Obama's Budget Is 'Fiscal Insanity': Sen. Gregg (Implies Obama is Communist)

CNBC ^ | Monday, February 1, 2010

[Oldpuppymax]

WHY imply it? Just state the friggin’ fact!!

[ohioWfan]

Republicans are waking up, one by one.

This is a BIG step for Judd Gregg. His eyes have been opened.

[ilgipper]

It is unreal how the media presents this stuff. The top of hour news on ABC radio talk about Obama’s ‘deficit reduction plan’ in his budget released today. The fact is he is creating an unprecedented trillion dollar a year budget for the next 10 years.

The President has adjusted, the GOP needs to move quickly to make their own adjustments to their message. It is time to hammer these lies and cut what little is left of Obama’s credibility for independent voters.

[the_Watchman]

Gregg does NOT call Obama a Communist! It is counterproductive to attempt to label Obama in this fashion for a number of reasons. Name-calling people just doesn’t cut it with the electorate. Instead, focus on the policies. There is certainly plenty to complain about.

BTW: There are ideologies which are “Anti-market + anti-capitalism + social justice” which are not necessarily Communist.

[AmericanHunter]

Gregg voted for TARP on Oct. 1, 2008 and has come out against a true audit of the Fed. I’m skeptical of his conservative bona fides.

[Jack Hydrazine]

When the USA goes out the way the Soviet Union did I wonder what our country will be called?

[semantic]

kristinn, I've always enjoyed reading both your posts and stories of your various escapades.

I think it's important to note that Hussein is not in any way, shape or form in charge of our national policy. This is a person who absolutely epitomizes affirmative-action. Barry has benefited from enablers and fixers who have arranged & managed every promotion & position he has ever attained. Soetoro is not a leader; rather, he's an empty suit manipulated to influence the TV viewing public by a controlled media.

The proposed budget is nothing more than a desperate attempt at maintaining the FIRE based US economy. If we cannot re-inflate asset-leveraged priced via credit creation, then the whole house of cards will come down. I have often said that the Dems thought they were buying a "fixer-upper" ie they thought they were acquiring a cash-flowing enterprise in which to build their utopian dream.

In a certain way, it was pure (unintentional) genius by the previous administration(s) to absolutely tank the system via CRA, Fannie/Freddie, etc to the point where the libs would have nothing in which to work their "magic" (negro).

This budget is nonsense. We may not get enough real reform in Nov '10 to address some core issues, such as abolishing the Fed, but it may start moving us down the path that will eventually bring us to the same net result. All we've got to show for our lost $trillions are some still employed public sector employees & happy welfare recipients.

The ticking of the time bomb is getting much louder.

[cranked]

Largest in the history of the Republic, but as an excuse, Jack Squat is claiming “inherited” and “Bush’s fault”......how quaint....NOT!!!!

[muglywump]

House (Minority) Majority Whip Clyburn

[onyx]

LOL. That’s the guy. LONG title.

[Oceander]

Senator Gregg is precisely on point. Do not forget that Fitch Ratings has already publicly warned the US that it faces the risk of having its debt downgraded if it cannot show the political willpower to start getting control of its budget deficits. See, e.g., US must cut spending to save AAA rating, warns Fitch.

Quite honestly, that is the finance equivalent of a mainline battleship firing one of its main batteries across the bow of a sailing yacht - a warning not to be ignored.

This latest budget simply flouts that warning as if Fitch were nothing more than a 10 year-old heckling a major-league batter.

For the time being, the US can continue to finance its treasonously spendthrift ways because foreigners are still willing to buy treasuries; however, if US debt loses its AAA rating, many current holders, such as pension funds, insurance companies, and banks, will be required to dump their treasuries because they are only permitted to hold investment grade debt for their reserve requirements. That means that the market would be flooded with pre-existing US debt in the event of a downgrade, making it even harder to sell new US debt.

Even worse, the downgrade, and the flooded market, will require that the US start spending even more of its annual budget just on servicing its debt - a very substantial portion of which has been created by Obama and the Democrats currently in control of the Congress. For reference, here's a chart showing how the federal gov't currently spends its budget:

Interest on the existing debt is now the second or third largest category of expenditures for the US; if the US loses its AAA rating, that amount could easily double - and that's just on the pre-existing - pre-Obama debt - once this new deficit is folded into the existing US debt, a downgrade from AAA will essentially require that either (i) the entire US budget be spend on debt service, or (ii) we subject ourselves to confiscatory tax rates that would make even the most socialist of Europeans blush, in order to service that debt.

Quite frankly, I appreciate Senator Gregg's speaking out, and I would simply add a more earthy remark on behalf of my five year-old daughter and her friends who, after all, will be the ones to pay for this despicable waste:

[Paine in the Neck]

“social justice” = smash-and-grab looting on a national scale

[Blue Turtle]

So....we need to spend another 3.83 trillion on top of the two stimulus bills we already passed ??

[CDB]

Thanks for this, Kristinn.

Judd Greg has indeed come a long way. Now, he sounds like Arthur Koestler (”Darkness at Noon”), et. al.—a former commie who got disillusioned when reality failed to live up to “hope.”

[RDasher]

I think he DOES call him a communist...but he is not.

Are you sure? His parents were communists. His grand father introduced him to Frank Marshall Davis (a communist) and Obama was mentored by him. Then there is Bill Ayers, and Rev Wright!

[Vaquero]

anyone who does not see zer0bama as the MF Communist that he is, is either Blind or Stupid...or a little of both...

[mojitojoe]

Republicans are waking up, one by one.

This is a BIG step for Judd Gregg. His eyes have been opened.
___________________
I’m not so sure they are waking up. They looked like absolute fools the other day when they invited Obongo the Marxist to attend their little retreat. They had their chance to call him out. Instead they let him stand there on the podium and spew lies. They have no spine and I don’t place any of my hope in the Republican party. I think most of them are closet libs and traitors. Michael Steele is a danger to the country and the party. He MUST go NOW.

[workerbee]

WHY imply it? Just state the friggin’ fact!!

It drives me crazy too, when you hear people seemingly scratching their heads and saying "gee, why's BamBam doing that?", as if all the economic destruction, etc., is simply ignorance or "a misstep." But by now, everyone (who's not braindead) understands there is a systematic, intentional plan being carried out to decimate this country and BamBam is leading the charge. I think soon we will start hearing people admit it -- esp. if a GOP spinectomy is successful -- but I'll bet there are even some Dems who are itching to say the "C" word as well.

[BillyBonebrake]

Judd Gregg probably saw a little red book conspicously placed somewhere in the white house.

[jessduntno]

“I think he DOES call him a communist...but he is not.
Are you sure? His parents were communists. His grand father introduced him to Frank Marshall Davis (a communist) and Obama was mentored by him. Then there is Bill Ayers, and Rev Wright!”

Black Liberation Theologist/Marxist...a very different animal.