'WE'RE OUT OF MONEY' (Breaking on Drudge)

Drudge Report ^ | 05/23/2009 | Matt Drudge

[autumnraine]

'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...

[Tolerance Sucks Rocks]

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

0 is...

[autumnraine]

Now look at that picture of him sitting with the girly legged guy. There is a whooooollllleeee couch there, but he chose to sit hip to hip with girly leg guy. And people doubt the guy who claimed he was with Obama on the down low.

Now I don’t know about you, but my husband would have at least put a person space in between him and someone else if there was that much room on the couch. Unless they wanted to be close you know.

[autumnraine]

Well hell, why drag it out I guess.

[Mom MD]

Costa Rica

[pleikumud]

Obama has already increased the federal debt (our debt) by more than all other presidents in American history combined. The total is now about $37,000 per man, woman, and child and growing rapidly. Yet he and his Socialist Party keep on adding hundreds of billions to this debt, robbing our children, our grandchildren, and destroying the United States.

Cap & trade is one of the worst plans. Combined with Obama’s plan to let the Bush tax cuts expire, the result will be severe shrinkage of the economy (GDP), huge tax increases, the loss of millions of jobs, and the ultimate destruction of freedom as more Socialist laws are enacted.

Unemployment is heading for 20% in less than four years. The only solution is something that won’t happen unless we vote Obama and the rest of the Socialists out of office. We need more free enterprise, we need to get rid of the federal income tax and the IRS. See www.fairtax.org

It would help if the so-called GOP leadership would make it clear that Obama’s agenda is a Socialist agenda, but the GOP is gutless and brain-dead.

[metmom]

I saw bonds mentioned. What about Savings Bonds?

What good are they being backed by a federal government that’s going bankrupt (in more ways than one)?

How secure are they and would we be better off cashing them in now?

Anyone have any idea?

[Maryhere]

And he is doing a very good job at just that. But still the American people seem unaware of what’s happening to our economy. It’s in the toilet folks.

[2Jedismom]

Yes indeed!

We’re practicing. We’re forming a network.

[metmom]

(Seriously, can we look into this? I never thought I’d live on a commune, but I’d live on a Freeper commune)

Works for me. mr. mm is really mechanical and fix about anything. I can can, bake, garden, and sew. :)

Just make sure that it's in a warm enough climate that keeping warm isn't going to consume all your energy.

[mylife]

Lets just impeach this ahole and getter done

[mylife]

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.

In other words, He is going to fund The "National Health" regardless.

[autumnraine]

Yep. We need to make a deserted island investment club ping list.

You want to run it or me?

[metmom]

We can share it. I already do the homeschool ping lists and what with what life has been throwing at us in the last couple months, I’m pretty overwhelmed.

I’d be happy to share it but don’t want to take on anything more than I need at the moment.

[Lmo56]

Oh Crap.

***

... but, but, he said he’d pay my mortgage and I wouldn’t have to pay for no mo’ gas ...

[sickoflibs]

RE “What about Savings Bonds?...How secure are they and would we be better off cashing them in now?”

Then what???

[TenthAmendmentChampion]

ping

[DoughtyOne]

Thank you. I agree with your comments. I do want to mention that my overall thoughts were not on the year to year, but on the fact that we had/have trillions in debt, even if we do run budget surpluses in the short term.

That’s one thing that used to bother me a lot during the Clinton years, when the left would infer that Clinton had eliminated the nation’s debt. Like hell he had.

When Bush ran budget deficits, the left would say that Clinton had eliminated the debt, but Bush had put us back in debt again.

I know that isn’t where you were headed, so don’t think I mis-interpreted your information.

[autumnraine]

Gotcha. I don’t know where we would find an island though. Not one to make our own nation.

I’ll look into it. Must have a water source.

[metmom]

Buy water, food, seeds, and ammo.

[metmom]

I figure that if the economy is going to tank, we might as well use the money while we have it, and purchase stuff we need while we have THAT as well.