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...
There aren’t many checks and balances when ONE PARTY rules everything.
I have brought this up also. I still have not got an intelligent answer. I guess we now live under a dictator.
To us no money means 0 in the bank or up to 20 grand in credit card debt
to them its 10-14 trillion in unpayable debt.
USA Broke: Women, Minorities Especially Hard Hit
It’s a fact. You can’t hide it. 50% of every federal dollar spent annually is borrowed. It looks like the number is a bit higher than estimated since we haven’t hit six months yet. I guess tax revenue is less than estimated.
Of course we are. The evil federal goobermint is just printing it. This is not newz to most on this forum.
This will be shocking newz to the thumb-sucking brain-dead nimrods who voted for this demagogue.
>>He’s just prepping the country for a massive tax increase that he had planned all along.
Yep. First, he transfers all government money to his constituents and then turns everyone else into the 21st century version of a sharecropper.
You keep your job, you keep some of your luxuries (the govt-approved ones), but most of the proceeds from your labor goes to the collective. As long as you keep working, you get to keep enough to allow you to convince yourself that you are still a free citizen.
Stop working or drop out of “the system” and the iron boot of fascism comes down hard!
Not only that, OBAMA SAID.
I hear that a good bit. “Obama said...” I’m like, um, he’s a politician. Did you believe the guy in the 9th grade class President elective promise no more homework too?
I have to keep repeating this
dont buy gold
buy food, water and ammunition and seeds
Yes, I’m sure China is ready to just gobble up our debt to sustain us now.
They recognize that the only thing keeping THEM in business is loaning us money to buy their stuff.
Which of the Republicans has stood up and called for criminal investigation of the people who have run these firms into the ground as well as the people who were supposed to be regulating them? Is that task on the agenda for the Republicans? Can you conceive of just why that might not be?
I have no problem with telling people who voted for Teleprompter boy and his party they made a very stupid choice. However the proper solution is not the Republican Party as it currently exists either. And the evidence within how the bailouts have played out remove any viability of contending that it is.
I suggest we are not replaying 1929. This is closer to 1774.
Geithner will unveil a “NEW U.S. DOLLAR”.
It’s equal to 500 old dollars.
There, problem solved.
He will use US’s near bankruptcy as an excuse to spend trillions for his universal health scam and cap and plunder. The only thing transparent about this administration is their naked grab for power.
“He’s just prepping the country for a massive tax increase that he had planned all along.”
There’s no way someone can spend so much money so recklessly without some plan behind it. I agree with you 100%.
Obama is the anti-Reagan. Reagan spent money for defense and to unleash the power of America’s industriousness while limiting funds for massive government growth in entitlement spending.
Obama’s plan is to do the opposite. And to “break” the unfortunate news that he has no other choice but to tax them into a permanent oblivion.
He plans on making a new tax imposition part of the American system by putting all Americans into chains.
THAT is his plan.
No.
I refuse to refer to him as the president.
There is are constitutional qualifications to occupy the office of the President of the United States and constitutional limits to the power of that office.
Hussein has not met nor abides by any of these constitutional conditions.
He is a counterfeit....an interloper of the worse kind.
Just my measly .02 cents.
Normally in April the federal government after paying the monthly bills with the receipts there is about $150 billion dollars left over, i.e. surplus. This April 2009 there was a $20 billion dollar deficit.
And the budget deficit so far for fiscal 2009, not including the stimulus, TARP, or the $400 billion extra budget appropriation is at $800 billion. Fiscal 2009 doesn’t end until Oct 1, 2009.
U.S. Treasury April statement with prior year.
http://www.fms.treas.gov/mts/mts0409.txt
Like every other failing banana republic, he will just stamp “X 1000” on the existing dollars.
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