Changes

The Obama [[Federal budget deficit|deficit]]s were unquestionably the largest on record and represented an explosion of debt owed to foreign investors -- [[capital]] that must be exported in the future. The deficit under President Obama for the year ending September 30, 2011 was reported by the administration as $1,300 billion dollars (or $1.3 trillion).

The Obama [[Federal budget deficit|deficit]]s were unquestionably the largest on record and represented an explosion of debt owed to foreign investors -- [[capital]] that must be exported in the future. The deficit under President Obama for the year ending September 30, 2011 was reported by the administration as $1,300 billion dollars (or $1.3 trillion).

[[File:Obama deficits 2009-2010.JPG|thumb|241px|right|Incease in Public Debt]]

[[File:Obama deficits 2009-2010.JPG|thumb|241px|right|Incease in Public Debt]]

President Obama's record deficits stemmed from the $787 billion failed [[Economic stimulus]], "hundreds of billions"<ref>http://www.washingtonpost.com/wp-dyn/content/article/2009/02/25/AR2009022504066.html</ref> on so-called [[Obamacare|healthcare reform]], and the $80 billion<ref>http://www.time.com/time/business/article/0,8599,1897321,00.html</ref> [[UAW]] [[bailout]], which added to [[President George W. Bush]]'s proposed  $700 billion deficit<ref>http://www.washingtonpost.com/wp-dyn/content/graphic/2009/03/21/GR2009032100104.html</ref> in 2008. [[President Obama]]'s claim  "I had a $1.3 trillion deficit wrapped in a bow, waiting for me at the Oval Office"<ref>http://www.whitehouse.gov/the-press-office/2010/09/20/remarks-president-cnbc-town-hall-discussion-jobs</ref> is unsupported by the facts.

President Obama's record deficits stemmed from the $787 billion failed [[Economic stimulus]], "hundreds of billions"<ref>https://www.washingtonpost.com/wp-dyn/content/article/2009/02/25/AR2009022504066.html</ref> on so-called [[Obamacare|healthcare reform]], and the $80 billion<ref>http://www.time.com/time/business/article/0,8599,1897321,00.html</ref> [[UAW]] [[bailout]], which added to [[President George W. Bush]]'s proposed  $700 billion deficit<ref>https://www.washingtonpost.com/wp-dyn/content/graphic/2009/03/21/GR2009032100104.html</ref> in 2008. [[President Obama]]'s claim  "I had a $1.3 trillion deficit wrapped in a bow, waiting for me at the Oval Office"<ref>http://www.whitehouse.gov/the-press-office/2010/09/20/remarks-president-cnbc-town-hall-discussion-jobs</ref> is unsupported by the facts.

==Reliance on foreign investors==

==Reliance on foreign investors==

[[File:Foreign debt.JPG|thumb|241px|left|Federal Debt held by foreign and international investors.]]

[[File:Foreign debt.JPG|thumb|241px|left|Federal Debt held by foreign and international investors.]]

More than $6 trillion<ref>https://research.stlouisfed.org/fred2/series/FDHBFIN</ref> in [[National debt|debt]] is held by foreign investors. Two failed Stimulus packages in the past three years from the Democratic Congress were an incredible waste of resources for what the President later admitted were non-existent "shovel ready" jobs at a time they were needed for the private sector to create jobs. Rather, a large foreign debt was created which must be repaid before any benefit ever trickle's down to working families.

More than $6 trillion<ref>https://research.stlouisfed.org/fred2/series/FDHBFIN</ref> in [[National debt|debt]] is held by foreign investors. Two failed Stimulus packages in the past three years from the Democratic Congress were an incredible waste of resources for what the President later admitted were non-existent "shovel ready" jobs at a time they were needed for the private sector to create jobs. Rather, a large foreign debt was created which must be repaid before any benefit ever trickle's down to working families.

[[File:Hunger in America.jpg|right|125px|thumb|"'''''There’s no such thing as shovel-ready projects'''''," President Obama later admitted as Unemployment & Debt spiraled out of control.<ref>http://www.cbsnews.com/8301-503544_162-20019468-503544.html</ref>]]

[[File:Hunger in America.jpg|right|125px|thumb|"'''''There’s no such thing as shovel-ready projects'''''," President Obama later admitted as Unemployment & Debt spiraled out of control.<ref>https://www.cbsnews.com/8301-503544_162-20019468-503544.html</ref>]]

==Downgrade of U.S. credit worthiness==

==Downgrade of U.S. credit worthiness==

The Chinese credit rating agency, Dagong Global, downgraded the long term sovereign credit rating of the [[United States]] from “AAA” to “AA” in 2010<ref>http://www.telegraph.co.uk/finance/china-business/7886077/Chinese-rating-agency-strips-Western-nations-of-AAA-status.html</ref> and further downgraded it to “A-” in 2015,<ref>https://www.rt.com/business/229219-china-russia-rating-politicized/</ref> which reflects the U.S. deteriorating debt repayment capability.

The Chinese credit rating agency, Dagong Global, downgraded the long term sovereign credit rating of the [[United States]] from “AAA” to “AA” in 2010<ref>http://www.telegraph.co.uk/finance/china-business/7886077/Chinese-rating-agency-strips-Western-nations-of-AAA-status.html</ref> and further downgraded it to “A-” in 2015,<ref>https://www.rt.com/business/229219-china-russia-rating-politicized/</ref> which reflects the U.S. deteriorating debt repayment capability.

The ''[[New York Times]]'' reports officials from [[China]] to [[Germany]] to [[Brazil]] suggest " Washington's addiction to debt has greatly diminished its credibility." Jeffrey E. Garten of the Yale School of Management remarked, "the U.S. is reinforcing views in [[France]] and China, among others, that the [[Obama administration monetary policy|entire monetary system]] is a political toy of a dysfunctional U.S. political system."<ref>http://www.nytimes.com/2010/11/10/business/global/10global.html?_r=1&ref=group_of_20</ref>

The ''[[New York Times]]'' reports officials from [[China]] to [[Germany]] to [[Brazil]] suggest " Washington's addiction to debt has greatly diminished its credibility." Jeffrey E. Garten of the Yale School of Management remarked, "the U.S. is reinforcing views in [[France]] and China, among others, that the [[Obama administration monetary policy|entire monetary system]] is a political toy of a dysfunctional U.S. political system."<ref>https://www.nytimes.com/2010/11/10/business/global/10global.html?_r=1&ref=group_of_20</ref>

Martin Feldstein notes the [[Obama administration]]'s aim to [[Debt monetization|monetize the debt]] is "a dangerous gamble with only a small potential upside benefit and substantial risks of creating asset bubbles that could destabilise the global economy." Feldstein continues, "The greatest danger will then be to leveraged investors, including individuals who bought these assets with borrowed money and banks that hold long-term securities. These risks should be clear after the recent crisis driven by the bursting of asset price bubbles. Although the specific asset prices that are now rising are different from last time, the possibility of damaging declines when bubbles burst is worryingly similar."<ref>http://www.nber.org/feldstein/ft11032010.html</ref>

Martin Feldstein notes the [[Obama administration]]'s aim to [[Debt monetization|monetize the debt]] is "a dangerous gamble with only a small potential upside benefit and substantial risks of creating asset bubbles that could destabilise the global economy." Feldstein continues, "The greatest danger will then be to leveraged investors, including individuals who bought these assets with borrowed money and banks that hold long-term securities. These risks should be clear after the recent crisis driven by the bursting of asset price bubbles. Although the specific asset prices that are now rising are different from last time, the possibility of damaging declines when bubbles burst is worryingly similar."<ref>http://www.nber.org/feldstein/ft11032010.html</ref>

'''Videos:'''

'''Videos:'''

*[http://www.youtube.com/watch?v=yREOUxo6Qdc Stop Spending Our Future]

*[https://www.youtube.com/watch?v=yREOUxo6Qdc Stop Spending Our Future]

*[http://www.youtube.com/watch?v=oVOuC0qSrR8 $78.8 Trillion; United States Debt Obligations exceed world GDP; Monetary Collapse Looming?] February 16, 2009

*[https://www.youtube.com/watch?v=oVOuC0qSrR8 $78.8 Trillion; United States Debt Obligations exceed world GDP; Monetary Collapse Looming?] February 16, 2009

==References==

==References==