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...
Yes, but this may be the most interesting statement:
“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... “
Will there EVER be enough gold to bribe the border guards?
The problem is, is there anyplace to escape to when the US DOES collapse (and it will)? Brazil is a possibility, but they have a penchant for lurching into Eurosocialist policies at the least provocation, and they have displayed a xenophobia towards Americans for unexplained and mysterious reasons.
Canada, why inflict this upon Canada, burdened as it is already? The have no health care that is available on a timely basis, their currency dies when the US dollar falters, and they simply do not have the sense of personal boundaries that most Americans take for granted, interfering as they do in the daily lives of their neighbors, and tattling on them for the least indiscretion.
Mexico is anarchy, and has no functioning goverment. But bribes would work there very well, on the short term - until you could not come up with the next payment.
Prior to 2008, they were saying that the Social Security system would become insolvent within what... 10-15 years if nothing was done about it?
Republicans proposed a bill some time ago that would have extended that solvency to 20-30 years if memory serves, and the same plan sought to phase it out in favor of a private sector solution.
Democrats in the 2008 election successfully argued (in minds of voters) that republicans wanted to KILL social security.
Obama has done that in his first 100 days.
We just don’t know it yet.
The social security program, with all of it’s laws and mechanisms for collection however is not going away. It will simply have a new purpose: “The National Debt Security program”... and it’s as easy as raising the retirement age and further reducing benefits... OH.. and of course taxing those benefits that ARE received.
So make no mistake about it.... your “social security taxes” are no longer savings for retirement. They are for servicing the interest on our national debt... or soon will be.
What else would you expect from the most successful communist traitor mole in history?
Any particular border?
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?
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To the ‘lamestreammedia’ that’s as good as “It is written.....” ;-)
Those who voted for the communist democrat party and the destruction of our nations Christian culture which will lead to the end of America as we know it.
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I don’t disagree with your comments. However, we must always remember that God is in control of events on earth. I know this is a scary time to be a Christian conservative, but we must trust in God that he will protect us and our nation. My hope is he is setting Obama up for a fall so great the dems may never recover. I believe that day is coming, but it can’t be fast enough for me.
lol....About 20 years ago I was sitting in my apartment in Eureka, balancing my checkbook when that same thought popped into my head: Eureka’s in debt, Humboldt County’s in debt, California’s in debt and so it the US.....but the only one in the chain of finance, who’d actually get in trouble for not balancing a checkbook is me.
Not if all states and the Feds restrict their activities and spending to strict Constitutional limits....might even restore their bond markets in a year or so....but that would require rational activity and thought.
C-SPAN's Steve Scully showed what happens when a real journalist vets the 0
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 . . .
The jive talker stubs his toe on an ACORN.
No shit sherlock, and who couldn’t have predicted this in oh say last June.
We are seeing theft of the treasury from the top. Same as we saw theft of corporations from the top by the CEO’s we are seeing the same with this government. They are stealing the funds of America and using them as they see fit.
And I wonder how much of those funds is used for payoffs, funneling to foreign enemies.
You're a dumbass!"
What, did Ben fall asleep at the printing presses? I thought we could print as much fiat money as we wanted out of thin air.
At what point does it become treason? Is there a general out there not negotiating a lucrative consulting job on the golf course that will arrest this guy? Where’s our Pinochet?
George Bush’s fault
Surprise, surprise.....
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