Posted on 07/26/2011 5:14:51 PM PDT by Sub-Driver
Obama on Recession: Less Money Coming In, So We Had to Spend Even More Tuesday, July 26, 2011 By Nicholas Ballasy
(CNSNews.com) When speaking to the nation in a primetime television address on Monday, President Barack Obama said that because less money was coming in during the recession, the federal government had to spend even more.
The deficit was on track to top $1 trillion the year I took office, said Obama. To make matters worse, the recession meant that there was less money coming in, and it required us to spend even more -- on tax cuts for middle-class families to spur the economy; on unemployment insurance; on aid to states so we could prevent more teachers and firefighters and police officers from being laid off. These emergency steps also added to the deficit.
Obama then went on to make his argument for a balanced approach, with tax increases as part of a deal to increase to debt limit.
According to the non-partisan Congressional Budget Office (CBO), the American Recovery and Reinvestment Act (ARRA), known as the economic stimulus, was passed by the Democrat-led Congress in February 2009 and has cost the taxpayers $821 billion.
The CBO projects that the federal budget deficit will reach $1.5 trillion by the end of the fiscal year 2011. The current national debt limit is $14.29 trillion.
Official debt figures from the U.S. Treasury show that the 111th Democrat-led Congress added $3.22 trillion to the national debt.
Following the presidents remarks, House Speaker John Boehner (R-Ohio) called for a reduction in federal spending and no tax increases as part a deal to increase the debt limit.
The solution to this crisis is not complicated: if youre spending more money than youre taking in, you need to spend less of it, said Boehner.
There is no symptom of big government more menacing than our debt, he said. Break its grip, and we begin to liberate our economy and our future.
Boehner also mocked the economic stimulus package signed by President Obama.
Heres what we got for that spending binge, said Boehner, a 'stimulus' bill that was more effective in producing material for late-night comedians than it was in producing jobs and a national debt that has gotten so out of hand it has sparked a crisis without precedent in my lifetime or yours.
Ladies and gentlemen, "the smartest man ever to hold the presidency."
It got us some nice green signs that say, "Your stimulus dollars at work." I've seen about four of these signs at the side of the road and nothing else around them. No work going on, not even a glimmer of any work EVER having happened where those signs were placed.
At any rate, look at my second post for the right image.
Yea, whenever your family has a cut in income, the solution is to spend more! How stupid of me to cut spending.
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Spot on KJC1.
Until government lives within its mean like we the people have to, nothing they do is ever going to work (1/4 of our economy is government spending). It means that all of us will have to do with less, and that includes liberty. The President was correct in his state of the union address when he said we face is a deficit of trust. Everyday he does at least two more things to make sure that We the People have no reason to trust him.
Marxist Barry has zero connection to the USA that most of us grew up in, and couldn't care less about anything constitutional. Zer0 transparency. |
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Obama has a speech out there somewhere mocking the Republicans during the “Stimulus” days. Something like....”That’s what stimulus is, SPENDING!”
Congressman Trent Franks (R-AZ) on the House floor addressing 'Cut, Cap, and Balance' 07/18/11: 1:35 - From the day Barack Obama walked into the White House, he has, with breathtaking arrogance, ignored economic and financial reality. It took America the first 216 years of its existence to accumulate the debt that Barack Obama has accumulated in the short 2.5 year span of his Presidency. ... He has increased our federal debt by nearly $4 trillion. Just to put that nearly $4 trillion in new debt in perspective, let me put it this way: if, all of a sudden, a wave of responsibility swept through this chamber, and we stopped all deficit spending, and began to pay installments of $1 million every day to pay down the $4 trillion... it would take us more than 10,000 years to pay it off. And that's if we didn't have to pay one dime in interest, Madame Speaker. But, you see, we are not paying down Mr. Obama's debt at $1 million per day. We are going deeper into debt ... every day, under Mr. Obama's own submitted budget and deficit projections... almost $4 billion per day. 3:30 - And then, when speaking of the effort to reduce the effort, the President has the hubris to tell conservative Republicans to take a balanced approach and 'eat our peas.' Madame Speaker, if there is anything more catastrophically out-of-balance than our federal budget, it is the arrogance-to-competency ratio of this White House. We have already tried Mr. Obama's way. We have, for far too long, been testing Democrat Economics 101, the theory that, as Vice President Biden put it, 'we have to spend money to keep from going bankrupt.' |
National Review article By Byron York - February 6, 2009
Click for article: Obama: If Its Spending, Its Stimulus
There you go. Thank you for doing the background.
That’s your fundamental difference. Reagan would have reduced gov’t regulation. Obama increased debt and regulation.
Obama has got some nerve talking about Reagan in his ridiculous speeches.
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