Yes, the Damage can be undone . . .

. . . but, my oh my, how hard it's looking:

During his eight years in office – fat ones, for the most part, from a fiscal point of view – President George W. Bush moved the budget balance from surplus to structural deficit. Demographic and other pressures will worsen the position over the next decade or two. Now comes a fiscal expansion that will be only partly counter-cyclical: some of the new president’s spending will not reverse automatically as the economy recovers. A structural deficit of the sort taking shape is unsustainable and will be corrected one way or the other – if not by a timely change in policy, then by a new and potentially even worse financial calamity.

So, Happy Inauguration Day!  Eat, Drink and be Merry, for tomorrow we have a hell of a mess to clean up . . .

http://www.ft.com/cms/s/0/5665f224-e568-11dd-afe4-0000779fd2ac.html