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...
Any help?
I want a Glock 19 but can’t afford one. Ughh!!!!
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.
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.
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.
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.
BUMP
The Bush budget analyses said the same thing.
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".
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.
We are out of money, so I have to spend much more.
How evil...
“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.
MEGA BUMP
hmmm
I think it would have been better if Biden got to tell us the obvious...
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.
bttt
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