Wednesday, April 13, 2011

Obama Adds $80,000 per Household to National Debt

We need much a much higher national debt
Washington DC, Apr 13, 2011. President Barack Hussein Obama, D-Kenya, now says he regrets voting against an increase in the government's debt ceiling in 2006.
Today he says that more debt is essential to preserving the full faith and credit of the United States.

On Monday, White House spokesman Jay Carney said then-Senator Obama made a mistake when he voted in 2006 against a measure to raise the debt ceiling a $3,500 billion to $8,600 billion.

This admission of pre-presidential misjudgment comes as incumbent President Obama pushes Congress to raise the debt ceiling above $14,300 billion. “He realizes now that raising the debt ceiling is so important to the health of this economy and the global economy that it is not a vote that, even when you are protesting an administration’s policies, you can play around with,” Carney said.

Carney’s acknowledgment of error comes two days before the president gives a national speech outlining his spending plans, and according to Carney, his vision of a “balanced” deficit-reduction plan. In the next few weeks, he’ll pressure GOP legislators to raise the debt ceiling, and so is likely to face charges from Republicans of flip-flopping on debt-ceiling votes.

“If they’re going to have him flip-flop, it’s probably a good idea to lay the groundwork in a press briefing,” said Dana Perino, press secretary for George W. Bush from 2007 to 2009.

White House spokesman Jay Carney issued this statement on behalf of the president Monday as he pressed Obama's case for a "clean" increase in the $14.3 trillion debt ceiling this spring.
"I don't know what I was thinking when I voted against raising the debt ceiling in 2006" President Obama told us.

"Maybe it was just something I did because I wanted President Bush to fail. But clearly, America needs much more debt if we are to recover from the horrible recession I inherited."
House Republicans who led the effort to cut spending in the 2011 budget that resulted in last Friday's deal to cut $38.5 billion are threatening to vote against the debt limit increase unless it's accompanied by more spending cuts or other austere budget measures.

White House officials are pushing for the increased debt ceiling because the president and allied Democrats have spent $3,000 billion more than incoming tax-revenue since 2008.

And they now want to spend at least $7,200 billion more than predicted tax revenues over the next decade to fund expansions in the size and reach of government, including Obamacare.

"Not nearly enough," President Obama quipped, but a good start. At least we'd be heading in the right direction.

The debt to be incurred over the next 10 years, according to the Heritage Foundation, amounts to $80,000 per household. There could be a real problem for the president if employment rates keep declining, and the number of taxpayers keeps shrinking. "We can always print more money," he offered as a solution.

No comments:

Post a Comment