Tuesday, November 4, 2008
People are asking what Obama's presidency will be like. I predict it will be similar to Jimmy Carter's presidency where government spending increased overall but spending on military suffered to fund increased welfare and entitlement programs. Taxes will be increased which will slow down the economy. Like Carter, Obama faces an energy crisis as oil production is on a downward trend as a result of decreased demand, and like Carter, Obama will respond by adding more layers of government bureaucracy. Obama will also begin facing the greatest danger to the USA as the bulk of the baby boomers begin to retire during his watch driving government spending drastically upwards through Social Security and Medicaid/Medicare, but like Carter, his presidency will be marked by how he is unable to deal with fundamental economic problems. What was interpreted as patience during the bailout bill fiasco will be seen as indecision as was during Carter's presidency. Obama will thrill the world, but as he is unable to make things better in the USA, the honeymoon will be over domestically as it appears that he cares more about the rest of the world than his own country.