The U.S.S. Welfare State has hit an iceberg.

Money Q:

Any sober examination of figures like these suggests that the system has promised more than it can realistically deliver. We are borrowing not to finance investment in the future but to pay for today's welfare -- present consumption. Sooner or later, the huge debt will weaken the economy. Nor would paying for all promised benefits with higher taxes be desirable. Big increases in either debt or taxes risk depressing economic growth, making it harder yet to pay promised benefits.

President Obama is not responsible for the growth of the welfare state before his administration. But he is certainly responsible for it now. And he doesn't seem to think its a problem.