Obama to Letterman: “$16 Trillion, Not a Problem”

September/20/2012 16:37PM
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On Letterman’s show, Letterman asked Obama: “Does the $16 trillion national debt concern you”? Obama’s answer, “Not in the short-term, interest rates are low and America is still the best place to invest.” Next question by Letterman, ” What was it when you took office, $10 trillion?” Answer, “I don’t really remember”.  Actual number, $10.6 trillion.

This is how a man who never had to make a budget, has never presented a budget to Congress, and cares not about a budget thinks.

His drumbeat, “tax the very rich, that will solve everything.” Really? Taxing the very rich(Obama’s plan) will bring in $700 billion in revenue over 10 years in a perfect world. But, in our imperfect world, raising taxes on the rich results in less revenue. Tax loopholes, deferred income, and less investment to create more taxable wealth offsets the tax increase.

But, if spending stays on the current path, excluding the cost of ObamaCare, the debt will go up another $6.4 trillion in the next decade.

Meanwhile, Obama is still doing ads to encourage people to apply for food stamps. Good ad, 46 million are now on food stamps. Up from 30 million in 2008.

Social Security disability claimants are up to 10.6 million in 2011 from 9.3 million in 2008. Fraught with fraud.

That’s why 40% of unemployed have been out of work for 6 months or more. And, 16 million have quit looking.

We have trusted our country to an untrustworthy president.

Two days ago I wrote about the scam the administration is pulling on the public about the Libyan Embassy attack. Today, that was uncovered and confirmed by a congressional hearing. The man who led the attack was released from Gitmo. Released to the custody of the Libyans, no less.

Today, the Inspector General released the report on Fast and Furious. Top people resigned, but not Holder. It’s coming, believe me.

Believe me, $16 trillion is a problem. Interest rates will go up. Under Obama the debt will go up. The two combined will create problems our kids and grand kids will never fix.

We need someone who cares about the $16 trillion and gets about fixing the problem, not making it worse for future generations.

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