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« SEC's Khuzami Says Goodbye: 'I Was Tough On Wall Street' | Main | The Story Of The Fake Economist Who Fooled A Nation »
Tuesday
Feb052013

Obama On Letterman: 'Not Sure How Much The Debt Is'

Obama's headline appearance on the Late Show with Dave Letterman, Sep. 18.

Too scared to say '$16 trillion' on national television, the Deficit President plays dumb on the debt.

All politicians should be required to wear clocks around their necks displaying a running tally of the national debt.  Something like this:

Letterman:  "Here’s what I found troubling at the GOP convention.  They had the clock, the debt countdown clock and, I mean, this thing is moving like crazy and it’s several trillion dollars.  Now, what is that?"

Obama responded with a recent history of government spending.

Then Letterman went back to the tally: "Now, do you remember what that number was?  Was it $10 trillion?"

Then came the payoff, as the president made clear that he really didn’t want to say the word '16': "I don’t remember what the number was precisely."

Obama says the debt is not a problem in the short term but is a medium and long term concern.  We wonder how he is defining short, medium and long term.  To Obama, short term means the next 4 years if he wins re-election, and medium and long term are when it becomes someone else's problem.

---

In 2008 candidate Obama said Bush was "unpatriotic" for adding over $4 trillion to the national debt in eight years.

But the numbers show that Obama will add $6 trillion to the debt in just 4 years. Perhaps this explains his national debt amnesia on Letterman.

---

One last clip:

Obama also told Letterman that it isn’t right to refer to political opponents as 'unpatriotic.'  Naturally he didn’t say that he’s the one exception to that rule.

---

Obama is not being honest with the numbers.  A brilliant rebuttal from STR.

Excerpt

For the record, the national debt was $10.626 trillion the day Obama took office.  Bush increased it by $4 trillion during his entire 8-year presidency and Obama demonized him.  But by the time Obama looks at his calendar on January 20, 2013, he will have racked up more than $6 trillion in just four years.

Obama says, “When I walked into office we had a trillion dollar deficit.”  That’s actually a blatant lie.  When Obama walked into office Bush handed him a (still way too high unless you compare it to Obama) $400 billion budget deficit.  That $400 billion was the deficit that Bush left Obama for fiscal year 2009 if Obama hadn’t then loaded and larded it up with debt piled on top of debt.

Obama is blaming Bush for: 1) Obama’s $862 billion stimulus; 2) Obama’s $79 billion bailout for Government Motors and their union Democrats; 3) Obama’s $410 billion Omnibus bill; 4) Obama’s  $350 billion in TARP money that Obama voted for and that Bush left for him.  That’s how you turn Bush’s $400 billion into Obama’s whining about a trillion.

In a way what Obama is trying to do with his deficit is what he’s trying to do in pretty much everything.  Obama spends $79 billion to bail out GM.  Obama takes credit for it as an evidence of his glorious Obamaness.  But who does Obama stick with the bill?  Bush.  That deal happened in March of 2009 and therefore is “Bush’s fault.”  Bush gets zero credit but gets stuck with the entire bill for Obama’s extravagance.

Our real debt isn’t the $16 trillion ($6 trillion of which accumulated under Obama’s watch); it’s $222 trillion PLUS because of all the unfunded costs of Social Security, Medicare and Medicaid.

 

 

"The national debt is so f-ing funny, Dave..."

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Reader Comments (10)

Obama: Don’t Worry About $16 Trillion Debt

http://blog.heritage.org/2012/09/19/obama-dont-worry-about-16-trillion-debt/

Let’s help the President out with data from the U.S. Department of the Treasury:

When President Obama took office, the total national debt was nearly $10.6 trillion. Today, it’s over $16 trillion. That’s more than a 50 percent increase in the national debt in less than four years.

Debt held by the public was $6.3 trillion on Inauguration Day. Today, that number is about $11.3 trillion. That is an 80 percent increase and sets a new record.
Sep 25, 2012 at 6:36 PM | Registered CommenterDailyBail
What do you mean 'FAIR SHARE". Hey Buddy, I didn't ask to have a war in IRAQ, AFGHANISTAN AND SYRIA AND IRAN!!! WE NEED TO GET OUT OF THESE WARS AND THEN WE WON'T HAVE ALL THIS EXPENSE !!!!
Sep 25, 2012 at 7:57 PM | Unregistered Commenterjayk
I didn' agree to send Billion$ to Israel or was I asked that World aid was really meant to be MILITARY AID Bribe money to buy military hardware from USA companies. Here is a quick fix--disban the whole military complex-we don't need a stinking army airforce navy.2nd sure cure is get rid of the CIA 3rd--get rid of Fed Bank and fourth get rid of Israel from middle east and send them back to Pluto planet
Sep 25, 2012 at 9:14 PM | Unregistered Commentergo-go 1671
I can't count that high either. All I know is I did not make it.
Sep 26, 2012 at 12:21 AM | Unregistered CommenterS. Gompers
Remember: it is all contrived. From the 9/11 false-flag driven illegitimate wars that plundered the public's wealth via deficit spending for the military. The 9/11 false-flag driven political capital used to deregulate and immunize the newly created oligarchy from prosecution, from being held accountable. The 9/11 driven wars that pillage the nation states of the world, stealing their wealth for the oligarchy. The HAARP created earthquakes and storms, science that is easily defined, that made you think the environmental destruction (Fukushima radiation) was the "wrath of God". The deliberately blown well-head that destroyed the ecology and economy of the Gulf of Mexico. The hedge-fund and Monsanto control of food and pricing that will use your starvation to control you. The toxic mortgage banking fraud, the QE1, QE2, QE3, LIBOR scandals that impoverished the world, making hungry homeless beggars out of all of us. The 9/11 driven shredding of the constitution that enabled these same crooks to create the police state gird to protect themselves from you. Remember: it is all contrived.
Sep 26, 2012 at 2:29 PM | Unregistered CommenterGreg Burton
Didn't Bush keep the costs of the TWO wars off the books? Seems deficit fanatics weren't too concerned then which could be the point. Where does the $15-20 trillion that Wall St got fit in? That's the real problem, not social security and the human safety net.
Sep 26, 2012 at 7:59 PM | Unregistered Commenterlrock
The $15 trillion figure refers to a variety of programs from the fed mostly, though fdic and treasury were involved in some as well. And most of the fed money came in the form of low interest loans, access to the discount window, etc.
Sep 26, 2012 at 8:29 PM | Unregistered Commenterdailybail
Soooooo.... why don't we default on the Federal Reserve's portion of the debt (~$7 trillion), wipe out the shareholders and fire the boards of the TBTB banks, and call it a day (for all the gifts they've received from us)? A wipeout is what would've happened anyhow had Geithner & Co. not decided to infringe the Jurisdiction of God by picking winners and losers in the biggest game of moral hazard ever played, right? A few people will complain, of course, but we can quickly distract them with real problems, like Grand Jury subpoenas and multi-count criminal indictments that include a few counterfeiting charges.

Then America can focus on legitimate creditors with the help of competent bankers who replace the degenerate psychopathic gamblers running the TBTF.

We're never gonna pay back $16 tril anyway, and indictments are way overdue, so why the hell not? Let's quit screwing around and get it on.
Sep 26, 2012 at 9:32 PM | Unregistered CommenterCheyenne
Here's another way to look at the TBTF banks, which also compels the death penalty.

There are 3 ways to form capital: farming, mining, and manufacturing. That's it. In each case, $5 of labor is combined with $5 of resources for an output of $20, that is, $10 of new capital. You will notice that banking isn't on the list of capital-forming activities.

Wall Street follows a superficially similar model, combining a $5 note is combined with another $5 note and selling the package to investors for $100, that is, over $90 of fraud has been created. For this service, bankers lavish themselves with compensation equal to 40% of revenues. Academics and assorted eggheads refer to this model as "financialization." In hushed tones at private parties, they'll refer to it as gambling, blissfully unaware that there's not an horse race bet available in a single U.S. OTB where the takeout (1) amounts to 40% or (2) requires multiple crimes to occur.

Wall Street, in other words, is little more than a cancerous parasite that is killing its host--Main Street U.S.A.--at a 40% per annum clip. Does anyone seriously believe that there's not a direct, live wire connection between the bailouts and the debt? Again, let's just euthanize these huge banks and get it over with.

We can do it using orderly procedures available through the FDIC and the bankruptcy courts, etc., or we can let it happen with blunter implements like chains, blow torches, and long ropes. But the cancer will die somehow, one way or another. They all do.
Sep 26, 2012 at 10:09 PM | Unregistered CommenterCheyenne
Does anyone seriously believe that there's not a direct, live wire connection between the bailouts and the debt? Again, let's just euthanize these huge banks and get it over with.

Simon Johnson calculated that the crisis added $3 trillion to the national debt by causing the recession that has now semi-permanently kept tax revenues down. I've posted the link before from an op-ed he wrote in the nyt, but I can't find it now.
Sep 26, 2012 at 10:35 PM | Registered CommenterDailyBail

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