Difference between revisions of "Obama administration deficit spending"
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[[File:Obamunismdeficts.jpg|thumb|241px|right|Cummulative [[Obamunism]] deficits.<br> ''Source: [[Congressional Budget Office]]''.]] | [[File:Obamunismdeficts.jpg|thumb|241px|right|Cummulative [[Obamunism]] deficits.<br> ''Source: [[Congressional Budget Office]]''.]] | ||
| − | The '''Obama administration deficit spending''' is government deficit spending which is | + | The '''Obama administration deficit spending''' is government deficit spending which is occurred at unprecedented levels. The [[Obama administration fiscal policy]] is burying Americans under a mountain of debt. Persistent deficit financing, along with tax increases in hard economic times, are known job killers that stifle growth and choke job creation, even according to [[Keynesian]] economic theory. |
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[[File:Obama deficit.JPG|thumb|241px|right|''Source: White House Office of Management and Budget'']] | [[File:Obama deficit.JPG|thumb|241px|right|''Source: White House Office of Management and Budget'']] | ||
==Obamanomics== | ==Obamanomics== | ||
:''Main article:'' [[Obamanomics]] | :''Main article:'' [[Obamanomics]] | ||
| − | The Obama [[Federal budget deficit|deficit]]s | + | 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 | + | 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>https://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. | |
| − | [[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> | + | [[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 | + | 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>https://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>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> | ||
| − | + | [[Sarah Palin]] worries about the resulting [[inflation]] as well. "All this pump priming will come at a serious price. And I mean that literally: everyone who ever goes out shopping for groceries knows that prices have risen significantly over the past year or so. Pump priming would push them even higher."<ref>https://www.nationalreview.com/corner/252715/palin-bernanke-cease-and-desist-robert-costa#</ref> | |
==See also == | ==See also == | ||
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'''Articles:''' | '''Articles:''' | ||
| − | *[http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/ Bush Deficit vs. Obama Deficit in Pictures] - [[Heritage Foundation]], March | + | *[http://www.pgpf.org/ Peter G. Peterson Foundation] - collection of non-partisan articles and videos on America's growing debt problem |
| + | *[http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/ Bush Deficit vs. Obama Deficit in Pictures] - [[Heritage Foundation]], March 24, 2009 | ||
*[http://blog.heritage.org/2009/04/20/obamas-spending-vs-obamas-spending-cuts-in-pictures/ Obama’s Spending vs Obama’s Spending Cuts — in Pictures] — Heritage Foundation — April 20, 2009 | *[http://blog.heritage.org/2009/04/20/obamas-spending-vs-obamas-spending-cuts-in-pictures/ Obama’s Spending vs Obama’s Spending Cuts — in Pictures] — Heritage Foundation — April 20, 2009 | ||
*[http://www.rushlimbaugh.com/home/daily/site_042109/content/01125107.guest.html Obama Responded to Tea Parties with $100 Million in "Budget Cuts"] - [[Rush Limbaugh]] - April 21, 2009 | *[http://www.rushlimbaugh.com/home/daily/site_042109/content/01125107.guest.html Obama Responded to Tea Parties with $100 Million in "Budget Cuts"] - [[Rush Limbaugh]] - April 21, 2009 | ||
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'''Videos:''' | '''Videos:''' | ||
| − | *[ | + | *[https://www.youtube.com/watch?v=yREOUxo6Qdc Stop Spending Our Future] |
| − | *[ | + | *[https://www.youtube.com/watch?v=oVOuC0qSrR8 $78.8 Trillion; United States Debt Obligations exceed world GDP; Monetary Collapse Looming?] February 16, 2009 |
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==References== | ==References== | ||
{{reflist}} | {{reflist}} | ||
| + | {{Economic preparedness topics}} | ||
| + | |||
| + | [[Category:Economic Preparedness]] | ||
| + | |||
| + | [[Category:Obama Administration]] | ||
| + | [[Category:Socialism]] | ||
| + | [[Category:Fascism]] | ||
[[Category:Politics]] | [[Category:Politics]] | ||
[[Category:Economics]] | [[Category:Economics]] | ||
Latest revision as of 18:29, April 9, 2019
The Obama administration deficit spending is government deficit spending which is occurred at unprecedented levels. The Obama administration fiscal policy is burying Americans under a mountain of debt. Persistent deficit financing, along with tax increases in hard economic times, are known job killers that stifle growth and choke job creation, even according to Keynesian economic theory.
Obamanomics
- Main article: Obamanomics
The Obama deficits 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).
President Obama's record deficits stemmed from the $787 billion failed Economic stimulus, "hundreds of billions"[1] on so-called healthcare reform, and the $80 billion[2] UAW bailout, which added to President George W. Bush's proposed $700 billion deficit[3] in 2008. President Obama's claim "I had a $1.3 trillion deficit wrapped in a bow, waiting for me at the Oval Office"[4] is unsupported by the facts.
Reliance on foreign investors
More than $6 trillion[5] in 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.
"There’s no such thing as shovel-ready projects," President Obama later admitted as Unemployment & Debt spiraled out of control.[6]
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[7] and further downgraded it to “A-” in 2015,[8] 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 entire monetary system is a political toy of a dysfunctional U.S. political system."[9]
Martin Feldstein notes the Obama administration's aim to 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."[10]
Sarah Palin worries about the resulting inflation as well. "All this pump priming will come at a serious price. And I mean that literally: everyone who ever goes out shopping for groceries knows that prices have risen significantly over the past year or so. Pump priming would push them even higher."[11]
See also
External links
Below are some articles and videos on the Obama administration's reckless fiscal policy:
Articles:
- Peter G. Peterson Foundation - collection of non-partisan articles and videos on America's growing debt problem
- Bush Deficit vs. Obama Deficit in Pictures - Heritage Foundation, March 24, 2009
- Obama’s Spending vs Obama’s Spending Cuts — in Pictures — Heritage Foundation — April 20, 2009
- Obama Responded to Tea Parties with $100 Million in "Budget Cuts" - Rush Limbaugh - April 21, 2009
- Bam's Wise Words - New York Post, May 17, 2009
Videos:
- Stop Spending Our Future
- $78.8 Trillion; United States Debt Obligations exceed world GDP; Monetary Collapse Looming? February 16, 2009
References
- ↑ https://www.washingtonpost.com/wp-dyn/content/article/2009/02/25/AR2009022504066.html
- ↑ http://www.time.com/time/business/article/0,8599,1897321,00.html
- ↑ https://www.washingtonpost.com/wp-dyn/content/graphic/2009/03/21/GR2009032100104.html
- ↑ https://www.whitehouse.gov/the-press-office/2010/09/20/remarks-president-cnbc-town-hall-discussion-jobs
- ↑ https://research.stlouisfed.org/fred2/series/FDHBFIN
- ↑ https://www.cbsnews.com/8301-503544_162-20019468-503544.html
- ↑ https://www.telegraph.co.uk/finance/china-business/7886077/Chinese-rating-agency-strips-Western-nations-of-AAA-status.html
- ↑ https://www.rt.com/business/229219-china-russia-rating-politicized/
- ↑ https://www.nytimes.com/2010/11/10/business/global/10global.html?_r=1&ref=group_of_20
- ↑ http://www.nber.org/feldstein/ft11032010.html
- ↑ https://www.nationalreview.com/corner/252715/palin-bernanke-cease-and-desist-robert-costa#
