Ecce Economy! (Here Is Disaster!)   By Paul Szemanczky  What will it look like when President Obama's National Debt Commission (18-members strong) led by Republican (former senator -WY) Alan Simpson and Democrat (CEO - under Clinton) Erskine Bowles fail to come up with a plan by 12/1/2010 "to reduce the government annual deficit to 3% of the national economy" by 2015? (Let's review 2010 together, for just a second or two) Last January the Congressional Budget Office issued a report predicting that the 2010 budget deficit would come in at $1.35 trillion, but that amount has grown significantly to $1.9 trillion as of (8/28/10). The early prediction for the year was a slight improvement from the Obama-Bush budget deficit in 2009 of $1.4 trillion; either year being still higher as a share of the economy than any other year since WWII. In the final analysis Year 2010 spending will amount to a deficit of 33% or one-third of the Gross National Spending of $3.6 trillion. Both Simpson and Bowles will need to rub a lot of Chinese Aladdin lamps to find the budget/genie of the future. Currently it should be relevant to note that China holds $920 billion in U.S. IOUs. That amount is sure to double in 6 months time. Political pressure to rein in federal spending like the failed attempt last January by the Democratic Party to feebly show a 'commitment to deficit reduction' after Republican Senator Brown's victory in Massachusetts, proved at best an ingenuous move; at worst, another Obama-Reid deception. You might recall their move: the Democrats and the White House the week before Obama's State of the Union address announced it would put the brake on deficits by "imposing a 3-year freeze on government spending" that would only apply to the smallest part (12.4%) of the $3.6 trillion towering annual spending nut. That part is known as the 'non-security discretionary spending,' which covers only $447 billion. The amendment died in a Senate vote, 53-46, short of the 60 votes needed for approval. After failure, Senate Budget Chairman Kent Conrad, D-ND, a sponsor of the deficit commission proposal, asked: "Is there any doubt that we are on a collision course with economic reality? There is no question that doing things the same old way that has led to this crisis is unlikely to lead to a different result." Could Shakespeare have had Hamlet sounding more 'fatalistic'? No way! Now FAST FORWARD 7 months: The venerable Alan Simpson it is reported* (Neil Cavuto -Fox Business- 8/27/10) may be fired from the Nat. Debt Commission for saying that all major agencies to include Defense and Social Security are fair game for drastic spending cuts in his estimation. "We've become a nation of suck-ups for freebies, and we have grown into a nation sucking off the system," interpreted Cavuto. Simpson has been chastised for his honesty by Obama, Cavuto believes, and Simpson will be fired by Obama in a characteristic display of Obamian imperialism - Obamian-Nazism in my opinion. If only we could keep Obama forever on Martha's Vineyard and the Congress out of session, then we might not have to relive over and over his stimulus spending jokes, his oil-adding deficits, bailouts, tax hikes, and expansions of government to the 'fires consuming the American middle class'. Simpson and we can discern that this administration has no plan to turn this economy around the crisis of a staggering debt it stokes with more billions* (*most recently: $26 billion for public teachers' unions). People aren't going to buy goods with no new private jobs growth and looming job losses raising unemployment in nearly all the 50 states. In truth the government should have created an environment (after a $1 trillion failed stimulus) where the private job sector could have thrived in 2010 by cutting corporate and individuals' tax rates. Instead we have the Federal Reserve Bank Chairman Ben Bernanke announcing (8/27/10) he still will tinker with spaghetti-strength interest rates, when we KNOW already he's shot his Obama-wad of arrows, that the quiver is empty of magical arrows, or Aladdin rubbing lamps. Stuart Varney, Business journalist on Fox Morning (8/27/10) was first to report that GDP for the 2nd quarter (April-June) 2010 had fallen below original estimates from 2.4% growth to only 1.6%. The NY Times announced that this is the summer of no recovery and that the 3rd quarter would be lower than the second. Varney cited that GDP must reach at least 2.5% in order to MAINTAIN the current 9.5% Labor Department's national unemployment average, otherwise "the unemployment numbers will go up". We've had plenty of sign of rotting this summer since the Senate rejection of the amendment last January, mainly: the anemic pace of recovery in most states, and the panic that shook the White House Council of Economic Advisers. The August "pseudo-firing" of Christina Romer, chair of the Council, on the same day that 131,000 private jobs were lost in July, and Robert Reich's statement to CNBC's Larry Kudlow that a double-dip recession "is perilously close" have revealed the nearly incalculable struggle ahead of the National Debt Commission to get any kind of brake in place on rampant national spending. Before a meeting of the National Governors Association in mid-July this year Erskine Bowles said: "the debt is like a cancer that is truly going to destroy the country from within. If we continue and the U.S. makes no changes it will be spending $2 trillion by 2020 just for annual interest payment on the national debt." The CBO report from last January said the government is on a course to double the national debt in 5 years (2015) and triple it in a decade (2020). The current $13 trillion+ national debt would reach a projected $26 trillion by 2015 -source: CBO, White House. In the 8 months since that report was issued the newly revised 2nd quarter GDP 1.6% figure hides nothing of the serious disaster looming ahead. Vice-President Biden's comment that the health of the nation is solid and "bookable" is diabolical in its false bravado and lying intent. The Department of Energy's "lives-touched" (Fox: 8/26/10) configuring of 10,000 jobs created or saved by the stimulus rings hollow when it includes jobs that lasted for as little as 1-day. Those aren't jobs but rather homespun sleights of hand, mere deceptions. In his astute blindness President Obama said interpreting the July and first quarter Labor reports: "That's the most robust seven months of manufacturing growth in over a decade." Yet for June and July nationwide over 300,000 jobs were lost, at least a third being manufacturing. So when will our media tell the EMPEROR of ICE CREAM in his PALACE on Martha's Vineyard that HE HAS NO CLOTHES ON. I wonder? When, if ever? Certainly after the 'assassination' of Alan Simpson for being so rash as to ridicule the president's National Debt Commission for trying to carry a snowball through the fires of hell in trying to reach a 3% annual deficit while currently running a 33% of GDP annual deficit this year. Could Varney be predicting 13-14-15%... unemployment this year? I'll let Republican National Chairman Michael Steele answer that: "For the millions of Americans who are unable to find work, this White House's empty cheerleading rings hollow. President Obama has been more focused on growing government than growing jobs, and it shows.