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Barack Obama’s Bankrupt States of America

Flying the nation right into the ground

By: Josh Painter (Diary)  |  March 22nd, 2009 at 11:48 AM  | 

RESIZE: AAA

Sen. Judd Gregg (R-NH) knows more than a little about sound fiscal policy. He was elected in 2005 to chair the Senate Budget Committee, and he has been a proponent of spending restraint and lower taxes. No small wonder that he chose not to accept the cabinet post of Commerce Secretary recently offered to him by President Obama, whose thinking on fiscal matters is the antithesis of Gregg’s.

Appearing Sunday on CNN’s “State of the Union” program with John King, Gregg said that the Obama Administration’s massive budget proposal will bankrupt the country:

“The practical implications of this is bankruptcy for the United States. There’s no other way around it. If we maintain the proposals that are in this budget over the ten-year period that this budget covers, this country will go bankrupt. People will not buy our debt, our dollar will become devalued. It is a very severe situation.”

The Senator did credit Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers, two top Obama money men who have been under the gun recently, for their efforts to try to rescue the nation’s ailing banking system:

“They’re doing the right things. They haven’t done it as definitely as they should have… they are moving in the right direction and the Fed is moving in the right direction.”

But nursing the banking system back to health will not make much difference when the Obama Administration is bankrupting the country with excessive taxing, spending and borrowing. Citing unprecedented actual and projected budget deficits in the coming years, Gregg explained:

“It is as if you were flying an airplane and the gas light came on and it said ‘you [have] 15 minutes of gas left’ and the pilot said ‘we’re not going to worry about that, we’re going to fly for another two hours.’ Well, the plane crashes and our country will crash and we’ll pass on to our kids a country that’s not affordable.”

The Senator’s choice of metaphor drives home the seriousness of what the Obamunists are doing to the nation. Even worse than a train wreck, an airliner crash is likely to kill more passengers and leave more pieces that are difficult to pick up. And Obama is no Captain Sullenberger who can heroically and safely ditch the plane in the Hudson River. Rather, he is more akin to a pilot, drunk on power, who takes the airliner and all those aboard down with him in a fatal nosedive.

“Please fasten your seat belts and make sure your seat back, tray table and window shades are in the upright positions. Bend over and place your head between your legs, and kiss your wallet goodbye.”

- JP

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  • bobojake

    of 2009

  • Adjoran

    Summers, Bernanke, and Geithner are doing what they can under the circumstances. Geithner in particular is laboring under a huge handicap as he is the only one of the top 19 positions at Treasury in place. The other 18 would be his policy team of experts working the problem 24/7, but Obama hasn’t even one active nomination pending for those slots (possibly because he spent a great part of his political career demonizing the people who could fill them, or even more possibly because no one wants to join the Titanic crew two hours after they hit the iceberg when the Captain is a proven buffoon).

    However, the country will not go bankrupt. The massive debt will be paid by hyper-inflating the currency, always the easy way out for incompetent governments who get over their heads in red ink.

    Bankruptcy might be preferable, though.

    • Mike gamecock DeVine

      China

      • redneck_hippie
      • IJB

        You move the people you don’t like on that land somewhere else, out of the way.

        Like Greenland.

  • Mike gamecock DeVine

    Obama and the dems on the AIG diversion. He was sure CNN would get to the bottom of who knew what when in the Dodd-Obama contradiction on the amendment when the obvious response should have been

    that we KNOW Obama signed the bill and all but 8 dems voted for the bill that exempted the AIG bonuses.

    We always let the dems move the goalposts when we have a winning hand staring us in the face.

    Nice guys like Gregg cause us to finish last.

    • Flagstaff

      when I heard a clip of Gregg’s comments recently, probably from another comment. At the time it seemed to me that he must have come to his senses and realized that he couldn’t be part of the Obama disaster. Who knows what he was thinking when he originally said “yes” to the big O. I thought he laid into the O-man pretty good that time.

      Still, I agree with your final sentence completely. Until our leadership and their followers learn that the only way to fully defeat Obamanism is to “Just Say No” to everything they propose, on principle, the “moderates” are going to bne confused as to exactly what our message is.

      We blew 8 years of chances to hold down spending and fight expansion of non-essential government. Let’s hope Gregg and the others wake up to the fact that we will only get another chance if they stand up squarely against everything that doesn’t completely pass conservative Republican muster. No opportunity to point out the failings of liberal Democratcy should be passed up.

      • Mike gamecock DeVine

        of the Stimulus Bill with the Dodd Amendment.

        Pence only vaguely made the point on ABC.

  • redneck_hippie

    I must have been dreaming about the multitrillion dollar hockey stick graph I saw on RS last night, because I woke up today with one thought. What will blackhead say?

    • Old_Crow

      at the ‘newledger.com’

      • redneck_hippie

        Gregg and also the dollar dump by the feds this week, so I’ll be watching here and NL.

  • johnt

    that eighty years ago Von Mises was closer to the truth when he repeatedly referred to the collectivists of his time as “destructionists”.
    Imagine all the fun to be had by the gods of politics & media as they watch the little people, the unconnected, squirm in misery.

    It would hardly be the first time in history that government, the ruling class, the State, has deliberately inflicted pain on it’s “subjects”.
    I doubt the O & the Missus would lose much sleep but ah, the opportunities for pity and condescension, and naturally more “guvmint” programs. The power to be gained would send more than a thrill up quite a few legs in Washington.

  • 10ksnooker

    Bankrupting the USA as payback is what Obama wants. Get even with whitey for all the harm done to blacks, real and imagined.

  • http://www.clinefamily.us pcnnc

    While Obama might be drunk on power a good chunk of America is drunk on credit. Look at the average credit card debt in America. (http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php) Americans cannot control their own spending much less have any desire to control the Obama administration’s. I think I’ll move to China because the Yuan is going to be worth more than the dollar in a few years.

  • phillyfanatic

    The real question is how can the GOP rope enough Indies, Libertarians, Reagan Dems to form a coalition to attempt to stop this trillion dollars and rising mess!?We can rant all we want but unless the votes are there, the liberal pacifist Dems will continue to print, force Red Ink on all of us, tax us into the poor house and the minions of Obama will actually feel, note , feel, they are getting back at all those evil corporations (that give them jobs BTW). Gregg can rant too but unless he can convince RINOS in his own Party to stop supporting the Administration, nothing can be done to stop the downfall of our capitalist system.. Mar. 31, a House election in NY could help if a Pub actually won that race. Then next year, we must chip away at open seats and vulnerable Dems. It will be a long fight but it must be done or free enterprise will go the way of the DODO in his nation.

  • http://www.ssce.net/Web-Articles/Web-articles-indexed-authors.html#authors-l JLenardDetroit

    They knew they really posed little threat and that the American Socialists (read: PROGRESSIVES) would eventually destroy , or at least degrade, this Nation from within. Plus weak Foreign Affairs allowing them to exploit/expand their Sphere-Of-Influence! But, even they would probably be surprised at the speed at which the Obamunists are Fast-tracking America to match Socialist Europe!