On talk radio conservative pundits frequently bash President Obama for the trillions of dollars in NATIONAL DEBT (most say 14 Trillion) his administration has caused.
For the record and let’s deal with ACTUAL FACTS and not talk show fantasy, the National Debt increased approximately 35% (approx 3.6 Trillion) accumulating since 2008 when Obama took office until the end of 2010. About 50% of the increase in National Debt included in the above amount is approximately $1 Trillion dollars in TARP funds and the $800 Billion dollars BAILOUT BILL allocated to the bailout which followed TARP. Of course, $1.8 trillion dollars worth of increases is nothing to brag about. Remember, we have been in a major recession which lowered Federal income tax receipts and caused the government to live even more on borrowed funds.
Now for the fun part (and here’s where we really got hurt):
1. The Tarp funding was a mistake and Bush’s man Paulson was about
99% responsible for it happening but Obama really botched up the administration by hiring criminal economist Larry Summers, one of the main characters who created the cause of the bank fiasco to distribute the funds of TARP. Larry Summers as we all know became a 100 million dollar plus rich man from the benefits gained relating to his destruction of the economic protective system the USA had in place in 1999.
2. The bailout bill was a joke and most of the funds not spent, since they were directed more towards low income people and not the middle class which was hurt the most.
3. Obama botched the oil crisis by costing American taxpayers more than the damages created by BP and his oil drilling bans cost tens of thousands of American oil workers their jobs.
4. Obama failed miserably in the immigration crisis.
5. Obama’s healthcare bill is a farce and full of economy damaging earmarks which had nothing to do with healthcare (such as the 1099 requirement for all Americans to file for any transaction $600 or more). Now we are wasting money and time destroying this horrible bill.
6. Obama has attacked a peaceful nation which did not threaten the USA and is backing the rebels who may be backed by Al Quida or other arab factions unfriendly to the USA. This is a big mistake.
Since I could go on for hours, the above illustrates how inexperience has cost the American economy hundreds of billions of dollars. The Presidency for Barry Obama has been nothing more than an extended trip to Disneyworld at the taxpayers expense. Michelle Obama has over 500 staff members and the Obama Family has traveled the world approximately enjoying 40 lavish vacations along with hundreds of staff and bodyguards costing tens of millions of dollars. Remember, this is supposed to be recession time:mad:.
All this has made be think that electing a President by clueless Americans is a big mistake(think about it) and that perhaps Congress should appoint the President the same way that a Prime Minister is appointed in the U.K.. This way, we wouldn’t end up with a neophyte like President Obama or worse especially during troubled times like today. We would still elect our representatives by popular vote and empower them to select the right person for President based upon experience in Congress, government and world affairs.