Government Economists: America Faces The Biggest Budget Deficit In History

Commentary:

Obama in 2006:

‘Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.’
– Barack Obama

And now Obama has increased the national debt more than all other US Presidents in history combined.

Elite puppet President Obama is serving his elite masters agenda to bankrupt America and to destroy the US dollar.

And he is doing a much better job than former elite puppet President G. W. Bush.

Some quotes:

“When a country embarks on deficit financing and inflationism you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
– Ron Paul

“Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.”
– Ron Paul

“There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.”
– John Adams

“The one aim of these financiers is world control by the creation of inextinguishable debts.”
– Henry Ford

“I wish it were possible to obtain a single amendment to our Constitution — taking from the federal government their power of borrowing.”
– Thomas Jefferson

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. … This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
– Alan Greenspan

“By a continuing process of inflation ( = quantitative easing = printing money), governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
– John Maynard Keynes

“Capital must protect itself in every way… Debts must be collected and loans and mortgages foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by the central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principle men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd.”
– J. P. Morgan

“The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury…and has created out of nothing a … debt which the American people are obliged to pay with interest.”
– Wright Patman

Facts:

– US Government Borrows 40 Percent Of Every Dollar It Spends

– US Government Spends $6.85 Million Per Minute

– Geithner Warns Lawmakers That Failure to Raise US Debt Limit ‘Precipitates a Default by the United States’ With Catastrophic Economic Consequences

– US Debt Has Increased $5 Trillion Since Speaker Pelosi Vowed, ‘No New Deficit Spending’

– Three Horrifying Facts About the US Debt ‘Situation’

Prepare for collapse and the Greatest Depression.

Economists warn cuts will not make a dent in America’s massive deficit
Experts fear his ‘innovate’ rallying cry will actually COST money
Republicans: Spending cuts don’t go far enough
Dow Jones gives mixed response to Obama speech
Federal budget deficit to hit $1.5 trillion this year

President Obama’s rallying cry for Americans to pull together quickly unravelled today as government economists revealed the biggest budget gap in U.S. history.

The weak economy and a new round of tax cuts will push up the U.S. deficit this year to almost $1.5 trillion, according to the Congressional Budget Office.

At 9.8% of the country’s entire gross domestic product, the staggering amount of debt is one of the largest as a share of the US economy since World War Two.

But the camaraderie didn’t last long, with Republican leaders speaking out immediately after the speech to demand much more drastic cuts to close the gaping deficit.

And the backlash began in earnest today when the scale of this year’s expected budget gap was unveiled.

Republicans attacked Mr Obama for doing too little, too late.

‘There’s got to be some kind of absolute iron-clad path to getting spending down,’ said former (elite puppet) presidential candidate John McCain.

In his annual address, Mr Obama walked a fine line by spelling out his philosophical blueprint to recharge the nation’s fortunes with spending boosts in key areas like education and clean energy, while at the same time promising a leaner government and a five-year spending freeze on some domestic programmes.

With an increasingly competitive global economy, the U.S. has no choice but to ‘outinnovate, outeducate and outbuild the rest of the world,’ he said.

Unbowed, the president tried to hammer down the message in a speech today in Manitowoc, Wisconsin – a battleground state that will be critical to his re-election prospects.

He said that while China invested in clean energy technologies ‘we fell down on the job. We weren’t moving as fast as we should have.

‘We’re going to need to go all in. We’re going to need to get serious about winning the future.’

But a top economist insisted that the president’s plan to freeze spending is just ‘spare change’ compared to the size of the deficit.

Speaking at the World Economic Forum in Davos, Switzerland, Nouriel Roubini said major spending reforms were needed and he claimed the US would eventually have to raise taxes for both the rich and the middle class.

In his official response to Mr Obama’s address, Republican House Budget Committee Chairman Paul Ryan insisted the administration’s actions ‘show they want a federal government that controls too much, taxes too much and spends too much in norder to do too much.

‘Endless borrowing is not a strategy,’ he added.

Republican Congresswoman Michele Backmann, a leading figure in the anti-establishment Tea Party movement, added: ‘Instead of cutting, we saw an unprecedented explosion of government spending and debt unlike anything we have seen in the history of our country.’

The National Taxpayers Union Foundation went so far as to calculate the agenda outlined by Mr Obama would cost an additional $20 billion and lead to higher taxes.

‘President Obama’s speech last night hinted at tax reform, and spending restraint, but also opened the door to tax increases and major spending initiatives,’ said NTUF Senior Policy Analyst Demian Brady.

‘Americans heard encouraging words about more efficient government, but little in the way of specifics about spending priorities,’ he added.

Property magnate Donald Trump also took issue of the way Mr Obama held up China as an example to the world in his hour-long speech.

‘I though the low point was when he talked about how great China was,’ said Mr Trump. ‘I understand the Chinese and I understand they are not a friend of this country,’ he added.

There was also some confusion over Mr Obama’s reference to ‘our generation’s Sputnik moment.’

‘Half a century ago, when the Soviets beat us into space with the launch of a satellite called Sputnik¸ we had no idea how we’d beat them to the moon. The science wasn’t there yet. NASA didn’t even exist,’ said Mr Obama.

‘But after investing in better research and education, we didn’t just surpass the Soviets; we unleashed a wave of innovation that created new industries and millions of new jobs,’ he added.

Even though the surprise Soviet launch of the Sputnik missile in 1957 spurred the US to create NASA and eventually win the space race to the moon, critics questioned yesterday whether it was wise to revisit such a low point in the country’s past.

Bizarrely, Manitowoc, a small city on the shores of Lake Michigan, has a connection to the Sputnik – a 20 lbs chunk of the satellite fell from the sky and crashed there in 1962.

Mr Obama said it was a fluke that he chose the city. He wanted to showcase a power technology company called Orion Energy Systems.

But he told supporters: ‘It was part of a satellite called Sputnik that landed right here and that set the Space Race in motion. So I want to say to you today that it’s here, more than 50 years later, that the race for the 21st century will be won.’

By David Gardner
Last updated at 10:29 PM on 26th January 2011

Source: Daily Mail

Obama is now the worst President in the history of the United States of America, because not only did Obama approve and extend all Bush policies, but he also added even more unconstitutional laws and policies to them.

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