Barely more than one month into its first term, and the administration of President Barack Obama is entering the rarefied world of Never-Never Land — the mythical world of Peter Pan where wishes magically come true and in which the normal laws of nature do not apply. How else, for example, to explain the president’s statements last weekend — delivered apparently with quite a straight face in his weekly radio address — that despite adding probably $1 trillion to the already mushrooming federal deficit and national debt, and on top of an additional $100 billion or so (the actual numbers are impossible to figure at this point) with his just-announced housing-rescue package, he plans to actually cut the deficit in half by the end of his first term? Only in the magical world into which Peter Pan took Wendy Darling and her siblings, could a government leader actually believe in such nonsense. Whether the president himself has fallen victim to believing the “walk-on-water” rhetoric
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