Posts Tagged ‘deficit’

More Rhetoric From Obama

February 21, 2009

Tonight, I read on CNN.com that President Obama wants to cut the national deficit in half by the end of his first term in 2013.  This is absolute nonsense, and I have no idea why he would even say something like this.  We are in the middle of one of the most massive government spending programs ever, and he has the gall to say he’s going to be able to actually cut the deficit.  When will we stop buying all the garbage that is coming out of his mouth?

There is no chance Obama will be able to even get the deficit back to what it was when he inherited it from Bush!  How are we going to balance it when we can’t even pay for the trillions of dollars we are printing right now?  He says he’ll do it by raising taxes on those making more than $250,000 a year.  Can our President be any more idealistic and naive?  We aren’t paying for all the stimulus and bailouts right now to begin with!  It’s all borrowed money from China!  In order to cut the deficit, you’re going to need to cut spending!

All I know is right now, all of this Hope and Change sucks.  He talks about urgency and needing to act now, and then when the stimulus package is passed, he says we’ll see our extra $13 a week in April!  Like that’s a tax cut in the first place!  And then he brags about how fast the tax cut happened, when it’s still 2 months away!

Then he wants to spend $275 billion more of taxpayer money to help fight off foreclosures for irresponsible borrowers.  Sure, some people might have lost their jobs and are falling behind on their payments who might need some help.  But I just read statistics where even if rates were cut to 2%, forty percent of these people facing foreclosure still wouldn’t be able to make their payments!

If they are going to give taxpayer money away, they should give it to the people who are current on their mortgage and who can make their payments.  Let them pay off their debt or buy a car or a foreclosed home.  Give the money to people who will be able to do something with it!

I cannot believe that there is not more of an outrage at the actions of our government.  I can guarantee you that over half the population disagrees with all of these bailouts, yet our government shows no signs of stopping.  Why should we all just sit back and watch our hard earned money go to pay some stranger’s mortgage?  At what point is enough going to be enough?  I can see now the “change” Obama was talking about.  It’s going to be the revolt of the American Taxpayer kicking his hypocrite butt out of office.

Source:  CNN

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Uh-Oh… China Doesn’t Want Dollars

January 7, 2009

Man, Peter Schiff is a prophet.  He knew our economy was a debt filled bubble and called this recession perfectly.  Now, his prediction that China would stop funding our spending and buying our debt is coming true!

This report comes on the heels of Obama deciding to tell the whole world that we’ll be “running a trillion dollar deficit for yeasr to come!”

Tell me, Mr. President, how are we going to fund these massive spending projects if no one wants to buy our debt?  We are a debtor nation and we fuel our economy by borrowing from other countries, mainly China.  In order to borrow money, someone has to be willing to lend.  What happens when they cut us off?

This is happening in our economy right now.  No one wants to lend money.  Our banks are too busy taking care of themselves.  Well, China is doing the same thing, spending their money at home, rather than lending it to us.

We need to wake up!  We can’t keep borrowing money forever and we can’t keep growing our Federal Government.  If there was ever a time for less spending by the Feds, this is it.  Instead, they are spending at an alarming rate.

We must focus on developing industries that can export goods to China and other countries.  We need new players in old industries that can compete in a global market.  Maybe the Big Three failing would allow for new car companies to take their place that can create a car the whole world wants.

The point is that we can’t keep this economy that only spends and doesn’t produce.  We need to throw it out and start over or at least get it headed in the right direction.  Right now, almost all of our leaders are calling for more spending and more debt.  Well, if no one wants to lend us money, what happens?  All the fundamentals are wrong, and we need real answers to our economic problems, not more and more of the same.

Obama to the World: Our Dollars are Worthless

January 6, 2009

Someone needs to tell Barack not to tell the world that we are going to be running “trillion dollar deficits for years to come” like he did today.

What kind of message is that sending to the rest of the world?  What kind of message is that sending to American businesses and the rest of the population?

First, how are we going to finance all this spending?  Are we going to keep borrowing money from China and Japan?  What happens when China finally wakes up and realizes that they are getting paid back in dollars that are worth less and less?  The fact that Obama is announcing to the world that we are going to be fiscally irresponsible and are going to keep printing money is going to accelerate the East’s rejection of our dollars.

Second, why would any business spend to hire new employees, give raises and bonuses, or buy new equipment when their leader is telling them that recovery is years away?  Everyone is waiting for government’s next move, hoping it’s the cure all.  News Flash – the government actions are making things worse!  The sooner Obama and the Feds get out of the way and let the markets correct themselves the better.  If we do get out of this by printing money, we will only be setting ourselves up for complete and total collapse a few years down the line.

My industry is tied to real estate development, whether it’s apartments or commercial centers.  Right now, no one wants to lend money because there is too much uncertainty, and because the commercial real estate developers want their own bailout.  There are projects ready to go, that need to start so they are built when the economy recovers, but no one wants to lend money to get them going.  The shoot from the hip fiscal policy of the Federal government is only making the lenders more fearful and more reluctant to lend.

And finally, why is so much of the blame being placed on the reluctant American Consumer?  Do you think something is wrong when two-thirds of our economy is based on consumer spending?  We don’t make anything, we import everything, and buy things we don’t need on credit.  Sounds like an awesome system.  The American consumer is tapped out and is unwilling to go deeper into debt when they are fearful they are going to lose their job.  Obama blabbing about running trillion dollar debts for years is not helping restore confidence.

We need real leadership right now and a government that is willing to make a stand and stick to it.  If they are going to bailout companies, then they need a real plan.  They can’t have one plan then another and then change that one half way through.  That approach has just made things more messed up.  Unfortunately, Obama and his team seem more than willing to throw money around without a clear plan as well.  We can’t keep running these deficits forever and we shouldn’t announce it to the world.  We need to restore faith in our currency and our economic system, and Obama’s comments are leading more fear and an even longer recession.

When Will It Stop?

December 20, 2008

Today, President-elect Barack Obama announced that he has upped his goal to add at least 3 million jobs in his economic programs.

Also, we announced that we are going to double the number of our troops in Afghanistan.

Both of these announcements comes on the news that we just bailed out GM and Chrysler for $17 billion, and the Treasury is requesting to use the other $350 billion of the TARP that’s not a TARP plan.

Seriously, how are we going to pay for all this?  Even though creating jobs is a good thing, is it really the role for the government to create and pay these jobs?  How much will it cost to continue our military prescence in the Middle East and around the world?

At what point are we going to stand up and say enough?  It’s like we are all waiting for someone in the government to say it for us.  Well, I really doubt that is going to happen.

We need government to lead by example, not do exactly what we did to get into this mess.  Many people were living beyond their means, going deeper and deeper into debt, and now they can’t afford their mortgage payments and don’t want to spend money.  Now, our Federal Government is doing the same thing!  They are printing trillions of dollars, running up more debt, trying to inflate our way out of this crisis.

It’s not going to work!  Who’s going to bailout the dollar when the money finally makes it’s way down through the system?  Our Federal Government cannot print money forever.  It’s going to need a bailout, and when that happens, all of our standard of living will dramatically decline.

We need our government to try reign in their spending and pay attention to the huge deficit they are running.  Everything is at a standstill, waiting for the next bailout.  If they would just say, “we’re done, you figure it out” we would be out of this mess already.  The prospect of more and more money is making everyone sit on their hands.  We won’t find a bottom until the government stops trying to be a hero and gets out of the way.

Everyone is expecting Obama to come in and pull a couple of levers and make everything good again.  His already announced spending plans have the chance to run us into an even deeper hole.  We need a sound fiscal policy to start with the government and we need them to stop printing money and bailing everyone out.  Only after that will we really turn the corner and return to prosperity in the US.