A clueless and disconnected Obama as August 2nd looms – Illinois Review

July 7, 2011

Obama had the audacity to mock legislators at his press conference on July 29 for not being serious about dealing with the looming August 2nd debt ceiling issue, even blasting those who receive Private Jet Tax breaks created by Obama in his own stimulus program, in what became a venue for playing the blame game.

As Obama has no place left to go after all his failed attempts to grow the economy and likewise remains clueless as to what would lead to job creation, Obama, in a display of class warfare, called for taxing the rich to deal with this nation’s more than $14 trillion in debt with $62 trillion in total liabilities which already hangs like a lead weight around the neck of this nation’s economy.

Even if the wealthy were to relinquish all sources of wealth to the government, it would nary put a dent in the staggering amount of this nation’s debt.  Instead, this nation would become further engulfed in an unsustainable straight jacket of debt that even a Hundi-like financial guru would find impossible to escape from.

Does August 2nd really represent the drop dead date as determined by Treasury Secretary Timothy Geithner?  Will the sky really fall if the August deadline is missed?  And how serious is all the hype by legislators who want to raise our nation’s debt limit by $2 trillion without making permanent reforms in our fiscal policies?

Senate Majority Leader Harry Reid (D-Nev.) did cancel the July 4 recess so lawmakers can continue to focus on deficit-reduction negotiation.  President Obama has evidently decided that taking a break for the Independence Day holiday weekend at Camp David took precedence over staying in Washington, D.C. to roll up his sleeves to work with legislators.

If truth were permitted to prevail, both immediately and long after the debt limit is reached, the government would have far more than enough revenue coming in that could be used to pay interest on the debt, all SS obligations, all Medicare and Medicaid obligations, all Defense contractor bills, all Veterans payments, and all active duty troops and still have almost $7 billion left over for other items.

The American people must accept, hopefully sooner rather than later, that the status quo is not acceptable for Medicare or SS as we now know it.  The Greek people are presently learning the hard what a nanny-state mentality has done to their nation.

Raising taxes on job creators and wage providers is not the way to rescue this nation’s floundering economy.  It will only lead to further sabotage.


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