Glenn Beck: The Barack Obama Government is Trying to Spend Its Way Out of Debt; Team O: Bigger Debts, More Job Losses (Video)

Beck discusses the deficit spending policies of the Obama Administration with FOX Business Network's Charles Payne.




The AP reports via Yahoo!:

WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted Tuesday in a fiscal assessment far bleaker than what the Obama administration had estimated just a few months ago.

Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.

Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year. Still, she said, the average unemployment will be 9.3 in 2009 and 9.8 percent in 2010.

"This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter," Romer said.

The grim administration projections came on a day of competing economic news. The Congressional Budget Office, which has predicted less economic growth than the White House in the past, was also scheduled to announce revised budget projections on Tuesday.

Obama himself may have drowned out the rising deficit news with the announcement Tuesday that he intends to nominate Ben Bernanke to a second term as chairman of the Federal Reserve. The Bernanke news could neutralize any disturbance in the financial markets caused by the high deficit projections.

The deeper red ink and the gloomy unemployment forecast present President Barack Obama with an enormous challenge. The new numbers come as he prods Congress to enact a major overhaul of the health care system — one that could cost $1 trillion or more over 10 years. Obama has said he doesn't want the measure to add to the deficit, but lawmakers have been unable to agree on revenues that cover the cost.

What's more, the high unemployment could last well into the congressional election campaign next year, turning the contests into a referendum on Obama's economic policies.

Republicans were ready to pounce.

"The alarm bells on our nation's fiscal condition have now become a siren," Senate Minority Leader Mitch McConnell, R-Ky., said. "If anyone had any doubts that this burden on future generations is unsustainable, they're gone — spending, borrowing and debt are out of control."

What The Hell Is He Talking About? Obama Press Conference Fuzzy Math On Debt and Deficit (Video)

Bill O'Reilly just touched on this too in his opening segment. What the hell is Obama talking about? Can anyone figure out exactly what he's talking about here? Health Care is designed to reduce the deficit?

Barack Obama on CSPAN: "We're Out of Money Now" (Video)

No kidding! Wow, maybe Obama isn't stupid; he just doesn't care now that he has created the United Socialist States of America (USSA). Who cares that we're broke, right? That will only simplify to the neo-fascist version of "kind" communism the President is seeking!

President Obama tells C-SPAN that, "We are out of money now," when asked about the enormous deficit he created this year. Barack Obama will quadruple the national deficit in his first year in office.



Drudge reported:

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

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.

Judd Gregg: U.S. Couldn't Even Join EU Due to Debt Levels

I'm so glad Sen. Gregg stayed in Congress instead of selling his soul to the devil.

He's already said Obama's Budget will bankrupt the nation and that the White House's math is a "spurious" lie.

Gregg is widely respected for his fiscal opinions and Obama himself gives Gregg's comments a sense of stinging credibility. When the president introduced Gregg as his nominee for Commerce Secretary last month, he said Gregg is known for is fiscal discipline.

From The Hill:

The United States wouldn't even be eligible to enter the European Union if it wanted to because of its debt levels, Sen. Judd Gregg (R-N.H.) claimed Thursday.

"We won't even be able to get into the EU if we wanted to," Gregg said this morning on MSNBC, "because our government is so large and so huge."

The European Union's Stability and Growth Pact (SGP) adopted in 1997 requires a budget deficit to be less than three percent, and requires a national debt beneath 60 percent of Gross Domestic Product (GDP).

"We've been lectured by France on the fact that we're not fiscally responsible right now," Gregg, the would-be commerce secretary, noted with incredulity.

***

It's never good when the French socialists are lecturing the U.S. about fiscal responsibility.

Obama Hypocrisy 2.0: Obama, Democrats Have Already Tripled "Deficit They Inherited"

How many times is the Hypocrite-in-Chief going to get away with the lies and deceit? He says one thing and does another. And as for our children, Mr. Obama, you've ever screwed them over!

"There is, of course, another responsibility we have to our children. And that is the responsibility to ensure that we do not pass on to them a debt they cannot pay. With the deficit we inherited, the cost of the crisis we face, and the long-term challenges we must meet, it has never been more important to ensure that as our economy recovers, we do what it takes to bring this deficit down."
--President Obama 2/24/09

Remember, President Obama promised to reduce the deficit to $500 Billion in the next four years.

All Obama has to do is say it and it will be believed by the Obamamaniacs.

Anything he says will be reported on by the MSM as fact, and then he will do the exact opposite and do whatever he wants anyway. The soundbites on the "news" will be accepted as fact by the Obama faithful and the misinformed.

By claiming he will reduce the deficit to $500 billion in four years, he allows himself the freedom and flexibility to spend as much as he wants for the next three years.

He will run up the deficit and spend, spend and spend on socialist programs that establish Liberal Totalitarianism. He will then use his last year's "fiscal restraint" as a campaign tactic in 2012 to claim what a great fiscal disciplinarian he is.

It's a joke and a lie. He is arrogant, radical, dishonest and dangerous.

From Red State's "Non State Of The Union" Fact Check; very interesting and worth the read:

This may be Obama’s most galling misrepresentation. He continues to say one thing while doing another. He calls for fiscal responsibility while encouraging outrageously massive deficit spending. As for that deficit Obama likes to say he inherited, nearly one-fourth of the national debt was created since the Democrats took control of Congress just two years ago.

America, you have been had, fleeced, lied to and cheated out of your future!

Hillary Asks Communist China To Help Save American Economy

This is worse than I thought! The future of our economy and the hopes and dreams of our children are in the hands of Communists!?!

How about our government practice what it preaches and learns how to demonstrate some fiscal restraint.

Yeah, right. That won't work! If they do that, how are Liberals going to spend their way into a Socialist-driven entitlement culture of a permanent voting majority?

Breitbart:

US Secretary of State Hillary Clinton Sunday urged China to keep buying US debt as she wrapped up her first overseas trip, during which she agreed to work closely with Beijing on the financial crisis.

Clinton made the plea shortly before leaving China, the final stop on a four-nation Asian tour that also took her to Japan, Indonesia and South Korea, where she worked the crowds to try to restore America's standing abroad.

In Beijing, she called on authorities in Beijing to continue buying US Treasuries, saying it would help jumpstart the flagging US economy and stimulate imports of Chinese goods.

"By continuing to support American Treasury instruments the Chinese are recognising our interconnection. We are truly going to rise or fall together," Clinton said at the US embassy here.

But wait! Remember way back in January when China said it didn't really want to buy anymore American debt? (You mean it wasn't that long ago? Obama has only been President for a month? Oh god it's gonna be a loooonnng 4 years.)

China has bought more than $1 trillion in American debt, but as the global downturn has intensified, Beijing is starting to keep more of its money at home - a shift that could pose some challenges to the U.S. government in the near future but eventually may even produce salutary effects on the world economy.

At first glance, the declining Chinese appetite for U.S. debt - apparent in a series of hints from Chinese policy makers over the past two weeks, with official statistics due for release in the next few days - comes at an inopportune time. On Tuesday, the U.S. president-elect, Barack Obama, said Americans should get used to the prospect of "trillion-dollar deficits for years to come" as he seeks to finance an $800 billion economic stimulus package.

Normally, China would be the most avid taker of the debt required to pay for those deficits, mainly short-term Treasury securities. In the past five years, China has spent as much as one-seventh of its entire economic output on the purchase of foreign debt - largely U.S. Treasury bonds and American mortgage-backed securities.

***

Anyone else think we're pretty screwed?

Obama Sets Record US Debt; Thank You

From Powerline:



Click to enlarge.

A picture is worth a thousand words. The debt currently being run up by the Obama administration exceeds anything in our peacetime history by a very wide margin. The consequences, I'm afraid, are not going to be pretty.

Our President is once again full of crap on the CRAPulus

"We've gotta spend some money now to pull us out of this recession. But as soon as we're out of this recession we've gotta get serious about living within our means instead of leaving debt for our children and grandchildren and our great-grandchildren. That's not the responsible way. That's not how folks here in Peoria operate in their own lives and they should expect the government is equally responsible." -- President Obama

I'm not even fighting this anymore. Democrats and President Obama own this. Let them deal with the consequences.

And they will be severe.