When Obama was yucking it up with David Letterman on his show last night, Obama revealed that he is more than willing to lie to the American people and he doesn't care about the debt.
From RealClearPolitics.
President Obama addressed the debt and deficit, saying it is not a problem in the "short term," during an appearance on CBS's "Late Show" with host David Letterman. Obama also said he did not know what the national debt was when he took office.
When a concerned Letterman asked him about the debt, Obama laid the responsibility for the U.S. national debt and deficit on his predecessor former President George W. Bush.
"Well, here's what happened. We had a surplus when Bill Clinton was president," Obama said. "It was projected to continue to be a surplus. We decided to launch two wars on a credit card. We cut taxes twice without finding offsetting costs for it or ways to pay for it, a prescription drug plan and then we had a massive recession."
"When I walked into office we had a trillion dollar deficit, debt had mounted and then we had to take a bunch of emergency measures, that cost money, saving the auto industry, making sure that the financial system got back on track," Obama said.
"So now what we've got to do is we've got to pare down that deficit, get that debt under control and I think the only way we've ever been able to do that effectively is when you do it in a balanced way," Obama explained.
When asked if he remember what the national debt was when he entered office, President Obama said "I don't know what the number was precisely." Obama told Letterman "we don't have to worry about it short term."
Holy crap!
Obama said, "We don't have to worry about it short term."
Is Obama correct?
From the New York Post:
Not according to Treasury Secretary Timothy Geithner who told Congress last year that we can't afford the interest on the debt because we can't sustain the amount of borrowing from China that we're doing to pay down the interest on the debt.
Then Obama put forth his greatest piece of false propoganda, which was to assert that with just a bit higher taxes on the part of "guys like you (meaning Letterman) and me" we can "help to close the deficit".
Let's see if that's true: Would higher taxes on the rich, like the rates paid during Bill Clinton's presidency -- as Obama suggests -- would that revenue actually make a dent in the deficit?
Well, only if the tax increases lead to increased revenue. But what if not?
"Instead of increasing tax revenues, as intended, higher tax rates reduce the size of the tax base. And we end up exactly where we were," writes Julie Ni Zhu.
And as Tino Sanandaji and Arvid Malm point out, "the president’s plan to abolish the Bush tax cuts for those making more than $250,000 is expected to bring in merely $0.7 trillion over the next decade, or about 0.4 percent of Gross Domestic Product per year. As a comparison, the Congressional Budget Office estimates that the deficit over the same period is going to be $13 trillion, more than 6 percent of GDP per year.
"The rich in America obviously have lots of money, but there are simply not enough of them to fund the president´s preferred level of spending.... President Obama’s “taxing the rich” policy can best be described as symbolic in nature, a rounding error compared to the deficits in the president’s budget."
From The Foundry, Heritage Foundation:
Last night on the CBS Late Show with David Letterman, President Obama suggested that “we don’t have to worry about [the debt] short term.”
Excuse me? On September 4, the U.S. national debt hit the $16 trillion mark. We now owe more on the national debt than the entire U.S. economy produced in goods and services in all of 2012. Per U.S. taxpayer, that massive level of debt stands at over $111,000 and continues rising as you read this. The average American is earning about $51,000 in income in 2012.
After the U.S. credit rating was downgraded by Standard and Poor’s last year, you would think the President got the point. Apparently not. One would think Moody’s stern warning last week would have refreshed the President’s memory.
And for those keeping score, the U.S. budget deficit for 2012, measuring the federal government’s spending in excess of revenue, already exceeds $1 trillion—and the fiscal year is not even over yet. Oh, and this also marks the fourth straight year of $1 trillion-plus deficits.
Let’s help the President out with data from the U.S. Department of the Treasury:•When President Obama took office, the total national debt was nearly $10.6 trillion. Today, it’s over $16 trillion. That’s more than a 50 percent increase in the national debt in less than four years.
•Debt held by the public was $6.3 trillion on Inauguration Day. Today, that number is about $11.3 trillion. That is an 80 percent increase and sets a new record.
Not knowing how big the debt was when he took office and not worrying about a level of debt that exceeds the size of the entire U.S. economy does explain why the President’s very own budget would have increased spending—while also showering us with more debt and taxes.
This should be dominating the news.
Obama's answer to Letterman's question is huge.
He blames Bush and the car industry bail-out. He doesn't talk about his failed stimulus. Obama refused to take responsibility for the trillions of dollars he has personally added to the debt while in office.
Why would any thinking, reasonable, responsible person vote for Obama?
He revealed he is not going to concern himself with the debt.
OBAMA: "We don't have to worry about [the debt] short term."
Amazing.
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Read "Obama’s Late Night Budget Bluster," Stephen Hayes.
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