'WE'RE OUT OF MONEY', Obama says Options

[illriginal]

'WE'RE OUT OF MONEY'
Sat May 23 2009 10:32:18 ET

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.

So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.

So, one option is just to do nothing. We say, well, it's too expensive for us to make some short-term investments in health care. We can't afford it. We've got this big deficit. Let's just keep the health care system that we've got now.

Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything...

SCULLY: When you see GM though as ?Government Motors,? you're reaction?

OBAMA: Well, you know ? look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven't seen since the 1930's. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries...

SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?

OBAMA: No. I think that what you're seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they're bringing less tax revenue in. And that's a painful adjustment, what we're going end up seeing is lot of states making very difficult choices there...

SCULLY: William Howard Taft served on the court after his presidency, would you have any interest in being on the Supreme Court?

OBAMA: You know, I am not sure that I could get through Senate confirmation...

Developing...

[heyo-captain-jac...]

Just to make sure you're aware, this isn't Obama's fault.

We've been in debt for years because we've had an extremely long line of stupid Presidents.

[illriginal]

Just to make sure you're aware, this isn't Obama's fault.

We've been in debt for years because we've had an extremely long line of stupid Presidents.

It's not just his fault, it's Bush' fault as well. This ridiculous, pork spending... between the two... they've historically put us into the deepest debt known to man kind.

Understand?

Then to make it more laughable... someone in his administration, I didn't catch their name, suggestion that we sell OUR gold to China. These people are out of control.

[heyo-captain-jac...]

It's not just his fault, it's Bush' fault as well. This ridiculous, pork spending... between the two... they've historically put us into the deepest debt known to man kind.

Understand?

Then to make it more laughable... someone in his administration, I didn't catch their name, suggestion that we sell OUR gold to China. These people are out of control.

Don't forget Clinton, Bush Sr, Reagan, Carter, Ford, Nixon. Our list of crappy Presidents goes all the way back to Roosevelt.

Selling shit to China is fine, but not gold. Gold is a bit different than nearly everything else.

[Maccabee]

Heres, an idea. Stop giving billions of dollars trying to stimulate the economy which will never work! America needs a Jewish president bad.