Monday, March 29, 2010

Welcome To A Mismanaged Third World Nation

Robert J. Samuelson - With health bill, Obama has sown the seeds of a budget crisis -

When historians recount the momentous events of recent weeks, they will note a curious coincidence. On March 15, Moody's Investors Service -- the bond rating agency -- published a paper warning that the exploding U.S. government debt could cause a downgrade of Treasury bonds. Just six days later, the House of Representatives passed President Obama's health-care legislation costing $900 billion or so over a decade and worsening an already-bleak budget outlook.

He covers the accounting sleight of hands that turn the supposed "savings" into added deficit as well. Worth a read.

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