“Curiouser and curiouser!”

Works and Days

America Through the Looking Glass

March 20, 2011 - 10:13 pm - by Victor Davis Hanson

President Obama yesterday praised Brazil for its new offshore oil industry and said he wants to buy as much oil as possible in this new win-win partnership — although we have piled up $5 trillion in new debt, curtailed new petroleum exploration off shore and in the West, as well as kept Alaska off-limits. Our near-term energy future apparently lies in borrowing money to buy oil from those we praise for drilling where we never would ourselves...

...During the 2008 campaign, the president promised that under his leadership electricity prices would skyrocket and those who produced power through coal plants would be “bankrupted.” His secretary of energy, Steven Chu, in 2008 advocated ratcheting American gasoline prices up to European levels and, a year earlier, had complained that we had too much fossil fuels in America, enough, in fact, to “cook us.” So are we supposed to strive for astronomical gas prices to ensure fewer carbon emissions, the success of the government subsidized Chevy Volt, and actualization of the green dreams of a Van Jones as outlined by Chu and Obama in 2007-8 — or will they imperil recovery and must be postponed until after the reelection of Barack Obama?

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Obama has scheduled $5 trillion in new debt since he took office, in part as Keynesian stimulus to snap us out of a slowdown that seemed instead to get worse. The massive debt was incurred in service to new redistributive entitlements that, we are told, will level the playing field. And to implement a new government absorption of health care, the administration has so far granted over 1,000 exemptions from its own landmark legislation. Many of the labor unions that were the most vocal supporters of the president’s agenda are the most eager to be freed from the consequences of his health care mandates.

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Debt is now the father of us all. In some sense, every cruise missile fired, every Social Security check cashed, ever NPR show aired is done so in part with borrowed money.

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