Skip to comments.Obama: Too much debt could fuel double-dip recession
Posted on 11/18/2009 5:04:11 AM PST by Former Military Chick
BEIJING (Reuters) - President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.
With the U.S. unemployment rate at 10.2 percent, Obama told Fox News his administration faces a delicate balance of trying to boost the economy and spur job creation while putting the economy on a path toward long-term deficit reduction.
(Excerpt) Read more at reuters.com ...
I am just amazed at what this man declares when he is off of American soil.
Hello stop HEALTH CARE NOW!!
There are ways to reform that wont add to the debt.
His mindset is that Obamacare will help reduce the deficit....
That must mean we need to spend another $$bajillion.....to stop the coming double-dip recession...
Or his dumb-a$$ socialist policies might do that.
“Government is not the solution to the problem.
Government is the problem.”
He’s amazingly flexible about saying whatever he thinks people want to hear at a given time.
His strategy going forward will be to cut 25% of the deficit he created, then saying “See, I cut the deficit!”.
Nothing describes him better than “0”.
That’s the line BO tried selling to the men wearing green eye-shades at China’s central bank. They hold all the cards in this high-stakes game of global economic poker. They probably laughed themselves silly when this greenhorn left the room and marveled that the USA elected such a pathetic president.
Yep that is what he told the leader of China who was equally concerned about our debt.
“His mindset is that Obamacare will help reduce the deficit....”
...despite several government studies that show exactly the opposite. He’s “brilliant”...not.
I agree with you, I am shocked that more people do not recognize that it is gov. that is the problem.
Obama's the guy who spend all the money! And he wants to blow through a few trillion more!
Just stunning. Like watching the town drunk, the new town drunk, preaching Temperance at Octoberfest.
It’s so sad. Everyone there knows he’s a laughing stock.
It is just double talk to build support for more taxes, not less spending.
Yeah...but that won't fly with our Chinese bankers. They don't care about Obama's congenital lies and verbal sleight of hand.
They will look at the bottom line!
He’s signalling that he’s planning BIG TAX RAISES.
It's like someone gave 0Dumbo a book on economics and every couple of days he gets to a new chapter and has a new revelation. He's getting his econ OJT playing with our economy. I guess his extensive experience as a "community organizer" didn't prepare him.
Now he's finally figuring out that YOU DON't RAISE TAXES IN A RECESSION (DEPRESSION)! What a moron!
I think Oboma may be retarded. He's spending like a whore after a DNC convention, and at the same time warning other people about it. China must think the entire U.S. is retarded for voting for him.
What an embarrassment.
Did he think of that all on his OWN, or has he actually been listening to someone with a quarter of a brain?
the man’s a geniousss/
Wish I were that eloquent.
I was quoting President Reagan. :)
WE HAVE A WINNAH!
Anybody earning more than $150,000 a year will see the bush tax rates sunset. The $250,000 is baloney. O is a liar.
Pot. Kettle. Am I allowed to say this?... Black.
It won't, but the way they keep the cost 'down' is to increase taxes and decrease services. Smoke and mirrors.
Fixed it--the last part of the sentence is superfluous.
You are absolutely correct!!!! Obamacare and all Obama’s agenda needs to be thrown out of the window. Tax cuts for small business immediately, let GM & Chrysler sink. Get all the TARP money back and let the big banks sink or swim on their own. Fear not, folks credit unions and small banks can do the job, they have been. Drill for oil wherever it is in the USA, build nuclear power plants across the USA and use coal as the main energy source to generate electricity. Stop all bailouts and funding to political groups like ACORN who do nothing to grow the economy at all. POTUS Obama better wake up quickly. As his trip out to the PRC clearly shows, the USA is taking a second place to both the PRC (China) and India!!! Boy, we really tied an anchor around the USA economy neck by electing Obama, the community organizer as POTUS, along with his braindead Democrat Party. Poor soul does not have a clue!!!
I suspect that the fact that 0bama even brought this up is because the economists have told him it IS going to happen. It is probably already underway.
He's saying it now, so he can distance himself as the REAL cause, and to soften the political impact.
Keep in mind that he will have the msm lying for him every step of the way.
Problem for him and them is that people know very well there are no jobs.
He can spin the numbers, spin the green shoots, etc. but the fact remains. NO JOBS
You are forgetting that they are stupid enough to think they healthcare will lower the debt.
Because any sane person knows when you give millions of people millions of dollars in free insurance... you save money... /sarc
You can bet money that if Zero says Double dip Recession he MEANS a Depression.
There is NO way he will stop the HCR econ destroyer.As a Narcissist he will never ADMIT that HIS plan is a MISTAKE.
Last we heard you’re president Obama. Do something about it, instead of voting present on the issue and piling even more debt
big tax raises... Yeah! that will jumpstart the economy and create jobs!
wow, just wow.
And I thought Carter was bad.
The guy who spent a trillion dollars in his first month in office is warning about debt, while pushing his healthcare boondoggle? This dude is truly schizo.
” increase taxes and decrease services. Smoke and mirrors “
He’s already taxed the ‘smoke’ — I guess ‘mirrors’ are next..... ;)
“He’s just setting somebody else up to take the blame when it happens.”
You beat me to it. We can’t say he didn’t warn us.
Yeah, it is. My husband is an accountant. What we have now is unsustainable. We're in another bubble already, and it's going to explode.
I get the sense from him that he’s treating this issue from arm’s length. As if, its not his responsibility and he’s raising the issue so that someone will do something about it
China must think the entire U.S. is retarded for voting for him.
Not the entire US but well over 50% of those over eighteen.
But then the alternative offered (by the political cabal, the CFR) was John McCain.
There are a few not playing their game, e.g. Sarah Palin, Ron Paul, but they are and will be shutdown when getting traction.
He’s just NOW coming to that conclusion...sheesh..talk about a day late and a dollar short...
Its a slow day in a little town in east Texas. The sun is beating down, and the streets are deserted. Times are tough, everybody’s in debt, and living on credit.
On this particular day a rich tourist from up north is driving through town. He stops at the motel and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs in order to pick one to spend the night.
As soon as the man walks upstairs, the owner grabs the bill and runs next door to pay his debt to the butcher. The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill at the feed store.
The guy at the Farmer’s Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her “services” on credit.
The hooker rushes to the hotel and pays off her room bill with the hotel owner.
The hotel proprietor then places the $100 bill back on the counter so the rich traveler won’t suspect anything.
At that moment the traveler comes down the stairs, picks up the $100 bill, states that the rooms aren’t satisfactory, pockets the money, and leaves town.
No one produced anything. No one earned anything. However, the whole town is now out of debt and looks to the future with a lot more optimism.
And that, ladies and gentlemen, is how the United States Government is conducting business today!
THANK YOU VERY MUCH!