This isn't exactly Joe DiMaggio's 56-game hitting streak, but the Democrats have now established the longest streak of budget deficit months (19) in American history. They also managed to create the April record deficit of nearly $83B (roughly twice what was expected) (in nearly 80% of April's, there has been a surplus), and are on track to top last fiscal year's record $1.4T deficit. As further evidence of sage Democratic economic excellence is the largest trade deficit in 15 months: "The bulk of the rise in imports reflected a jump in the dollar measure of oil imports as prices rose." (Notice that progressive Democrats are trying to politically exploit the Deepwater Horizon incident by making offshore drilling, a significant source of domestic production, even more restrictive than Obama's tepid rollout in response to Congress' 2008 liberalization.) In probably the understatement of the year, White House Budget Director Orszag warned against a Greek-style day of reckoning. Yeah, I know: with $3T in deficits in 2 years, people can't believe there is such a thing as a White House budget director...
Political Potpourri
It looks like the Democrats have some recovery going on with several races tightening up, e.g., Senate battles in Pennsylvania and Ohio, and Massachusetts Governor Patrick seems to be pulling support away from independent candidate Cahill, and the Democratic candidate to succeed the late Congressman Murtha in Pennsylvania is taking a small lead for the first time.
The anti-incumbent mood surfaced over this past week as Congressman Mollohan (D-WV) lost to a Democratic state senator (Oliverio) by roughly 12% of the vote. But a recent Wall Street Journal/NBC poll shows the Republicans forging together a coalition of independents, surburban workers, blue-collar workers, and older people.
Political Cartoon
Lisa Benson points out the fact that the primary beneficiaries of TARP have been AIG and the GSE's, not the Wall Street banks.
It is less important to redistribute wealth than it is to redistribute opportunity.
Arthur H. Vandenberg
Musical Interlude: "Day/Night" Songs
Bee Gees, "Lonely Days, Lonely Nights"
Freddy Fender, "Wasted Days and Wasted Nights"
The Kinks, "All Day and All of the Night" all-time favorite
Frank Sinatra, "Night and Day"
