You thought I'd be naive and tame
But I beat you at your own game
--Aretha Franklin
We are buying $90 billion in our own debt with money created out of thin air. Creditors are being paid back with devalued dollars. Over the past five years, individuals and corporations have defaulted on upwards of $1 trillion in loans.
Yet, this president claims that we are not a nation of deadbeats.
Who's zoomin' who?
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The actual liabilities of the federal government—including Social Security, Medicare, and federal employees' future retirement benefits—already exceed $86.8 trillion, or 550% of GDP.
Nothing like that figure is used in calculating the deficit. In reality, the reported budget deficit is less than one-fifth of the more accurate figure.
~Chris Cox, Bill Archer, November 26, 2012
"Increasing America's debt weakens us domestically and internationally," Senator Obama said in 2006. Leadership means that ''the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren." The future president wasn't done, adding that raising the debt ceiling would constitute a "failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America's debt limit."
~WSJ, January 15, 2013
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