Obama's Louis XV Budget

Five days before his inauguration, President-elect Obama told The Post that entitlement reform could no longer be kicked down the road. He then spent the next two years kicking - racking up $3 trillion in new debt along the way - on the grounds that massive temporary deficit spending was necessary to prevent another Great Depression. To prove his bona fides, he later appointed a deficit reduction commission. It made its report last December, when the economy was well past recession, solemnly declaring that "the era of debt denial is over." That lasted all of two months. The president's first...