It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Obama, irresponsible spending and the debt limit

page: 1
9
<<   2 >>

log in

join
share:

posted on Oct, 15 2015 @ 12:45 PM
link   
The Treasury Secretary Jack Lew says the Government will run out of money to pay it's bills on Nov. 3.


Treasury Secretary Jack Lew said Thursday the U.S. debt limit will be exhausted Nov. 3, two days before previously estimated.
"At that point, we expect Treasury would be left with less than $30 billion to meet all of the nation's commitments — an amount far short of net expenditures on certain days, which can be as high as $60 billion," Lew said in a letter.

"Operating the United States government with no borrowing authority, and with only the cash on hand on a given day, would be profoundly irresponsible. As I wrote previously, we anticipate that a remaining cash balance of less than $30 billion would be depleted quickly," he said.


www.cnbc.com...

Here's Senator Obama on debt.

SENATOR BARACK OBAMA 2006 DEBT LIMIT VOTE QUOTE

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” …….. Senator Barack Obama

Talk about the pot calling the kettle black!!

Obama has nearly doubled the debt and has had a bigger cash increase of the debt than any President before him. This is the result of Obama's horrible policies. The Fed has had to print money to prop up the Govt. and leave interest rates at zero causing a bubble in the stock market and wiping out people's savings.

Obama policies are horrible and when the Govt. spends it shouldn't be on growing Govt. and Govt. programs that do nothing to grow the economy. His growth of suffocating regulations and his war on workers means he's just driving the Country deeper in debt and the American people aren't benefiting from this out of control spending.

Suffocating regulation. The Obama administration has burdened Americans with a record amount of federal regulation as measured by the number of new rules promulgated and pages in the Federal Register. The annual cost of the federal regulatory burden is now approximately $1.9 trillion (only nine countries’ GDPs are larger). As reported in Investor’s Business Daily, “the cost of enforcing federal economic regulations is…up 31 percent since Obama took office, and the ‘Code of Federal Regulations’ is 17,294 pages longer.”

The war on work. While constantly professing concern for workers, Obama has consistently supported and implemented policies—raging from a higher minimum wage to federal jobs programs to anti-business policies—that have shrunk the number of jobs (see the Labor Force Participation Rate). Obama’s prize legislative achievement, the Affordable Care Act, has shrunk the number of hours worked (and consequently the amount of wealth created) by incentivizing employers to reduce the number of full-time jobs. According to David Stockman, the United States has two million fewer full-time workers now than it did in 2007.


The dam will eventually break and Obama's and Bush's horrible economic policies will come home to roost. I just hope the fallout isn't that bad and the bubble created by his policies isn't to big to print our way out of it.
edit on 15-10-2015 by neoholographic because: (no reason given)




posted on Oct, 15 2015 @ 12:50 PM
link   
a reply to: neoholographic

After 7 years of this walking contradiction, this surprises you? I'm sure he'll say his position has not changed at all... he blamed the failure of G.W. Bush's leadership for the debt limit increase in 2006, I have no doubt the silly jackass would happily blame the failure of G.W. Bush's leadership for the debt limit increase right now, in 2015, too. Hell, he's blamed everything on others for 7 years, why would he stop now?



posted on Oct, 15 2015 @ 12:53 PM
link   
a reply to: neoholographic

Give it a few minutes, and people will be along and say Obama inherited a crappy economy from Bush, etc.
That's been getting old for about 6 years now. Let's try to see the spin when more and more ACA exchanges need to be bailed out.



posted on Oct, 15 2015 @ 01:06 PM
link   
a reply to: burdman30ott6

Uhhhh....
It's still Bushes fault.




posted on Oct, 15 2015 @ 01:12 PM
link   
The National debt added under Obama (the 44th President) is 44% of the historical total National Debt since the year 1789.

Great "accomplishments".




posted on Oct, 15 2015 @ 01:19 PM
link   
a reply to: neoholographic

The only, single, solitary thing Obama didn't lie about was his desire to "fundamentally transform" America. It was a good line because without specifics, people assumed it was going to change in the ways they would like.

What they didn't realize, is that in order to "fundamentally transform" something, often you have to destroy/dismantle it. Going broke helps along those lines.



posted on Oct, 15 2015 @ 01:30 PM
link   
I'm sure someone, will be along shortly to explain that we owe a large portion of the debt to ourselves; And that we could happily default on it without any trouble or ramifications. The sad part, is those people have no idea what they're talking about. The fallout socially & economically will be extremely painful to the American population. It'll ruin the country.



posted on Oct, 15 2015 @ 01:52 PM
link   
Now, Can someone explain to me how Sanders' 20 Trillion Dollar plans will help when we have this much debt already?



posted on Oct, 15 2015 @ 02:01 PM
link   
a reply to: butcherguy

Nah, I blame Millard Fillmore for all of it.



posted on Oct, 15 2015 @ 02:03 PM
link   

originally posted by: Wardaddy454
Now, Can someone explain to me how Sanders' 20 Trillion Dollar plans will help when we have this much debt already?


It will give the Democrats more to blame on Bush?
IDK.



posted on Oct, 15 2015 @ 02:09 PM
link   

originally posted by: Wardaddy454
Now, Can someone explain to me how Sanders' 20 Trillion Dollar plans will help when we have this much debt already?



The federal debt apparently only matters when a Trillion dollars is added to fund military retaliation for harboring terrorists who fly planes into buildings and/or refuse to follow UN sanctions which the US was supposed to be enforcing. When 20 Trillion is added to the debt to speed up the democratic socialization of America, it's all good.

Money is money, regardless of what it is spent on, IMO. There exists a ridiculous paradigm among some in which $1 Trillion spent on a foreign war against tyranny and terrorism is unacceptable but $20 Trillion spent on a domestic war on prosperity and capitalism is hunky-dorey. I believe the scientific term is cranial-rectal inversion.



posted on Oct, 15 2015 @ 03:36 PM
link   
The funny thing is the debt limit is a completely made up thing, to encourage the purchase of U.S. Treasury bonds during WWII. And nobody ever made any mention of it being raised every year until... wait for it.... Obama became President.

Some lesser known side effects of not raising the debt limit:

A. On Day 1, the interest rate on any variable rate debt you have will skyrocket.

B. The above reference Treasury bonds, the most secure investment in the world, are suddenly worthless. Since everything from 401k's to other governments invest heavily in them every year, the world economy hyper-inflates.

C. The good people in Congress would (as well as their "investors") would see their wealth plunge almost immediately.

D. The United States of America, in essence, says to the world, "We've decided we are going to stop making payments on our debts today. We know the bill is due, but we decided to just not pay it."

Truth is, nobody really knows how damaging the impact would be, or for how long, because nobody has ever considered not raising it until 2009. And reality it, the above reasons are enough for any and all debt ceiling discussions to be nothing more than political antics. A dog and pony show. It will be raised, but not before plenty of showmanship and rabble rousing. All of it an act.

Raising the debt ceiling is a silly debate now, and nothing more. At no point will any Congress or President let the debt ceiling date expire without raising it.



posted on Oct, 15 2015 @ 03:48 PM
link   
a reply to: usernameconspiracy

geez, one post of sanity......well said.....this is such a non-issue, it's even stupid to debate it. there seem to be people just wishing for anarchy, and the collapse of America on ATS



posted on Oct, 15 2015 @ 03:49 PM
link   

originally posted by: usernameconspiracy
The funny thing is the debt limit is a completely made up thing, to encourage the purchase of U.S. Treasury bonds during WWII. And nobody ever made any mention of it being raised every year until... wait for it.... Obama became President.

Some lesser known side effects of not raising the debt limit:

A. On Day 1, the interest rate on any variable rate debt you have will skyrocket.

B. The above reference Treasury bonds, the most secure investment in the world, are suddenly worthless. Since everything from 401k's to other governments invest heavily in them every year, the world economy hyper-inflates.

C. The good people in Congress would (as well as their "investors") would see their wealth plunge almost immediately.

D. The United States of America, in essence, says to the world, "We've decided we are going to stop making payments on our debts today. We know the bill is due, but we decided to just not pay it."

Truth is, nobody really knows how damaging the impact would be, or for how long, because nobody has ever considered not raising it until 2009. And reality it, the above reasons are enough for any and all debt ceiling discussions to be nothing more than political antics. A dog and pony show. It will be raised, but not before plenty of showmanship and rabble rousing. All of it an act.

Raising the debt ceiling is a silly debate now, and nothing more. At no point will any Congress or President let the debt ceiling date expire without raising it.


I disagree with much of what you've posted here. As is documented in the OP, the debt ceiling was an issue between Bush and the Democrat controlled Congress, too. This certainly did not start under Obama.

Furthermore, the USA has more than enough in revenue each month to pay it's debts. It becomes a 100% prioritization issue at that point, much the same way as most Americans must prioritize their budgets, cutting back on restaurant eats, making their own cups of coffee, eeking another year out of that car that runs OK but looks a bit ratty, etc. This concept that America reaching the debt limit will equate to bills going unpaid rather than simply cutting back on spending is incredibly copacetic with the attitudes that have lead so many Americans to bankruptcy and simply waltzing away from their responsibilities.

Cut backs bridge the gap, but those cutbacks also cut the umbilical between the Meal Ticket and the 47% Kept Voter base.



posted on Oct, 15 2015 @ 05:45 PM
link   
a reply to: burdman30ott6

Good points and the Democrats thought this was a problem under Bush. Again, here's Senator Obama:

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” …….. Senator Barack Obama

This is the problem with Political blindness. When Republicans do something Democrats complain until it's a Democrat that does the same thing. This works both ways. This is one reason why Politicians get away with so much corruption. The Democrats turn a blind eye to Democrats and Republicans turn a blind eye to Republicans.



posted on Oct, 15 2015 @ 05:53 PM
link   

originally posted by: eluryh22
a reply to: neoholographic

The only, single, solitary thing Obama didn't lie about was his desire to "fundamentally transform" America. It was a good line because without specifics, people assumed it was going to change in the ways they would like.

What they didn't realize, is that in order to "fundamentally transform" something, often you have to destroy/dismantle it. Going broke helps along those lines.


They say that with every presidency. But seriously, how did he destroy America? I'm in better shape now then before he took over. I know many aren't doing well, but it's not all doom and gloom in the USA right now.



posted on Oct, 15 2015 @ 06:02 PM
link   

originally posted by: amazing
I'm in better shape now then before he took over. I know many aren't doing well, but it's not all doom and gloom in the USA right now.


So, top 1% or bottom 47%?



posted on Oct, 15 2015 @ 06:06 PM
link   

originally posted by: amazing

originally posted by: eluryh22
a reply to: neoholographic

The only, single, solitary thing Obama didn't lie about was his desire to "fundamentally transform" America. It was a good line because without specifics, people assumed it was going to change in the ways they would like.

What they didn't realize, is that in order to "fundamentally transform" something, often you have to destroy/dismantle it. Going broke helps along those lines.


They say that with every presidency. But seriously, how did he destroy America? I'm in better shape now then before he took over. I know many aren't doing well, but it's not all doom and gloom in the USA right now.


yup, I'm doing better, my 28 year old son is doing better, his fiancé is doing better, my neighbors are doing better....oh sorry....doom, gloom, doom, gloom, doom, gloom......back to normal ATS talk



posted on Oct, 15 2015 @ 06:09 PM
link   

originally posted by: burdman30ott6
a reply to: butcherguy

Nah, I blame Millard Fillmore for all of it.


Ambitious. I was only going to role back to Reagan which is the next reliable fallback point for the left.



posted on Oct, 15 2015 @ 06:33 PM
link   
I didn't know that Obama controls the entire government, and business, and the worldwide financial markets?....



new topics

top topics



 
9
<<   2 >>

log in

join