Mar 17

‘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.’

Exactly right!


The latest posting from the Treasury Department shows the National Debt has increased over $2 trillion since President Obama took office.

The debt now stands at $12.6 trillion. On the day Mr. Obama took office it was $10.6 trillion.

President George W. Bush still holds the record for the most debt run up on his watch: $4.9 trillion. But it took him over four years to rack up the first two trillion dollars in debt. It has taken Mr. Obama 421 days.

But the Obama Administration routinely blames the Bush Administration for inheriting a budget surplus and turning it into years of record-breaking deficits and debt — and then leaving it on the doorstep of the new president.

“I walked into office facing a massive deficit, most of which was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program,” Mr. Obama said last month in a speech to corporate executives at a Business Roundtable conference.

“When we walked in, we had a deficit of $1.3 trillion and projected debt over the course of a decade of $8 trillion,” he told the CEOs on February 24th. “The lost revenue from this recession put us in an even deeper hole. And the steps we took to save the economy from depression last year have necessarily added to the deficit — about $1 trillion, compared to the $8 trillion that we inherited.”

The most the administration says it can do is try to slow the growth of the National Debt – but its own forecasts show it doesn’t look promising.

In the 2011 federal budget released last month, the administration projects the National Debt will soar ever upward to over $25 trillion in the year 2020. The total debt will amount to more than 100 percent of the national economy as early as 2012.

Mr. Obama frequently argues that one of his reasons for seeking to overhaul health care coverage in America is the costs it imposes on the government. He says “the status quo on health care is simply unsustainable.”

He warns that if his health care plan is not enacted, “our government will be plunged deeper into debt.”

In the belief that politicians lack the resolve to make the tough decisions needed to reduce annual deficits and slow the growth of the debt, the president signed an Executive Order last month creating a National Commission on Fiscal Responsibility and Reform to recommend steps the government can take to balance the budget by 2015 – excluding interest payments on the National Debt.

Mr. Obama set a December 1st deadline for the Commission to vote on its final report.

Posted by Mark Knoller
March 16, 2010 5:13 PM

Source: CBS NEWS

The elite puppet US government and the Fed are destroying America:

China concerned about US dollar, wants reassurance

Gerald Celente: ‘It’s the greatest bank robbery in world history and the banks are doing the robbing.’

Dylan Ratigan & Eliot Spitzer on The Lehman Brothers Report

US budget deficit hits record $221bn, the largest monthly deficit in history

US Taxpayers on Hook for $5 Trillion of Fannie, Freddie Debt … No Matter What Barney Frank Says

US: 43% Have Less Than $10k For Retirement

Marc Faber on CNN: The Patient is Already Dead

Obama Administration Using Accounting Gimmicks That Would Make Enron ‘Blush,’ Says Republican Lawmaker

Bizarre? Now this is bizarre! Audit the Fed banksters NOW!

US Senator Judd Gregg Warns of ‘Financial Meltdown’ Risk

Rep. Ron Paul Grills Ben Bernanke on Saddam Hussein, Watergate and the Fed

US Unveils Plans For New $1 Billion High-Security Embassy In London — The Most Expensive It Has Ever Built

FDIC Report: ‘We Were Broke And Getting Broker’

US: Millions of Unemployed Face Years Without Jobs

US: Wealth Disparities Approaching 1920s Levels

Judge Napolitano and Angela Keaton on Freedom Watch: Obama’s Bush Foreign Policy

Rep. Ron Paul At CPAC 2010: ‘We Are On The Brink Of A Financial Cataclysmic Event.’

Obama Signs Law Raising Public Debt Limit from $12.4 Trillion to $14.3 Trillion

Societe Generale Chief Strategist Albert Edwards: Theft! Were the US & UK central banks complicit in robbing the middle classes?

How to invest for a global-debt-bomb explosion; Prepare for an apocalyptic anarchy (Market Watch)

Marc Faber on CNBC: All Governments Will Default On Their Debt, Including The US

Cynthia McKinney at Munich Germany NATO Peace Rally: ‘My Country Has Been Hijacked By A Criminal Cabal’

Report: 1 in 5 US Homeowners Underwater; Foreclosures at Record High

Another lie:
President Obama’s Pledge Never to Raise Taxes on Anyone Making Less Than $250,000 a Year

Rep. Alan Grayson: ‘20 Percent Of Our Accumulated Wealth Over The Course Of 2 Centuries Gone in 18 months!’

Paul Craig Roberts: It Is Now Official: The U.S. Is A Police State

Prof. Russell Roberts Testifies Before House Committee: ‘I Want My Country Back!’

Director of National Intelligence Says US May Kill Americans Abroad

President Obama Ups Pakistan Drone Strikes in Assassination Campaign

The New Vision of the Obama Administration: War Without End

Pentagon’s New Record Black Budget Tops $56 Billion

Rep. Ron Paul on Obama seeking to assassinate ‘US citizens’ he labels as terrorist

White House to Paint Grim Fiscal Picture: Another Record Budget Deficit

US: GDP Mirage – The Last Hurrah

Controller: Pennsylvania Capital Should Weigh Bankruptcy

Marc Faber: Obama Makes Bush Look Like a Genius

Obamanomics: Why Did the ‘Stimulus’ Fail to Help the US Economy?

Paul Craig Roberts: How Wall Street Destroyed Health Care – Greed, Be Thou My God

Ron Paul: US Foreign Policy is Bankrupting America

Rep. Ron Paul: State of the Republic Address – ‘Dangerous Times Indeed.’

America’s Impending Master Class Dictatorship! (MUST-READ!)

The CFR Controls American News/Media

Senate Proposes Increasing US Debt Limit to $14.3 Trillion: “If Congress does not enact this legislation, and soon, then the Treasury would default on its debt for the first time in history,” said Senate Finance Committee Chairman Max Baucus

US: Unfunded Benefits Dig States’ $3 Trillion Hole

Illinois enters a state of insolvency: ‘We’re close to de facto bankruptcy, if not de jure bankruptcy.’

The No.1 Trend Forecaster Gerald Celente: Financial Mafia Controlling US and Wall Street

Peter Schiff: The Lunacy of US Government Programs

– Former Dean of Harvard College Harry R. Lewis: Larry Summers, Robert Rubin: Will The Harvard Shadow Elite Bankrupt The University And The Country?

Experts: Dollar Crisis Looms if US Doesn’t Curb Debt

Marc Faber on Coming Sovereign Debt Crisis: Next Countries to Default are the US, Japan and the ‘PIIGS’

Fitch: US Must Cut Spending To Save AAA Rating; US December Deficit Nearly Doubles

The Coming Sovereign Debt Crisis

US slides deeper into depression as Wall Street revels

PIMCO’S Bill Gross: ‘Let’s Get Fisical’ (… or why the US will not make it.)

Barack Obama’s Health Care Lies And Reversals

US sheds 85,000 jobs in December; Record 40% Of Unemployed Without Job For 27+ Weeks

Peter Schiff on Fast Money: ‘America is broke’; ‘The Fed created a currency crisis’; ‘Dollar to collapse 50-70% or more’

US: Public Pensions Face $2 Trillion Deficit

U.S. Avoids Technical Default By Three Days

As an American, I refuse to buy mandatory health insurance … that supports Big Pharma

The US Government Is Preparing For Collapse: Your Legal Right To Redeem Your Money Market Account Has Been Denied

Prof. Dr. David Michael Green: Now I’m Really Getting Pissed Off … With Obama

US Treasuries Post Worst Performance Among Sovereign Markets In 2009

US losses will top $400 billion on Fannie Mae and Freddie Mac

US: More Ammo For The Treasury Bazooka

US government wants farmers to use coal waste on fields

The No.1 Trend Forecaster Gerald Celente: The Terror And The Crash of 2010

We’re Screwed! Hyperinflation like in the Weimar Republic; Great Depression worse than in the 1930s

US Congress: Banksters Get $4 Trillion Gift From Barney Frank

Traitor in chief:
Treason: Obama gives INTERPOL immunity from the Constitution (Amending Executive Order 12425)

Peter Schiff on Obamacare, Freddie Mac & Fannie Mae: The Nightmare Before Christmas

Obama administration backs Fannie Mae and Freddie Mac no matter how big their losses may be

Rep. Dennis Kucinich: US War Presidents ignore Congress and Constitution

Obamacare: Big payoffs to senators on health bill stoke public anger

US: Trillions Of Troubles Ahead

Chinese central banker Zhu Min: ‘The world does not have so much money to buy more US Treasuries.’

Obamacare: Change Nobody Believes In

Obama’s surge comes at a cost: At least $57,077.60 per minute

US National Debt Tops Debt Limit

Hypocrite in Chief (Funny):
President Obama: Another Busy Day in The Oval Office!

Fascism in America: By Political Definition The US Is Now Fascist, Not A Constitutional Republic

John Williams of Shadowstats: Prepare For The Hyperinflationary Great Depression

Liar in Chief (NOT funny!!!):
Barack Obama Lies 7 Times In Under 2 Minutes!!!!!

Robert Fisk, The Independent’s award-winning Middle East correspondent: Obama is a Disaster, Worse than Bush

Rep. Dennis Kucinich: ‘These Wars Are Corrupting The Heart Of Our Nation!’

Famous Investor Jim Rogers: Incompetence In Washington, Abolish The Fed And The Treasury

Rep. Dennis Kucinich: The Truth About Afghanistan

Obama’s Big Sellout (Rolling Stone Magazine)

Obama administration to lift debt ceiling by $1.8 trillion

Climategate: President Obama’s rule by EPA decree is a coup d’etat against Congress, made in Britain

Obama administration tells Pakistan: Tackle Taliban or we will

MSNBC Rachel Maddow: War President Obama

Ron Paul: ‘Obama is Actually Preparing Us For Perpetual War’

–  Afghanistan Surge to Cost At Least $40 Billion, That Is $1.333.333 For One US Soldier Per Year

Rep. Brad Sherman: Geithner rejects $1 trillion limit on bailout power (Section 1204 is unlimited in dollar amount!)

Liar in Chief (Over 300 soldiers died in 2009 because of this lie!!!):
Obama: ‘I will promise you this, that if we have not gotten our troops out by the time I am President, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank.’

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