By Robert Romano: President Obama yesterday declared at his much-ballyhooed Fiscal “Responsibility” Summit that “We've got a lot of hard choices to make.” And staring at a $10.7 trillion national debt and at least a $1.2 trillion budget deficit just for 2009 in the eye, he is right. Unfortunately, he is not making the right choices. Instead he is relying on mere Monopoly money to keep a battered system afloat, much of it provided from overseas. . . . In short, the U.S. government is consuming far more than it can productively generate in the form of revenue. And so it borrows. On a massive scale. But it is obviously not enough.. . . The timing of bringing the U.S. off of its debt addiction may be politically inconvenient for the Administration—and it may fly in the face of its government expansion ideology that pervades thinking there—but that does not mean it is any less necessary. President Obama's fiscal responsibility summit of yesterday sent an important message, but not the one the Administration had hoped. It was a joke; laughable in the face of the Administration's $787 billion “stimulus” spending bill just passed, the $2.8 trillion financial “stability” plan to infuse yet more credit in the crumbling U.S. financial system, and now this week, the $410 billion omnibus spending bill now being proposed. And, that's not even counting interest.
This infusion of Monopoly money will not work, and the predictable result will be unbridled inflation, which coupled with a lagging recession, could unseat the U.S. as the world's foremost economic superpower. President Obama's plan to sustain the unsustainable will bankrupt the nation. Go to StopBailouts.net and sign the petition to put an end to the bailouts once and for all! Contact your Senators and Representative -- before it's too late -- and tell them that enough is enough with the bailouts and that not another cent should go to Wall Street or Washington!
Tags: bailout, Barack Obama, money, Monopoly, Robert Romano, William Warren To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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