Greece is still a train wreck
The country faces a 5 billion euro bond payment, which it doesn't have, and European finance ministers aren't helping.
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.
Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.
Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.
And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.
Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities.
Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006
Anyone want to bet we have MORE FAILED LEADERSHIP in the next two months?
It is time to treat democrats like a Jew would treat a Nazi... These people are our enemies. Don't asscoiate with them, don't do business with them, and don't hire them.
Obama is a boy trying to play a mans game. He is absolutely clueless. And he has people around him that are actually worse.
I don't know what he does not get when we say no new taxes on anyone. It is a quit spending agenda.
WE ARE BROKE.
there is no such thing as "obamanomics" but there is definitely such a thing as "Paraobamanoia" which can be treated with equal doses of humanity, intensive therapy and education. start tomorrow!
"ENTIRELY" is what we reasonable, logical, grounded and bi-partisan folks refer to as an "absolute statement" and these are almost never correct, and is certainly false here. MOST of the fault lies with the tea baggers and conservatives in the House who have taken a blood oath with the lo bbyist gr over no rquist to never, ever, ever, ever raise taxes on anyone. they have thus shackled and ens laved themselves to a lo bbyist and are unable to govern America. they must be removed.
unfortunately, with blind voters from the red states able to feed them, they will remain at the Washington slop trough of greed feeding off of lo bbyists and illg otten campaign finance funds in the millions doled out to protect the accumulation of wealth by the elite one percent.
and the sheeple will sit by and say only "baaaaa - baaaaa" while they too are sheared and sla ughtered along with future generations. the balanced approach is the only way out and it is currently blocked by the republican party of no roadblock. wake up.
p.s. nice article JJ!
And Spain, Italy, Ireland, Portugal, France and the USA are not? LOL
All of these countries are running massive deficits, even if they are not as great as they were. They still are trying to Borrow, Print and Spend their way to prosperity. Obamanomics still does not and never will work. We have been following this formula for 4 years now, has it helped here?
This will not end well and it will be ENTIRELY the democrats fault. We need to BALANCE the budget by slashing spending. Until we realize that we will spiral into a depression.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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