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.
Yes indeed, the Democrat-controlled Congress under George W. Bush is responsible for TARP and excessive spending, but if Obama were really concerned about the soaring debt crisis, he would have cut spending and not put it on steroids.But he wasn’t done firing off vindictively:
Because neither party is blameless for the decisions that led to this problem, both parties have a responsibility to solve it. And over the last several months, that’s what we’ve been trying to do. I won’t bore you with the details of every plan or proposal, but basically, the debate has centered around two different approaches.
Correction Mr. President, the only we in this equation are the Republicans in the House who have sent a budget proposal for 2012 to the Senate, where it sits on Harry Reid’s desk along with the “Cut, Cap and Balance” bill. The Democrat congress under control of Harry Reid and Nancy Pelosi were derelict in their duty, to pass a budget which congress is required to do by law, in both 2009 and 2010 . Without a budget all spending by this administration should be considered illegal and the whole bunch should be hauled off to court and prosecuted for fiscal malfeasance. If they were in charge of the fiscal affairs of a private organization or company these same people would be fired for fiscal mismanagement or possibly charged with fraud or worse. Obama does not wish to bore us with details of his proposals because he has none, neither does his party, which controls the Senate.
Understand; raising the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up. In the past, raising the debt ceiling was routine. Since the 1950s, Congress has always passed it, and every president has signed it. President Reagan did it 18 times. George W. Bush did it 7 times. And we have to do it by next Tuesday, August 2nd, or else we won’t be able to pay all of our bills.
Obama has not always been an advocate of raising the debt ceiling, in fact he is on record opposing it:
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said. “It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies…Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.
Obama followed these remarks by voting against the hike in 2006.
Amazing isn’t it? The hypocrisy is sickening. Why have a debt ceiling at all if Congress is going to raise it every time the government spends too much? I mean, why not just give congress a blank check and tell them to fill in the amount. But he wasn’t done:
For the first time in history, our country’s Triple A credit rating would be downgraded, leaving investors around the world to wonder whether the United States is still a good bet. Interest rates would skyrocket on credit cards, mortgages, and car loans, which amounts to a huge tax hike on the American people. We would risk sparking a deep economic crisis; one caused almost entirely by Washington.
During your watch, Mr. President. Yes indeed, this is all on you. You cannot blame Bush or even the Republicans for this mess because you said, “Raising the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up.”
If you recall Mr. President, the American people said no to Obamacare, they said no to the GM bailout, they said no to bailing out Wall Street, and they said no to TARP and both stimulus bills. But you ignored us and spent away. Now you turn around and ask us to pay for these programs we told you we did not want in the first place. How arrogant of you. How dare you force your personal agenda down the throats of the American people. Why is it congress can spend foolishly and then turn around and berate the American people for the mess you guys create? I am sick and tired of bailing you guys out by the sweat of my brow. It is high time you guys in Congress learn the hard lesson of life: there is no free lunch. It is way past time for you all to learn to do without. No more credit, no more blank checks. Do not tell me there is not enough money to pay the bills, you guys have run up way too many bills, it is time you cut spending.
It seems apparent to the American people that the only way we are going to get the federal government to trim the fat is to cut up the credit card so we have instructed our representatives to do just that. Once the debt limit is reached you will have no choice but to trim the spending by about 44 percent. Since Obama took office he has grown the federal government over 25 percent, therefore it seems reasonable to me that 25 percent can be cut right off the bat. How about we start with all the czars he has appointed? Defaulting on our obligations is a reckless and irresponsible outcome to this debate. And Republican leaders say that they agree we must avoid default. But the new approach that Speaker Boehner unveiled today, which would temporarily extend the debt ceiling in exchange for spending cuts, would force us to once again face the threat of default just six months from now. In other words, it doesn’t solve the problem.
What is reckless and irresponsible is failure to pass a balanced budget in 2009 and 2010. What is reckless is writing checks you cannot cash. What is reckless is deficit spending of 40 cents on every dollar of revenue to run up $1.6 trillion in debt each year since taking office. What is reckless is your administration, Mr. President.
We have heard this song before Mr. President, if we do not act now and quickly, the end is near, the sky is going to fall, the seas are going to rise and America will fall, never to rise again. We are not buying your crying wolf anymore Mr. President. What is going to ruin America is allowing you to continue to spend money without consequence. We need to put a lid on your profligate spending and wasteful policies. We need to put an end to your administration or America is doomed. We need to silence the boy crying wolf since he is the greater threat. A wolf we can deal with, but the illusion of a wolf is only fighting shadows and an exercise in futility.
There. I said it, and I mean it. What say you?