When the 'powers that be' in government decided that we, the taxpayers, must bailout rich Wall Street financial institutions and government-subsidized entities such as FannieMae and FreddieMac, many of us warned that the figures being touted for the bailouts were terribly underestimated.
We were told that the first bailout under Bush administration officials would cost roughly 800 billion. Then, Obama pushed another stimulus package as soon as he took office, costing another trillion or so.
Thus, according to the estimates of Obama and his 'economic advisers,' the total cost to taxpayers would be roughly 1.8 trillion for the 2 bailouts.
They lied. The actual cost so far is over 4 trillion, and that's just for starters.
Lo and behold, the government's own Inspector-General that oversees spending reported yesterday that the cost to the taxpayers for these bailouts will reach 24 trillion dollars and counting!
My dear readers, the entire American economy is roughly 11 trillion.
Thus, Barack Obama, within a mere 6 months in office, has succeeded in putting into place spending programs that total at least twice the amount of the U.S. economy on bailouts for failed corporations and dirty-handed CEOs and politicians who had their hands in the cookie jar, such as Chris Dodd, Barney Frank, and Barack Obama himself.
How, you ask, can the United States expect to pay off 24 trillion dollars in debt when we are 'fresh out of money' (Obama's own words) and when he has spent us into debt that amounts to twice the amount of the entire economy?
And remember, he wants a multi-trillion dollar healthcare program to boot and a Cap-and-Trade carbon limitation program that will cost the economy another multi-trillion or so.
No wonder one economist, in attempting to understand why members of Congress are not reading these bills, stated, 'They are throwing so much at us at the same time, no one has time to read the bills before they come up for a vote--not even the lobbyists!'
But back to the question at hand.
How are we going to pay for Obama's reckless spending spree of our tax dollars?
The answer is, we can't. The American economy cannot reasonably expect to pay for this massive assault on the hard-earned money of the citizens.
Obama's plan is to continue to borrow money from overseas countries, such as the Chi-Coms, who already own a massive amount of U.S. debt. And then, simply get the fed to print more paper money, which does nothing but catapult a round of heavy inflation eventually.
It is clear, therefore, that Barack Obama, Democrats in Congress, the 'shadow government' run by Rahm Emanuel, George Soros, MoveOn.org, ACORN, and the New Socialist Party, are playing a game of Russian roulette with our money.
This very attitude toward the economy can be seen with regard to healthcare as well. It's a crap-shoot, a game of chance, a gamble, that we the dumb local yokels in the heartland will be caught asleep at the wheel while goons and thugs who hate all that America stands for go about their dirty work to change this country from top to bottom.
Obama is going to counter growing public disdain for his programs (Rasmussen says he now has 49% of the population solidly OPPOSING him) by taking to the airwaves in the days ahead, peddling his socialized medicine snake oil and defending his 24 trillion bucks of bailouts. We can look forward to seeing his smirky, sleazy mug shot all over TV, extolling the virtues of highway robbery and government-sanctioned killing of the sick and elderly--all with a smile and innocuous sounding words to hide the real intent.
One thing is becoming abundantly clear. The man is pure evil. The people behind him are evil. And concerned, patriotic Americans MUST oppose his programs tooth and nail.
For more information, visit these sites: Denninger: 24 Trillion Dollars Fox News Report AP Report
For more commentary on other issues, visit my blog at The Liberty Sphere.
Comments
I'm always amazed that it takes people so long to see evil for what it is. I knew the first time I heard his voice this man meant us no good. Now we are all in hock and the Chinese could move in anytime because Obama has signed our sovereignty over to them. Somewhere between 1968 and now, Americans not only lost their minds, they lost their souls.
You are completely full of s***. Just thought I'd let you know.
Wow. Congrats on managing to write that entire thing without using any facts or evidence or thoughtful analysis to back it up, instead merely relying on over-excited rhetoric (Obama is EVIL is he? Careful, don't wet yourself) and the typical wingnut scare mongering that has worked so well for Republicans in the last three elections. You sir, are an epic fail.
Imbeciles Jake and Lisa--the links to the facts are at the end of the article, numbskulls. Nice try, but more of your attempts to discredit conservative voices by hurling false charges. You are no better than the thugs that run the government.
Anthony Friend; Don't let those types get to you. You cited, and sourced, and if they are so stuck on their politics rather than their morals? It's just not your job to save their intellectual souls. So to speak...
Now, I'm one course away from a minor in Econ, and three from a full blown degree. For what now? About two years I think. I have been warning about a full blown depression. Some things have occurred that would blunt that. However, many more things have steered us in that direction.
You asked a question. How do we pay for that? Or something to that effect. Well? The answer friend, is simply print more dollar bills, in larger denominations. That, combined with a lack of output in real goods and services. (Think Obamanomics green.) Will result in stagflation. Perhaps not, but, it would require full blown capitalism to bail it out.
I'm running out of posting room so I will have to leave you and others hanging. But? Thanks for the plug!
Mr. Sperry,
"simply print more dollar bills, in larger denominations"
I don't know if you were being snarky. But you were being factual. However, if one looks through recent world history, how many African countrys are in the advanced stages of what we are just beginning? And how many zeros at the end of their large denominational bills? And how much will that purchase? If it's even available? What's the unemployment rate? What's the inflation rate?
These are rhetorical questions for the seriously inquiring student of Liberal bent, in hopes that it may give them pause and possibly help change his/her/it's mind.
For the average Lib, it will be back to business as usual, praising Big Government Obama & calling conservatives names.
Time to start falling back on a paraphrase of one of my most favorite sayings, from the 1970's hippie Fabulous Furry Freak Brothers, "(Things) will get you through times of no money, better then money will get you through times of no (things)."
Mr. Woodman; I'm not sure about "snarky" but you made the point. I try to get people to think. That is my goal with my blog, at least as far as politics and social issues go. Anthony linked back to my blog on the National Reciprocity Bill :D and that would be a good example of what I try to accomplish. On other things? Well, Texas Fred told me that I might have a true calling in writing about outdoors things, such as fishing and hunting.
Who knows?
May Jehovah bless you and yours.
First off the US Economy is 14 trillion as of most recently, 11 is i belive 2003, second off you provide no evidence of this claim, just your words, and words like crapshoot. But i guess this is what we come to expect from the examiner... i would like you to email me you response, Mr. Martin, I look forward to proving you wrong in every aspect. In fact I will take pleasure!
The numbers are staggering to the point of being almost incomprehensible. In his first year of office from January 20, 2009 to January 2010, President Obama and the democratic Congress managed to accumulate a mind-blowing $1.7 trillion of new national debt, much of it borrowed from foreign governments.
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$1.7 trillion in one year is far and away a record, coming out to approximately $4.66 billion of new debt every single day.
At this rate, the Obama administration would accumulate close to $7 trillion of new debt in just one term alone, more than the nearly $5 trillon that president Bush accumulated in eight years.
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