Posted on 03/22/2009 8:09:58 AM PDT by bimboeruption
WASHINGTON – The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation's financial system.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama's massive budget proposal will bankrupt the country.
Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration's economic policies.
The senator said Obama's spending plan in the midst of a prolonged recession would leave the next generation with a country too expensive to live in.
Gregg appeared Sunday on CNN's "State of the Union."
(Excerpt) Read more at news.yahoo.com ...
Yes. Is that a problem?
LMAO!
I was fixing to say, aren’t they ALL guilty of bankrupting the country?
Now you know why we here in NH are more than happy to see him leave the Senate in 2010, just for the possibility we can replace him with a CONSERVATIVE, not some Snowe/Collins wannabe.
Thank you Captain Obvious.
You're right...this is a non-story.
A Freeper pointed out that we have a 13.5 trillion $ income but have an 11 trillion $ debt. Doesn’t sound so bad right? Debt is less than one years income. BUT NOT ALL OF THAT INCOME IS THE FEDERAL GOVERNMENTS! Give the Feds 1/5 of the income, 20%, which has been above what has been typical in the USA. That’s only 2.7 trillion to pay off the debt. The debt is 4 times government income. So it’s like a $75,000 family owing $305,000. They are on the edge of bankrupty.
http://politicalticker.blogs.cnn.com/2009/03/22/gregg-this-country-will-go-bankrupt/
WASHINGTON (CNN) – Even though he was almost a member of the new Obama administration, New Hampshire Republican Judd Gregg Sunday slammed President Obama’s approach to handling the country’s fiscal outlook.
“The practical implications of this is bankruptcy for the United States,” Gregg said of the Obama’s administration’s recently released budget blueprint. “There’s no other way around it. If we maintain the proposals that are in this budget over the ten-year period that this budget covers, this country will go bankrupt. People will not buy our debt, our dollar will become devalued. It is a very severe situation.”
Gregg, known as one of the keenest fiscal minds on Capitol Hill, also told CNN Chief National Correspondent John King that he thought it was “almost unconscionable” for the White House to continue with its planned course on fiscal matters with unprecedented actual and projected budget deficits in the coming years.
“It is as if you were flying an airplane and the gas light came on and it said ‘you 15 minutes of gas left’ and the pilot said ‘we’re not going to worry about that, we’re going to fly for another two hours.’ Well, the plane crashes and our country will crash and we’ll pass on to our kids a country that’s not affordable.”
(snip)
“They’re doing the right things,” Gregg said about embattled Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers. “They haven’t done it as definitely as they should have . . . but they are moving in the right direction and the Fed is moving in the right direction,” Gregg said on CNN’s State of the Union.
(snip)
Which is exactly what 0bama would want?
Then - he’d be “forced” to have th Fed Gov come to the rescue thru forcible nationalization of every industry —> forced wages for every employee —> Forced distribution of capital and wages —> 0bamunism in Amerika.
Why WOULDN”T 0bama want exactly THIS result?
The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation’s financial system.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama’s massive budget proposal will bankrupt the country.
What good is a financial system with a bankrupt country.
Either way Gregg will say, see I told you so.
It’s just a lot of double talk - he doesn’t have a clue.
I guess taxing half the population that don’t pay income
taxes is out of the question? Just tax the rest of us at
105%.That’ll do it!
The liberal reporter is purposely propagandizing his article to discredit Senator Gregg. We should all know by now to read between the lines of these lying bastards.
I have always thought that the ultimate goal was to bring the United States down. We are the only thing standing in the way of whatever plans he and his secret allies have. I say secret because I don't even think most of the lackeys in his administration even realize what the final plans are until it is revealed and by then it may be too late.
It's much worse than that. Our hypothetical family can exert some control over future spending, making a solution painful but possible and practical. The US can't do that. The future commitments are magnitudes worse than the current situation.
The US has been bankrupt for 20 years.
Had General Motors been required to fully account for unfunded commitments it would have had to declare bankruptcy in the 1980s. It was clear then that there was absolutely no possible scenario where the company could pay for its contracted commitments.
I remember an article in the late 1980s stating that GM was doing great, had supposedly shown a "profit" of 2 billion that year. Conveniently not mentioning the [then current] unfunded pension liability of 18 billion dollars.
Gregg should have removed the marbles from his mouth before he did it.
2) “They’re doing the right things,” Gregg said about embattled Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers. “They haven’t done it as definitely as they should have . . . but they are moving in the right direction and the Fed is moving in the right direction,” Gregg said on CNN’s State of the Union.
Sellout. Thanks for nothing, as usual.
I don't see a keen economic mind. I see a man with no principals! He makes completely contradictory statements, just like any moderate loser trying to have it both ways. No wonder why the Teleprompter-In-Chief liked him.
If you go bankrupt, then that is not sound economic policy and "moving in the right direction." Economics 101. Our Roman Senate is truly packed with economic illiterate fools.
STFU, Gregg. You're days of relevance are over.
U-S-A! U-S-A! U-S-A!!
I don't know if there are enough of us patriots left to keep America #1.
We'll soon see.
Not with the socialists in charge.
Whatever, n00b.
I saw that too, what’s the deal here? Either O will save it or he will bankrupt it, how can both be right?
Well, we'll wind up having to shoot all the politicians anyway.
Gregg may be a RINO but at least he is talking about it and he is right. We are headed for bankrucptcy or we are already bankrupt.
Sadly too many losers care more about the Final 4, some other ball game or reality show.
Someone talking sense. Good on you.
Thank you for the better text of Gregg’s remarks. Looks like some CNN writer had to put aside their Obama worship for a moment.
Now the question is, do we whine about him being a "RINO" or do we get to work and get rid of the people who are killing this country -- i.e. Pelosi, Reid, Obama, Franks, et al?
All this US bankruptcy talk is non-sense as long as Uncle Sam runs the treasury printing press.
President Barack Obama’s massive budget proposal HAS bankrupt the country 1.3 trillion dumb bail-out deal made sure of that your tent is in the mail.
Gregg is a RINO but he is saying it and should be saying it in every interview. Good for him. Maybe his NH conservative constituents are burning his phones up. The NH tea party people are ready to show up with pitchforks, torches and possibly sidearms.
Other GOP pols should be saying it not being wh*res like RINOs Arnuld or Miss Charlene Crist and others lining up for state handouts.
Gregg is a RINO but not as bad as Collins, Snowe or Specter.
Obama fully intends to bankrupt this country.
This isn’t a practical comparsion and you should know it.
The only real effective measure of debt service is your debt to income ratio which is far different than the ammount owed to amount of income one makes.
I believe our interest expense is somewhere around 400 billion on a 2.7 trillon income so that’s about a 15% debt ratio which is far better than the average american family.
First let me make clear that I personally have no particular respect for Gregg or his judgment. But you're all missing the politics of this situation. Gregg is a huge problem for Obama and the Democrats.
(1) His statements are not necessarily contradictory. He may believe that the Treasury Secretary's short term efforts to rescue banks and AIG and deal with toxic assets to prevent a financial meltdown are essential, while also believing that the long term impact of Obama's budget, with its trillion dollar deficits for years to come, will bankrupt the country.
(2) From a political standpoint, Obama cannot easily demonize Gregg! After all, Obama supposedly thought Gregg was good enough to have in his cabinet as Commerce Secretary. As long as Gregg, doesn't attack Obama personally, and even agrees with some actions (e.g., those of Geithner), the Obama administration can't dismiss Gregg's criticisms as mere "distractions" or "partisan attacks" or "Republican obstructionism".
Furthermore, some of the Main Stream Media reporters are starting to sharpen their questions (since conflict sells). Witness the grief they gave Press Secretary Gibbs over when Geithner knew about the AIG bonuses. Now they'll have fun asking Gibbs about Gregg's bankruptcy comments, and why the administration won't take seriously the warnings of the man Obama wanted for Commerce Secretary.
And worse, this debt isn't financing the purchase of wealth-producing assets. It's being flushed down the drain as expenses (mostly handouts and bureaucrat salaries). We are so totally screwed.
“STFU, Gregg. You’re days of relevance are over.”
B-b-b-b-but, he’s one of the “keenest fiscal minds” on Capitol Hill. /sarcasm...thanks for your post among many oustanding posters.
Music to read this post by...
http://www.youtube.com/watch?v=WIsou0IRIQU
Just say no to paying social security and hospital bills of the wetbacks.
The problem is that that sort of talk is what makes you electable.
Up until last fall, Gregg was one of the most conservative of GOP Senators. Then came the panic call from the PTB, and the sudden proposal for a FRB-driven "fix" to a suddenly impending economic meltdown. Senator Gregg was point man for that bailout, and he looked frightened and beat (maybe he was just tired) while selling it to the public.
He underwent what looked to me as a 180 degree turn on matters economic. His reversal spooked me.
But I wouldn't call him a RINO or non-conservative, in any event. One-worlder / central-governor maybe.
http://www.youtube.com/watch?v=WIsou0IRIQU
Thanks, P.
Very appropriate music for our Fools on the Hill...Capitol Hill.
He just now figured that out?
I guess better late than never, but I'm always amazed at just how stupid Congress is! I guess they must spend most of their time looking at themselves in the mirror and listening to their own drivel.
Most Americans agree with you (including me).
Now why won't our elected representatives vote accordingly?
It's time to clean house. It really is.
We can't sit around and allow them to continue ignoring us.
Not this time.
We’re already bankrupt. The fact that the Fed is now buying our debt is not a sign of economic or financial health.
So it’s like a $75,000 family owing $305,000. They are on the edge of bankrupty.
______________________________
It’s much worse than that. Our hypothetical family can exert some control over future spending, making a solution painful but possible and practical. The US can’t do that. The future commitments are magnitudes worse than the current situation.
_______________________________
And throw in that the taxpayers have their own personal debts, mortgages etc., many of which have been run up to unsustainable levels . . .
I would say we are waaay beyond bankruptcy. We are in a hell hole.
I believe our interest expense is somewhere around 400 billion on a 2.7 trillon income so that’s about a 15% debt ratio which is far better than the average american family.
That's only part of the picture. You are omitting the soon to be increased level of borrowing. More debt equals greater cost to service the debt. Additionally, the US is essentially borrowing the money which is used to service the debt in the first place.
Other factors:
- The ability to borrow the money in the first place depends on the willingness of someone to loan it, i.e. buy the debt. It is far from given that will continue to be the case.
- The assumption that income (tax revenues) will increase, or at least not decline. Not a given. Quite the opposite as the public sector takes over more and more of the private sector and further damages productivity and job growth potential.
- Future obligations make the current ability to service current debt an irrelevant measure, because the debt ratio has to change for the worse. Mathematically, it is impossible that it will change for the better, or even stay the same.
Fiscally speaking, the US is a Dead Man Walking. The fact that he is still breathing alters that inevitability not at all.
If you don't have principals, then the politics are meaningless. Besides, Ronald Reagan would not be caught dead saying the tripe Gregg did.
(1) His statements are not necessarily contradictory.
Yes, they are. Bankruptcy is not a sound economic policy in any senario that leads to prosperity.
(2) From a political standpoint, Obama cannot easily demonize Gregg!
Yes, he can and will. The Teleprompter-in-Chief has a high body count throwing people under the bus.
some of the Main Stream Media reporters are starting to sharpen their questions
Dream on. You really think they will ask tough question of the Teleprompter-in-Chief on Tuesday? Of course not. They have a deep investment in the Teleprompter-in-Chief's success and won't seriously jeopardize that in any way.
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