Darth Obama’s Debt Star
Big government is too expensive and those who have to pay for it never get their money’s worth.
First, the obvious damages:
- High unemployment
- Crashing home values, worst since the Great Depression
- Explosion in the national debt and the annual deficit
- Massive and growing unfunded liabilities for Social Security, Medicare, Medicaid, Government Pensions, and to this he added OBAMACARE which will bankrupt our children and grandchildren
- The S&P Downgrade, first in history
The Hidden Costs, The “Pain And Suffering” Damages:
- Obama’s continual excuses and attempts to shift blame everywhere but himself, his “my-dog-ate-my-homework” explanation for everything from his failed Stimulus to the jobless non-recovery is creating a terrible image for young people in their formative years;
- The numerous and costly lawsuits by the states that Obamacare wasted incalculable time and resources but was made necessary by Obama’s unconstitutional health care mandate which, if unheld, will erase all remnants of the founding fathers concept of a federal government with limited and enumerated powers;
- Obama’s frenzy of Federal regulations strangling American business and stifling economic recovery;
- The overwhelming uncertainty and fear of what Obama will do next that is preventing American companies from investing and hiring new workers;
- Perhaps worst of all, the sheer demoralization of American under Obama.
The whole article is an excellent read, do give it look.
House Speaker John Boehner’s plan provides some spending cuts and raises the debt ceiling enough to allow things to go on for a while but not through the next election. Those italicized words are the most important part of Boehner’s plan. The plan has been criticized for not going far enough with spending cuts, especially by Erick Erickson at Redstate.
I think there is a larger picture to see here. It’s true that Boehner’s plan is no where near a long-term solution to the Nation’s debt crisis. But how could it be? Erickson is forgetting that Barack Obama is still president and no long-term solution is remotely possible so long as he remains in office. As Mitch McConnell has said, “After years of discussions and months of negotiations, I have little question that as long as this president is in the Oval Office, a real solution is unattainable.”
This chart prepared by the Heritage Foundation shows just how irresponsibly radical the Democrats have been since taking control of Congress in 2006, and how Obama has doubled down with out-of-control spending since he took the oval office in 2008:
That record, taken together with the proposed budget Obama submitted to Congress a few weeks ago with sky-high deficits for another decade, and which was rejected in the Senate with 97 Senators voting against it, should be enough to convince anyone that Obama simply is never going to agree to any meaningful cuts in Federal spending.
The end game now is to keep the country solvent for a while longer and to keep the debt issue alive through the next election. Obama says he won’t accept any short-term solution. That is solely because he desperately wants to have this off the table during the 2012 election. It is the Republicans’ responsibility to not cave on that, to make sure this issue remains in the public mind during the 2012 election. That’s not merely playing politics. To the contrary, it’s the serious business of trying to save the country. This country simply can not afford another four years of the fiscal nightmare a continued Obama presidency would bring. If it’s bad now, think would it will be like in 2016 if Obama is not stopped.
To paraphrase a line from a Ronald Reagan speech in 1980: “A recession is when your neighbor loses his job; a depression is when you lose your job; and recovery is when Barack Obama loses his.”
The Boehner plan holds things together for now and prevents Obama from pulling the wool over the eyes of the voters in the 2012 election. That’s it’s main recommendation.
Moody’s has called for a repeal of the debt-ceiling law. Their reasoning is that it leads to the sorts of political chicken games now being played in Washington that throw world financial markets into turmoil.
Thomas Sowell also calls for its repeal. He says anyone who disagrees should be prepared to show the benefits of the debt-ceiling law. So what are they? Does it make the Washington elite more fiscally responsible? Does the debt-ceiling law put the brakes on rising national debt? The answer to all those questions is a resounding no. It may be a glorious idea but Sowell judges it by what it does rather than what it is supposed to do. It does nothing but allow the big spenders to blame others for the consequences of their own actions. That’s what is going on now as Obama, Harry Reid and Nancy Pelosi are able to lay blame on Republicans for not “compromising” with Obama who has hissie fits over each Republican plan without ever offering a plan of his own, unless one thinks Obama’s idea of paying off the national debt by taxing corporate jets is a plan.
All Obama’s big spending was sanctioned and set in place during his first two years when Republicans were out of power and had no say in anything Democrats wanted to do. Obama had carte blanche and he used it to run up the biggest one-year deficits since WW II. Republicans were not allowed to participate in any of it and now Obama wants to blame them for its failures. Take away the debt-ceiling law and its harder for Obama to distract voters from his failures.
If Jane uses credit card B to pay off the balance on credit card A, then charges more on card A because Jane is still spending more than her income every month, we know that Jane will soon max out both credit cards, she will be broke and headed for Bankruptcy court.
“Jane” is the Federal government. For decades it has been borrowing new money to service old debt, plus borrowing a little more because it consistently spends more than it takes in. Back in May the government maxed out its credit cards, i.e., it hit the debt ceiling. Obama, Harry Reid and Nancy Pelosi are now demanding that their credit limit be increased so they can continue this march of folly. The credit card company, Speaker John Boehner and the House Republicans, are saying no to a permanent increase in the debt ceiling and will only grant a temporary increase if current spending is brought under control. The Democrats howl and cry fowl. The want to not only keep spending to their heart’s delight, they want a pay raise from taxpayers and they want to keep borrowing — so they can spend even more. The spending binge is just too much fun to let it ever stop. Even if Republicans are right that this can’t go on forever, Democrats are determined to keep it going until forever comes.
Slate has prepared two simple graphs to show what has happened.
(CNSNews.com) – China has dropped 97 percent of its holdings in U.S. Treasury bills, decreasing its ownership of the short-term U.S. government securities from a peak of $210.4 billion in May 2009 to $5.69 billion in March 2011, the most recent month reported by the U.S. Treasury.
The squabble over whether to raise the debt limit is academic if no one wants to loan Obama any money anymore. It’s finally happened. Liberals have run out of other people’s money.
Read the rest of the story at CNS News.