With a bit of bookkeeping legerdemain borrowed from the Bush administration, the Democratic Congress is about to perform a cover-up on the most serious threat to America's economic future.

That threat is not the severe recession, tough as that is for the families and businesses struggling to make ends meet. In time, the recession will end, and last week's stock market performance hinted that we may not have to wait years for the recovery to begin.

The real threat is the monstrous debt resulting from the slump in revenue and the staggering sums being committed by Washington to rescuing embattled banks and homeowners -- and the absence of any serious strategy for paying it all back.

Read it all.

Filed under: * Economics, Politics • Economy • The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- • The U.S. Government • Budget • The National Deficit • Politics in General • House of Representatives • Office of the President • President Barack Obama • Senate

1. tgs wrote: Thank you Mr. Broder for your honesty. The road our government is on really does lead to an economic disaster the likes of which our country has never before seen. The only way to really cut off this onslaught of spending is to stop the governments ability to create any amount of money to spend at any time by simply printing it. And, the only way do that is to abolish the Federal Reserve and return to a hard currency. March 29, 12:05 pm | [comment link]

2. Dilbertnomore wrote: Another Liberal wakes up and smells the coffee. One wonders if the vacination took, however. I suspect not. March 29, 2:40 pm | [comment link]

3. Harvey wrote: We didn’t buy our way out of the Great Depression (circa 1930’s) and I don’t think it is going to work now.  (PS yes I am old enough to remember the end of the first - WWII factory production got us out of that one. March 29, 5:44 pm | [comment link]

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