"Did we elect a president or a car salesman? Problem is, when we let the government become a market participant, there is no difference."
Our national debt is staggering, and "Because foreigners hold more than 40 percent of America’s red ink, it is increasingly becoming a risk to American sovereignty."
- China is the largest holder of America’s debt instruments, and, last week, America’s communist banker warned the Obama administration that the U.S. may not qualify for a 2nd and 3rd mortgage.
- Mirek Topolánek, President of the European Union and the Czech Prime Minister, condemned Obamanomics, saying it has America on “the way to hell.”
- In Germany, Prime Minister Angela Merkel has refused Obama’s advice for more government spending. Her beliefs were recently echoed by Axel Weber, the president of the Bundesbank, who flatly rejected Obama’s fixation for fiscal stimulus.
- These world leaders realize that President Obama is writing a subprime mortgage on America’s future:
- This year, Obama’s government will spend twice as much as it takes in.
- The Heritage Foundation’s Brian Riedl says Obama’s stimulus package [alone] adds $9,400 of debt to every American household.
- Obama's budget over the next ten years will add $9.3 trillion to the national debt -- which currently tops $11 trillion.
- National debt, which Thomas Jefferson called “the greatest of dangers,” is mounting at a faster pace than at any time in history.
- Massive tax increases will be needed to keep up with interest payments ...
- By their own admission, this administration is continuing the practices that created the current mess.Writing in the Wall Street Journal, Treasury Secretary Tim Geithner cited as one cause of the crisis the fact that “as a nation we borrowed too much and let our financial system take on irresponsible levels of risk.”
The Heritage Foundation warned just yesterday:
The outlines of the G-20 agreement are becoming clearer by the day... the Europeans will give a modest endorsement of stimulus spending, and in return, the Obama administration will move a long way towards the European position on global governance. Treasury Secretary Geithner said in London Friday that the U.S. now supports “a global framework, a global infrastructure which has appropriate global oversight.”
.... This is just about the worst agreement that the summit could possibly have produced. It’s the worst of both worlds: more so-called stimulus spending for everyone, a globalization of Europe’s slow-growth economic model, and a subversion of U.S. sovereignty by a new global super-regulator. This is folly.
Meanwhile, the American people by and large refuse to hold the President accountable or responsible. Seemingly content with massive CHANGE, they care not about its direction. This too is staggering. Is there such a thing as Too Much HOPE?
WASHINGTON (Reuters) - U.S. President Barack Obama benefits from a broadly held perception that others bear the bulk of responsibility for state of the U.S. economy, according to a Washington Post/ABC News poll published on Tuesday.
Asked who was responsible for the economic meltdown, 80 percent in the poll blamed banks, financial institutions and corporations. Some 70 percent also blamed consumers for taking on too much debt and the former Bush administration for lax regulation.
Only 26 percent said the Obama administration was not doing enough to turn the situation around.
Two-thirds of respondents approve of the way Obama is handling the presidency, and 60 percent approve of the way he is handling the economy.
Sixty-four percent said were confident Obama's policies will improve the economy, down from 72 percent just before he took office in January.
Comments