U.S. becoming history's largest welfare state

WND ^ | April 26, 2009

[Joiseydude]

President Obama may be determined to use the current economic crisis as an excuse for "Obamanomics" to transform the United States into the world's largest socialist state.

Data emerging from the Congressional Budget Office and various international agencies, including the International Monetary Fund and the Organization for Economic Co-Operation and Development, or OECD, indicate the Obama administration's $3.6 trillion federal budget will dramatically increase government spending as a percentage of gross domestic product, or GDP, on a scale that rivals even the European Union social welfare states of France, Great Britain and Germany.

[whitedog57]

The bottom 30% of any country will destroy if the government attempts to take care of them.

[tet68]

Another thing we can thank LBJ for.

[2banana]

Red Alert's author, whose books "The Obama Nation" and "Unfit for Command" have topped the New York Times best-sellers list, said just as Hannan warned Brown "you have run out of our money," Merkel intends for Obama to hear the same admonition from her next week.

It will happen...soon. One day America will try to sell debt and no one will buy it. Then the Treasury is in default as it can not pay it bills. That leaves only these hard options:

1. Cut spending to match tax revenue. About a 33% haircut.
2. Default on bonds. Interest rates skyrocket.
3. Try ti resell bonds. Interest rate skyrocket
4. Have the FED print money to buy the bonds. The dollar becomes worthless.

[Logical me]

Needed to keep King Obama and his communist nitwits in power.

[bill1952]

>1. Cut spending to match tax revenue. About a 33% haircut.
2. Default on bonds. Interest rates skyrocket.
3. Try ti resell bonds. Interest rate skyrocket
4. Have the FED print money to buy the bonds. The dollar becomes worthless.

Problem is, those are not either/or scenarios. - They can all happen at the same time. - easily

[brianr10]

Sounds like Merkel’s been reading von Mises.

[gunner03]

5. Raise taxes.

[screaminsunshine]

Option 1 will NEVER happen. I pick option 4. The easy way out.

[The_Media_never_lie]

In case of #4, buy gold and stocks denominated in other currencies.

[Joan Kerrey]

4. Have the FED print money to buy the bonds. The dollar becomes worthless.

---

This is the more likely and in the end, the often mentioned 95% of taxpayers who “won’t see a cent in tax increases” will be dead broke and economically dead and the rich 5% will still be rich, having taken steps to offset what is coming. Obama will have effectively destroyed the economy of the United States. Congratulations Zero, you sure are making fools of all who didn’t believe in you. And you sure got even with all those rich folk. At least it might be race neutral. Blacks and whites both will be devastated.

[yldstrk]

reparations anyone?