Obama's Debt Limit Doublespeak

[eyer]

When President Obama entered Office on January 21, 2009, America's overt debt was $10.626 trillion...

...today our national debt is still rising at $16.963 trillion (see the pretty US National Debt Clock in real time, here: http://www.usdebtclock.org/).

Think about that:

Of the total debt America still holds after 224 years of existence...

...over 60% of it has accumulated on President Obama's watch.

And that 60+% is only going to grow exponentially larger in the President's last 3+ years in Office because the President and his fellow democrats believe the debt is an incoincidental factor in regards to their progressive political agenda.

America has already exceeded its legal debt limit, the Treasury only covering-up that financial fact by extraordinary accounting gimmicks being employed now...

...but that covering-up will also come to an end soon, says the President's hand-picked Secretary, and the fight will definitely be on to raise America's debt limit once more (Secretary Lew says the gig will be up somewhere around Oct 17-22).

Of course, President Obama is leading the way in raising that debt limit so that, under his presidency, America can rack-up more and more debt. President Obama says spending more by raising the debt limit is the right thing to do for the nation, and his lemming backers parrot his spiel exactly...

...but raising the debt ceiling was something President Obama, as Senator Obama, admonished America against; then, he said unequivocally that "Increasing America’s debt weakens us domestically and internationally." He also mocked his predecessor by pointing out how much the debt had increased under Bush2.

So, if I may and without further ado, I present to you America's most progressive President when he spoke out of the other side of his mouth on the same subject...

...from the floor of the Senate, March 16, 2006:

Mr. President, I rise today to talk about America’s debt problem.

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers.

And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities. Instead, interest payments are a significant tax on all Americans—a debt tax that Washington doesn’t want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies.

But we are not doing that. Despite repeated efforts by Senators CONRAD and FEINGOLD, the Senate continues to reject a return to the commonsense Pay-go rules that used to apply. Previously, Pay-go rules applied both to increases in mandatory spending and to tax cuts. The Senate had to abide by the commonsense budgeting principle of balancing expenses and revenues.

Unfortunately, the principle was abandoned, and now the demands of budget discipline apply only to spending. As a result, tax breaks have not been paid for by reductions in Federal spending, and thus the only way to pay for them has been to increase our deficit to historically high levels and borrow more and more money. Now we have to pay for those tax breaks plus the cost of borrowing for them. Instead of reducing the deficit, as some people claimed, the fiscal policies of this administration and its allies in Congress will add more than $600 million in debt for each of the next 5 years. That is why I will once again cosponsor the Pay-go amendment and continue to hope that my colleagues will return to a smart rule that has worked in the past and can work again.

Our debt also matters internationally. My friend, the ranking member of the Senate Budget Committee, likes to remind us that it took 42 Presidents 224 years to run up only $1 trillion of foreign-held debt. This administration did more than that in just 5 years. Now, there is nothing wrong with borrowing from foreign countries. But we must remember that the more we depend on foreign nations to lend us money, the more our economic security is tied to the whims of foreign leaders whose interests might not be aligned with ours.

Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘‘the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.

 

[imalickin]

A two faced asshole if I ever saw one. I haven't words strong enough to tell you how much I hate this man.

Of course the Dickocrats of this board will now claim what a big racist I am.

 

[lilsarah91]

And like all incompetent fucktards, you thought all of GEE-DUB's Illegal Oil Wars and Moronic Bailout Policies would be free and not add to the National Debt the exact instant Obama took office. How stupid are you? I'm actually curious. Please answer, How stupid are you?

 

[philthepill2]

The amazing thing is that these two fucktards...along with the sheep that believe this pathetic rhetoric fail to realize one basic fact in government.....if you spend more than you take in....you run a debt.....so you either cut expenses or raise revenues (taxes)....the Bush tax cuts and the inability of Obama to return to a more realistic tax regime (with no help from his pig headed spoiled brat acting Republicans) simply means that America will continue to flounder. For the record.....before Bush was Clinton....who ran surpluses...was paying down debt....I may be wrong...but was the US Debt free at this point? Or was that before Bush 1 started his mayhem......Bush II came in and destroyed your country with his archaic foreign policy which strangled the government with the cost of multiple (senseless) wars and yes....of course we cannot forget the Bush tax cuts....the only President in history to cut taxes and caused the deficit/debt to balloon......but its ok...the rich enjoyed a tax cut that of course would spur on the economy.....forgetting the fact that these people are more likely to invest it in stocks and bonds which have no direct benefit to the economy since they are a "secondary market" investment.

 

[jeninflorida]

And like all incompetent fucktards, you thought all of GEE-DUB's Illegal Oil Wars and Moronic Bailout Policies would be free and not add to the National Debt the exact instant Obama took office. How stupid are you? I'm actually curious. Please answer, How stupid are you?

hi, you are my 2nd most favorite welfare-tard. keep up the good work

maybe some day, you too can have a check book and learn about cash flow

 

[jeninflorida]

omg, another welfare-tard! keep up the good work

here is your obama kool aide, don't smoke it all at once

The amazing thing is that these two fucktards...along with the sheep that believe this pathetic rhetoric fail to realize one basic fact in government.....if you spend more than you take in....you run a debt.....so you either cut expenses or raise revenues (taxes)....the Bush tax cuts and the inability of Obama to return to a more realistic tax regime (with no help from his pig headed spoiled brat acting Republicans) simply means that America will continue to flounder. For the record.....before Bush was Clinton....who ran surpluses...was paying down debt....I may be wrong...but was the US Debt free at this point? Or was that before Bush 1 started his mayhem......Bush II came in and destroyed your country with his archaic foreign policy which strangled the government with the cost of multiple (senseless) wars and yes....of course we cannot forget the Bush tax cuts....the only President in history to cut taxes and caused the deficit/debt to balloon......but its ok...the rich enjoyed a tax cut that of course would spur on the economy.....forgetting the fact that these people are more likely to invest it in stocks and bonds which have no direct benefit to the economy since they are a "secondary market" investment.

 

[jeninflorida]

I love this obama quote, "WERE WINNING"


WTF

 

[philthepill2]

Actually I'm not the biggest fan of Obama.....I think your political system is a corrupt pathetic excuse for democracy...but its all you have.....sadly. Ideologues shouldn't be running a country.....that's your fundamental problem...each team drinks the Koolaid and blindly follows like lemmings over a cliff.....its obvious you have enjoying the drink! Ask your leaders/representatives to truly represent the people...and you may start becoming a country again. (Also...try looking outside your borders to see how other countries exist....none are prefect...but be willing to learn from them as we do from you)

 

[Sean Renaud]

I really need to find some of these democrats with the kool ade. I've never met a democrat that actually liked Obama.

 

[jeninflorida]

Actually I'm not the biggest fan of Obama.....I think your political system is a corrupt pathetic excuse for democracy...but its all you have.....sadly. Ideologues shouldn't be running a country.....that's your fundamental problem...each team drinks the Koolaid and blindly follows like lemmings over a cliff.....its obvious you have enjoying the drink! Ask your leaders/representatives to truly represent the people...and you may start becoming a country again. (Also...try looking outside your borders to see how other countries exist....none are prefect...but be willing to learn from them as we do from you)

okay, Glad that you see obama is a jackass too.

where do you live?

I totally agree with you, both parties are corrupt. both parties love this game as "it" enables them to act like spoiled children.

 

[Sean]

So, Obama has cut the deficit, so reducing the the accumulation of the debt, is paying for Bush's fuck ups and it's still somehow his fault? I'm no fan of the man, I think he lacks balls and is more right ring than Reagan, but trying to pin this one on him is just a lie.

 

[unregistered]

 

[imalickin]

And like all incompetent fucktards, you thought all of GEE-DUB's Illegal Oil Wars and Moronic Bailout Policies would be free and not add to the National Debt the exact instant Obama took office. How stupid are you? I'm actually curious. Please answer, How stupid are you?

Evidently not as stupid as you to still be blaming Bush who hasn't made one single decision about America in what...going on six years now? That's pretty stupid if you ask me, stupid.

 

[imalickin]

The amazing thing is that these two fucktards...along with the sheep that believe this pathetic rhetoric fail to realize one basic fact in government.....if you spend more than you take in....you run a debt.....so you either cut expenses or raise revenues (taxes)....the Bush tax cuts and the inability of Obama to return to a more realistic tax regime (with no help from his pig headed spoiled brat acting Republicans) simply means that America will continue to flounder. For the record.....before Bush was Clinton....who ran surpluses...was paying down debt....I may be wrong...but was the US Debt free at this point? Or was that before Bush 1 started his mayhem......Bush II came in and destroyed your country with his archaic foreign policy which strangled the government with the cost of multiple (senseless) wars and yes....of course we cannot forget the Bush tax cuts....the only President in history to cut taxes and caused the deficit/debt to balloon......but its ok...the rich enjoyed a tax cut that of course would spur on the economy.....forgetting the fact that these people are more likely to invest it in stocks and bonds which have no direct benefit to the economy since they are a "secondary market" investment.

Another idiot heard from.

 

[imalickin]

Actually I'm not the biggest fan of Obama.....I think your political system is a corrupt pathetic excuse for democracy...but its all you have.....sadly. Ideologues shouldn't be running a country.....that's your fundamental problem...each team drinks the Koolaid and blindly follows like lemmings over a cliff.....its obvious you have enjoying the drink! Ask your leaders/representatives to truly represent the people...and you may start becoming a country again. (Also...try looking outside your borders to see how other countries exist....none are prefect...but be willing to learn from them as we do from you)

So, Obama has cut the deficit, so reducing the the accumulation of the debt, is paying for Bush's fuck ups and it's still somehow his fault? I'm no fan of the man, I think he lacks balls and is more right ring than Reagan, but trying to pin this one on him is just a lie.

Two idiots who don't even live here. WTF? Cutting the deficit? It's still accumulating as we speak. Go watch the numbers jump.

 

[Sean Renaud]

Two idiots who don't even live here. WTF? Cutting the deficit? It's still accumulating as we speak. Go watch the numbers jump.

No it's not. You should really learn what the terms you use mean before you try to argue with your betters.

 

[Sean]

Two idiots who don't even live here. WTF? Cutting the deficit? It's still accumulating as we speak. Go watch the numbers jump.

Oh dear. Differential equations are voodoo, aren't they? You're one of those "headline" people that the tabloid press releases are for.

Tell you what, sonny, come back when you understand basic mathematics.

 

[imalickin]

No it's not. You should really learn what the terms you use mean before you try to argue with your betters.

Gee did you look at the web page or do you just assume it's all lies because that's what you believe in?

 

[imalickin]

Oh dear. Differential equations are voodoo, aren't they? You're one of those "headline" people that the tabloid press releases are for.

Tell you what, sonny, come back when you understand basic mathematics.

Go back to buggering you old lady, loser.

 

[Sean]

Gee did you look at the web page or do you just assume it's all lies because that's what you believe in?

Go back to buggering you old lady, loser.

I was gonna do the Ladybird book of economics for him. But you can see why I didn't bother.

 

[Sean Renaud]

Gee did you look at the web page or do you just assume it's all lies because that's what you believe in?

No. I didn't need to waste time looking at the web page. Nor did I accuse it of being lies. It's not. You simply don't know what your talking about. Here's a hint though. The debt is not the deficit. The deficit is way down under Obama and will continue to fall both because of actions he's taken and because of circumstances if not outside his control certainly not entirely due to anything he's doing.

 

[tactful]

Hey, with the part time job market booming, what the fuck is a few more dollars spent here and there. Just wait til you see the big bucks that Americans will be saving when the ACA really gets going.

 

[jeninflorida]

Two idiots who don't even live here. WTF? Cutting the deficit? It's still accumulating as we speak. Go watch the numbers jump.

please don't forget that Sean loves the crack ... he's a junkie

 

[philthepill2]

okay, Glad that you see obama is a jackass too.

where do you live?

I totally agree with you, both parties are corrupt. both parties love this game as "it" enables them to act like spoiled children.

Canada.....I've only read a few of your comments....but I never imagined the two of us agreeing on anything...maybe we will be the first bipartisan effort on Literotica....if only both houses of gov't followed Literotica....we could set an example for them to follow.

LMFAO.

 

[jeninflorida]

Canada.....I've only read a few of your comments....but I never imagined the two of us agreeing on anything...maybe we will be the first bipartisan effort on Literotica....if only both houses of gov't followed Literotica....we could set an example for them to follow.

LMFAO.

it would be nice if people woke up, and realized that Congress gets off on the fight. They are acting like spoiled children and until people say, "shut the fuck up and do it" and by "it" I mean anything. This blame game has to end and obama has to stop having wet dreams about Bush ...

obama needs to Man up and act like a leader...not a pussy