There is an overwhelming consensus in the economic and political establishment that ordinary Americans will have to pay for the crisis of American capitalism and a budget deficit that has been fueled by massive war spending, tax cuts for the wealthy and the provision of unlimited public resources to bail out major financial institutions.

“This is going to make it extraordinarily difficult for whoever’s going to become president,” Senate Budget Committee Chairman Kent Conrad (Democrat-North Dakota) told the Washington Post. “I don’t care who the president is—when they come and meet with their secretary of the Treasury, the Federal Reserve chairman, their top economists, it will be a sobering moment.”

If he wins the November elections, whatever minimal spending proposals Barack Obama has made during the campaign—including his so-called universal health care plan, tax credits for middle and low-income families and miniscule increases in infrastructure spending—will quickly be shelved in the name of “fiscal responsibility.”

So what does that really mean?  That means that all those pie in the sky campaign promises will not be forthcoming.  And if McCain wins in the Fall it will be even worse for the programs that benefit the American people.  Sorry, to be the bearer of crappy news.