Obama’s Nazi Debt Camp, America!

Obama’s Hypocritic Promise

While government spending surges 17.5 percent yearly, and revenue plunges 34.1 percent we have a President who is adding gasoline to the fire by expanding entitlement programs faster than America can print the money.

The budget deficit for the current fiscal year is now running at $802.3 billion. Under the terrible Bush Administration the deficit was $153.5 billion just last year.   Obama has dug this country into a budget deficit of more than five times that as 2008.

Comrade President Obama says that the $184 billion in TARP and the $787 billion economic stimulus package was absolutely essential to stop an economic meltdown.

OK then what about a $3.7 trillion dollar budget that requires foreign buyers of Americas debt to run the country when we need fifty cents of each dollar to come from outside the USA to fund governments operation?

Comrade Obama keeps telling the public that he expects that budget conditions will get better soon, even though the administration was just forced to raise its 2009 budget deficit estimate to $1.84 trillion the 2010 deficit estimate jumped 7.4 percent to $1.26 trillion. This means the economy is running a deficit equal 12.9 percent of the U.S. economy, unsustainable and all due to Comrade President Obama’s Marxist-fascist spending programs.

Who cares about medicare’s trust fund running out of money in 2017, and social security reserves running out by 2037, earlier than last year’s projection of 2041.

How does America expect to pay for these welfare programs?  By selling US Treasuries, but hello Comrade President Obama, no one is buying! The latest $14-billion auction of 30-year bonds was a joke as bidding was so  weak  the Treasury had to offer much higher-than-expected interest rates to get buyers to step up to purchase, an omen for the future.  Interest rates will rise to attract dollars to fund Comrade President Obama’s new Totalitarian State of Nazi government spending to send working Americans, their families and future generations into the torture chamber of America’s debtors prison camp.  Welcome to Economic Siberia my fellow comrades, you voted for this!

Given this Recent History Here is the Hypocrisy of Comrade President Obama – No its Confirmation an Outright Lie to the Public or an Example of his Complete Incompetence!

Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ (Update2)

By Roger Runningen and Hans Nichols, May 14 (Bloomberg)

President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”

Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.

Entitlement Programs

In his New Mexico appearance, the president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare. He also said he was confident that the House and Senate would pass health-care overhaul bills by August.

“Most of what is driving us into debt is health care, so we have to drive down costs,” he said.

Obama prodded Congress to pass restrictions on credit-card issuers, saying consumers need “strong and reliable” protection from unfair practices and hidden fees.

“It’s time for reform that’s built on transparency, accountability, and mutual responsibility, values fundamental to the new foundation we seek to build for our economy,” the president said.

Obama called on Congress to send to him by May 25 a bill that would clamp down on what he says are sudden rate increases, unfair penalties and hidden fees. He also wants the measure to strengthen monitoring of credit-card companies.