When I look at other areas in the economy, I think their tax policy will be a disaster, and their budget proposals are jaw dropping. The types of budget deficits he would run, the amount of government debt he would propose is staggering and would stagger the economy if they were allowed to be implemented. We can't function in a good sense with debt levels in the 60% to 80% debt-to-GDP range. These are numbers that are beyond the pale.
I think he inherited a real mess. But my view is he's compounding a mess and not really putting the economy on the right track. I think he really botched the whole stimulus package. Most of it comes into play 2010, 2011 rather than 2009 when it's really needed.
There are two things that worry me. One is, Are they laying the basis for a good recovery from the current recession? The second issue is, Where are they putting this country from a long-run point of view? When I see the fiscal numbers the Congressional Budget Office is projecting, it's really scary. They're rather cavalier with how much health care is going to cost, how are we going to finance it. I just think they're being plain irresponsible.
read the CNN article