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Wednesday, May 19, 2010

Even some advisors to the President realize that debt is a problem

I'm shocked. When someone associated with this administration actually says something true I have to wonder: are they feeling ok?

Here is your link.

Here is a quote in the article from the former Federal Reserve Chairman Paul Volcker, a top outside adviser (what does that mean exactly?) to President Barack Hussein Obama:

“In the United States, we don’t seem to me to share the same sense of urgency” as countries such as Ireland, Volcker said in his speech. “The time we have is growing short” and “there are serious questions, most immediately about the sustainability of our commitment to growing entitlement programs.”
Did he mean what I think he did? That we may not be able to afford welfare, social security, and government employee retirements!? Cities will burn over that one.

Any kind of government redistribution scheme is always a one way street. Once it is started there is almost no way to stop it or end it. I thought this would be obvious to anyone by now, but I guess not because we just decided to hand over health care to the government. Good luck repealing that mess egardless of the election results.

Back to the article:
The Obama administration is forecasting a record annual budget deficit of $1.6 trillion. The shortfall is projected to be $10 trillion over the next 10 years, with interest payments on the debt forecast to quadruple to more than $900 billion annually.
You can count of government estimates and predictions about deficits and debts to be very optimistic. I wouldn't be surprised if the 10 year shortfall isn't twice what they are currently predicting.

I think he decided to underplay things a little with this one:
Sovereign debt is becoming an issue “most pointedly in the euro zone” and is “potentially of concern among some of our own states,” Volcker said.
Are you kidding? Does he think nobody is paying attention? Has this guy ever heard of California? Even in Texas, where the economy is doing better than most of the country, the deficit is expected to be more than $10 billion.

$10 billion is "potentially of concern"!?

I liked this part:
Europe’s woes are unlikely to derail the U.S. economy, which is undergoing a “subnormal” recovery, Volcker said in response to audience questions.
That is kind of like saying that Ted Kennedy is undergoing a subnormal recovery from 50 years as a pickled can of Crisco.

Now we get to the heart of the big government view of the nation:
The U.S. has reached its limit on corporate and income taxes, and there isn’t an “easy way” to raise more revenue under the current system, he said, calling a carbon tax “an interesting thing to do.”
If in debt, raise taxes. I wish I could do that in my life. Imagine going out and buying a bunch of new stuff and then being able to go to work and demand more money - and actually getting it.

If I LOL'd at the last bit, I felt like a frozen brick had been dropped into my stomach at this part:
“Any thoughts that participants in the financial community might have had that conditions were returning to normal should by now be shattered,” he said. “We are left with some very large questions: questions of understanding what happened, questions of what to do about it, and ultimately questions of political possibilities.”
It's all about power. Do you remember hearing something like this before from this administration?

May God help us. We're going to need it.

1 comment:

chinasyndrome said...

Subnormal recovery.Does that mean bankers and politicians make money while taxpayers go broke?



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