Obama denounces 'irresponsibly large' debt of GM while bankrupting America for generations

Yesterday, in announcing the nationalization of General Motors, President Obama stated, "...for years, GM has been buried under an unsustainable mountain of debt... And piling an irresponsibly large debt on top of the new GM would mean simply repeating the mistakes of the past."

That clanking sound you just heard was America's Ironometer exploding, its housing shattering into a million pieces (for those of you unfamiliar with the complex instrument known as an Ironometer, it is the most sensitive device ever invented for measuring levels of irony in the atmosphere).

Piling on an irresponsibly large debt on top of the old debt would mean simply repeating the mistakes of the past?

Just four weeks ago, even the Democrat Party's public relations newsletter -- The New York Times -- was forced to admit the catastrophe facing this country's next generation.

Already, in the first six months of this fiscal year, the federal deficit is running at $956.8 billion, or nearly one seventh of gross domestic product — levels not seen since World War II … Debt held by the public is projected by the Congressional Budget Office to rise from 41 percent of gross domestic product in 2008 to 51 percent in 2009 and to a peak of around 54 percent in 2011...

...Then there is the concern that the interest the government must pay on its debt obligations may become unsustainable... The Congressional Budget Office expects interest payments to more than quadruple in the next decade as Washington borrows and spends, to $806 billion by 2019 from $172 billion next year...

Less partisan than the Times, the Congressional Budget Office expressed the calculations in candid terms:

• In just five months, the the 2009 budget deficit exploded by 50% over initial estimates.

• And in just one month, CBO estimates had to be revised to show that we will be forced to borrow $9.3 trillion over the next ten years, which is $2.3 trillion more than Obama predicted just a month ago!

• The result, according to the CBO, would be a national debt that threatens the full faith and credit of the American monetary system with a national debt in excess of 82% of the entire economy by 2019.

To make matters worse, the impact of a myriad of additional taxes planned by Democrats plan haven't even been factored in yet, such as:

• Letting the Bush tax cuts expire, which will increase taxes on every working American earning over $42,000 a year;

• Adding a VAT tax (10% federal sales tax) on every retail transaction;

• Adding a new carbon cap-and-trade tax that will impact the cost of energy for all Americans, rich and poor;

• Oh, and paying for socialized medicine -- even though America's unfunded entitlements like Medicare are already $57 trillion in the hole, with no word on how to repair those disastrous programs;

So when Obama says that GM was "buried under an unsustainable mountain of debt... and piling an irresponsibly large debt on top of the new GM would mean simply repeating the mistakes of the past," is he doing a comedy bit?

Or does he not even realize what his teleprompter is telling him to say?

Whether the issue is ignorance, ideology or malice I leave as an exercise for the reader.