Yours truly had a 'Come to Jesus' chat with a couple of other retired military bloggers yesterday, and I came a way with the feeling that I oughtta be more positive! So with that in mind, I started looking around the news of the day today and see:
- Obamanation run Chrysler & GM have announced the closure of about 2,000 dealerships. With about 50 employees per dealership - that looks to be about 100,000 new folks in line at the unemployment office in the last 24 hours......
- The 'Buy America' clause in O's Porkulus bill has forced companies across the country to cancel long term contracts with our neighbors the the North. And so the Canadians are now getting red in the face, reciprocating -- and many US firms are losing major markets, and making cuts!
-- and then I read this in Bloomberg News this morning -- the 'TOTUS' told the POTUS to say:
Obama Says U.S. Long-Term Debt Load ‘Unsustainable’
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.
[............]
Now Pilgrims, I'm still looking for some positive news, but that is positively near impossible~ imagine the size of the cajones a TOTUS has to have to stand up and make that statement. Reduced to twenty-five words, he is saying:
"I'm spending other peoples money like a drunken sailor, and YOU got to stop that!"
There, and you still got ten words 'Change' coming from that twenty-five!!
Psssssst - here's the dirty little secret Pilgrims, this is the opening salvo for a major effort to raise taxes big time.. All of a sudden 'O' pretends like he concerned about deficits and foreign debt
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