President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.Gee, ya think? You know, that debt didn't pile up by itself. Obama has had something to do with it. And does he think that taking on a huge new health care program is going to reduce the debt? Does he understand how the projections of how the Senate plan will actually save money is just bogus, based on a facile acceptance of promises to cut money from Medicare in the future that Congress has never accomplished earlier? Does he understand that pushing the doctor fix off the bill doesn't mean that that money still won't be spent even if it isn't counted against one particular bill?
With the U.S. unemployment rate at 10.2 percent, Obama told Fox News his administration faces a delicate balance of trying to boost the economy and spur job creation while putting the economy on a path toward long-term deficit reduction.
Thursday, November 19, 2009
Barack Obama warns of our country's rising debt problem.