May 15, 2009
Prez Says We’re Heading For a Trainwreck There’s something deeply unsettling in the psychology of Barack Obama. As he hurtles the US down the road to ruin, as he forces incomparably massive debt loads down our throats, as he belittles the million outraged tea partiers that took to the streets to protest his and Bush’s reckless, irresponsible fiscal shenanigans, he now realizes that this country is about to crash and burn. (Or is he just trying to cover his behind in future campaign ads and history books?) So does he ask for the stimulus bill to be repealed? (It’s not too late. They’ve only spent 3%.) No. Does he ask for the whole budget to be trashed and a new, drastically slashed one to be passed instead? No. Does he tell GM and Chrysler they’re getting no more money, and all the banks should begin their TARP repayments immediately? No. Apparently, no corrective action is necessary. This egomaniac just wants to lecture us that our debt load is not sustainable. It’s all our fault, not his. A Bloomberg story, “Obama Says U.S. Long-Term Debt Load ‘Unsustainable,’” goes into greater detail, saying: President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries. “We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.” Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.” Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously. Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending. Now back to the government spending spree—and forcing the credit cards to permit us to carry our own personal unsustainable debt loads. It’s the new, hip, Obama-mama way.

Prez Says We’re Heading For a Trainwreck

There’s something deeply unsettling in the psychology of Barack Obama. As he hurtles the US down the road to ruin, as he forces incomparably massive debt loads down our throats, as he belittles the million outraged tea partiers that took to the streets to protest his and Bush’s reckless, irresponsible fiscal shenanigans, he now realizes that this country is about to crash and burn. (Or is he just trying to cover his behind in future campaign ads and history books?)

So does he ask for the stimulus bill to be repealed? (It’s not too late. They’ve only spent 3%.) No.

Does he ask for the whole budget to be trashed and a new, drastically slashed one to be passed instead? No.

Does he tell GM and Chrysler they’re getting no more money, and all the banks should begin their TARP repayments immediately? No.

Apparently, no corrective action is necessary. This egomaniac just wants to lecture us that our debt load is not sustainable. It’s all our fault, not his.

A Bloomberg story, “Obama Says U.S. Long-Term Debt Load ‘Unsustainable,’” goes into greater detail, saying:

President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”

Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.

Now back to the government spending spree—and forcing the credit cards to permit us to carry our own personal unsustainable debt loads. It’s the new, hip, Obama-mama way.

Comments (View)
blog comments powered by Disqus