All You Need To Know About President In-Over-His-Head

In his petulant little condescension last night he said in paragraph two (the paragraph where he boldly and innovatively blames Bush for our current economic mess (and for hang nails, too, I think)) he says

For the last decade, we’ve spent more money than we take in. In the year 2000, the government had a budget surplus. But instead of using it to pay off our debt, the money was spent on trillions of dollars in new tax cuts, while two wars and an expensive prescription drug program were simply added to our nation’s credit card.

“Tax cuts”: BAD for the economy!

“Two wars”: BAD for the economy!

In the very next paragraph he says

As a result, the deficit was on track to top $1 trillion the year I took office. To make matters worse, the recession meant that there was less money coming in, and it required us to spend even more -– on tax cuts for middle-class families to spur the economy; on unemployment insurance; on aid to states so we could prevent more teachers and firefighters and police officers from being laid off. These emergency steps also added to the deficit.

Now all of a sudden “tax cuts..spur the economy.” Who knew?

Oh, and Obama is now fighting three wars, so, er, that must be cheaper than Bush, right? Certainly that hasn’t added any costs, right?

I mean, when he says “the deficit was on track to top $1 trillion the year I took office” I guess we’re somehow supposed to think that because he promptly took it to 1.4 and even now 1.6 trillion for the next couple of years at a minimum, which by my mad math skillz is a 60% increase over what Evul Bush had “left poor widdle me” with, I guess we’re supposed to say “golly, thanks!” for that inspired economic leadership Barack!

Our current debt ceiling is $14.3 trillion.

Our GDP for 2010 was estimated at approximately $14.7 trillion, so our “official” debt is already basically 100% of GDP. I say “official” because there’s an 800lb gorilla in the room that is off the books and thus not counted as debt: at least $5 trillion in liabilities for Fannie Mae and Freddie Mac. Not that anything could ever possibly go wrong with those rock-solid entities, mind you, but just for gits and shiggles if you add that in then our debt is 132% of GDP.

Or slightly higher than Greece.

We don’t need a plan that cuts the rate of increase in government spending over the next 15 years. We need to cut actual spending now.

The President said

..let’s ask the wealthiest Americans and biggest corporations to give up some of their breaks in the tax code and special deductions.

The hell with that. Instead of taxing them at a slightly higher rate let’s just take all their evil wealth, right? Bill Gates probably only “makes” a couple of million per year as taxable income, but his net worth is currently some $60 billion, more or less. Why not just take all of it? That money would cover…slightly under two weeks of current government spending. Oh, and if we took all of it that would leave zero to tax next year.

There simply is nowhere near enough money out there to tax.

We must spend less.

5 Responses to “All You Need To Know About President In-Over-His-Head”

  1. Gary from Jersey says:

    Think the $80 billion in cash General Electric is sitting on (the same company that’s moving its entire medical imaging business to China), plus all the taxes it didn’t pay last year, would help? Nah. GE’s O’s crony capitalist pet, his equivalent of Hitler’s Krupp.

  2. aelfheld says:

    You left out the Social Security & Medicare/Medicaid liabilities.

    Add that in and Greece looks like a model of fiscal rectitude.

  3. Syd B. says:

    Last week, I heard Obama whine on tv that Boehner didn’t return his phone calls. Have you ever heard a POTUS complain that somebody didn’t return his phone calls? At that moment, I felt like he was a spoiled 16 year old, not the President. By the way, for a guy who now states over and over that Congress has never refused to raise the debt ceiling until now and that it has been basically an automatic no brainer in the past, Obama, as a jr. Senator, voted against a debt ceiling increase during the Bush admin. Such douchebaggery.

  4. Yojimbo says:

    The money was spent on trillions of dollars of tax cuts!#$@^%%$!


  5. Jim - PRS says:

    Bravo, Bingley!

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