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View Full Version : Borrowing 'til The Nation Breaks?



patriot45
06-24-2009, 09:55 AM
We all did not like Bush when he was spending like a drunk sailor, how the heck can we put up with the 0s spending!?! He is out of controll!

obama ahead of Bush 8 to 1! (http://www.nypost.com/seven/06172009/postopinion/opedcolumnists/borrowing_til_the_nation_breaks__174580.htm)




MILLIONS of homeowners hoping to take advantage of government-guaranteed mortgage refinancing have gotten a rude awakening. In the last two months, mortgage rates have jumped from 4.8 percent to 5.8 percent, wiping out billions of dollars in potential homeowner savings.

Analysts predict that rates will continue rising -- that the days of low-cost loans may be over.

Who's at fault? Greedy lenders? No. Blame an unprecedented avalanche of government debt.

Under President Obama, the 2009 budget deficit is set to reach a staggering $1.8 trillion. It took President George W. Bush seven years to run up $1.8 trillion in debt.

And these deficits aren't merely a temporary result of the recession; the president's budget would run deficits averaging nearly $1 trillion a year for the next decade.

The national debt would double. In other words, Obama would run up as much government debt as every president in US history from George Washington to George W. Bush -- combined. Put simply, he'd dump $84,352 per household of new debt into the laps of our children and grandchildren over the next decade.

Obama and his supporters try to defend this debt with three arguments.

First, he asserts that he "inherited" his large deficit from Bush (despite his Senate votes in favor of nearly every policy that created the deficit). This argument could be plausible if Obama had tried to rein in -- or at least not worsen -- the deficit. But after "inheriting" a projected $1.2 trillion deficit for 2009, he decided this deficit was too small.

Based on the unproven notion that deficit spending can end recessions, Obama pushed through a massive "stimulus" spending bill whose very purpose was to bring the budget deficit to nearly $2 trillion. This suggests that even if he hadn't inherited a big deficit, he'd have created one.

Second, Obama claims he'll cut the deficit in half by 2013. So what? The deficit has quadrupled this year -- a 50 percent cut from that bloated level would still leave deficits twice as high as before the recession. By the president's own projections, deficits would rise back up over $1 trillion by 2018. The national debt would still double.

Rockntractor
06-24-2009, 10:36 AM
The currency and the economy will totally collapse. What we are experiencing now is nothing compared to what is coming. Prepare yourself and your family. I have never been more sure of anything in my life!