Skip to comments.Fearing Defeat, Obama Now Says He’s Focused on Deficits and Debt
Posted on 10/26/2012 6:03:14 AM PDT by Kaslin
WASHINGTON - The latest sign President Obama fears he's headed for defeat came this week when he said he'd seek a "grand bargain" with Republicans to reduce a $16 trillion debt.
Over the course of his campaign, Obama has ignored the monstrous debt he's piled up over the past four years in an orgy of unprecedented annual spending increases and budget deficits. Now, with little more than a week left before Election Day, and the presidential race in a dead heat, he suddenly wants a compromise with Republican leaders in Congress to curb spending and borrowing.
Well, he's four years late and $5 trillion short of dealing with an issue that threatens to engulf our government, the economy and every American in a sea of unfathomable debt and possibly another recession.
The front page headline in Thursday's Washington Post says "Obama vows to refocus on debt" in his second term.
In an interview Tuesday with the Des Moines Register, that he initially said was off the record, Obama called for a budget deal that he said was "one of the biggest things we can do for the economy."
Then on Wednesday, amidst new polls showing he was statistically tied with Republican Mitt Romney, the Obama campaign abruptly changed its mind and released the full transcript of the interview.
Next to the unendingly weak, slow growing economy and feeble job creation, the nation's debt remains one of the top three major concerns among voters. And polls now show that Romney is being given much higher approval score for his ability to balance budgets and deal with the debt.
No doubt the president's tightening polls were the key reason for the Obama campaign to release the transcript, a portion of which said this:
"We're going to be in a position where I believe in the first six months we are going to solve that big piece of business," Obama said. "It will probably be messy. It won't be pleasant. But I am absolutely confident that we can get what is the equivalent of the grand bargain that essentially I've been offering to the Republicans for a very long time, which is $2.50 worth of [spending] cuts for every dollar in [taxes], and work to reduce the costs of our health-care programs."
(Actually, it was House Speaker John Boehner who first broached the idea of a grand compromise.)
The president offered no new details of what he would offer the Republicans in such negotiations, nor how they would deal with the Jan. 1 deadline when a mountain of automatic tax increases and spending cuts will take place.
Republicans are unalterably oppose to raising income tax rates on anyone in an anemic economy that has barely been growing at between 1 and 2 percent.
Even former President Bill Clinton has urged Obama and his party to temporarily extend all of President Bush's tax cuts in the present economic climate, giving Congress time to pass a tax reform plan that would broaden the tax base and lower all the income tax rates at the same time. This is essentially the same plan former governor Romney has been proposing in his agenda to get America working again.
But Obama has stubbornly refused to consider such a plan, saying Romney's "numbers don't add up." In fact, his bipartisan, deficit reduction commission proposed the very same tax reform approach that Romney is championing.
Republicans responded Wednesday to his late eleventh hour grand bargain proposal by dismissing it out of hand as a warmed-over plan right out of his last budget which was decisively rejected by the House and Senate.
If all this looks like an last-minute maneuver of political desperation, that's exactly what it is. Obama's campaign strategists believed they could easily defeat Romney by playing class warfare, attacking his wealth that he earned the old fashioned way by working for it and by investing in businesses right here in the USA that created thousands of jobs. Obama thought he could bring Romney down by pointing to some of his investments abroad, but it turns out Obama's own retirement pension invested in China, too.
They attacked him for some investments made by his venture capital firm that didn't turn out so well as happens in the real world. But Romney struck back at Obama's own failed investments in green energy businesses that went bankrupt, leaving taxpayers to foot the bill for billions of dollars in bad loans.
Obama's campaign believed they could crush Romney with small, petty issues, while ignoring the president's own immense failures: four insufferable years with an economy that's barely moving, 23 million Americans who are either unemployed or underemployed in part-time work, falling incomes, and a suffocating debt that looms over all of us.
Obama's record-shattering deficits since he took office:
$1.4 trillion in 2009; $1.3 trillion in 2010; $1.3 trillion in 2011; and an estimated $1.2 trillion in 2012, according to the nonpartisan Congressional Budget Office.
Unprecedented spending, far in excess of the federal government's annual tax revenues, are also fattening the publicly held debt as a percentage of the U.S. economy. In 2010, the debt mushroomed to more than 50 percent of the economy and, says CBO, could reach 87.4 percent by 2021.
"Obama turned a temporary expansion of government, through TARP and the auto bailouts, into a permanent expansion of government.Before Obama, federal spending averaged 20 percent of GDP for decades. Now he is presiding over a much bigger government, at 24 percent of GDP," says Stanford University economist Keith Hennessey.
Future generations will have to pay for all this spending. As things stand now, each American's share of that debt comes to $32,000. If the government's spending levels continue on their upward course, that figure soars to $103,827.
There's one more thing Obama decided to do in the last few days that he had not done over the course of his re-election campaign because he cynically believed he didn't need to: tell voters what his agenda would be if he wins a second term.
Obama's "New Economic Patriotism: A Plan for Jobs & Middle-Class Security" went into the mail this week. It was nothing more than a rehash of the same failed spending and tax hike plans he has peddled before. And look where it's gotten us.
Sorry Barky...no sale. This is what you should’ve said and done four years ago. Instead, you shoved Obamacare down our throats. A**hole.
Too little, too late, Barack.
Sure I still respect you, baby
His ‘08 campaign promises were all broken in a term where he had to eventually worry about re-election. What do you think his campaign promises this time around are worth when he won’t have to worry about re-election.
Would like to have seen R/R hit on this idea as well.
Well golly, knock me over with a feather.
Wouldn’t you like to be a fly on the wall when the internal poll results come in? I’ll bet there is screaming, whining and utter panic. How dare the sheeple not accept their communist master plan.
I hope it’s a complete election massacre. I may even get cable just to see Chris Matthews have a epic meltdown on air. BZut then again, I can always wait for YouTube so I can keep replaying the part where his head explodes.
This is just another way of Obama saying TRUST ME. The guy is such a DUFU.
He’s a liar and all liberals lie. It comes natural to them
He better be focused on how many suitcases her magesty will be needing to head to Hawaii.
Oh, and Barry, be sure to look out the windows of the Soul Plane you will be riding on- no more AF1 designation for you- I am sure there will be many goodbye signs made by good patriots to be visible to you and yours for your flight out of OUR country.
NOW as his ship is going down he is promising to “play nice”. Anybody who believes he means this promise (any more than he meant the promises he made in 2008) is a god damned fool!
"Leave the office. Take the canolli."
Obama is focused like a laser on (_________).
Fill in the blank with whatever will get him re-elected.
This is why it drives me crazy when the establishment GOPs conventional wisdom is that conservatives must move to the center to be electable. Stand your ground, put forth a clear conservative vision of personal liberty, and the far left socialists are exposed for what they are. They are then drawn into the untenable position of moving to the right, which is an alien universe to most of them.
Seriously does anyone buy this crap any more??
Did any taxpayer money go into that soviet Pravda piece he calls a brochure?
The ignorant will
The Worst Family will take an extended, expensive vacation following the elections until they are forced to leave the White Hut in January.
If Boehner wasnt spineless, he would say “Mr. President, Democrats are welcome to come along for the ride, but they’re gonna have to ride in the back of the bus.”
Sentiment, yes; phraseology, no
“Back of the bus”? Really?
“...Sorry Barky, you shoved Obamacare down our throats and now we’re going to shove our Romney votes up your A**hole....”
There, that’s a little more like it.....LOL.
That’s funny less than 2 weeks till the election.
l was actually quoting Obama. He said that about Republicans during the congressional debate over Obamacare. His adoring media loved it, but if a Republican would have said it, it would have been headlines for weeks. I just believe that we must constantly throw his arrogant words back at him.
He will most likely use his lazer to prove how sincere this lie is. I’ve heard it too many times before to believe what he says.
Eh, he’s just a Bullshitter...
It will be his new “number one priority.”
I’d like to see Boehner out and Bachman as Speaker during the Romney administration.
It begs the question: What has he been focused on for the last four years?
Golf. Parties. Rubbing elbows with rappers, actors, and athletes. Vacations. Getting his next drug delivery.
There is a You Tube video with at least 18 issues that Obama made a first priority.
Another video reveals that every nation that visits Obama is Obama's best ally.
Now, his meaning and its consequences are more clear.
Let's face it: an "educated electorate" never would have elected a man to the office of President with Obama's lack of transparent academic achievements, blatant Far-Left voting record and lack of even basic levels of management experience.
By contrast, America's Founders and Framers of the Constitution he so disdains, were learned men, scholars of history, and men who put their own lives on the line for the sake of liberty for future generations! They understood that "taking" the people's money and "redistributing" it, spending more than is necessary for defense and common needs, and building voting constituencies by promising "goodies" from the public treasury will lead to loss of freedom and prosperity.
We can't publicize the following wisdom from Jefferson often enough between now and November 6:
"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39
"I deem [this one of] the essential principles of our government and consequently [one] which ought to shape its administration:... The honest payment of our debts and sacred preservation of the public faith." --Thomas Jefferson: 1st Inaugural, 1801. ME 3:322
"I sincerely believe... that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." --Thomas Jefferson to John Taylor, 1816. ME 15:23
"[With the decline of society] begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:40
"We, the People," must hold a new President to account for upholding the Oath he takes to uphold the Constitution and to respect its limits on power. Our job is just beginning to educate new generations to the principles underlying their freedom.
Anyone that believes this, please email me. I own many, many acres of vacation land on Europa I'm willing to let go for $26.00 and a song.