Monday, March 23, 2009

The Banana Republic

Kudos to former Obama pick for Commerce Secretary, Senator Judd Gregg who came out strongly against the budget and injected some much needed economic reality into the budget debate. Citing the Congressional Budget Office predictions that the national debt would reach %82 of GDP by 2019, Gregg argued that the debt level was unsustainable and "basically is the type of debt ratio you see in banana republics."

In a banana republic like refusal to accept economic reality, White House spokesman, Robert Gibbs, said that:
The new projections won't stop Obama from achieving his goals or keeping his promise to cut the country's red ink in half within four years. [Because] the administration is a bit more optimistic about the nation's economic growth over the long term than congressional analysts.

Yeah that doesn't sound like anything like what the press secretary of a banana republic would say does it? Gibbs is about as grounded in reality as Baghdad Bob.

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