For the last decade, we have spent more money than we take in. In the year 2000, the government had a budget surplus. But instead of using it to pay off our debt, the money was spent on trillions of dollars in new tax cuts, while two wars and an expensive prescription drug program were simply added to our nation’s credit card.
And so the sardonic verbal assault began Thursday evening, July 25th 2011. Acting like a petulant child, Obama continued his verbal abuse of the listening audience for well over 15 minutes, blaming the country's problems on everyone but himself. His bombastic blather is getting quite burdensome, but portrays perfectly his vacuous position on our economic situation. Had he actually put forth a vision, or expressed hope and outlined a positive solution, perhaps the American people would rally behind his leadership. Instead all the American people got last evening was another round of ridicule and rhetoric; with statements like:
As a result, the deficit was on track to top $1 trillion the year I took office. To make matters worse, the recession meant that there was less money coming in, and it required us to spend even more; on tax cuts for middle-class families, on unemployment insurance, on aid to states so we could prevent more teachers and firefighters and police officers from being laid off. These emergency steps also added to the deficit.
What hubris to attempt to justify his failed economic policies by blaming it all on George W. Bush and an economic downturn mostly caused by his own policies. Our man-child cries foul at the $1 trillion deficit supposedly run up by his predecessor, and then turns around and triples it in less than 3 years.
Individually this president has outspent all other presidents to date and is responsible for half of the current national debt. Yes, you heard me correctly; half of the projected $16 trillion debt is a result of Obama's spending spree. (Obama wants to raise the debt limit, which currently stands at a little more than $14 trillion, another $2 trillion). When Nancy Pelosi took over the speakership of the House of Representatives in January 2007, the national debt stood at $8.67 trillion. At the end of her term as speaker in January 2011, the debt had soared to $13.87 trillion. True, Bush was bad, but Mr. President you and your party are far worse. Note: Obama was a senator in 2007, before becoming president in January 2009.
Now, every family knows that a little credit card debt is manageable. But if we stay on the current path, our growing debt could cost us jobs and do serious damage to the economy. More of our tax dollars will go toward paying off the interest on our loans. Businesses will be less likely to open up shop and hire workers in a country that can’t balance its books. Interest rates could climb for everyone who borrows money: the homeowner with a mortgage, the student with a college loan, the corner store that wants to expand. And we won’t have enough money to make job-creating investments in things like education and infrastructure, or pay for vital programs like Medicare and Medicaid.
Now, if Obama were the only economic illiterate to graduate Harvard we could call it an anomaly, but his administration is loaded with Harvard alumni, none of whom seem to exhibit any real economic sense. It is, however, a good possibility that the Harvard economics department is actually responsible for the economic mess America is facing. There are currently more than 70 Harvard alumni serving in this administration. Some are actually faculty of Harvard University. But according to Obama it is all Bush's (a Yale alumnus) fault.