The Obamas were in debt -- and now so are we

American Thinker ^ | April 10, 2009 | Richard Henry Lee

[happygrl]

An examination of the Obama’s finances show that they were living off lines of credit along with their salaries until 2005, when the book royalties came through and Michelle received her astonishing 260% pay raise at the University of Chicago.

This reexamination of the Obama’s finances was triggered by a Chicago Tribune story on whether the Obama’s should refinance their home in Chicago. In addition, it is tax time with tea parties and that is another good reason to take another look.

As we first reported here last year, the Obamas received a better mortgage rate from Northern Trust than the market rate when they bought their mansion in the upscale Kenwood area of Chicago with the aid of now-convicted felon, Tony Rezko. The Tribune story asked mortgage experts if the Obama’s should refinance and the answer is “no”.

But the public record of their spending shows that they had to regularly take out lines of credit to pay their bills. As reported during the campaign, Michelle Obama complained in hard hit Ohio: I know we’re spending — I added it up for the first time — we spend between the two kids, on extracurriculars outside the classroom, we’re spending about $10,000 a year on piano and dance and sports supplements and so on and so forth,”

The Obamas were living beyond their means for several years according to an examination of their tax records and their mortgage documents.

[happygrl]

The 0bamas are running the country's finances like they did their own. Undisciplined and dependent on the favors of others.

[downtownconservative]

Why soo-prise soo-prise!

[Diana in Wisconsin]

“...with the aid of now-convicted felon, Tony Rezko...with the aid of now-convicted felon, Tony Rezko...with the aid of now-convicted felon, Tony Rezko...with the aid of now-convicted felon, Tony Rezko...with the aid of now-convicted felon, Tony Rezko...with the aid of now-convicted felon, Tony Rezko...”

Bears repeating. :)

[Joann37]

Wow. I guess he sees nothing wrong with putting our country in the same position as what he has done personally.

[Cringing Negativism Network]

Not my president.

[Recovering_Democrat]

The only difference is: Hussein has an army of cultists who have sent him million$ and are continuing their worship of him in their devotion.

The federal government instills no such worship.

So Hussein and his wife are good; the gubmint is in deep doo-doo.

[what's up]

In 2000, the first year that we have tax records, the Obamas had an adjusted gross income (AGI) of $240,505 and yet reported only a paltry $38 in interest, which indicates either a small savings account

True, but they may have had interest bearing CD's or money-market accounts. I wonder if there's any info on that. Also, they could have had stock investments.

But the larger and larger lines of credit taken out do indeed show a true lack of discipline.

[happygrl]

...with the aid of now-convicted felon, Tony Rezko...”

Bears repeating. :)

Yes it does.

[proudpapa]

In three years the Obama’s will move to Baltimore and Michelle will run for the Senate...{sarc.}

[Diana in Wisconsin]

“But the larger and larger lines of credit taken out do indeed show a true lack of discipline.”

So? Michelle likes to look good. Hard to do that on a ‘Community Organizer’ salary! *SNORT* :)

[irishjuggler]

True, but they may have had interest bearing CD's or money-market accounts.

Huh? Do you report the interest from your savings accounts, CDs and money market accounts on different lines of your tax return? If so, you may be doing something wrong, as all of that is taxable interest and should be consolidated into a single line.

[silverleaf]

IF obama could get the US Government an 11 trillion dollar advance on a future book- we’d be all set

[what's up]

True...true.

I acually was thinking more of possible stock holdings. They seem to be the types who would have been in on speculation. CD's would be too conservative an investment for them.

[Ann Archy]

hey are living far beyond AMERICA’s need!!! STOP THE MADNESS, BAMMY!

[katiekins1]

For months, we have all known. If any one thinks this Revelation is a double standard,you are correct. The facts are,we can't indict this idiot. He as an illegal prez has total protection from the secret service etc. Until, a *watergate* debacle happens,this usurper and his gaggel of islamic gangsters will over reach and rob all of us. Soetoro will fail. IMO, he will not last his full term.

[stars & stripes forever]

http://hillbuzz.wordpress.com/2009/01/17/michelle-obamas-adventures-in-chicago-pay-to-play-politics/

The facts speak for themselves. Pay to Play in Illinois?

[Right Wing Assault]

Michelle received her astonishing 260% pay raise at the University of Chicago

I think we should make here give this back. She's one of the reasons medical treatment is so expensive.

[happygrl]

I think we should make here give this back. She's one of the reasons medical treatment is so expensive.

I would subscribe and pay for a Conservative reporter who would dog the 0bama's on the subject of health care.

Or maybe we can pass this on to Major Garrett.

[Diana in Wisconsin]

Pay to Play in Wisconsin, too!

Thanks for the link.