What else should we expect?

"These projected deficits are both manageable and temporary if spending is kept in check, the tax burden remains low and the economy continues to grow," OMB said in its Mid-Session Review of the federal budget.

How can that be any good way to think? (And, how can that be even slightly reasonable?) I don't know, but can we really blame consumers for low credit, high debt-to-asset ratio, and the outrageous idea that it’s ok to walk away from a pledge to debt when it hurts to deliver the goods? Maybe not, if all that has been exampled before them is counter to the principles of credibility, patience, and fidelity.

“Pay yourself first” is advice often given by financial counselors and often practiced when consumers spend large sums on depreciable goods instead of paying down outstanding debts, mortgage owners walk away to preserve their remaining wealth, business leaders ousted by their failing companies seem to bleed green when everyone else bleeds red, investment banks rake in profits for seemingly countless quarters before finding out all their assets are really debts for which they’ve previously spent any commodity, and when the government fails not at paying its own interests while failing considerably in fulfilling prior promises.

What else really should we expect if the OMB itself acts this way?

[It looks now like the Wall Street Journal removed the quote at top]