Archive for November, 1999
Jack Hunter (The Southern Avenger) talks with Ron Paul.
Oh really Mr. President?
May 14 (Bloomberg) — President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Gee, you just figured that out? After roughly three months and change in office, it just dawned on you that after bleating about George W. Bush’s budget deficits, putting forward a budget with three times his projected deficit (and then exceeding THAT!) was unsustainable?
Well then how come you pushed (and still back) the budget that led to this?
Earlier this week, 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 revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.
Insanity. Pure insanity. Or pure George Orwell. You choose, dear reader.
Mr. Obama proposed a whole $17 billion in budget cuts across a $3,500 billion budget? 1/2 of 1% Mr. President, and you call that “meaningful” reductions?
That’s called LYING LIKE A BEARSKIN RUG. Here are some hints to you Mr. President:
- Home prices must contract to where they are affordable – not on payment, but on price.
- This means no more than 3x incomes on the median. Prices are still far too high.
- The Government must stop spending more than it makes.
- And not just the Federal Government either – the states too. California, The Federal Government and others cannot afford gold-plated pensions and other similar game-playing for its employees, union or not.
- The practice of using debt to pull forward demand is unsustainable whether that happens at the government or private-sector level.
- That other politicians have done dumb things does not make them smart when you wrap them in a different politician’s flag.
- Despite your claims of “fiscal responsibility” you are in fact standing on the podium bare-butt naked in terms of the truth, the epitome of the emperor sans clothes.
- Your Chief of Staff has made clear that your political philosophy is that “no crisis should be allowed to go to waste”, a clear indication of intent to not find fiscal sanity but rather to rape the taxpayer to the maximum extent, using George Bush’s former Presidency and a financial crisis that Democrats are just as responsible for as are Republicans as cover.
- I understand Chicago “machine” politics Mr. President; I ran a company in that corrupt cesspool for more than a decade.
- You and Rahm are not fooling me and for those who are fooled, you better wake up – and fast.
Entitlement programs, especially Social Security and Medicare, must be fixed. But “fixed” means ending “Entitlement Nation”, because these programs are mathematically unsustainable. So are all other manner of “big government” programs. As just one example you have refused to cut off the hundreds of billions of dollars that are loaded onto State and Federal governments to cover the cost of illegal immigrants and the intentional tax evasion both they and those who employ them practice.
Continue Read Article At The Market Ticker (Ticker Guy). . .