Bush, Obama deficits differ

The editorial cartoon on April 16 implied that the Obama deficits are similar to the Bush deficits; this is not the case. The Obama spending program is unprecedented, and some of our foreign creditors are getting nervous, suggesting that their appetite for U.S. debt is not infinite. Here are some points that define this huge spending plan.

Under the Obama budget, the national debt will double in five years and triple in 10 years. In one year federal spending will increase 34 percent, and will require borrowing $2.7 trillion for the year, a 27 percent increase. The deficit will reach $1.845 trillion, seven times Reagan’s largest deficit, which was critized as profligate. The deficit will reach 13.1 percent of GDP, compared to 1.2 percent of GDP when Republicans controlled Congress.

Finally, a $645 billion carbon tax will be levied on carbon emissions, which will fall on consumers of energy and products made through the use of coal, oil and natural gas, all in the furtherance of the quixotic goal of halting global warming. Although global warming is somewhat uncertain, what is not uncertain are the risks of inflation and lowered American credit standing stemming from these outrageous spending plans.

John A. Peterson

Spokane