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...
Now you tell us...
How’s that Auto business and Bank business doing? I see that taking over energy is looking good for dear leader.
We send $500 billion a year to the Saudis for oil yet we have more oil then they do in shale oil, coal diesel and normal oil. 4 times their reserves onshore in the lower 48.
Add offshore, Alaska and other sources and we have a LOT more. This is why the Dems keep grabbing more land to say it is federal land.
The 50% or so who do not pay taxes like what they are hearing from this Marxist POS and will bring him back in 2012. A revolt would be futile.
By the way, I have heard this exact SAME STUFF about gold since the mid-1990s. It has never gone much above 900, often hovers at 400 or so. Yet each new “thing” is going to cause gold to skyrocket, and it’s always the “Fed’s fault.”
Obama taking a cue from Rod Serling.
“Illegals send 20 BILLION dollars a year back to Mexico thru Western Union. TAX THEM!!!”
Tax them 110% and put Western Union out of business.
Obama couldn’t pass a background check to work in an school.
The Yes We Can Cult members elected Jim Jones and are too stupid to realize the American dream has been replaced by Kool-Aide.
I thought up of a sign for Tea Party protests: "Are they insane, stupid or just evil?" Then on the back have "All Three".
We’re already in Soviet America.
I mm more concerned about the LEGAL Muslims here who send back billions to terrorist spawning grounds to destroy us.
>>Oh Crap.
No, actually that’s one of the first truthful things I’ve heard Comrade Chairman Obamski articulate since he occupied the WH.
How he responds to the Truth, however....
The craziest thing about the article is he still wants to spend money on Gov Health care, even though we don't have money. While also saying, it will help the economy. What planet is this guy from? I know, Alinsky planet. Not to mention he's out there saying this amount of spending is unsustainable but we still need to spend money. Huh...
“I don’t get it. Is he delusional?”
the American Pharoh.
Old story and old book. True.
Also part of a new book. Prophetically true.
The solution to being out of money is to spend more of it
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...
So he advocates CA making difficult choices, yet he's talking about a huge new entitlement program. Someone should nail him hard on the inconsistency - maybe Newt or Steele will.
Hindsight is 20/20 and I know alot of "moderates" who are having massive buyers remorse over voting for Obama. I told them exactly who and what Obama and the Democrats are and what they would do only to be called a "right wing nutjob" by them, now they are sheepishly admitting that I was right. When they ask me what I think is going to happen over the next four years I tell them, most of them go a sickly shade of green and look like they have been punched in a very sensitive spot. I also know a few conservatives who are now beginning to see what I had been telling them would happen if they sat the election out is all coming true.
Yeah right, Obama won because we sat out the election whoever "we" is. Obama won by 9 million votes. He demolished McCain who had many of the same positions as Obama on issues such as closing Gitmo, not drilling in ANWR, supporting amnesty and a cap and trade system, approving TARP, etc. If you nominate a self-described maverick to be your standard bearer, then there are consequences. McCain's age and lackluster performance as a candidate pitted against a younger, more energetic and eloquent opponent was doomed to failure.
And other factors such as Bush's low approval rating, changing demographics, and the fact that it is very difficult for a party to retain the WH three elections in a row would have made it difficult for any Rep in 2008. The Dems were on a roll having regained Congress in 2006. Their base was much more energized and committed and they had a huge financial advantage. And the MSM was more overtly biased than usual.
Stop the finger pointing and remonstrations and get engaged now, especially at the primary level so we can root out the RINOs who have run this party since 1988.
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