<quoted text>funding by Democrats with an open taxpayer checkbook.
How long can the business model of the Democratic Party last?
The short answer is, not very. Dems are doomed by their success at creating ever bigger government with ever more handouts and entitlements. All the giving can’t go on and the Obama binge has created a crisis.
Deficits exceeded $1 trillion in each year of his first term, and his combined debt is a staggering $5 trillion. It brings the nation’s total to $16 trillion, and the possibility of default already has caused one rating downgrade.
And there is no end to the spending spree. Obama’s last budget, although chock full of rosy scenarios, still projected the debt would grow by $6.7 trillion over 10 years.
Thus, if all goes as planned, he will leave office with a national debt of $20 trillion, and a debt-to-GDP ratio far above 100 percent.
That’s Greece. It is an unsustainable governing model, so we should be asking not just about the demographic destiny of the GOP, but also how soon Dems will be condemned by the fiscal facts.
Clearly, they don’t want to face the numbers. The president has a fetish for hiking taxes on high earners, saying he didn’t care whether they would produce more revenue because “fairness” was more important.
He wasn’t kidding, as his continuing campaign proves. He declared Monday that Republicans would ruin Christmas for millions of families if they didn’t agree with his tax plan, proving again that re-election didn’t soften his “my way or the highway” attitude.
Equally revealing, congressional Dems tell The New York Times they refuse to make major changes to Social Security, Medicaid and Medicare, even though those programs are driving the debt and deficit.
Yet liberal senators, including Tom Harkin of Iowa and Jay Rockefeller of West Virginia, urged Obama to reject changes that “would cut benefits, shift costs to states, alter the structure” of the programs or pare them for deficit reduction.
That stance perfectly captures the party’s contribution to gridlock. Even as Republicans agree to increased revenues through reducing deductions in the tax code, Dems reject any changes to entitlements. So, who is really playing chicken at the fiscal cliff?
That so much attention is focused on whether Republicans will agree to tax hikes reveals mainstream media bias and Obama’s efforts to distract attention from the frightening dimensions of his fiscal folly.
Even if he gets his tax hikes, he would collect at most $90 billion a year, and that assumes growth would not be affected. What spending cuts is he prepared to demand from his party as part of a deficit-reduction deal?
So far, the answer is zero, a number that corresponds to the chances that Dems will govern responsibly.
Read more: Goodwin: Obama taking US down path of Greece - NYPOST.com http://www.nypost.com/p/news/rmula_man_