Obama Threatens to Bankrupt the Country!
December 19th 2009 15:15
Obama threatens to bankrupt the country if he isn’t allowed to turn the country communist. But we know that is an idle threat. Why the only way the country could be bankrupted is if we were dumb enough to elect an inexperienced, America hating, Marxist moron as president. And Goodness knows, that will never happen.
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Will Barack Hussein Obama accomplish his goal of bankrupting the United States? Does Obama hate us more than the Chinese Premier hates us? After all the Chinese Premier does not want to turn the dollar into toilet paper.
By poetryman69
In North Korea, the government is trying to stamp out capitalism by destroying the value of the currency. Basically the citizens will be able to swap out a certain amount of currency for new money. The rest will be deemed illegal and therefore worthless. So this is how real communist devalue their currency.
How will our faux communist who call themselves progressives or liberal democrats do it.
Marxists/Maoists of the Chairman Hussein administration will first borrow and print so much money that the dollar will become worthless. At the same time Barney Frank and the Chairman Barack Hussein Obama’s pay czar will cap the pay of all Americans.
Finally, given that Chairman Obama already has control over wall street and the banks, he will declare an emergency and seize all remaining assets.
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Either Obama is right and he can truly cut $500 billion of waste, fraud and abuse out of the Medicare budget or Medicare dependent seniors must die when $500 billion is cut from muscle and bone because there really wasn’t that much fat.
No one has identified exactly where this $500 billion of waste fraud and abuse is. Rather President Barack Hussein Obama has given an example or two where money might be wasted and estimated or projected the rest of the savings. What we need to know then is just how good Obama is at projecting things. Do we have an example of where he has made financially based projections? In fact we do. The Obama administration enacted an economic stimulus package. Obama said that the stimulus package would keep unemployment below 8%. Unemployment actually went up to 10%
Is there any more evidence on the government’s ability to estimate costs. Yes. Cash for Clunkers. There original estimate was that the program could be completed for $1 billion. After that estimate was quickly shown to be wrong, they three an additional $2 billion at the problem.
Government Track record
Obama has promised to run up trillion dollar deficits as long as he is president. Doesn’t that mean we are already out of money? Is he going to print the trillions of additional dollars and run up inflation or borrow them from China?
Well maybe our current government isn’t good at managing money, or making estimates or projections. Surely government did a bang up job of these tasks in the past:
In 1966 Medicare cost $3billion. The House Ways and Means committee projected that that the cost in 1990 would be $9 billion. The actual cost was $67 billion.
Different researchers have examined different aspect of Medicare costs but all of them peg the growth in to be at least 7 times higher than projected. Remember that the next time someone in government tells you how much Universal health care will cost in 10 years.
The government has over $50 trillion in unfunded liabilities before Universal Health Care comes in. Since we don’t know where all that money is coming from, where will money for health care on top of this come from?
To be entirely fair to government, health care is not the only place they have mismanaged costs, consider the list below. It was the US federal government lack of oversight and mismanagement of the first item in the list that bankrupted almost all the world economies.
1. Fannie Mae and Freddie Mac
2. Amtrak
3. Senate Restaurant
4. Medicare and Medicaid cost containment and control
5. Paying for social security over the next 50 years
6. Presenting a balanced budget every year
7. Reducing the Deficit to zero
8. Reducing the National Debt to zero.
9. The post office
There are no economic reasons to give the government more control over health care given that it has financially botched everything it has touched. Government healthcare is a political move not an economic one.
If Obama is trying to trash the dollar, destroy capitalism, and reduce the United States to a third world nation, he needs to do health care reform. Those who don’t want those things to happen must oppose health care reform.
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Comment by katyzzz
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I find it laughable that no one wants to question him on his decisions. The same happened in NYS with Patterson, who has taken our state below poverty level and on the brink of bankruptcy.
Comment by S.L.
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