Tag Archives: Debt Ceiling

The Two Obamas

When comparing the words of Barack Obama you have to wonder where he really stands.

Senator Barack Obama speaking before the senate on March 16, 2006. – The debate… Raising the debt ceiling.

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s [George W. Bush] budget will increase the debt by almost another $3.5 trillion.”

That was a direct quote from Senator Obama in 2006. The vote passed and the debt ceiling was raised in 2006. The point is Obama in his speech painted himself as a fiscal conservative. There is some conjecture that Senator Obama knew the vote would pass anyway and used the forum as a platform to build his image.

Fast forward to the Debt Ceiling talks of the last several weeks. Where is the Barack Obama of 2006?

At a White House press conference back in April,  presidential spokesman Jay Carney told reporters when asked about the 2006 quote. “Obama thinks it was a mistake. He realizes now that raising the debt ceiling is so important to the health of this economy and the global economy that it is not a vote that, even when you are protesting an administration’s policies, you can play around with.’’

Other Obama quotes:

“We will raise the debt limit. We always have. We will do it again.”

“Well, no, I don’t expect the Republicans to give in and I get 100 percent of my way, and I don’t expect that we’re going to give 100 percent of what the Republicans want. I think what we want to do is make sure that we have a smart compromise that is serious.”

“It’s not going to get easier, it’s going to get harder. So we might as well do it now. Pull off the Band-Aid. Eat our peas.”

“I do not see a path to a deal if they don’t budge – period. I mean, if the basic proposition is, it’s my way or the highway, then we’re probably not going to get something done because we’ve got divided government.”

I don’t know about you but I did pretty good in math. I know you can only borrow from Peter for so long before Peter is broke or refuses any more loans and Paul still needs to get paid.

Someone explain to me how you solve a debt problem by increasing the debt? That’s like solving a drinking problem by switching from bourbon to scotch.

I don’t particularly like these political/economical blogs but when I see ignorance at all levels of government that would get normal people fired, I have to question who’s the fool? The ignoramus running the show or the ignoramus who put him there.

I do think Obama was right on one count…

“…raising America’s debt limit is a sign of leadership failure.”