Skip to comments.The Top 5 Reasons Why the Left is Whining About Obama's Debt Speech
Posted on 04/14/2011 6:57:19 AM PDT by HorowitzianConservative
Every speaker knows there will be critics. Perhaps you've heard of the guy who gave his first speech in a public speaking class. His teacher said, "The speech has three major problems. 1. You read your speech. 2. You didn't read it well. And number 3: It wasn't worth reading."
That teacher's critique is probably similar to what most conservatives would say about President Obama's deficit speech he gave on Wednesday afternoon. But what about the Left? Last week the Left came unglued when Obama made the 2011 budget deal with congressional Republicans that cut spending $38 billion. They feared Obama was moving to the middle like Clinton did before his reelection campaign in 1996.
Obama's speech relieved some of the fears of so-called liberals, but there was still a lot they weren't happy about.
Before we hit the things the Left hated about the speech we should first admit there is one big thing in it that the tax and spenders loved: Massive tax increases.
Rachel Maddow spoke for some on the Left when she kicked off her Wednesday show with gushing joy over Obama's tax hikes on the wealthy. Maddow's past worrisome whining about Obama going moderate melted away into celebration that Obama will stay on the wealth redistribution course. She ended her comments with guarded optimism by saying:
Today...if this is how Obama is gonna run for reelection...then, as a liberal, I am less worried then I was.But aside from the tax increases, the angry Left did find many other problems with Obama's speech. Here are the five biggest ones that keep them worrying about Obama.
5. The debt fail-safe trigger is dumb.
(Excerpt) Read more at newsrealblog.com ...
Over at DU they think that is was the best thing ever....sheesh.
Everyone is kidding themselves that the US will be able to increase borrowing from $30 to $100 Billion a month starting in July 2011 and not see incredible breathtaking upheaval in the interest rate in the face of a planed 50% devaluation of the Dollar that has occurred since September 2010.
Who is going to buy that debt? Which is answered by asking who has $100 Billion and is completely stupid??? The alternative is QE3, which is economic suicide.
All of this babbling is in the service of denying that reality. And the reality that if they find enough suckers to line up and buy the bonds in July, when the come back in August where are those fools coming from??? This is pure unreasoned insanity.
The precipice is now before us and someone needs to find the brake pedal or we simple drive off at full speed.
Interesting article. Supports my pet theory that the Left will not let the Obama finish his term; only thing stopping them is Biden is not one to rally around.
I keep getting the impression most people are content with “well, the economy hasn’t gone over a cliff _yet_, so while yeah we should change course I’m worried about where else we might end up.” It’s just too comfortable to not do anything now.
he didn’t talk about sending Wall Street types to prison, and did not propose any new taxes on “speculation”
I came across two graphs this weekend and knew we are heading directly for a crap storm in weeks, not even months or years..
This first is a chart showing the relationship between QE2 Fed money printing and the CRB - Commodity Price Index. What this shows is roughly 5% underlying inflation per month over month. Not 7% per year.. but 60% per year.
But the cliff can be seen on another chart on the same site in the same article.
What this shows is that right now we are barely borrowing anything and this is because a Treasury auction would fail with disastrous consequences. But, this fail will occur if they attempt the auctions proposed for July. Brothers, excrement is flying at the fan even today.. but it starts bouncing off on June 30.
Reason would say it will take a 20% interest rate minimum to sell these bond, and any AAA Bond rating for US Bonds has to be a lie. The Inflator imposes between 20% and 30% base on the needed interest rate to just preserve the principle invested, it is insane to buy a bond for any less when real assets are more likely to maintain their value in these conditions.
Precisely as Dear Leader has planned.
Can someone post the other four ‘reasons’? I’m tired of the click n’ pop.
Click “print this post” to get multi-page posts on one page.
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