http://patriotpost.us/opinion/victor-davis-hanson/2010/10/14/deficits-and-depression/

Excerpt

We will learn in November just how angry the public is about a lot of things, from higher taxes to massive unemployment.

But the popular uproar pales in comparison to the sense of humiliation that we Americans are quite broke. In 2008, the public was furious at George W. Bush, not because he was too much of a right-wing tightwad, but because he ran up a series of what were then thought to be gargantuan deficits. The result was that under a supposedly conservative administration, and despite six years of an allegedly small-government Republican Congress, the deficit nearly doubled from $3.3 trillion to $6.3 trillion in just eight years.

Barack Obama apparently never figured out that he had been elected in part because that massive Republican borrowing had sickened the American people. So in near-suicidal fashion, he took Bush's last scheduled budget deficit of more than $500 billion -- in a Keynesian attempt to get the country out of the 2008 recession and financial panic -- and nearly tripled it by 2010. Obama's new red ink will add more than $2.5 trillion to the national debt -- with near-trillion-dollar yearly deficits scheduled for the next decade. All of that will result in a U.S. debt of more than $20 trillion.

What exactly is it about big deficits and our accumulated debt that is starting to enrage voters?

First, the public is tired of the nonchalant way that smarmy public officials take credit for dishing out someone else's cash without a thought of paying for it. Each week, President Obama promises another interest group more freshly borrowed billions, now euphemistically called "stimulus." But the more public money he hands out to states, public employees, the unemployed or the green industry, the more voters wonder where in the world he's getting the cash. The next time a public official puts his name on yet another earmarked federal project, let him at least confess whether it was floated with borrowed money.

Second, there is a growing sense of despair that even vastly increased income taxes cannot cover the colossal shortfalls. At least the old Clinton tax rates of the 1990s balanced the budget. But should we bring them back, we would still run a deficit of more than $1 trillion in 2011 -- given the vast increases in federal spending.

Big deficits are bad. Monetizing our massive debt is much worse. The people who should be the most pissed off are the seniors who will see the purchasing power of their savings fall through the floor and who will see us fall into an inflationary spiral where things like social security are incapable of keeping up with the ever rising cost of living.

So year, seniors who are looking at being broke and hungry because of Obama's mismanagement do have a right to be pissed. Just like the rest of us.