The federal picture is so bleak because the Obama administration is the most fiscally irresponsible in the history of the U.S. I would imagine that he would be the intergalactic champion as well, if we could gather the data on deficits on other worlds. Obama has taken George W. Bush’s inattention to deficits and elevated it to an art form.
The Obama administration has no shame, and is willing to abandon reason altogether to achieve its short-term political goals. Ronald Reagan ran up big deficits in part because he believed that his tax cuts would produce economic growth, and ultimately pay for themselves. He may well have been excessively optimistic about the merits of tax cuts, but at least he had a story.
Read it all here: California’s Nightmare Will Kill Obamanomics
Bloomberg is wrong about the merits of tax cuts; under Reagan tax revenues tripled as his policies created one of the greatest economic expansions in our history. His deficits were largely due to the military spending that bankrupted the Soviet Union, which could not keep pace and gave up the fight.