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“Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership.” - Senator Barack Obama, in a 2006 floor speech preceding a Senate vote to extend the federal debt limit.
Ah, how I liked THAT Barack Obama back in 2006, when he was railing against the irresponsible fiscal policies of President Bush and his GOP-led Congress. I even went out and bought Obama's book, The Audacity Of Hope. Obama seemed different. He was the post-partisan, responsible voice for change. Obama's book turned out to be pretty light on substance, but his rhetorical fluorishes promised a new kind of politics that could bring left and right together for the betterment of the country.
Too bad it was all rubbish. Obama's idea of bipartisanship is to have Democrats write all the bills, to ignore all Republican suggestions, and to have Republicans sit quietly in the corner and go along with whatever Obama and the Dems want. When Republicans refused to do that, an absolute certainty, Obama and company then demonized them as the "failed policies of the past," the "party of no," "racists," "dividers," "rightwing domestic terrorists (my personal fave)," and so on and so forth.
Speaking of the failed policies of the past, Democrats voted as a bloc against raising the federal debt limit back in 2006, when Obama was allegedly so concerned about shifting bad policy choices onto the backs of our children. Since then, after the Democrats took over Congress and eventually the White House, the debt limit has been raised three times. Now the Senate needs to raise it again, because we are going to exceed the current $12 trillion debt limit next month. We're going to have to keep on raising it too, because both the White House and Congressional Budget Office agree that Obama and the Democrats are going to add another $9 trillion to the debt (and the Dems have lots MORE groovy new spending plans they haven't implemented yet.) Apparently, Obama isn't quite so concerned about the burdens our children will have to bear anymore. Instead, he has declared open season on their futures. Ironically, it's the young people who seem to support Obama the most. Go figure. It's like falling in love with your executioner.
The rest of the world has taken notice of America's massive financial irresponsibility and is proposing changes. China wants to back away from buying U.S. debt, alarmed over massive American money printing (backed by nothing). China sees rampant U.S. inflation coming as soon as the recession ends. Can't argue with them there. The UN wants to move to a new world currency other than the dollar for similar reasons. The dollar just hit a new low for the year, and we're still hemorrhaging jobs at an alarming pace, with unemployment at a 26-year high. In addition, the FHA, which has taken over as the new securitized subprime mortgage lender of choice after the private lenders stopped making those boneheaded loans in the wake of the housing meltdown, is coming perilously close to not meeting it's 2% reserve requirements, as the economy continues to tank and foreclosures continue to rise. A new bailout for the FHA, perhaps ? Hey, why not ? What's another $100 billion these days ?
So naturally, with all this "good" news abounding, our Vice President, Joe Biden, recently declared, "The recovery act has played a significant role in changing the trajectory of our economy." Sure, Joe, whatever you say. Everything's going great. Keep creating your own reality. Pay no attention to the man behind the curtain.
When all is said and done, the plans of the Democrats are the same as they always are, and as simple as the directions on a bottle of shampoo - Spend. Tax. Repeat.
The children be damned.