If the Fed's projections are right, the public is going to be very angry next year -- at big business and at the elected officials who have spent trillions of dollars without putting the country fully back to work. Lou Dobbs, the voice of populist anger, may become the nation's hottest politician. President Obama, who has struggled to find a centrist consensus for economic policies, may be tossed like a cork on a stormy sea.
Read the whole Ignatius column, then go read the actual minutes of the meeting... both are linked above.
The problem for the Democrats is they have control of both the House, the Senate and the White House and instead of addressing the very real issue of government spending, they have spent more.
Instead of helping with tax cuts, they are letting them expire and raising taxes. Instead of ending the era of pork spending, they have added so many earmarks into each bill, the deficit projections are now quadrupled.
Now they are trying to push another trillion dollar bill, Obamacare, through and in 2010, the chickens will definitely come home to roost.