Skip to comments.Obama On Debt: "We Don't Have To Worry About It Short Term" (video)
Posted on 09/18/2012 9:13:44 PM PDT by i88schwartz
When asked if he remember what the national debt was when he entered office, President Obama said "I don't know what the number was precisely." Obama told Letterman "we don't have to worry about it in the short term."
"A lot of it we owe to ourselves. Because if you invest in a treasury bill or something like that then essentially you're loaning the government money. In fact, the majority of it is held by folks who live here, but we don't have to worry about it short term," Obama said.
(Excerpt) Read more at realclearpolitics.com ...
President Obama’s understanding of basic economics
We’re all dead in the long term, so don’t worry about that, either.
I think Reagan said something similar.
Which is why demorats always rack up the debt, and Republicans always lower it.
Wake up America!!!!
I take it by “short term” he means some time after 2016. Then it will be someone else’s mess to clean up.
All of these people who push this idea about borrowing, debt, etc. should prove they actually believe it by applying it to their personal finances - spend 50% more than you earn on an annual basis, take out multiple additional mortgages on your home each and every year to pay for these expenses and to pay for the additional mortgage payments and see how long you last. They should prove they believe it.
We are investing in treasury bills, in a sense. Call it forced investment. The Fed makes money out of thin air, which steals it from everyone foolish enough to hold dollars. So the debt is owed to you, dear savers. It will be remitted by your descendants, or not. And not to you, if at all, but to...um, I dunno. Don’t worry, we won’t pay it back.
“see how long you last”
If I were allowed to steal from people too, awhile.
that is just so presidential & so profound, I am in awe of his wonderful "GIFT"/s.
Soetoro is a Soros puppet. The useful idiot is a cancer that needs to be cut out at the voting booth.
You beat me to the analogy between personal debt and government debt.
It is one in the same...just on a bigger scale.
I read this whole article (couldn’t listen to the vid because O makes me livid) just to be sure that I a firm grasp of what he was peddling.
He has absolutely no grasp of economics.
Sadly, lots of people will be soothed by his Bravo Sierra.
Someone posted some really great pie charts about our debt as of 6/30/12. Amount at that time that was borrowed from U.S. companies and investors was 42.8% or $6.79T, from Social Security a mere 16.4% or $2.6T
All these groups/people have to do to substantially lower our debt is to pay back the money the government borrowed from them. /s
If Barack Obama wants to bribe the electorate to get re-elected, then he should do it with his own money! It’s about time “We the People” - those who own the government, work and pay taxes - March on Washington and foreclose the White House! The Republic wants a refund and we’ll start with the record 5.5 trillion in debt, in 4 years no less, he blew on worthless bailouts, welfare for illegal immigrants, shady kickbacks to campaign donors, and socialist healthcare.
my daughter, when 16, said the same about a new bmw I was supposed to buy her because she was owed it.
Obama uses the same immature reasoning as did my daughter back then.
Oh, today she is 26 and knows that a 2000 saturn gets her around, just fine, thanks.
if he wins in 2012, what makes you think he won’t be in power past 2016?
Thanks Jet Jaguar
The list, Ping
Let me know if you would like to be on or off the ping list
It’s funny, when he was running for TOTUS the last time, he thought the much smaller Bush-era debt was terrible.
If the debt were OK, the private markets would be buying it all and the Fed would not be printing money.
Don’t worry, be happy. What about China? China is holding much of our debt. And Romney needs to play up this scary but true point in ads.
“It’s funny, when he was running for TOTUS the last time, he thought the much smaller Bush-era debt was terrible.”
You’re right! I’d forgotten about that! - I think he counts on the gullible voters to be mesmerized and forget what he said yesterday. - I feel like I’ve been on a constantly running roller coaster the past four years! His mouth does constantly run.