As President Obama ponders his options about raising the debt ceiling brought about by his over spending, our Treasury overlord Tim Geithner believes “the important thing is that the debt ‘shall not be questioned’. Does it ever occur to our professional politicians to cut spending? I feel bad for Obama.
If President Obama can’t raise spending and taxes, “What good is he? I mean, what do we need Democrats for if they can’t hand out money?
Republicans and the Tea Party support constitutional authority that limits the power of government, prevents corruption and makes known the will of the people. Obama behaves like a dictator. Actually, he acts like a puppet for the Wall Street executives who fill his administration and use our country’s credit and currency as their own personal piggy bank while adding to the debt, creating and sustaining a financial crisis profiting only them and their global plans.
Barack Obama has spent more money than all our presidents from Washington to Bush combined. His phony baloney auto industry bankruptcies, bank bailouts and failed stimulus has cost nearly $250,000 per job created. This year’s budget deficit is 1.64 trillion dollars. That is new debt. We pay 207 billion dollars in interest each year on the debt, which now stands at 14.5 trillion dollars
The real problem is too much federal spending. This year’s budget is 3.8 trillion.
Spending in almost every section of the federal budget has exploded to unsustainable levels. Taxes have the power to destroy by preventing economic growth. Politicians in Washington never talk about cutting the size of government by reducing or eliminating bloated bureaucracies, or why the debt is bad. We could pay off the national debt if we moved away from the debt based money system of Federal Reserve Notes. Several presidents, including Thomas Jefferson, Andrew Jackson, Abraham Lincoln and John Kennedy have all given Americans debt free paper money to pay their debts.
The recession is not the problem. The boom was. We never solved the problem, which led to a financial crisis created by the investment banks. Our government protected and bailed out the bad investments. The Federal Reserve, the Treasury and other central banks are creating new bubbles with artificially low interests rates.
With entitlement spending projected to consume all federal revenues by 2050, Obama and Bush added to the train wreck with their unfunded mandates, the wars, Obamacare and a prescription drug benefit. The problem with socialism is eventually you run out of “other people’s money”[poll id=”