Browse Tag

borrowing

At Last, Obama’s Ready to Borrow More Money from China

Reading Time: 1 minutes

The headline on July 15 was knee-slapping funny:

Obama says he’s “ready to move” on debt ceiling.

Really?  The man who dug a deeper debt hole in two years than anyone else did in 8—or 15—is willing to borrow more?

12716Say it ain’t so.

For those who believe Obama’s some sort of deficit hawk, let’s take a quick stroll down memory.

  1. Obama wanted to increase the debt limit by $2.5 trillion in April, and he want no conditions on that increase.  In April 2011, Barack Obama opposed any measures to reduce federal spending.
  2. Obama refused to produce a plan. Period. He has no plan for reducing debt. He has no plan for eliminating deficits. He has no plan for creating jobs or helping small business.  He has no plan for anything but golf and party.

3.  Obama says 80 percent of Americans demand a tax increase, though he is incapable of citing any source for that number. In other words, he made it up.

Of course Obama’s ready to move on borrowing more money.  Borrowing is his only plan. His credit card is maxed out, and he wants the limit raised.

Only, this time, there are men and women in Congress who more beholden to the Millennial generation than to Boomers. Like a good banker, this Congress wants the borrower to produce a debt reduction plan before lending another penny.

I’m glad Obama’s finally ready to move on something besides a tee box.  But I won’t be completely satisfied until he moves out of 1600 Pennsylvania Avenue.

Jefferson on Debt

Reading Time: 2 minutes

With the debt ceiling negotiations closing in, it’s worth looking to Thomas Jefferson.

ThomasJefferson250

Jefferson was very opposed to federal government borrowing.  (He was less concerned with states borrowing.)  What I love about the quote below is Jefferson’s concern for leisure time. 

"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers . [emphasis added]"

–Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39

Pay a mortgage? Have student loans? Make a car payment?  Then you might know what Jefferson was talking about.  Debt limits your freedom. You work to pay off the debt, not to live a better life. While you might be perfectly happy selling sea shells you hunted and painted by hand, you cannot. You must work for the man to earn the wage to repay the debts.

These obligations, of course, are your own. If you feel trapped by debt, you trapped yourself.

Government debt, however, enslaves us just as surely. Yet we had little choice in the matter. In many cases, we opposed the borrowing that now forces us to labor.  Our children were born into this financial slavery, and their children will be. 

Free the children.

Obama Makes It Worse

Reading Time: 1 minutes

“It” could refer to anything. Anything at all. 
In this case, though, I’m referring to unemployment.  Well, maybe I’m referring to the economy overall.
Unemployment rate rises to 9.1%, 54K jobs added « Hot Air
Obama has increased regulation, seized entire industries (auto, student loans, commercial banking, medicine), and borrowed more money faster than all previous presidents combined. 
Obama is a one-dictator disaster.  And an incompetent one at that.
If you don’t have a job, Obama made it worse.
If you have a job, Obama made it worse.
If you live in America, Obama made it worse.
Unless you’re a communist college professor or union boss, Obama made it worse.

Technorati Tags: , , , , ,