When Steve Scully of C-SPAN decided to take a lackluster Presidential news conference in a different direction this morning, he got some shocking comments from Barack Obama on the economy.
The President stated flatly, 'We're out of money.'
This marks the first time Obama has admitted that the U.S. is either standing on the edge of financial collapse or has already fallen off the precipice.
The question is, does this mean the U.S. is now bankrupt? You decide.
Here is an excerpt of the transcripts of the exchange, as provided by Matt Drudge:
SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?
OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.
Of course the President is dead-wrong on the cause of the deficits. He wishes to blame our current economic crisis on America's healthcare system. Not a single economist anywhere, not even on the Left, has even hinted that this is a major cause of the problem.
SCULLY: When you see GM though as “Government Motors,” you're reaction?
OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven't seen since the 1930's. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries...
SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?
OBAMA: No. I think that what you're seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they're bringing less tax revenue in. And that's a painful adjustment, what we're going end up seeing is lot of states making very difficult choices there...
I simply do not believe Obama when he says he will not provide any bailout money to states like California. If you believe it, please buy my premium real estate in the Florida swamp.
Be sure to read the entire breaking story here.
For more commentary on a variety of issues, please visit my blog, updated daily, at The Liberty Sphere.
Comments
legislatures across the nation and the Executive Branch. We can't rely on any of them to honor their oaths of office to uphold the US Constitution as the "Supreme Law of the Land" and protect our "unalienable" and so-called "guaranteed" rights.
What do we have left to secure our freedoms?
You decide.
Your decision will determine whether your children, grandchildren and theirs live Free or in indentured servitude to the state.
Just sayin'!
The states need to learn a lesson from the "never waste a crisis" motto of the corrupt Democrats now running DC by doing the following. The states need to seize the opportunity provided by the current, Democratic-created economic crisis to restore state sovereignty by repealing the ill-conceived 16th and 17th Amendments.
Does your god like it when you lie?
Our corporations pay more in health care benefits then almost any country on the planet. Every other country provides health care so their employees are covered through the government.
For you to lie about such a simple fact makes you a lying sack of douche.
Excuse me? It is not lying to state a plain fact. Private healthcare is NOT a contributing factor to the current crisis. You are the one who's lying...using a crisis government created to justify seizing private enterprise.
What a complete imbecile...
Oh, now come on Anthony, he isn't a complete imbecile, while he is completely imbecilic, he is by no means a complete anything.
If health care is what caused this situation, then why, many years ago were so many economists saying that these things would happen mostly based upon fiat money and outrageous concessions to labor unions?
Anthony is neither a liar or a douche anything JC.
Got something to say?
Examiner.com is looking for writers, photographers, and videographers to join the fastest growing group of local insiders. If you are interested in growing your online rep apply to be an Examiner today!