Earth to Obama you can't keep spending like your doing

[rojawe]

Debt commission leaders paint gloomy picture
            Buzz up!3 votes ShareretweetEmailPrint AP – Erskine Bowles speaks during the closing plenary session at the annual meeting of the National Governors …
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By GLEN JOHNSON, Associated Press Writer Glen Johnson, Associated Press Writer – 41 mins ago
BOSTON – The heads of President Barack Obama's national debt commission painted a gloomy picture Sunday as the United States struggles to get its spending under control.

Republican Alan Simpson and Democrat Erskine Bowles told a meeting of the National Governors Association that everything needs to be considered — including curtailing popular tax breaks, such as the home mortgage deduction, and instituting a financial trigger mechanism for gaining Medicare coverage.

The nation's total federal debt next year is expected to exceed $14 trillion — about $47,000 for every U.S. resident.

"This debt is like a cancer," Bowles said in a sober presentation nonetheless lightened by humorous asides between him and Simpson. "It is truly going to destroy the country from within."

Simpson said the entirety of the nation's current discretionary spending is consumed by the Medicare, Medicaid and Social Security programs.

"The rest of the federal government, including fighting two wars, homeland security, education, art, culture, you name it, veterans, the whole rest of the discretionary budget, is being financed by China and other countries," said Simpson. China alone currently holds $920 billion in U.S. IOUs.

Bowles said if the U.S. makes no changes it will be spending $2 trillion by 2020 just for interest on the national debt.

"Just think about that: All that money, going somewhere else, to create jobs and opportunity somewhere else," he said.

[rat31465]

Lets all just hope Obama doesn't find out what comes after a Trillion.

[billt]

I am totally convinced he is deliberately trying to train wreck the economy. As his Chief Of Staff, Rahm Emmanuel has said many times, "You never let a good crisis go to waste. It allows you to do things you otherwise would not be able to do." Hussein believes in this type of operation because he has used it successfully to pass an almost one trillion dollar "Stimulus Plan", Take over the auto industry, as well as several financial institutions. All of this was based on his "prediction" if we did nothing we would fall into an unrecoverable depression. There was absolutely zero proof of that. He created all of it with his, "To big to fail" nonsense. If he succeeds in collapsing the economy, he'll be able to rule in an almost dictator like fashion.

He has the whole European Union shaking their heads about his "keep spending" advice. Everything he does economically is the direct opposite of common sense. It falls under the, "Honey I just lost my job, so lets go shopping for a new Cadillac", philosophy. When people panic they get foolish and desperate. Hussein is simply trying to manufacture that form of panic. Thus far he's been pretty good at it. Most people when hungry and destitute will not pick up a gun and fend for themselves. They'll look to the government for help. In this case it will be the same government that caused the problem to begin with. The whole thing is so convoluted it would be laughable if it were not so sad, AND TRUE!   Bill T.

[mortdooley]

 I believe that Barry really thinks when he destroys the wealth of the middle class that there will be a fair distribution of wealth. He is a puppet for powerful international powers and will never be a servant of the people which is what we elect the President to be.