Our nation learned more things we didn’t really want to know this morning. It seems German Finance Minister Wolfgang Schaeuble believes the United States will fail to effectively deal with its government debt after this November’s election. Moody’s has also threatened to cut the US government bond rating to AA1. I learned all of this from The Drudge Report.
What concerns me to no end, is the fact that President Obama apparently learned these things from the very same source. I say that because he certainly wasn’t present very often to hear it from his economic team during his regularly scheduled White House briefings. The Government Accountability Institute reports that President Obama has been truant from his official place of duty more often than Huck Finn and Tom Sawyer combined. The Washington Post forgets whose side they are on and reports details below.
During his first 1,225 days in office, Obama attended his PDB just 536 times — or 43.8 percent of the time. During 2011 and the first half of 2012, his attendance became even less frequent — falling to just over 38 percent. By contrast, Obama’s predecessor, George W. Bush almost never missed his daily intelligence meeting.
So anyways, here’s what our Commander-In-Wedge-Shot missed in today’s Presidential Brief. We begin with German Finance Minister Wolfgang Schaeuble (AKA. Captain Obvious). He opines on how President Obama’s inability to get a budget through both houses of Congress and signed for the past three years is causing the United States to negatively impact the rest of the world.
“Ahead of the election in the United States there is great uncertainty about the course American politics will take in dealing the U.S. government’s debts, which are much too high,” Schaeuble said. “We need to remind ourselves of that sometimes and the global economy knows that and is burdened by it.”
So while President Obama’s losership on the debt ceiling issue maundered on to its mediocre epic fail, the Good Ole’ US of A was on its way to racking up $16.4 Trillion in total government debt. I’m sure President Obama would be genuinely shocked to learn the Germans feel concerned by this.
Meanwhile, back at home and away from Ye Olde 19th Hole, Moody’s has issued the following outlook on US debt.
Moody’s views the maintenance of the Aaa with a negative outlook
into 2014 as unlikely. The only scenario that would likely lead to its
temporary maintenance would be if the method adopted to achieve debt
stabilization involved a large, immediate fiscal shock such as would
occur if the so-called “fiscal cliff” actually materialized which could
lead to instability. Moody’s would then need evidence that the economy
could rebound from the shock before it would consider returning to a
While President Obama has enjoyed smelling the roses during his leisurely, fun-filled, 600 golf trip term in office, here is who he has left in charge of our economy. Charles Hugh Smith describes the fundamental ignorance of the people our president has running things during his ongoing four-year soirée.
The Keynesians are like deluded members of a Cargo Cult. They ignore the reality of debt, rising interest payments and the resulting debt-serfdom in their belief that money spent indiscriminately on friction, fraud, speculation and malinvestment will magically call back the fleet of rapid growth.
To the Keynesian, a Bridge to Nowhere is equally worthy of borrowed money as a high-tech factory. They are unable to distinguish between sterile sand and fertilizer, and unable to grasp the fact that ever-rising debt leaves America a nation of wealthy banks and increasingly impoverished debt-serfs.
We as a nation can no longer abide this fraud as a president. It is time to rise up an elect someone willing to fill that big empty chair. We must fight them, we must beat them, we must un-elect them, we must replace them, and then we must actually bother to show up for work. It’s time to get the man our president mistakenly believes is Jack Ryan in charge of our budgets. Mitt Romney 2012. That is all.