I mean come on now. Either the dude is delusional are we are, but something ain’t fitting here. Obama just warned Congressional Republicans that he will not trade spending cuts for their votes to raise the country’s debt ceiling. Then the man had the gall to call their balking at raising the debt limit which he has generated with his so-called solutions “irresponsible” and “absurd“. “You don’t go out to dinner and then eat all you want and then leave without paying the check- and if you do, you are breaking the law.”“A nation of sheep will beget a government of wolves.” Edward R. Murrow
Pull-leeze, spare as all the drama. This dog and pony show is getting old already. I hope the law he is referring to is not an economic one because if so, that was broken a long time ago. The fiscal cliff was plunged off already.
Change We Need? Huh?
When Obama took office, the national debt stood at $10.6 Trillion. As I post, after 1 full term, the debt stands at over $16.4 Trillion or $52,203 per citizen or $145,775 per taxpayer which reflects about a 64% increase in our national debt.
As it stands now with ongoing wars and ongoing unfunded liabilities like Medicare, Medicaid and Social Security that debt will grow by some estimates, when including unfunded liabilities, about $7 Trillion per year which if offset some by taxation, but not much. And Obama is complaining about going to dinner and not paying the bill?
Question, Mr. Obama……..what happens when the restaurant goes out of business?
Unfortunately, if our current path of spending and debt generated currency continues, that is where all of this is headed.
The long term projections by the Congressional Budget Office back in 2007 (Pre-Obama and pre-crash) called our economy “unsustainable, meaning it cannot be sustained”. That was when the national debt stood below $8 Trillion.
A little over 5 years later, our “leaders” have more than doubled that.
Now, with a gutted manufacturing sector, high unemployment which leads to more entitlement spending and government dependents and lower tax collections, high level of personal debt excluding student loans which now exceed personal debt levels or close thereof, ongoing very expensive wars, ongoing mortgage defaults, a declining dollar value and a soaring level of unfunded liabilities and more, can you really call what has happened better?
Prediction Time (This One’s Easy)
Let me make an easy prediction. It will get worse! Much worse!
Yes Washington, the dutiful and controlled media and our fearless “leader” continue to blow smoke up our proverbial, you know what’s. The man just said, “Our economy is growing and our businesses are creating new jobs, so we are poised for a good year if we make smart decisions and sound investments” so long as Washington politics “don’t get in the way”. In the way? Way of what, a speeding, fully debt loaded atomic bomb?
Washington politics ain’t the main problem. The problem is a debt based currency that is heading for hyperinflation which has historically been the fate of all debt based, fiat (by decree) currencies. Hyperinflation eventually destroys all fiat currencies and the economies upon which they stand.
Any way you cut it, there will be no “soft landing” to a level of debt which exceeds any nation ever on this planet. To find out why, please read one of the following books and educate yourself rather than being blind sided like the majority will likely be: