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...
We have been out of of money since the FED took over!
That is the only conclusion that can be drawn. He does everything he can to blame the Bush administration for this fine, completely abdicating any responsibility for the massive amounts he and his idiot Democrat colleagues in Congress have spent in the past 120 days.
Our future is grim as a nation.
The Teleprompter told him so.
Sorry, just had to add on to your post.
CAN ANYONE LISTEN SERIOUSLY TO THIS EMPTY SUIT????
“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...”
SOUNDS LIKE a new health care system that EUTHANIZES SENIORS WOULD SAVE US MONEY
......There’s no way someone can spend so much money so recklessly without some plan behind it. .....
It depends to a certain extent on what the money is spent for. The government does not amortize. The money spent on bricks and mortar or capital expenditures are in the budget the same as current expense like gas for vehicles or salaries. They are treated as current expense even though the actual expenditure might be disbursed over several years. The benefits accrue over very long period.
If the useful life of a water project is 75 years, then the debt is all not that bad. It is ok to pay it down over time. If the money is spent on salaries for assistant administrator for government funding at high school, it is gone.
If the expenditure for capital projects favorably impacts the future GDP then debt can be positive. The question then becomes is the shovel ready project in the plan able to positively boost GDP? A bike trail might not where as a widened road will.
The plan certainly involves current expenditure to provide employment now while creating assets that will provide returns down the road.
Having said that, I doesn’t mean it will all work out. It is just a plan.
Don’t forget we must also change our immigration laws so our “guests” get the best handouts America can offer. This is a small price to pay for permanent democrat majorities, you see.(Sarcasm intended)
Um..... a 100% confiscation of all incomes for the next year would NOT close this gap
Now add in his new $3.4 TRILLION budget
And his much-ballyhooed $1.3 TRILLION “stimulous” porkulous HAS NOT EVEN GOTTEN OFF THE GROUND YET
No wonder Pelosi is in China, maybe she is seeking political asylum
then someone better tell him we are already broke paying for the stimulus and praying we will not be laid off due to his policies, he better have a plan B
THIS IS NOT A JOKE
http://www.drudgereport.com/flashocs.htm
‘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...
Why it's almost as if he's tacitly acknowledging that the Senate won't have a Dem majority once his reign of destruction is over with.
pelosi ran off to China? ROTFLMAO......she can run all she wants....the scandal of her lies is still waiting for her.
Like father Like son:
As Obama’s father saw it, taxes couldn’t be high enough, so long as the collective benefited.
“Certainly there is no limit to taxation if the benefits derived from public services by society measure up to the cost in taxation which they have to pay,” he said. “It is a fallacy to say that there is this limit, and it is a fallacy to rely mainly on individual free enterprise to get the savings.”
note- excerpt from the East Africa Journal in 1965
—
The son is another Lying Kenyan Commie-
Bent on the destruction of the Nation.
You see any bridges going up in your neighborhood?
It’s all a scam my FRiend. The purpose of all the spending is to create a permanent underclass that will always support it, no matter the cost to the producers.
And there you have the formula to end the Republic and that little problem of the Constitution that Obama finds so flawed.
” I thought there was a check and balance system to safeguard this kind of tyrannical power.”
hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha
In this case yes he does. The reason being that the really, really smart Americans decided that the ONE would save us all.
The second reason is that those same really, really smart Americans elected a majority of Dumbs to the House and Senate.
So how is it working out for all you really smart people?
Amen.
That’s why WU was touted as an ‘economy boost’ good sign..they made an assload of profit off of wire transfers by illegals. I say let’s just get it done....let’s offer every illegal SOB in this country the chance to become legit. The cost? $500 Grand cash! For 20 million illegal SOBs that’s a cool 10 Trillion.....
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