Skip to comments.President Obama: There Is No Debt Crisis
Posted on 03/13/2013 10:24:15 AM PDT by mandaladon
There has been no shortage of dire warnings about the mounting US national debt, but President Obama is now offering a different assessment: no big deal.
"We don't have an immediate crisis in terms of debt," President Obama said in an exclusive interview with George Stephanopoulos for "Good Morning America." "In fact, for the next 10 years, it's gonna be in a sustainable place."
It's an assessment that will throw cold water on the latest attempt to achieve a so-called grand bargain to reduce the deficit. After all, a grand bargain would require excruciatingly difficult decisions for both sides - for Republicans, it would mean raising taxes, and for Democrats, cutting future spending on cherished programs like Social Security and Medicare. If there is no crisis, why would either side do it?
So, what happens if this latest effort to reach a deficit agreement falls through? Once again, the president's answer was, essentially, no big deal.
"Ultimately, it may be that the differences are just too wide" to get a deal, President Obama said. "That won't create a crisis. It just means that we will have missed an opportunity."
The president's reasoning is that the series of 11th hour agreements he has struck with Republicans over the last two years - to prevent a government shutdown, raise the debt ceiling and avoid the fiscal cliff - have resulted in enough deficit reduction to get the debt under control.
"I think what's important to recognize is that we've already cut $2.5- $2.7 trillion out of the deficit," he told Stephanopoulos. "If the sequester stays in, you've got over $3.5 trillion of deficit reduction already."
(Excerpt) Read more at news.yahoo.com ...
He'd be happy to discuss it further, but he has a golf game and has to go.
From a jive turkey
Every financial commentator I’ve read or listened too says that the Fed buying all the bonds is what makes them a bad investment. It drives the interest rate down, so you can’t make money on even CDs.
That leaves only the stock market to invest in.
So, all the increase in the stock market is based on an artificial interest rate, and when that bubble breaks, stocks will plunge again. Interest rising will kill the housing and auto markets (the economy). Interest rising will either be the result of inflation or will feed inflation. That will additionally kill buying, wage increases, and trading. That will all kill jobs.
Sounds like a depression to me.
That is one of the greatest of quotes in the English language.
I refuse to believe anything that deals with numbers from someone that admits that he can't do math above a 7th grade level.
look busy...because Jesus is coming...
As the British used to say. Its only true if the government officially denies it.
An Obama voter is probably the most gullible creature on the face of the Earth. If Obama said he was God himself an Obama voter would be ok, If Obama said the sky was falling an Obama voter would panic.
When Obama says the debt is not a problem an Obama voter drinks it down with ease.
The only reality an Obama voter is concerned with is the world of Obama. This is why only a fool employ’s an Obama voter. Don’t expect sensible judgement in a man who paces his faith in the word of an idiot over the clear evidence of his own eyes & ears.
“There’s no crisis”
Lemme guess; it’s just you having fun?
Gettin’ burned by the Sun?
Just another tricky day for you?
There is no immediate crisis. Right after the economy takes off like the Challenger, just as I have been saying it would any day now for four years, there’ll be so many dollars coming in, we won’t be able to count it all. It’ll be just like Germany in the 1920s, or failing that, Argentina in the 1970s. In fact, in anticipation of a big surge in spending, I’m going to put a surcharge on shotgun shells and canned goods./s
Cloward Pivan strategy.
And, the adoring state run media loyally repeats it!
....and bears don’t crap in the woods, the Pope is not Catholic, Phoenix is not hot in the summer, etc. When you have a media that will go along with blaming it all on Bush and the current House you have it made in the shade.
Stephanopolous’ WH experience is as a sock-puppet for Bill Clinton. Clinton got him his job. He’s a go along to get along guy.
I knew O and his minions were dumb. But this is REALLY, REALLY dumb.