Laurence Kotlikoff’s Bloomberg article, “U.S. Is Bankrupt and We Didn’t Even Know It” is not accurate. (see article) Just after 4 months in office president Barry Hussein Soetoro interviewed with C-SPAN’s Steve Scully and told Scully that the United States of America was running in deficit. In Soetoro’s words, “…we are out of money now.” That was May 23, 2009. (see 3:02min video)Well, we are out of money now. We are operating in deep deficits—president Barry Hussein Soetoro, Saturday, May 23, 2009
According to Mr. Kotlikoff what the Obama administration and the Democrat controlled Congress have been doing is not only wrong, Democrat policies are worsening America’s present and future.
Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills.
What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy. –Laurence Kotlikoff
What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy. –Laurence Kotlikoff
If what is needed to fix the economy is simplification in all areas the Obama administration and Democrat Congress has done the exact opposite.
Democrats have used the American fiscal crisis to advance the most radical and costly social agenda in the History of the United States. They have introduced stealth tax increases on the middle class as well as punitive tax increases on the so-called wealthy.
Democrats have passed 2,074 pages of complicated and deceptive health-care policies and have made a total and complete mess of U.S. business, financial and retirement sectors. Democrats have this country bankrupt now. You and I may be unaware of just how devastated the American situation is, but Democrats have been prophesying the demise of America for a long, long time.
[T]his "brief moment in history" when the US had pre-eminent military, economic and political power, would not last.
"This is just a period, a few decades this will last, and I think that all of us who are Americans should think about this and ask ourselves how do we wish this moment to be judged 50 years from now," –Former President Bill Clinton (see story)
"This is just a period, a few decades this will last, and I think that all of us who are Americans should think about this and ask ourselves how do we wish this moment to be judged 50 years from now," –Former President Bill Clinton (see story)
And as I’ve said, 4 months into his presidency Barry Hussein Soetoro told America that we were effectively bankrupt but instead of being fiscally responsible and instead of pushing an immediate austerity national program Democrats went on the largest expansion of government and the most costliest government spending program in the history of the United States.
After Obama’s Global Warming win in the House of Representatives he moved immediately to hawk his universal health care reform. What this means to the American people is a mountain of debt so insurmountable that it is breaking the back of the U.S. economy by an unbearable weight on taxpayers at a time that the American people suffer the highest unemployment rate since 1948, the American economy can ill afford the grandiose socialist schemes of the Obama Democrat Party at this time.Congress did pass a second$26 Billion dollar stimulus bill that they deceptively called a jobs bill.
It is the weight of both Iraq and Afghanistan wars, the $700billion dollar bailout, the $787billion dollar stimulus package, $161billion Global warming cap and trade taxes(if the Democrat controlled Senate passes their version of the global warming bill too) , $1.6trillion dollars of taxes for Obama Health Care reforms (if Congress gives Obama what he wants). In addition because Democrats mismanaged the first $787billion dollar bailout there is even talk of a second multi-billion dollar bailout all new taxes on an unemployed and underemployed American people. It's beginning to appear that they don't care about the consequences of their actions!
These new taxes would be more taxes levied on the American people than any other time in American history and more taxes imposed upon the American people than by any other President and Congress in the history of this country.—Alaphiah (source)
The president and Democrats knew before they forced through the most costly spending program in the history of the United States. They did this in the middle of the greatest financial depression since the great depression. Some of their irresponsible spending includes but is not limited to:
• $50 million for the National Endowment for the Arts
• $380 million in the Senate bill for the Women, Infants and Children program
• $300 million for grants to combat violence against women
• $2 billion for federal child-care block grants
• $6 billion for university building projects
• $15 billion for boosting Pell Grant college scholarships
• $4 billion for job-training programs, including $1.2 billion for “youths” up to the age of 24
• $1 billion for community-development block grants
• $4.2 billion for “neighborhood stabilization activities”
• $650 million for digital-TV coupons; $90 million to educate “vulnerable populations”
• $145 billion for “Making Work Pay” tax credits
• $83 billion for the earned income credit
• $150 million for the Smithsonian
• $34 million to renovate the Department of Commerce headquarters
• $500 million for improvement projects for National Institutes of Health facilities
• $44 million for repairs to Department of Agriculture headquarters
• $350 million for Agriculture Department computers
• $88 million to help move the Public Health Service into a new building
• $448 million for constructing a new Homeland Security Department headquarters
• $600 million to convert the federal auto fleet to hybrids
• $450 million for NASA (carve-out for “climate-research missions”)
• $600 million for NOAA (carve-out for “climate modeling”)
• $1 billion for the Census Bureau
• $4.5 billion for U.S. Army Corps of Engineers
• $850 million for Amtrak
• $87 million for a polar icebreaking ship
• $1.7 billion for the National Park System
• $55 million for Historic Preservation Fund
• $7.6 billion for “rural community advancement programs”
• $150 million for agricultural-commodity purchases
• $150 million for “producers of livestock, honeybees, and farm-raised fish”
• $2 billion for renewable-energy research ($400 million for global-warming research)
• $2 billion for a “clean coal” power plant in Illinois
• $6.2 billion for the Weatherization Assistance Program
• $3.5 billion for energy-efficiency and conservation block grants
• $3.4 billion for the State Energy Program
• $200 million for state and local electric-transport projects
• $300 million for energy-efficient-appliance rebate programs
• $400 million for hybrid cars for state and local governments
• $1 billion for the manufacturing of advanced batteries
• $1.5 billion for green-technology loan guarantees
• $8 billion for innovative-technology loan-guarantee program
• $2.4 billion for carbon-capture demonstration projects
• $4.5 billion for electricity grid
And the latest addition to this insanity:
$300 million for electric “golf carts” (source)
On May 23, 2009 the president told us that America was bankrupt and then when on the greatest spending spree in the history of the United States of America.
SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?Sorry Mr. Kotlikoff we are bankrupt and Democrats knew and didn’t care. After all their motto is, “Never let a serious crisis go to waste…it's an opportunity to do things you couldn't do before” – Rohm Emanuel
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.
Yeah like bankrupt America!
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