“No debt crisis” is provably a lie.
With interest rates being artificially held extremely low, the payment on the national debt still amounts to 350 billion a year, more than multiple agency budgets combined.
If the interest rate were to go up to even half of it’s normal level, then that interest payment on the national debt would jump immediately to 700 billion, the total amount of the defense budget.
IOW, there is an interest bubble, a stock bubble, an inflation bubble, and a debt bubble.
If the inflation bubble bursts, then all the others will have to burst as well.
It will bring about a depression.
Obama is lying through his teeth.
Humpty Obama took the book and looked at it carefully. ‘That seems to be done right —’ he began.
‘You’re holding it upside down!’ Alice interrupted.
‘To be sure I was!’ Humpty Obama said gaily as she turned it round for him. ‘I thought it looked a little queer. As I was saying, that seems to be done right — though I haven’t time to look it over thoroughly just now — and that shows that there are three hundred and sixty-four days when you might get un-birthday presents —’
‘Certainly,’ said Alice.
‘And only one for birthday presents, you know. There’s glory for you!’
‘I don’t know what you mean by “glory”,’ Alice said.
Humpty Obama smiled contemptuously. ‘Of course you don’t — till I tell you. I meant “there’s a nice knock-down argument for you!”’
‘But “glory” doesn’t mean “a nice knock-down argument”,’ Alice objected.
‘When I use a word,’ Humpty Obama said, in rather a scornful tone, ‘it means just what I choose it to mean — neither more nor less.’
‘The question is,’ said Alice, ‘whether you can make words mean so many different things.’
I amazes me how he continues to maintain the support he has even with the enemedia in the tank for him.
There's a percentage that will believe anything he says but 50% of the people in this country can't be that stupid.
Sadly I believe you're right about a depression, we can't continue on the path we're on.