Posted on 11/25/2016 10:46:35 AM PST by Sean_Anthony
Obama’s “worst legacy, one that remains grotesquely underreported by the ‘watchdog’ mainstream media” is “by far the worst deficit record in U.S. history.”
The election of Republican presidential nominee Donald Trump on November 8 was not only a rejection of Hillary Clinton, based on her trustworthiness and her legal and ethical problems, it was also clearly a repudiation of Democratic policymaking, with Trump promising to eliminate or revise a number of Barack Obama’s signature achievements. But, speaking to the press in his first press conference after the election, President Obama maintained that he is leaving the White House and America in as good a shape as possible.
“As I told my staff, we should be very proud that their work has already ensured that when we turn over the keys, the car’s in pretty good shape,” Obama told the press on November 14. He then pointed to the jobs market, poverty levels, health insurance, and curbing carbon emissions. “…[M]y goal is on January 21, America’s in the strongest position possible and hopefully there’s an opportunity for the next president to build on that,” he said.
No unicorns or rainbows for the snowflakes.
Oh! By the way I maxed out the credit card.
Very Funny!
As the first black president I almost doubled the federal debt in just eight years, it took 240 years of white guys just to get it where it was before me.
You’re welcome, America.
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This dangerous deranged megalomaniac unaccountably got into American politics under false pretenses.
His disgusting European apology tour certainly proved his rank hatred of America. His capabilities in office demonstrated a remarkable proclivity for looting the US Treasury.
In it only for the money, you say? You betcha. The Washington Times says he leaves office as a billionaire.....and plans to shake the money tree bigtime (coached by those practiced grifting experts....the Clintons).
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The clock is ticking, his time in the White House is fading....but Obama is not going quietly. Boobamba left Americans a divided nation, trillions in debt, and a cartload of parasitic freeloaders sucking up our tax dollars, many of whom plan to kill us.
If that wasnt enough Boobamba says he intends to stay active....to take years and years to transform America even more. He's proud he fundamentally transformed the nation we loved into a violent, hate-filled place.
All of this is fodder for his foundations. The reality is the Boob and the missus got rich in office and intend to get even richer via an endless presidency......ala the crooked Clintons.
If Obama leaves office as a billionaire, Jeff Sessions will be a busy man.
A legend in his own mind.
“As the first black president I almost doubled the federal debt in just eight years, it took 240 years of white guys just to get it where it was before me.”
Actually with respect to the deficit he merely repeated what the white guy who preceded him accomplished in doubling the federal debt. The only difference is the white guy (George Bush) inherited a balanced budget so he had to reverse the positive trend.. Obama started his presidency with the largest annual deficit in US history put place ($1.4 trillion) by his white predecessor. Obama’s last year (2016) the budget deficit was $587 billion, an improvement of $900 billion in annual spending versus the deficit he inherited. Note also Obama’s deficit spending has been supported by a Republican House (where all appropriations are initiated and approved). Of course his predecessor Mr. Bush had a Republican House for 6 years and which also approved his record deficits and was infamous for use of the earmark to fund big pork projects.
Read the Constitution. The president cannot spend a dime unless it is appropriate by Congress. All spending must originate in the House of Representatives. The truth is, the GOP members of the House are accountable for the explosion of the deficit under Obama and Bush.
How many budgets did Obama actually pass? One?
“How many budgets did Obama actually pass? One?”
The President does not “pass” the budget. He may (but is not required by the Constitution to) submit a proposed budget to Congress for consideration. Per the Constitution Congress must approve all appropriations from the national treasury. It can approve money the president requests or not. It can approve money the president does not want to spend and require him to spend it.
The only powers the Constitution grants the President with respect to spending are:
1) To veto or sign spending bills passed by Congress.
2) To execute Congressional appropriations he signs into law.
There is no requirement in the Constitution for the government to have a budget at all.
Mr. Obama did send a recommended budget to Congress each year. Whether or not his budget was “passed” was up to Congress, not him. He performed his duty.
According to US treasury records,In 1999, the Fed borrowed $18 Bil and in 2000 they Borrowed $33 Bil. If Clinton admin had a balanced budget, what did he do with the $ 51 Bil the Fed borrowed those 2 years? Steal it??
At the end of this last fiscal year the Fed had to borrow $1.423 Tril. So if the last year deficit was $587 Bil, where do you think Obama stashed away the extra $836 Bil that the Fed borrowed.
“According to US treasury records,In 1999, the Fed borrowed $18 Bil and in 2000 they Borrowed $33 Bil. If Clinton admin had a balanced budget, what did he do with the $ 51 Bil the Fed borrowed those 2 years? Steal it??”
Two potential issues:
1) Even in years when the budget runs a surplus the government rolls over debt. Say there is $100 billion in old debt coming due this year. The government runs a $25 billion surplus. It will still need to borrow $75 billion to refinance the treasury notes, bills, or bonds coming due.
2) The government has on budget and off budget borrowing. For example the Social Security trust funds, post office accounts, the Federal Reserve accounts, Freddie Mac and Fannie Mae accounts among others are off budget. These agencies do borrow funds from time to time. It is possible these borrowings show up in total Federal borrowings.
“At the end of this last fiscal year the Fed had to borrow $1.423 Tril. So if the last year deficit was $587 Bil, where do you think Obama stashed away the extra $836 Bil that the Fed borrowed.”
As I indicated in another post, the amount of money the government borrows in a given year does not necessarily equal the amount of the deficit. The government is constantly rolling over the accumulated debt as treasury notes and bills become due. Net borrowing in a year includes the amount the government funds to cover the current year deficit plus the amount the government borrows to cover debt being rolled over, plus “off budget” borrowing by agencies whose budgets are not included in the annual budget approve by Congress.
In-other-words.....Smoke & mirrors. With progressive logic like this you could surplus your way to insolvency.!!
Obama Attempts to Distort His Legacy.....figgers
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