises, ask a lobbyist.

We’re receiving E-mails from Capitol Hill staffers expressing frustration that they can’t get a copy of the stimulus bill agreed to last night at a price of $789 billion. What’s more, staffers are complaining about who does have a copy: K Street lobbyists. E-mails one key Democratic staffer: “K Street has the bill, or chunks of it, already, and the congressional offices don’t.

Moreover, the press is having problems reporting because a number of versions of the bill are floating around out there.

[T]he Hill is getting calls from the press (because it’s leaking out) asking us to confirm or talk about what we know—but we can’t do that because we haven’t seen the bill. Anyway, peeps up here are sort of a combo of confused and like, ‘Is this really happening?'” Reporters pressing for details, meanwhile, are getting different numbers from different offices, especially when seeking the details of specific programs.

Worse, there seem to be several different versions of what was agreed upon, with some officials circulating older versions of the package that seems to still be developing.

Isn’t it wonderful having democrats in charge of the federal purse? If you went down to the port, shanghai’d 525 drunken sailors and put them in charge of legislation, it would not be much different.

Never let a serious crisis go to waste. What I mean by that is it’s an opportunity to do things you couldn’t do before. – Rahm Emanuel

The Wall Street Journal quotes the democrat White House Chief of Staff’s dictum in explaining what the democrat’s so-called stimulus package is all about.

Democrats in Congress are certainly taking his advice to heart. The 647-page, $825 billion House legislation is being sold as an economic “stimulus,” but now that Democrats have finally released the details we understand Rahm’s point much better. This is a political wonder that manages to spend money on just about every pent-up Democratic proposal of the last 40 years.

We’ve looked it over, and even we can’t quite believe it. There’s $1 billion for Amtrak, the federal railroad that hasn’t turned a profit in 40 years; $2 billion for child-care subsidies; $50 million for that great engine of job creation, the National Endowment for the Arts; $400 million for global-warming research and another $2.4 billion for carbon-capture demonstration projects. There’s even $650 million on top of the billions already doled out to pay for digital TV conversion coupons.

Read the whole thing. You and your children and your grandchildren will be paying for it.

Thomas Couture, Les Romains de la décadence, 1847, Musée d’Orsay, Paris

His inauguration will be the most expensive ever and by an enormous margin: four times the cost of George W. Bush’s last. Most people I know are worried and feeling the impact of the bad economy, but the democrats are going to party like it’s Ancient Rome.

Oh, well, it’s just your tax money.

Newsmax