Never have I been so convinced that Obama is so unready for the Presidency of this country. His crackpot team have announced that they plan to run a 1,000,000,000,000.00 deficit each year, (that’s an even trillion), but that’s before the massive bailout package(s) and stimulus packages, so even more so than most such projections, this trillion is likely a gross underestimate. The worst record deficit prior to this was $423 billion. Obama is likely at such a pace to destroy the financial well being of this country in less than 4 years. Even I, who have no love for or confidence in, Obama was stunned by this figure. Mere words cannot state the unprecedented astronomical irresponsibility.
Here’s a stat. There are roughly 300,000,000 people in this country. At a trillion a year for 4 years, plus another trillion in bailouts and underestimated costs, we will be adding a debt of approximately $16,667 for every person living in this country, plus interest to the debt. This could cause collapse of the dollar and trigger a depression.
Then there are the ethics escapades. Chicago corruption has not been so exposed since the era of Eliot Ness. Funny how all these corrupt officials have a (D) next to their name. We’ve got multiple people trying to barnstorm their way into the Senate without proper certification. We’ve got the Hsu connections, elected Democrats peeing off balconies onto people, etc. And get ready, I’m sure, for the biggest wave of lobbying and corrupt quid pro quo deals the world has ever known.
Now is the time to remind folks that the Democrats have no excuses. They control both chambers and the White House. When the proverbial you know what hits the fan, it will be you know who’s fault. Perhaps a final verdict is coming on liberalism.
Aaron Gardner
Moe Lane
Steve Maley
KnightsofMalta
Dan Spencer
Dan McLaughlin
You cannot
10ksnooker (Diary) Thursday, January 8th at 4:12PM EST (link)Print this much money in this short ioof time and have your currency survive.
Ask Venezuela how it’s going with their implosion.
Economists Warn Against Feeding 'Trillion-Dollar Deficits' It's foolhardy
izoneguy (Diary) Friday, January 9th at 9:35AM EST (link)Economists Warn Against Feeding ‘Trillion-Dollar Deficits’
http://www.foxnews.com/politics/2009/01/07/does-end-economists-warn-feeding-trillion-dollar-deficits/
(Excerpt)
After betting the farm, the Benz, the Rolex and the college fund, Congress is about to take another $800 billion economic stimulus gamble. But economists say it may be time for an intervention.
The national debt already has topped $10 trillion — or $35,000 per person. And the bigger it gets, the more the country has to pay in interest every year.
“In the end, Beijing is gonna become Obama’s banker,” said Peter Morici, a University of Maryland business professor who testified at the auto industry hearings in November.
Morici, though, said the last stimulus package in February, which was heavy with tax rebates, proved that sending spurts of money to individuals does little to stimulate the economy and does not even guarantee that the money will be spent inside the country.
Harvard University economics professor Martin Feldstein, who spoke alongside Zandi at the economic forum, also said there needs to be an “exit strategy.”
“The spending should not create a political dynamic that makes it hard to stop,” he said.
Georgia Rep. Tom Price, incoming chairman of the conservative Republican Study Committee, told FOXNews.com he’s not convinced the stimulus plan will actually stimulate.
“The record on this type of stimulus package is not good,” he said. “The jury’s still out on whether we can afford the deficits that we currently have in place, so putting any more deficits on top of the current one is irresponsible activity.”
Price sided with Feldstein in saying permanent tax cuts, rather than one-time rebates, are the way to go, provided the government shrinks.
“Unless you believe in Santa Claus or the tooth fairy, you have to ask the question, ‘Where’s Congress going to get that money from?’” he said of the stimulus. “It’s like you have a swimming pool, and you try to increase the height of the shallow end by taking buckets out of the deep end. It’s foolhardy.”
The point cannot be made often enough: Modern liberalism, as embodied in the Obama presidency, is the defender of the status quo. And the status quo is a road to economic ruin. Political forces cannot redistribute the wealth that the economic system does not produce.