Diary

Broke is Broke

We have a National deficit of  $ 12,700,889,806,580.75 as of March 29th, 2010, approximate population in US is 308,094,097 which means as of today every citizen’s share of debt is $ 41,224.06.  Now that figure isn’t a household figure, it means every individual’s share is over $ 41,000.  This isn’t the entire story, there’s much more to come.

CBO made a minor error of 1.5 trillion dollars when they figured Obama’s budget and they refer to this error as a slight mistake.  It’s only a matter of time when we will see more huge errors made by CBO on the healthcare reform; they could not give accurate figures on the reform, because there wasn’t any real basis to work on – the reform was full of entitlements, what ifs and maybes.   Be prepared for another minor error or several trillion dollars!

Some of the larger corporations and small business say the reform will cost them millions of dollars and this translates into another extremely large bubble that will create havoc in our economy.   Keep a close eye on all businesses, big and small – this will translate into more jobs lost, deepening debt in the time of a severe recession and even higher unemployment rates. 

Next, consider the TARP that Obama is misusing and now suggesting that 30 billion go to small businesses – small businesses that are fiscally sound don’t want to borrow anymore from anyone at this time.   So businesses that are not solid or sound will reap the benefits and this will be a repeat of the housing problem, when lenders were encouraged to lend money to those who didn’t qualify for a loan.

In January, 2010 taxpayers wanted TARP monies back and Obama said, “My commitment is to recover every single dime the American people are owed.”  Mr. Obama is just full and running over with “Cheap talk.”

Remember HAMP, the 75 billion dollar loan modification bill that was supposed to help1.5 million people – as of this date permanent modifications have only assisted about 175,000 homeowners.  Another lie and another mismanaged Obama program. 

On March 24th 2010, according to an article by CNN Money – The Special Inspector General for the Troubled Asset Relief Program said, “the Treasury Department set targets that weren’t “meaningful,” mismanaged the implementation of the programs and now risks a substantial number of “re-defaults,” with many participants ultimately losing their homes anyway. “By Tami Luhby, senior writer