"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." - Barack Obama in 2006I guess the federal debt is only a problem if you aren't the president? Otherwise...party on dudes! The tab is on "them"!
(quote from the Wall Street Journal website)
2 comments:
Talking points:
1) This week Congress will vote to raise the national debt ceiling by nearly $2 trillion, to a total of $14 trillion. In this economy, everyone de-leverages except government.
2) It's a sign of how deep the fiscal pathologies run in this Congress that $2 trillion will buy the federal government only one year before it has to seek another debt hike - conveniently timed to come after the midterm elections.
3) Since Democrats began running Congress again in 2007, the federal debt limit has climbed by 39%. The new hike will lift the borrowing cap by another 15%.
4) Democrats ridiculed Mr. Bush as "the most fiscally irresponsible President in history," but then they saw him and raised. They took an $800 billion deficit and made it $1.4 trillion in 2009 and perhaps that high again in 2010.
5) In 10 months Democrats have approved more than $1 trillion in spending.
6) Mr. Obama and his allies in Congress have increased the budget by 50% and financed the spending with IOUs.
7) Today's spending and debt totals don't account for the higher debt-servicing costs that are sure to come. The President's own budget office forecasts that annual interest payments by 2019 will be $774 billion, which will be more than the federal government will spend that year on national defense, education, and transportation/highway spending.
8) "Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren," Senator Barack Obama said during the 2006 debt-ceiling debate. "America has a debt problem and a failure of leadership. Americans deserve better." That was $2 trillion ago, when someone else was President.
* Courtesy of the WSJ
BILL
Now Bill, you're such a stick-in-the-mud! The Democrats are in charge, let the Roman-style orgies begin! And if it costs too much money, we can always print more! ;)
P.S. Yes, that was tongue-in-cheek.
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