If The NY Times Gets It, Why Doesn't Obama?

Discussion in 'Current Events' started by Meister, Nov 24, 2009.

  1. Meister
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    Meister VIP Member Supporting Member

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    I found this article in the NY Times, and was pretty stunned that they would even admit this about the Obama economy.

    Wave of Debt Payments Facing U.S. Government
    Published: November 22, 2009
    WASHINGTON — The United States government is financing its more than trillion-dollar-a-year borrowing with i.o.u.’s on terms that seem too good to be true.


    J. Emilio Flores for The New York Times
    “What a good country or a good squirrel should be doing is stashing away nuts for the winter. The United States is not only not saving nuts, it’s eating the ones left over from the last winter.” WILLIAM H. GROSS

    But that happy situation, aided by ultralow interest rates, may not last much longer.

    Treasury officials now face a trifecta of headaches: a mountain of new debt, a balloon of short-term borrowings that come due in the months ahead, and interest rates that are sure to climb back to normal as soon as the Federal Reserve decides that the emergency has passed.

    Even as Treasury officials are racing to lock in today’s low rates by exchanging short-term borrowings for long-term bonds, the government faces a payment shock similar to those that sent legions of overstretched homeowners into default on their mortgages.

    With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher.

    The government is on teaser rates,” said Robert Bixby, executive director of the Concord Coalition, a nonpartisan group that advocates lower deficits. “We’re taking out a huge mortgage right now, but we won’t feel the pain until later.”

    The problem, many analysts say, is that record government deficits have arrived just as the long-feared explosion begins in spending on benefits under Medicare and Social Security. The nation’s oldest baby boomers are approaching 65, setting off what experts have warned for years will be a fiscal nightmare for the government.

    Remainder here
     
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    Last edited: Nov 24, 2009
  2. kyzr
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    kyzr Gold Member

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    I don't see Obama reacting the way a semi-smart sane person would. Normal people, Sarah Palin for example, would probably stop any new entitlements, make sure we could keep SS & Medicare solvent. Then look to cut military spending where possible.
    Then anyone with common sense would jump into warp-drive creating jobs. He should stop tax breaks for off-shore places like Puerto Rico, and bring those jobs here. Similarly he should stop the movement of all factories overseas. If we lose any more manufacturing jobs there won't be any tax base left.

    Obama looks as asleep behind the wheel as Bush. We need someone who knows how to drive the bus.
     
  3. Midnight Marauder
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    Midnight Marauder BANNED

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    He cannot see with his ideological blinders on.

    He's the proverbial dog who finally caught the fire truck. And like we for generations always sort of knew about that dog, he has no fucking idea what to do with it now that he's caught it.
     
  4. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    He does get it. He doesnt care.
     
  5. WillowTree
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    WillowTree Diamond Member

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    Persactly!
     

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