The Most Expensive President Since 1945

I often wonder why these reports have to come from foreign sources. I wonder, but I know the answer. Der Spiegel contends that Obama is the most expensive president in 6 decades.

Of all things, the president has performed poorly when it comes to the central political issue of the day. Obama has ignited a dangerous time bomb in the US government's budget. The economic stimulus program and the billions in bailout funds for Wall Street banks are being paid for primarily with borrowed funds. Obama's first 100 days have been the most costly in American postwar history.

But from a financial standpoint, the United States cannot afford many of these so-called successes. The bailout programs are not being paid for with "taxpayer money," as Obama claims. Instead, the money is coming from the savings of the frugal Japanese, Chinese and Europeans. The United States now needs $1 billion (€760 million) in foreign funds every working day just to maintain its standard of living. The country consumes more than half of all worldwide savings.

Not only is this is costly, but it is also extremely risky. More important, it is not sustainable. By taking this approach, Obama is only leading his country more deeply into dependence on creditors from around the world. Before long, anyone who wishes to attack America will no longer need nuclear weapons, but merely sufficient dollar reserves. China already has close to $2 trillion (€1.5 trillion) stored away in its coffers.

Things are not exactly adding up when it comes to Obama's economic policy. The effects of economic stimulus packages are usually short-lived. For many people, the government's programs will seem to herald a speedy end to the crisis, but the light at the end of the tunnel will be fueled by burning dollar bills. When the flames subside, darkness will return.

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