Speaking to a town hall in Rio Rancho, New Mexico, yesterday, President Barack Obama said:
We can’t keep on just borrowing from China, or borrowing from other countries because part of it is, we have to pay for — we have to pay interest on that debt. And that means that we’re mortgaging our children’s future with more and more debt, but what’s also true is that at some point they’re just going to get tired of buying our debt. And when that happens, we will really have to raise interest rates to be able to borrow, and that will raise interest rates for everybody — on your auto loan, on your mortgage, on — so it will have a dampening effect on the economy.
It is encouraging to know that parts of President Obama’s mind understand that our record levels of government spending are unsustainable. But it is also troubling that President Obama refuses to contemplate how his own policies are making the situation much much worse. His entire $787 billion economic stimulus package is borrowed money. And his budget adds $4.9 trillion in public debt from the beginning of 2010 through 2016.
And the higher interest rates that President Obama correctly identifies as the cost of runaway deficit spedning are not as far off as he hopes. As we reported last week:
The U.S. Treasury auction of long-term bonds on Thursday was “terrible”, in the words of one Wall Street economist, with the rate on the 30 year bond jumping from 4.1 to 4.3 percent. This is just the first sign that the debt-based Obama economic stimulus plan is about to become a major drag on the recovery, just as expected.
Let's see….he wants every American to pay their fair share of the tax burden, which I believe it has been estimated to equal 50% to 60% of total earnings, by the time he's done implementing his tax hikes. So if EVERY MEMBER of Congress and EVERY Obama Administration Cabinet member, intern, (Secretary of Treasury especially), employee and so on, will volunteer up their FAIR SHARE of the revenues they voted on or made motion to implement, then the net pain the rest of us will feel may be significantly reduced. Sure, like Congress will ever pay in a dime they spend!
Come on people, wake up!!! We have to get this thug and the rest of his clan out of office. He wants complete control just like Stalin and Hitler.
Form a neighborhood group and start writing letters and encourage everyone to flood their offices demanding their resignation before we are a socialist nation. REMEMBER, We are their EMPLOYERS!
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Mr. President, we've heard these words over and over again in much more articulation, not from your mouth of studder! No teleprompter, eh? Your cowardice of hypocrisy wasn't saved by articulate honesty of admittance to your faulted policies.
Come on, Mr. President? You can do it. WE know you can.
Read: "the little engine that could" for motivational purposes.
PERCEPTION IS EVERYTHING, it seems, and the Obama White House has mastered the art of affecting consciousness in presenting itself, and particularly the “budget cuts.”
http://pacificgatepost.blogspot.com/2009/05/obama…
Obama is completely squandering an opportunity for reform.
Our hundred thousand year debt….114,152.5 years to print $3.6 trillion.
If Obama's new plan is to remove $17 Billion from his $3.6 Trillion budget and you use time as an analogous comparison to help you understand what this means to the total reduction, the $17 billion would represent taking 538.9 years off a total of 114,152.5 years where 114,152.5 is how long it would take to print $3.6 trillion at a $1 a second or $31,536,000 a year!
If you make, or print, $1.00 a second it would only take 11.5 days to collect/print $1 million. Knowing this, you would think that it would not take 31,700 years to collect $1 Trillion! Ive done the math on this and found it incredibly amazing. Here is the math…
60 secs/$ a minute X 60 minutes an hour = 3600 secs/$ per hour
3600 secs/$ an hour X 24 hours = 86,400 secs/$ per day
86,400 secs/$ a day X 365 days a year = 31,536,000 secs/$ per year
$1,000,000 / 86,400 secs/$ a day = 11.57 days
$1,000,000,000 / 31,536,000/$ a year = 31.7 year
$1,000,000,000,000 / 31,536,000 secs/$ a year = 31,709 years
It is amazing when you put this in these terms that we can recognize and I think that you can help in educating the public on just what we are doing to ourselves. These figures put in these terms are very telling and informative. I hope that this will help you help the public get a arm around the figures in more relative terms.
The thing about Obama know recognizing that this is unsustainable should have everybody wondering and/or awakening. He is not a stupid person, far from it. So it took him until know to realize that he grew a budget that can't be handled? I think not. Was the rebellious Tea Party protesters that woke him up? I think not.
I will venture to say that he knows exactly what he is doing. Do I know what it is that he is up to…no. I would bet that it is something that I will not like and it will contain a large socialistic agenda! What I am saying is that he had a plan to derail our economy to fit into his plan to get his agenda. He will introduce a program that, with the current debt and economic disastrous situation that we now face because of his spending that he termed necessary and had to be done immediately, we cannot be without. It will be his plan and it will make him look as if he is saving or helping us get out of the problem that he could not help but create. Watch and see. He is the slickest of all. That is why i did not vote him. I was going to until I saw actions similar to this and knew that he is a salesman to the nth degree. He sells you something that you don't need but you swear that you do.
A person visiting Italy was told by a business man at the Vatican that the American Companies that accepted the BAIL OUT money provided by the American Federal Government could not return the bail out money, because those specific companies have been EAR MARKED by the government to be put under control of the Chinese Gov., as payback for the money that the American Gov. owes to the Chinese Gov. Could this be true? Could this be of interest for you to look into?