Obama, McCain and the coming fiscal disaster

Chicago Tribune
by Steve Chapman

07/10/08

Federal budget policy is a dry subject with far too many numbers and charts, which makes it uninviting to most Americans. But the theme of the current budget story is one that could have come from a blockbuster summer movie: We are doomed. There is a fiscal asteroid on course to pulverize us, and no one is coming to the rescue. The problem is simple and depressingly familiar. This year, federal spending will exceed federal revenue by more than $400 billion. Given the weak state of the economy, the deficit will get worse before it gets better. Actually, it may never get better, because the current shortfall coincides with the start of the most dreaded fiscal event of all time: the retirement of the Baby Boomers, who will soon consume eye-popping amounts in Social Security and Medicare...

//tinyurl.com/5qnhte


Informant: Thomas L. Knapp

--------

Worse than McCain

By Mike Whitney

For nearly a year now, the public has been treated to regular doses of Mr. Obama's grandiloquent oratory and his sweeping "Follow me to Shangri-la" promises. These flourishes are usually followed by "clarifications" on the central issues which identify Obama as a center-right conservative with no intention of disrupting the status quo.

//www.informationclearinghouse.info/article20269.htm



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