The cratering stock market and accelerated job losses are beginning to shake the left’s confidence in President Barack Obama’s economic policies. But, being the left, they don’t want an actual change from the borrow and bailout policies that have ruled both the Bush and Obama Administrations. Instead they want even more runaway deficit spending.
So Paul Krugman suggests that “the Obama administration’s economic policies are already falling behind the curve” and Talking Points Memo‘s Josh Marshall says the stimulus “was too small, probably offsetting a half or less than half of the demand sucked out of the economy by the collapse of the housing bubble.”
The federal budget deficit was $455 billion in fiscal year 2008 and with President Obama’s stimulus package will rise to $1.75 trillion in fiscal 2009. The ten year price tag for Obama’s stimulus package is $3.27 trillion. How much debt does America have to go into to make the left happy?