So my earlier post about worldwide bankruptcy was apparently alarmist. Obama has just assured us that he plans to cut the budget deficit to only $550 billion by the end of his first term. Well, that's just lovely news.
Never mind that that number is still higher than any budget deficit until this year's, which should run around $2 trillion. Assuming an arithmetic rate of reduction, that means that Obama will only leave us about $4.5 trillion deeper in debt than when he started, by the end of his first term. Even Bush was only able to do about $1.1 trillion of damage in his first term.