In a speech at the Business Roundtable headquarters in Washington, D.C., Obama dismissed concerns about raising the debt ceiling by noting that it'd been done so many times in the past:
"Now, this debt ceiling -- I just want to remind people in case you haven't been keeping up -- raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you've already racked up, Congress. It's a basic function of making sure that the full faith and credit of the United States is preserved."
42 comments:
it does not somehow promote profligacy.
Right. Sitting at a bar doesn't make an alcoholic likelier to drink either.
It depends on what the meaning of the word 'our' is.
And every time it was raised, the debt managed to grow.
Watta coinkydink!
raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you've already racked up,
Ummm.... if you have to BORROW MORE money than you are going to be earning or will be receiving in the next year, to pay for the things that you spent money on last year then several things have or may have occurred
1. You overspent. Blew your wad. Blew the budget....Oh wait! We have no budget.
2. You under anticipated the next year's income or revenue and didn't budget for the income drop. Oh...yeah....no budget.
3. If you did #1. You have raised your debt amount.
4. If you did #2 you are in more debt than you have income. Your budget isn't balanced. Budget....hmmmmm....there is that word again
5. If you did #1 and #2 you are in such deep doo doo** that you are never going to get out of it. Declare bankruptcy.
** deep doo doo...professional financial planning term.
When GWB was pres, Obama had a very low opinion of raising the Debt ceiling.
Memory hole.
Look he lies. He has since he was first ran for office. Nothing new here.
"Reality is not reality when I, the great and powerful food stamp King Obama, says it is so. My media sycophants will make sure this non-reality is reality. 2+2 =5."
Its not that "he can say anything and get away with it" that is the problem... although that is bad enough.
The bigger problem is when Obama turns into a Cirrus/Beaver/Lohan creature because there is no adult supervision... or the train wreaking the country is itself the value if only for entertainment.
Its harder to distinguish the culture from the governing. the culture is governing.
Look I have seen this before. He is David Dinkins on a national level.
After Dinkins will come Giuliani.
I think Rand Paul has a good chance to be that Giuliani figure.
Folks, Anyone who is going to make the changes that REALLY need to be done. I'm talking SLASHING govt., not cutting it. I'm talking taking govt. out of our lives. This person will not come from the duopoly we have been burdened w/ for generations. If you look for saviors in either party it is a pipedream.
God, he is a lousy liar and a dope.
And yet he's been elected twice.
You are not going to find a savior. Giuliani was certainly not a savior. He was a flawed vessel. But he turned back to basics. He got the cops to enforce the law. He got people to work instead of just collecting welfare. He stood up to the racial arsonists.
A new President could do that. He could put a halt to the National Security State that monitors our every email. He could get us out of these never ending foreign entanglements. He could open up drilling and fight the crazy environmentalists.
We can't let the perfect be the destruction of the good.
It is possible to be technically correct and be totally morally wrong.
How you define debt ceiling is crucial. If you define it as total dollar amount of debt (which is how I think Obama is doing) or as debt to income, makes a big difference. Isolating the amount of debt from the income you have to repay it is foolish. Of course, who ever thought our government idiots are anything other than fools? Amirite?
An example. Say you have an income of $100,000 annually. You borrowed 40,000 to buy a new car with a monthly payment (debt service) of $800. Cool. The debt to income ratio that the lender allows, puts you into the car.
However, in a few years you are cut back to a part time job (thank you Obamacare) and your income is now 45,000 annually. You have paid down on the car and the principle balance is less, you owe $30,000 but man....those $800 a month payments are killing you. Fortunately you can refinance the car ( or in the government's case issue new bonds) at a lower interest rate and lower that monthly nut. So you borrow the original 40K some for the car and some for cash flow shortage cushion and to just help you keep alive, buy groceries etc and even lower your monthly payment for the two loans.(Actually you wouldn't be able to do this, the lender would laugh in your face, but hey...it is a hypothetical and fantasy just like Obama's)
SO.....your total debt or debt ceiling is still the same. Nevermind your debt to income ratio.....in Obama's world that means nothing. $40K NO raise in debt ceiling. Plus...woo hoo you have a hot $10K in your pocket. Let's spend it......Best Buy....here we come.
The Syria problem vanished.
That was fast.
All we need to do is to hold on for a while. Then all the old white people will be dead.
We can turn over the carcass of America to these moronic hipsters and the Mexicans. It won't be our problem anymore.
Archie Bunker and Ralph Kramden are long dead. Ozzie Nelson is worm food. Mr. Cunningham is in the big hardware store in the sky. Even Ricky Ricardo would not recognize this America.
Let Ben Affleck and George Lopez figure it out.
How could the attendees listen to this dunce without bursting into laughter?
I remember when I was a kid all of the adult men wore suits and fedoras.
Those days are gone forever.
We can't expect them to come back.
Fedoras are for douches now.
Trooper York said...
We can't let the perfect be the destruction of the good.
I don't doubt Rand would be an improvement. I doubt he can be elected.
They said the same thing about Ronald Reagan. That he was too conservative. Too old. Just an actor.
They are gonna try and sell us another Rhino like Chris Christie.
Trooper, On a city level, even a big city like NYC, the changes are much easier. DC is an animal that has consumed this country. The bureaucracy is exponentially more powerful and bigger. Yes, a prez from the duopoly can make some changes. And, they can be important ones. But, if you want to make the fundamental changes needed, it will have to come from outside the duopoly.
It was the congress! It was the congress that ran up that debt. Not me! I'm just a...a...observer. Just like you!
They should pass a law that we all have to wear Indiana Jones hats. Then everything would be alright again. Well, it couldn't hurt.
Trooper York said...
They said the same thing about Ronald Reagan. That he was too conservative. Too old. Just an actor.
And he damn near wasn't against one of the worst Presidents in history. Plus the left is much stronger now, and they have a hook to anti-semitism and racism from his father.
They are gonna try and sell us another Rhino like Chris Christie.
In what way is Christie a Rino? He mischaracterizes the positions of those who disagree with him and attacks their motives, which will prevent him from getting the nomination. But on policy he's anti-abortion and for reduced government spending. Aren't those the primary policies conservatives want?
This statement is the height of utter ignorance of economic principals and a complete lack of understanding. This is madness and he's going to repeat this meme ad nauseum.
AprilApple said...
The Syria problem vanished.
That was fast.
September 19, 2013 at 11:24 AM
Crisis. Waste. Beaten. Letting go.
AJ Lynch said...
How could the attendees listen to this dunce without bursting into laughter?
Even the little munchkin, Paul Krugman, did a double epic facepalm.
Chris Christie is a tax and spend Rhino Republican from the Northeast. He is "flexible" on abortion and will sell the pro-life movement down the river. He is for the massive security state that reads you emails and touches your children's and grandmothers genitals when they fly. He is just the latest in a long line of losers that the main stream media and the phony conservative pundits want to foist on us because he is "electable."
He is not electable. At least not in a Republican primary. He gave up any chance of support of much of the base when he gave Obama a tongue bath instead of doing to him what the people in New Orleans did to Bush. There are still people in Staten Island waiting for FEMA money. There are still people in the Rockaways and in Jersey that didn't get squat. And where is Christie. No where.
But he's so jolly!
He should dress up in a clown suit.
The American people are confused about the debt ceiling but Obama is more confused.
You do have to raise the debt ceiling until you balance the budget, because the debt is the total of all the deficits, and the debt will go up so long as you spend more than you take in.
But we can't balance the budget - that's too much of a spending cut.
So the debt ceiling is a point of political leverage for the Republicans to get something else, since it has to go up.
That's what Obama wants to say.
The something else is no Obamacare and less spending.
We are ALL being *played* by both Obama and Congressional leadership on both sides.
Ding ding!! Hello! A Continuing Resolution with wording purportedly prohibiting Obamacare is meaningless. It does NOT stop funding Obamacare. It is a CR, not an appropriated Budget. It is a low oversight mechanism where funds can be transfered hither and yon as the administration sees fit.
Obama and Congress knows this weakness of CR's...and they are betting you and I do not. CR's were meant to be temporary measures, not annual ones...BUT, we've been on one long CR for 4+ years now. No budget ever hit the floor in the Senate since 2009.
"Slush funds" (which 95% of a CR amounts to) are much easier to manipulate than Appropriations.
Don't think so, eh? Great. Now tell me where Obamster got the funding for his Pre-School Initiative? It was not specifically funded in the CR's for 2013...but he got the money anyway, from elsewhere. Paul got paid and Peter got shorted, for now until the next CR.
He understands that it is critical to provide federal government sponsored tutalage to kids from age 0 to 4+. I'm sure we all agree with dear leader. Right?
I should clarify why I postfed the CR comment on this thread. Obama is talking about Budgets and Debt. We do not have a budget and have not had one for 4+ years. Obama believes his Executive Budget is all that counts anymore. Congress has emasculated itself.
Until we have a real Budget again, this conversation is replication of Alice through the looking glass.
Really sounds like one big shell game.
And reminds me of the expanded use of outsourcing to government contractors that got a big push under Reagan. It was meant to reduce the cost of government but has ended up being quite expensive:
"...the size of the federal workforce has remained relatively constant over the last decade at about 2.5 million, but the contractor workforce has increased ... from an estimated 4.4 million to 7.6 million in 2005."
Plus, they "charge more than twice the going private sector compensation rate for comparable tasks; to be more specific, private contractors are, on average, paid more than 1.8 times the amount the federal government pays its own employees to perform similar functions."
More here.
No budget ever hit the floor in the Senate since 2009.
Actually, I believe the Senate did pass a budget this year...
BUT
It is a joke of massive spending.
AND
Appropriation bills (like the budget) are required to start in the House.
AND
The Senate has failed to pass any of the House budgets since 2009, so you are still correct!
The Donkeys will NEVER, EVER pass a budget again in our lifetimes--reality might be exposed..
PS: Did it not ever occur to anyone that open-ended "entitlements" and balanced, fixed, closed-bounded budgets are the very antithesis of each other? The one ABSOLUTELY precludes the possibility of the other
Leland .... I read your first sentence and jumped to a conclusion. Then I read the rest and deleted my post saying exactly what you had already said. Dang.
"...raising the debt ceiling, which has been done over a hundred times, does not increase our debt..."
Isn't that the epitomy of the progressive mind - to see something happen a hundred times and still deny it?
Hey, when Valery is bringing you the primo bud and you are sparkin' up fatties in the oval office, you can believe and say anything.
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