Obama cant even control his own budget; nor can Biden

[ericire12]

http://sweetness-light.com/archive/obamas-lived-above-their-means-for-years

It is no surprise that President Obama supports unprecedented spending and borrowing in the federal budget since he has never suffered any consequences from the excessive spending and borrowing in his private life.

And I’m not just talking about the First Lady’s $540 sneakers.

A close examination of their finances shows that the Obamas were living off lines of credit along with other income for several years until 2005, when Obama’s book royalties came through and Michelle received her 260% pay raise at the University of Chicago. This was also the year Obama started serving in the U.S. Senate.

During the presidential primary campaign, Michelle Obama complained how tough it was to make ends meet. During a stop in Ohio, she said, "I know we’re spending - I added it up for the first time - we spend between the two kids, on extracurriculars outside the classroom, we’re spending about $10,000 a year on piano and dance and sports supplements and so on and so forth."

Let’s examine how tough things were for this couple using various public records.

In April 1999, they purchased a Chicago condo and obtained a mortgage for $159,250. In May 1999, they took out a line of credit for $20,750. Then, in 2002, they refinanced the condo with a $210,000 mortgage, which means they took out about $50,000 in equity. Finally, in 2004, they took out another line of credit for $100,000 on top of the mortgage.

Tax returns for 2004 reveal $14,395 in mortgage deductions. If we assume an effective interest rate of 6%, then they owed about $240,000 on a home they purchased for about $159,250.

This means they spent perhaps $80,000 beyond their income from 1999 to 2004.

The Obamas’ adjusted gross income averaged $257,000 from 2000 to 2004. This is above the threshold of $250,000 which Obama initially used as the definition of being "rich" for taxation purposes during last year’s election campaign.

The Obama family apparently had little or no savings during this period since there was virtually no taxable interest shown on their tax returns.

In 2003, they reported almost $24,000 in child care expenses and, in 2004, about $23,000. They also paid about $3,400 in household employment taxes each year. And as Michelle stated, they spent $10,000 a year on "extracurriculars" for the children.

These numbers clearly show the Obamas were living beyond their means and they might have suffered financially during the decline in housing prices had they relied on taking ever larger amounts of equity from their home to pay the bills.

But in 2005, Obama’s book sales soared and the royalties poured in. Michelle explained, "It was like Jack and his magic beans."

Without those magic beans, the Obama family would have eventually suffered the consequences of too much debt.

Obama’s penchant for borrowing in his private life carries over to his public life.

He gave the Congress virtually free rein in writing the huge stimulus bill. He had no reservations whatsoever about the country assuming so much debt. Other Presidents have tried to work out compromises on spending measures since it is ultimately the President who takes responsibility for the consequences.

Obama did make a feeble attempt to control spending when he announced that his cabinet had found ways to reduce federal spending by $100 million. But this is laughable. Compared to an estimated $3.6 trillion federal budget, it is a minuscule 0.0028%.

To put this into the context of the Obamas’ income for 2004 of $207,647, this savings works out to $5.77, or about the price of an arugula salad.

President Obama has never faced consequences in his private life when it comes to managing money. He always had enough money simply by borrowing more and more. And just when things got tight, those magic beans came along to save the day.

But as a nation, we cannot base our future on the hope that some day Jack and those magic beans will also save the rest of us.

Nor can Biden:

http://www.politico.com/news/stories/0509/22580.html

Vice President Joe Biden
may be able to use his $220,000 annual salary to start paying down as much as $465,000 in debt.

According to a disclosure statement released Friday afternoon by the White House, Biden last year carried between $165,000 and $465,000 in debt, including a line of credit he took out last year worth as much as $50,000.

The White House also posted on its blog copies of President Barack Obama’s 2008 disclosure, which showed that Obama continued reaping big royalties from his two books. Additionally, in the days before he was sworn in, he inked a $500,000 agreement with Random House to publish a children’s version of his best-selling memoir, “Dreams From My Father.”

Biden’s literary career was substantially less lucrative. He reported receiving $9,563 from Random House as an advance to record an audio version of his 2007 campaign book “Promises to Keep.”

He also reported that he earned $20,500 from Widener University, where he had been an adjunct law professor since 1991, and that his wife, Jill, earned a teaching salary from Delaware Technical and Community College in Wilmington.

He reported that he and his wife held assets in a variety of funds worth between $115,000 and $465,000.

In addition to the 2008 line of credit, which came from Wilmington Savings Fund and carried a 7.5 percent interest rate, Biden reported taking out a “signature note with monthly payments” and a 9.99 percent interest rate in 2007 from the U.S. Senate Federal Credit Union.

That’s on top of a 10-year home equity loan he took out in 2005 at prime that’s worth between $100,000 and $250,000 and a prime-plus-one loan he co-signed for his son in 1989 worth between $50,000 and $100,000.

By contrast, the Obamas did not report any liabilities, though a White House aide pointed out that they are not required to disclose how much they owe on the 30-year mortgage loan they took out in 2005 to buy their 6,500-square-foot Georgian-revival style home in Chicago for $1.65 million.

Obama reported book royalties worth between $1.1 million and $6 million and assets worth between $1.35 million and $5.6 million in various funds and U.S. Treasury bills.

The disclosure forms, which the White House noted traditionally were provided only in hard copy, list broad value ranges for most assets and liabilities, making true net worth difficult to discern.

[tt11758]

http://sweetness-light.com/archive/obamas-lived-above-their-means-for-years




Nor can Biden:

http://www.politico.com/news/stories/0509/22580.html

You can bet your Aunt Fannie's silk bloomers that if you fill out your "disclosure forms" (1040) that vaguely the nice people from the IRS will be paying you a visit!!

Party of the common man my ass.

[PegLeg45]

You can bet your Aunt Fannie's silk bloomers that if you fill out your "disclosure forms" (1040) that vaguely the nice people from the IRS will be paying you a visit!!

Party of the common man my asshats.

There....how 'bout that?

[tombogan03884]

You can bet your Aunt Fannie's silk bloomers that if you fill out your "disclosure forms" (1040) that vaguely the nice people from the IRS will be paying you a visit!!

Party of the common man my ass.

They will be getting in touch with you if you just blow them off to, unless of course you might get a Cabinet position.

[tombogan03884]

This may have been posted already, but I just received it today

Lou  Pritchett

Foremost Leader in Change Management



Lou Pritchett is one of corporate America 's true living legends- an acclaimed author, dynamic teacher and one of the world's highest rated speakers. Successful corporate executives everywhere recognize him as the foremost leader in change management. Lou changed the way America does business by creating an audacious concept that came to be known as "partnering." Pritchett rose from soap salesman to Vice-President, Sales and Customer Development for Procter and Gamble and over the course of 36 years, made corporate history..


 

AN OPEN LETTER TO PRESIDENT OBAMA


Dear President Obama:


 

You are the thirteenth President under whom I have lived and unlike any of the others, you truly scare me. 


 

You scare me because after months of exposure, I know nothing about you.


 

You scare me because I do not know how you paid for your expensive Ivy League education and  your upscale lifestyle and housing  with no visible signs of support.   


 

You scare me because you did not spend the formative years of youth growing up in America and culturally you are not an American.


 

You scare me because you have never run a company or met a payroll.


 

You scare me because you have never had military experience, thus don't understand it at its core.


 

You scare me because you lack humility  and 'class', always  blaming others.   


 

You scare me because for over half your life you have aligned yourself  with radical extremists who hate America and you  refuse to publicly denounce  these radicals who wish to see America fail.


 

You scare me because you are a cheerleader for the 'blame America ' crowd and deliver this message abroad.


 

You scare me because you want to change  America to a European style country where the government sector dominates instead of the private sector.

You scare me because you want to replace our health care system with a government  controlled one.


 

You scare me because you prefer 'wind mills' to responsibly capitalizing on our own vast oil, coal and shale reserves.


 

You scare me because you want to kill the American capitalist goose that lays the golden egg which provides the highest standard of living in the world.


 

You scare me because you have begun to use 'extortion' tactics against certain banks and corporations.


 

You scare me because your own political party shrinks from challenging you on your wild and irresponsible spending proposals.


 

You scare me because you will not openly listen to or even consider opposing points of view from intelligent people.


 

You scare me because you falsely believe that you are both omnipotent and omniscient.


 

You scare me because the media gives you a free pass on everything you do.


 

You scare me because you demonize and want to silence  the Limbaughs, Hannitys, O'Relllys and Becks who offer opposing, conservative  points of view.


 

You scare me because you prefer  controlling over governing.


 

Finally, you scare me because if you serve a second term I will probably  not feel safe in writing a similar letter in 8 years.


 

Lou Pritchett

[Sponsor]

[runstowin]

You scare me because I do not know how you paid for your expensive Ivy League education and  your upscale lifestyle and housing  with no visible signs of support.   

Can you say bought and paid for?

[PegLeg45]

Speaking of letters to BHO, I got this in an email today. Supposedly from a teacher but snopes said she denies writing it, and they have yet to prove the validity of it.
Regardless, it says a mouthful.

http://www.snopes.com/politics/soapbox/ihavehadit.asp

Subject: Excellent Letter

TEACHER SLAMS OBAMA

April 17, 2009
The White House
1600 Pennsylvania Avenue NW
Washington , DC 20500

Mr.. Obama:

I have had it with you and your administration, sir. Your conduct on your recent trip overseas has convinced me that you are not an adequate representative of the United States of America collectively or of me personally. You are so obsessed with appeasing the Europeans and the Muslim world that you have abdicated the responsibilities of the President of the United States of America. You are responsible to the citizens of the United States. You are not responsible to the peoples of any other country on earth.
I personally resent that you go around the world apologizing for the United States telling Europeans that we are arrogant and do not care about their status in the world. Sir, what do you think the First World War and the Second World War were all about if not the consideration of the peoples of Europe? Are you brain dead? What do you think the Marshall Plan was all about? Do you not understand or know the history of the 20th century?
Where do you get off telling a Muslim country that the United States does not consider itself a Christian country? Have you not read the Declaration of Independence or the Constitution of the United States ? This country was founded on Judeo-Christian ethics and the principles governing this country, at least until you came along, come directly from this heritage. Do you not understand this?
Your bowing to the king of Saudi Arabia is an affront to all Americans. Our President does not bow down to anyone, let alone the king of Saudi Arabia. You don't show Great Britain , our best and one of our oldest allies, the respect they deserve yet you bow down to the king of Saudi Arabia. How dare you, sir! How dare you! You can't find the time to visit the graves of our greatest generation because you don't want to offend the Germans but make time to visit a mosque in Turkey. You offended our dead and every veteran when you give the Germans more respect than the people who saved the German people from themselves.
What's the matter with you?
I am convinced that you and the members of your administration have the historical and intellectual depth of a mud puddle and should be ashamed of yourselves, all of you.
You are so self-righteously offended by the big bankers and the American automobile manufacturers yet do nothing about the real thieves in this situation, Mr. Dodd, Mr.. Frank, Franklin Raines, Jamie Gorelic, the Fannie Mae bonuses, and the Freddie Mac bonuses. What do you intend to do about them? Anything? I seriously doubt it. What about the U.S. House members passing out $9.1 million in bonuses to their staff members - on top of the $2.5 million in automatic pay raises that lawmakers gave themselves? I understand the average House aide got a 17% bonus. I took a 5% cut in my pay to save jobs with my employer. You haven't said anything about that. Who authorized that? I surely didn't! Executives at Fannie Mae and Freddie Mac will be receiving $210 million in bonuses over an eighteen-month period, that's $45 million more than the AIG bonuses. In fact, Fannie and Freddie executives have already been awarded $51 million - not a bad take. Who authorized that and why haven't you expressed your outrage at this group who are largely responsible for the economic mess we have right now.
I resent that you take me and my fellow citizens as brain-dead and not caring about what you idiots do.
We are watching what you are doing and we are getting increasingly fed up with all of you.
I also want you to know that I personally find just about everything you do and say to be offensive to every one of my sensibilities. I promise you that I will work tirelessly to see that you do not get a chance to spend two terms destroying my beautiful country.

Sincerely,
Every real American
P.S. I rarely ask that emails be 'passed around'...PLEASE SEND THIS TO YOUR EMAIL LIST...it's past time for all Americans to wake up!

Ms Kathleen Lyday
Fourth Grade Teacher
Grandview Elementary School
11470 Hwy. C
Hillsboro , MO 63050
(636) 944-3291 Phone
(636) 944-3870 Fax

[tombogan03884]

I sent it so it doesn't matter what Snopes says it HAS been sent to him. And I added

In closing I will point out that I had overtime until you were nominated, and I had a job until you were sworn in.