You, You, You Spend too Much!
James Pethokoukis of Reuters is at it again, subversion-via-blog.
So in the little sit down with the President, the Chinese made clear they did not believe a word of the President’s promises about ObamaCare not adding to the deficit.
The Chinese asked uncomfortable questions about the cost of ObamaCare:
Guess what? It turns out the Chinese are kind of curious about how President Barack Obama’s healthcare reform plans would impact America’s huge fiscal deficit. Government officials are using his Asian trip as an opportunity to ask the White House questions. Detailed questions.
Boilerplate assurances that America won’t default on its debt or inflate the shortfall away are apparently not cutting it. Nor should they, when one owns nearly $2 trillion in assets denominated in the currency of a country about to double its national debt over the next decade.
Turns out that when you lie to everyone, no one believes you. Untrue claims that President Obama makes in the speeches to Joint Sessions of Congress about not adding to the deficit, making mystery cuts to Medicare, or not funding abortion, or not allowing illegal immigrants to gain access to his health care benefit, are actually listened to by other nations.
And the economic implications and the national security implications of a President who no one believes are profound, and none of them are good.
Sounds like the Chinese do not believe that a Democratic Congress and President Obama will do anything about the growing deficit. The only thing the Trillion-dollar President can do is spend more Trillions — first on the stimulus, then another trillion plus on health care. And because the world refuses to buy more of our debt, the Fed has printed (you guessed it) a trillion dollars in the last year to give to banks, with instructions to buy our T-Bills in our debt (rigged) “auctions.” This is how we are paying for our deficit, we are printing money. And our Trillion dollar President keeps spending.