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The president has a peculiar understanding of leadership.By all accounts, federal fiscal policy has now run completely off the rails. Budgetary pressures have been building for years because of unconstrained entitlement spending and Washington’s unchecked appetite for ever-more activist government. But what had been a chronic problem that all involved knew needed corrective action has now become, in the Obama years, a full-fledged disaster in the making. According to the president’s budget, released yesterday, the federal deficit for 2010 is expected to reach nearly $1.6 trillion, a record. And that would come on top of a $1.4-trillion deficit in 2009 and before another $1.3-trillion deficit in 2011. Between 1789 and 2008, the U.S. government borrowed a total of $5.8 trillion. But in just the first three years of the Obama administration, the government is set borrow $4.4 trillion more.And even that wouldn’t be the end of it. If the Obama budget is adopted in full, federal borrowing will top $18 trillion by 2020. Over the period 2011 to 2020, the president’s plan is to run deficits totaling an astounding $8.5 trillion.
