Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Why doesn’t Obama (or his supporters) acknowledge we’ve reached UNSUSTAINABLE levels of spending?

Why doesn’t Obama (or his supporters) acknowledge we’ve reached UNSUSTAINABLE levels of spending?

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 (rather the tax payer) going to pay for all this new spending???

Every president since FDR has deficit spent, but the game is up.
rhoda……..yes youtube.

Click the link and this wonderful site plays videos.

I have a link to an INTERVIEW from 2007. If you follow the link this wonderful new technology allows YOU to watch that interview via YOUTUBE. brilliant I know :)
dolly………”TONS of credible economists from the LEFT and the RIGHT have called for a stimulus package”

And I guarantee you every one of them think Keynesian economics is somehow not a fraud.
dolly………..Also, just because I don’t have a fullproof alternative doesn’t change the fact that Obama’s plan is not sustainable.
just me…….”Why did THE REPUBLICAN PARTY let it get this way?”

Or course, I forgot, it’s the Republican fault….lol
dave c……..”Also, your insolvency argument doesn’t wash. “

I see you still think inflation is imaginary….lol

RELATED POSTS:

  1. 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...

  2. An Obama Care Public Option in Georgia is a fiscally unsustainable health insurance plan. When you’re dealing with the potential insolvency of Medicare and Social Security, how can Americans reasonably believe that the...

  3. Why does the Obama Party seem to brag about paying less Taxes & going deeper in debt, do they like insolvency? At the rate Obama is spending we will soon be paying a Trillion Dollars a year in interest on the...

  4. Obama, Pelosi & Reid spouted the country would save in medical costs? Pubs tried to tell them. The people of the country tried to tell them. The CBO ( which they claim...

  5. Economics less #2: Many times in US history, economic potentials were squandered by government spending? The most recent example is Bush Jr., isn’t it? Sure he raised federal revenues by more than 20% by across-the-board...

Written by

Filed under: Insolvency · Tags: , , , , , , , ,

19 Responses to "Why doesn’t Obama (or his supporters) acknowledge we’ve reached UNSUSTAINABLE levels of spending?"

  1. Curtis 1911 says:
    Obama is trying to cripple the economy.

    By spending trillions on expanding government and union labor jobs, Obama is expanding his base, because we all know everyone working for the government or getting a government pay check or a union member votes for Democrats.

    While at the same time nationalizing and shrinking the private sector, where the jobs are being lost by the millions per month.

    This creates even more dependence on the government.

    Top that off with a huge carbon tax, and government healthcare, and you got an extra large communist sandwich, hold the freedom.

  2. Thomasina Paine says:
    They’ve never been particularly good at math.

    And they want this country destroyed and looking just like mexico.

  3. zaza says:
    Maybe they don’t know what “unsustainable” means. Maybe they don’t pay taxes (yet). I find it hard to believe that anyone can think this is a good thing, so it has to be one of the above.
  4. Rhoda says:
    youtube? Come on!
  5. Cap'n T says:
    If we continue spending the way we have for the past 25 years the US will become insolvent.
  6. hansblix222 says:
    You forgot to tell everyone that Bush increased spending by five trillion during his eight-year tenure. The deficit went from 5 trillion to 10 trillion. Here’s an article assessing the current economic situation.

    http://edition.cnn.com/2009/BUSINESS/05/11/execed.economy.downturn/index.html

  7. Joseph M says:
    Obama/Soetero, the Kenyan usurper, is consciously striving to destroy the United States to fulfill his Marxist goals.

    Same for Nancy Pelosi and Harry Reid.

    Most of their supporters are just mindless drones.

  8. gigreg13f says:
    Good point, we have been bankrupt and insolvent for a while, this stimulis has pushed us over the top. America is lost. It is onyl a matter of time now.

    http://finance.yahoo.com/news/White-House-Budget-deficit-to-apf-15199183.html?.v=8

  9. Dolly says:
    You complain a LOT. What exactly do you propose? So far I haven’t seen you do ANYTHING but gripe about any efforts others have made. Our current spending is unsustainable…that’s been true for more than ten years. AND? We are currently in a recession, TONS of credible economists from the LEFT and the RIGHT have called for a stimulus package. If your economy tanks completely, I’m not sure that puts us in a better position.
  10. Poohcat1 says:
    Because if they acknowledged that, they would also have to acknowledge that there is only one way to pay for it. More taxes for everyone…and that is a political killer…so it is not likely that they will do that.
  11. Connor53 says:
    People wanted Obama because they wanted the government to do everything for them. This way when things went to pot they could point fingers and still sit on their lazy asses. Now that the spending has gone out of proportion, people may start to realize that this may not have been a great idea.
  12. harry k says:
    Because he’s a politician. The last politician that tried to control the budget was George H W Bush, but he paid for his courage. The people voted him out of office.
  13. Big One 0909 says:
    Good question, since he freely admits that Bush reached the unsustainable plateau.

    Triple the deficit is ok though when you see all the wealth he creates and the new jobs that will last far longer than just the building of some bridge.

    That bridge will bring in new illegal immigrants who will need free health-care and schools for da chilluns. you could be a health care professional under the new universal system, you will make a pile of money or a teacher in a school system that is jacking it’s employees around for their contractual raise.

    doesn’t it all sound wonderful?

  14. Jason S says:
    While most of what you’ve written is accurate and more people should look into it… the thing to remember is that the main drivers of long term deficits are Medicare/Medicaid and Social Security. Entitlement programs that are nearly impossible to claw back. Annual expenditures. Not the bailouts, or any other one time spending plan.

    This is WHY Obama is so determined to reform health care. It’s not so poor people can get coverage, it’s for the reasons you mentioned. Left untouched(no changes) medicare, medicaid and social security will account for almost 100% of the federal budget(factored for growth in GDP) by 2050.

    Health care reform is by far the most necessary thing to do because of the deficits.

  15. just me says:
    So let the house burn down that the republican watched, allowed and gave the matches to.

    You don’t know what happened to Japan do you?

    Quit being a spoiled child. Take some responsibility and realize now that the house is burned the materials it takes to build it again is A LOT MORE EXPENSIVE.

    Why did THE REPUBLICAN PARTY let it get this way?

  16. Stitchin Witch says:
    They haven’t even considered slowing down the spending spree they are on ! I think you have to admit to the problem first !

    It is going to continue every month that people continue to become unemployed, yet they are still voting to spend, spend, spend !

    Social Security is not an entitllemnet program people have paid into it there whole life and it would be fine if every democrat congress didn’t use it for funding the fun things ! They should have kept there hands out of it like they where supposed to !

  17. Dave C says:
    Why are you asking the same question… I do notice that you added the FDR part after I called you out on Reagon.
    However, my answer is the same…

    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.

    The main difference between FDR and Republicans… FDR spend to get the US out of a depression. Republicans after Reagan spent because the Great Reagan did it. Also, it was Nixon that took the US off the Gold standard…. Before, the US “kept” enough gold to cover the paper out in circulation.

    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… Inflation imaginary… No it’s real… it’s just imaginary in this economic crisis.

    Since you’re the “expert”, how do you explain inflation being low to negative right now?

  18. Memphis says:
    Its called….hyperinflation.

    Itll fix the problem.

  19. bluelotussmellslikebananas says:
    They think that since Bush spent, Obama can too even if it’s far more. Two wrongs don’t make a right.

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player