RSS
Home
Long-term debt "unsustainable" says President Obama
Print
Email
RSS
Subscribe
Our former Junior Senator from Illinois has come out fighting against the evils of overspending.
According to Bloomberg, Mr. Obama told an audience in Rio Rancho, New Mexico (basically a suburb of Albuquerque) that borrowing our way out of debt is unfeasible.
The Chinese, who are holding roughly $2 trillion in U.S. currency don't like it, and it's liable to result in inflation, soaring interest rates and an immoral debt load on Americans who haven't even been born yet.
This reminds me of a conversation with a leftist acquaintance who, after years of bellowing out whatever hate-Bush charge blew into his ears, said that we have to close Guantanamo now, despite its cost and the unsavory characters housed there, because it has so many negative connotations. Well, yes, it does. But that's because of people like the leftist acquaintance.
It's the old joke about the woman on trial for murdering her husband who asks for leniency because she's a widow.
Only, it's, you know, the President and our future he's been shooting at.
...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 White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion..."
Let's put a little of that into perspective. According to the World Bank, that $3.59 trillion budget is larger than the 2007 nominal Gross Domestic Product for every single other country in the world, except Japan. That means that the Obama budget for the U.S. Federal Government (remember, we're not including State budgets), is greater than the value of everything produced in Germany - Europe's largest economy - for an entire year.
Our deficit for this year is greater than the nominal GDPs of each nation on the planet with the exception of only 6: Japan, Germany, the UK, China, France and Italy. Under Obamanomics, we are further in debt for this year alone than the value of everything produced by a billion people in India.
By 50 percent.
The objective of all this, of course, is to force us into higher taxation. He's not saying that, but Mr. Obama clearly has no intention of cutting back on spending. He's waiting for everyone else to call for higher taxes, allowing him to wash his hands of responsibility.
And tax they will. Ever more of the nation's capital will be taken to feed the rapacious hunger of a gluttonous federal government, because it's easier to convince Congressmen to confiscate more of other people's assets than to kill their own sacred cows.
Since capital is what a market system like ours uses to produce goods and services, it follows that Obama wants to seize the means of production. Which is reason enough for any Conservative or Libertarian to oppose him.
For those Progressives out there who chirp about living simply so that others may simply live, it's time to break out your chic Apple iBook and write the man you voted for. He intends to blow through more cash in a year than is generated by 1.2 billion Chinese folks, all for the sake of your Hope and Change.
