"Unemployment Is Up. The Stock Market Is Down. Let's Party"

Surprisingly harsh words from Obama’s friends at AP to The One:

Unemployment is up. The stock market is down. Let’s party.

The price tag for President-elect Barack Obama’s inauguration gala is expected to break records, with some estimates reaching as high as $150 million. Despite the bleak economy, however, Democrats who called on President George W. Bush to be frugal four years ago are issuing no such demands now that an inaugural weekend of rock concerts and star-studded parties has begun.

Obama’s inaugural committee has raised more than $41 million to cover events ranging from a Philadelphia-to-Washington train ride to a megastar concert with Beyonce, U2 and Bruce Springsteen to 10 official inaugural balls. Add to that the massive costs of security and transportation – costs absorbed by U.S. taxpayers – and the historic inauguration will produce an equally historic bill.

In 2005, Reps. Anthony Weiner, D-N.Y., and Jim McDermott, D-Wash., asked Bush to show a little less pomp and be a little more circumspect at his party.

“President Roosevelt held his 1945 inaugural at the White House, making a short speech and serving guests cold chicken salad and plain pound cake,” the two lawmakers wrote in a letter. “During World War I, President Wilson did not have any parties at his 1917 inaugural, saying that such festivities would be undignified.”

The thinking was that, with the nation at war, excessive celebration was inappropriate. Four years later, the nation is still at war. Unemployment has risen sharply. And Obama pressed Congress to release the second half of a $700 billion bailout package in hopes of rescuing a faltering banking industry.

Obama’s inauguration committee says it is mindful of the times and is not worried people will see the four days of festivities as excessive.

Merely a disaster area, as Mark Steyn notes.