PRESIDENT Barack Obama and his glamorous wife Michelle are living a life of luxury at the taxpayers’ expense, according to a bombshell new report. American tabloid the National Enquirer says Barack has spent a fortune on parties, vacations and expensive designer clothes. “It’s outrageous Obama and his family are spending money like water when the rest of America is frantically tightening their belts in a desperate bid not to drown in their financial woes,” said one political insider. “How can he pull this kind of stunt during what amounts to a modern day depression? “Obama and his wife are acting...