26 June 2011

Object Lesson From Obamanure.

Be careful of what you say. Some day it COULD come back and bite you in the ass.


This is a speech, Obimbo made on the Senate floor, March 16, 2006. It’s copied directly from the Congressional Record (pages S-2237-8) and it's unaltered (scroll down on the link given above to find pages S-2237 and 2238... for those non-believers.)

Mr. President, I rise today to talk about America’s debt problem.
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.
NOW!
Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ``trillion’’ with a ``T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.
NOW!
Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America. 
And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on. 
NOW!
Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities. Instead, interest payments are a significant tax on all Americans--a debt tax that Washington doesn’t want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies. 
NOW!
But we are not doing that. Despite repeated efforts by Senators Conrad and Feingold, the Senate continues to reject a return to the commonsense Pay-go rules that used to apply. Previously, Pay-go rules applied both to increases in mandatory spending and to tax cuts. The Senate had to abide by the commonsense budgeting principle of balancing expenses and revenues. Unfortunately, the principle was abandoned, and now the demands of budget discipline apply only to spending. 
As a result, tax breaks have not been paid for by reductions in Federal spending, and thus the only way to pay for them has been to increase our deficit to historically high levels and borrow more and more money. Now we have to pay for those tax breaks plus the cost of borrowing for them. Instead of reducing the deficit, as some people claimed, the fiscal policies of this administration and its allies in Congress will add more than $600 million in debt for each of the next 5 years. That is why I will once again cosponsor the Pay-go amendment and continue to hope that my colleagues will return to a smart rule that has worked in the past and can work again. 
NOW!
Our debt also matters internationally. My friend, the ranking member of the Senate Budget Committee, likes to remind us that it took 42 Presidents 224 years to run up only $1 trillion of foreign-held debt. This administration did more than that in just 5 years. Now, there is nothing wrong with borrowing from foreign countries. But we must remember that the more we depend on foreign nations to lend us money, the more our economic security is tied to the whims of foreign leaders whose interests might not be aligned with ours. 
Increasing America’s debt weakens us domestically and internationally. Leadership means that ``the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem [[Page S2238]] and a failure of leadership. Americans deserve better. 
I therefore intend to oppose the effort to increase America’s debt limit.
Suddenly, raising the debt limit is a good idea to Oblahblah. By raising the debt limit, he can fund his socialized medicine program, continue his wealth-redistribution schemes, take over more failing companies, fund more failed stimulus programs, subsidize his state-sponsored media outlets, pour more wasted and counterproductive dollars into unconstitutional departments and agencies, pay for abortions through Planned Parenthood and create more czardoms.

Funny how it'll jump up and bite you in the ass... EVERY TIME, for you, OBIMBO!

4 comments:

  1. Thank you for this most comprehensive perspective on: Obamanomics, the myth of Keynesianism and the continuing saga of our economy circling the drain! I sure hope that your liberal readers will find it enlightening-I hope. Simply stated I thought that reckless borrowing was the main (preventable) reason we initially fell into this mess. How in the World is creating an artificial economy from: excessive taxation, printing (think value subtracted) money and, yes, BORROWING supposed to fix what it started. Unless one believes that a fire can be extinguished by the application of acetone one must repudiate B.O.’s antithetical approach.

    I heard that there was an expression in Texas to the effect “all hat but no cattle”. I think that it refers to those who: excessively exaggerate, brag, spread BS, or just plain LIE! To this end I have a mental picture of our Fraud-In-Chief, B.O. sitting on a chair, facing, perpendicular to the corner of a room with a very tall, perfectly conical hat on.

    As was noted on another Blog today, there is absolutely no common sense reason to retain this mountebank in the office of the Presidency thinking that things will improve and will not just get worse. It was further pointed out, however, that common sense may be uncommon in some voting factions.

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  2. Wow - great post.

    I like the illustrations. they are right on target.

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  3. I forgot to add to the post that I don't know HOW Obimbo found TIME to make that speech. At least 3/4ths of the time he was in the senate, he was campaigning for president. When Oblahblah DID show up it was to vote "Here"... which, when you think about it, was pretty good for everyone concerned; he didn't have a clue of what was going on, anyway.

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  4. BITTER CLINGER-THE ORIGINAL27 June, 2011 10:01

    I’m not big on platitudes but isn’t it true that: “When you find yourself in a hole it’s time to quit digging?” Apparently, "Obimbo" and Company missed this one!

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