Mr President, Mr President, A Few Questions!!!

President Obama, can I ask you a few questions?

In 2006, you said:

'Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined.

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities.

Our debt also matters internationally...Increasing America’s debt weakens us domestically and internationally.

America has a debt problem and a failure of leadership. Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren.Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.'

First, let me say, 'Bravo!'  You were 100% correct back on 16 March 2006.  I couldn't have said it better myself!

During your Presidency, Mr Obama, we've added around $6.7 trillion in debt and now have an estimated $17.25 trillion national debt, according to your own White House Office of Management and Budget.

If spending on Medicaid, the State Children's Health Insurance Programme, education, homeland security, transportation, and veterans' benefits were adversely impacted when the debt was $8.6 trillion, how will they be impacted now that the debt is $17.25 trillion and heading much higher?

With $17.25 trillion in debt, $222 trillion in unfunded future liabilities (PV), the Federal Reserve EXPLICITLY planning to devalue the USD by 33% over the next two decades in order to shave 20% off of LAST YEAR'S DEBT LEVEL, how well will we be able to 'take care of the poor' in the future?

How will the purchasing power of the middle class be impacted by currency debaunchment?

What will happen to 'The Children!!!'?

Whatever will you do about income inequality?

How will the Federal Reserve's monetisation of our debt affect our national security - both domestically and internationally?

Whomever will you blame when the government is unable to OPEN - forget shut down - due to complete economic and societal collapse?

When you became President, did you somehow become able to reverse the effects of debt and its service about which you so eloquently spoke in 2006?

When you made your comments on 16 March 2006, the outstanding public debt was $8,271,005,203,336.67. You argued that this figure was jeopardising us both domestically and internationally. I agreed. I still agree.

Today, the outstanding public debt is $16,747,468,940,509.72 according to the Treasury and estimated at $17.25 trillion according to the OMB.

Why would $8.3 trillion be a grave threat to the country, but $16.8 trillion (or $17.25 trillion) and going higher not be?

Please just explain this to me.

It’s should all be so very simple since you explained it all to us back in 2006.



UPDATE:

From the Congressional Research Service:

On 02.17.09, the debt ceiling was increased by $789 billion (P.L. 111-5) from $11.315 trillion to $12.104 trillion.

On 12.28.09, the debt ceiling was increased by $290 billion (P.L. 111-123).

On 02.12.10, the debt ceiling was increased by $1.9 trillion (P.L. 111-139).

On 2 August 2011, President Obama signed the Budget Control Act of 2011 into law, which increased the debt ceiling by $2.1 - $2.4 trillion in three stages.  Upon his signature, the debt ceiling was increased by $400 billion.  The second tranche of $500 billion was triggered on 22 September 2011.  On 01.12.12, presidential certification triggered a third, $1.2 trillion increase on 28 January 2012.

Federal debt reached its limit on 12.31.12. 'Extraordinary measures' were estimated to allow payment of government obligations until mid-February or early March 2013. H.R. 325, which suspended the debt limit until 19 May 2013, was passed  by the House on 01.23.12 and by the Senate on 01.31.13.  Obama signed it into law on 02.04.13.

According to the White House Office of Management and Budget, those 'extraordinary measures' amount to about $550 billion, which means that $6.7 trillion has been added to the national debt under the Obama presidency and we now have an estimated $17.25 trillion national debt.

For those keeping score at home, that adds up to $5.929 trillion in debt ceiling increases and 'extraordinary measures' on Obama's watch, which has lasted 4 years, 8 months, and 15 days so far.

Under BOOOOOOOOOOOOOSH?

Per the CRS:

06.28.02: $450 billion (P.L. 107-199)

05.27.03: $984 billion (P.L. 108-24)

11.19.04: $800 billion (P.L. 108-415)

03.20.06: $781 billion (P.L. 109-182)

09.27.07: $850 billion (P.L. 110-91)

07.30.08: $800 billion (P.L. 110-289)

10.03.08: $700 billion (P.L. 110-343)

That totals to $5.365 trillion in debt ceiling increases over a span of 8 years.

Again, Obama has increased the debt ceiling by $5.929 trillion in 4 years, 8 months, and 15 days.

But, you see, according to JustTheЯ3t@rD, $5.929 trillion is 1/3rd of $5.365 trillion or something.

UPDATE II:


In 2010, John Kitchen of the US Treasury and Menzie Chinn of the University of Wisconsin published a study entitled: ‘Financing U.S. Debt: Is There Enough Money in the World—and At What Cost?’ 

By 2020, Kitchen and Chinn project the amount of US Treasury debt that foreign governments will have to buy in order to finance our spending and debt will have to rise to about 19 percent of the rest of the world’s GDP, which they say is . . . do-able . . . BUT TOTALLY NEVER GONNA HAPPEN UNREALISTIC. 

Whether the rest of the world will want to do it is another matter. A future that presumes the rest of the planet will sink a fifth of its GDP into U.S. Treasuries is no future at all.

Progs always say that we are 5% of the world’s population, but use 25% of the planet’s resources, which, according to them, is a very bad, racist, imperialistic, oppressive, selfish, and mean thing to do.

Evidently, being 5% of the world’s population and expecting the equivalent of the Coolies to build our modern-day railroads, which are known as Obamacare, Social Security, Medicare, free college, subsidised housing, cradle-to-grave welfare, etc., BY DEMANDING THAT THE REST OF THE WORLD SPEND 19% OF THE GLOBAL GDP EVERY YEAR ON US TREASURIES beginning in 2020 while we sit on our couches eating Twinkies watching American Idol while our solar-panel-generated air conditioners are blasting away because ‘we are so trying to save the planet, man’ is perfectly acceptable.



Related: 

Debt Ceiling Fights? Designed By The Founding Fathers

To Lead Is to Negotiate

Pic of the Day: Chicago Tribune Nailed Barack Obama...In 1934!!! 

Shutdowns Have Been Frequent Tools Of Policy. Just Ask Reagan.

The Hypocrisy Of Barack Obama And Democrats On Raising The Debt Ceiling Is Nothing Short Of Stunning

Chart of the Day: How Did Senators Vote Concerning The Debt Limit In 2006?

Don't Shutdown The Government. Let's Give 'Em The Full Rostenkowski!



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