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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Why do Obama supporters completely disregard the fact that the U.S. is VERY near insolvency?

Why do Obama supporters completely disregard the fact that the U.S. is VERY near insolvency?

Insolvency = More expenses than the U.S. federal govt. has money to pay

In this 60 Minutes interview from 2007 [TWO YEARS AGO], the former comptroller general (nation’s top accountant) says the United States government is bankrupt and that if it were a company if would have failed by now. He also says that at CURRENT spending levels (2007 levels) the U.S. govt. could only afford to pay social security and some medicaid by 2040.

http://www.youtube.com/watch?v=OS2fI2p9iVs&feature=related

Since then we have passed $1 trillion in bailouts, nearly $1 trillion dollars in “stimulus”, and Obama has proposed AN ADDITIONAL $3.5 trillion budget. And now he wants a trillion dollar healthcare overhaul.

Now if the comptroller general thought the U.S. couldn’t afford to pay for Bush’s prescription drug bill (from many years back), HOW is Obama going to pay for all this new spending???
I guess you could say the same thing about all those Bushies who cheered his trillions in new debt.
nunya k………..actually I think that was Reagan.

A lie then. A lie now.
dave c…….”Didn’t you know that Republicans are deficit spenders.”

BOTH parties are deficit spenders (have been since FDR). We have reached levels of expenditure that are UNSUSTAINABLE.
dave c……..you should probably learn about inflation.

Government spending is paid for 1 of 2 ways:

1)monetizing debt (“printing” money) which leads to more inflation (=each dollar bill has less purchasing power)

2)higher taxes & new hidden taxes (carbon taxes, etc)

Well since taxes won’t even begin to cover TRILLIONS in new spending, option one is being used to the max.

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4 Responses to "Why do Obama supporters completely disregard the fact that the U.S. is VERY near insolvency?"

  1. Nunya K says:
    Wasn’t it Vice President Dick Cheney who said deficits don’t matter?
  2. Dave C says:
    Hello!!! Genius!

    Didn’t you know that Republicans are deficit spenders.
    The US has always spent more than collected in taxes.
    Ronnie Reagan made deficit spending a cornerstone of Republican fiscal policy.

    Also, your insolvency argument doesn’t wash.
    You know why?
    The US government has the keys to the printing presses. They can always print money to pay off expenses.

    Edit… too bad people like crusader don’t have real comments to make… They give one-liners and hide behind their avatar.

    Edit again…
    Since the US hasn’t increased taxes to match the bailout then you’re saying the US is monetizing the debt.

    Monetizing debt increases inflation…. Really! Why hasn’t inflation in the US through the roof? Currently, the fear is recession and deflation not inflation.

    Your arguements must be based upon textbooks… The reality is the opposite of what you’re saying. Inflation is in check and actually we have some deflation (negative inflation) this quarter.

    Get your head out of textbooks and look around at what’s really happening.

    PS… your sounding like a Democrat wanting to balance the budget. Clinton was the last president to balance the budget… much to the chagrin of the Republicans.

  3. crusader says:
    You are talking way over a liberals head
  4. SCE2AUX says:
    It would damage their minds for them to notice that Obama’s policies are leading to economic devastation, they have thier hands over their ears and are sceaming “LA LA LA LA LA.”

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