Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

'WE'RE OUT OF MONEY' (Breaking on Drudge)
Drudge Report ^ | 05/23/2009 | Matt Drudge

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...



TOPICS: Breaking News; Business/Economy; Government; News/Current Events
KEYWORDS: 111th; agenda; bho44; obamanomics; obamaregime; obamunism; outofmoney; second100days; weareoutofmoney
Navigation: use the links below to view more comments.
first previous 1-20 ... 281-300301-320321-340341-359 last
To: sickoflibs; All
The Seeking Alpha website had a rather gloomy forecast .... can't seem to find it again. Not as user friendly as FR.

Any help?

341 posted on 05/24/2009 8:15:36 PM PDT by investigateworld ( Abortion stops a beating heart.)
[ Post Reply | Private Reply | To 337 | View Replies]

To: RaceBannon

I want a Glock 19 but can’t afford one. Ughh!!!!


342 posted on 05/24/2009 9:58:25 PM PDT by diamond6 (Is SIDS preventable? www.Stopsidsnow.com)
[ Post Reply | Private Reply | To 30 | View Replies]

To: autumnraine

http://looneyleft.com/?p=526

Inflation around the corner.


343 posted on 05/24/2009 10:02:07 PM PDT by Taxbilly
[ Post Reply | Private Reply | To 1 | View Replies]

To: 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.
__________________
EXACTLY!!!! I don’t care who calls me a tin foil hat wearing idiot... I believe Larry Sinclair. I think Michael Signator was obama’s boyfriend in Chicago.


344 posted on 05/25/2009 12:03:24 AM PDT by mojitojoe ( Idiots elected a Marxist ideologue with narcissistic personality disorder)
[ Post Reply | Private Reply | To 302 | View Replies]

To: autumnraine
HE SPENDS MONEY LIKE A KING at our expense and the empty suit will still order the Obamamobiles for all.


345 posted on 05/25/2009 4:02:13 AM PDT by Dubya-M-DeesWent2SyriaStupid!
[ Post Reply | Private Reply | To 1 | View Replies]

To: DoughtyOne
I agree, national debt is bad, we should have a balanced budget amendment, or else the politicians will always find ways to waste money. (The balanced budget amendment will have an escape clause for declared wars.)

The actual national debt is far worse than stated since it does not contain the actuarial value of Federal pensions and Social Security “obligations”. Social Security obligations are soon to become “grants” issued by his majesty, Presidente Barack Mugabe to those deemed worthy by virtue of lifelong idleness and improvidence or accident of birth, i.e., inheriting skin tone seen worthy of emoluments from the public purse.

346 posted on 05/25/2009 5:29:11 AM PDT by Lonesome in Massachussets (AGWT is very robust with respect to data. All observations confirm it at the 100% confidence level.)
[ Post Reply | Private Reply | To 317 | View Replies]

To: autumnraine

We’re broke. Obama admits it. His idiotic solution is even more short-term and long-term Gov’t spending. What a moron. If people can’t see through the crap this guy spews, such as failure to socialize healthcare was a cause of this recession and that socialized healthcare is part of the solution, we are in big, big trouble.


347 posted on 05/25/2009 8:51:14 AM PDT by KansasGirl
[ Post Reply | Private Reply | To 1 | View Replies]

To: kabar

I note with interest that nobody had a reply to your post. The truth is painful, and glib answers just don’t cut it anymore.


348 posted on 05/25/2009 9:58:09 AM PDT by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
[ Post Reply | Private Reply | To 115 | View Replies]

To: RaceBannon

BUMP


349 posted on 05/25/2009 10:15:53 AM PDT by Centurion2000 (We either Free America ourselves, or it is midnight for humanity for a thousand years.)
[ Post Reply | Private Reply | To 73 | View Replies]

To: RaceBannon
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.

The Bush budget analyses said the same thing.

350 posted on 05/25/2009 10:38:49 AM PDT by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
[ Post Reply | Private Reply | To 73 | View Replies]

To: autumnraine
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.

The long term problem is social security disability. Too many people are using it like welfare - and no one can afford to give social security to people starting in the early 20's for the rest of their lives. For some it'll be 50 to 60 years - and many of them aren't really "disabled".

351 posted on 05/25/2009 11:47:04 AM PDT by GOPJ (<P>)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lonesome in Massachussets

I’m a little reluctant to add in the actuarials, although I do realize they have to be addressed sooner rather than later.

The faster we move toward individual independence from the government tit, the better off we’ll be.

We need to incentivise the transition to personal responsibility for medical, retirement, and retirement medical.

If it’s done right, folks will be able to save a ton of money in a short period of time, self insure on auto home and health, and have a bright future retirement to look forward to.

Of course this would mean restoring our lending limits to qualified entities, and downsizing the insurance industry’s ability to have it’s fingers in just about everything.


352 posted on 05/25/2009 12:44:22 PM PDT by DoughtyOne (Obama is mentally a child of ten. Just remember that when he makes statements and issues policy.)
[ Post Reply | Private Reply | To 346 | View Replies]

To: autumnraine

We are out of money, so I have to spend much more.

How evil...


353 posted on 05/25/2009 1:16:48 PM PDT by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: autumnraine

“We are operating in deep deficits, not caused by any decisions we’ve made on health care so far.”

He is such a liar. SCHIP has been expanded by a huge amount. Tobacco tax is not covering it all.


354 posted on 05/25/2009 8:27:27 PM PDT by mjaneangels@aolcom
[ Post Reply | Private Reply | To 1 | View Replies]

To: Brytani
The Yes We Can Cult members elected Jim Jones and are too stupid to realize the American dream has been replaced by Kool-Aide.

MEGA BUMP

355 posted on 05/25/2009 11:18:30 PM PDT by Centurion2000 (We either Free America ourselves, or it is midnight for humanity for a thousand years.)
[ Post Reply | Private Reply | To 147 | View Replies]

To: Hat-Trick

hmmm


356 posted on 05/25/2009 11:19:55 PM PDT by Centurion2000 (We either Free America ourselves, or it is midnight for humanity for a thousand years.)
[ Post Reply | Private Reply | To 251 | View Replies]

To: org.whodat

I think it would have been better if Biden got to tell us the obvious...


357 posted on 05/26/2009 4:29:52 PM PDT by stevie_d_64
[ Post Reply | Private Reply | To 2 | View Replies]

To: autumnraine

Out of money?

What’s the problem, they’ll just print more. We’ll soon be in a competition with Zimbabwe for the nation with the most billionaires.


358 posted on 05/26/2009 4:37:13 PM PDT by ovrtaxt (Truly Constitutional money isn't just backed by gold and silver- it IS gold and silver.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: autumnraine

bttt


359 posted on 10/23/2013 8:15:53 PM PDT by First_Salute (May God save our democratic-republican government, from a government by judiciary.)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 281-300301-320321-340341-359 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson