Posted on 05/23/2009 7:17:02 AM PDT by autumnraine
Edited on 05/23/2009 2:21:14 PM PDT by Admin Moderator. [history]
'WE'RE OUT OF MONEY'
Sat May 23 2009 10:32:18 ET
In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."
C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.
SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?
OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.
So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.
So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.
So, one option is just to do nothing. We say, well, it's too expensive for us to make some short-term investments in health care. We can't afford it. We've got this big deficit. Let's just keep the health care system that we've got now.
Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything...
SCULLY: When you see GM though as “Government Motors,” you're reaction?
OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven't seen since the 1930's. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries...
SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?
OBAMA: No. I think that what you're seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they're bringing less tax revenue in. And that's a painful adjustment, what we're going end up seeing is lot of states making very difficult choices there...
SCULLY: William Howard Taft served on the court after his presidency, would you have any interest in being on the Supreme Court?
OBAMA: You know, I am not sure that I could get through Senate confirmation...
Developing...
No, lie!!!!
Oh really? What was his first clue? Duh. This isn’t new to many of us. And he is going to give $100 Billion to the IMF?
0bama says a lot of stupid things.
Even if it were true, saying it would be stupid.
Obama seems hellbent on destroying this country.
It’s OBVIOUS.
Heck, that won’t phase the arsehole-in-chief.
It’s worse for me.
I live in Los Angeles which is in debt, which is in Los Angeles County which is in debt, which is in California which is in debt, which is in the USA which is in debt.
I say, buy enough Gold to bribe the border guards.
He’s just prepping the country for a massive tax increase that he had planned all along.
Does a President really have this much power? I thought there was a check and balance system to safeguard this kind of tyrannical power.
And your spending billions of dollars of money we don’t have on your buddies at ACORN and grant writers. Real smart!
LIBERAL: “That cannot be. There are still checks in the checkbook. Not only that, we still have the baraq-0-matic (the m0ney-printing machine). Not only that, we’re entitled.?”
transcript of Obama/Cspan
Never let a monetary crisis get in the way of spending. Time for universal “free” health care for all, including illegal aliens! What about the bill? We’ll figure that out some other time.
That’s why Congress runs a deficit every year.
“I sincerely believe... that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” —Thomas Jefferson to John Taylor, 1816. ME 15:23
http://etext.virginia.edu/jefferson/quotations/jeff1340.htm
I does seem that all he has to do is say something and it happens. Who needs Congress?
He’s already using his tactics to rule us as king. He knows no other way.
We are right where the O wants US to be. He’s such a freaking little weenie Marxist.
Prepare for huge tax increases.
Or just print more money...
sw
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