The new Obama Jobs Act, to the extent that it is known, depends on "spending cuts" to cover a roughly half-trillion dollar spending bill. Sure it will, over a hypothetical ten year framework. Just like the previous one trillion dollar stimulus bill, paid for over the same hypothetical ten years.
Lookit, people. How many of us buy a new house every three years? And don't even cash in on the old one? Or worse, raze the old one and let the ground go fallow?
This is not responsible. This is not sustainable. It can't be done without Weimer type inflation and the destruction of the economy, and it doesn't even have Kasper's Meat Market on Post Office Street. (Yexas joke).
The US cannot continue to say "It's OK, we'll pay this year's bills out over the next ten years". We're not talking about even the extraordinary emergency expenditures here. This is the dotGov financing the week's grocery bills over a ten year period.
Comes the time, as Doctor Pournelle says, to starve the beast. We're running out of Other People's Money, as the Milk Snatcher put it.
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