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LETTER TO THE EDITOR: President needs basic economics refresher
Question of the Day
For the second time this year, the nation’s debt is approaching the debt ceiling (“Debt ceiling compromise: Cut military, postpone Obamacare,” Web, Oct. 8). While the president and Congress fight over how to handle this problem, let’s look back at what President Obama has had to say in the past.
In 2006, the then-Sen. Obama voted “no” to raising the debt ceiling, saying doing so would be irresponsible. While campaigning in 2008, Mr. Obama stated that then-President George W. Bush was unpatriotic for racking up $4 trillion in debt in eight years. Mr. Obama said it was like we were writing a check to the bank of China and that it was burdening our children and grandchildren for many years to come.
Now let’s look at Mr. Obama’s record concerning the national debt and his spending during his four-plus years as president. The national debt has ballooned to $17 trillion, an increase of $7 trillion. So if Mr. Bush was unpatriotic in 2008 for $4 trillion, what does that make Mr. Obama and his $7 trillion? Does that mean Mr. Obama has written a $7 trillion check to the bank of China our children and grandchildren will have to pay off?
This is a national security issue. This mounting debt and the compounding interest on it are putting our nation’s financial future in jeopardy. The president is responsible for making our nation’s dire financial situation worse. We are at the edge of a financial collapse, and Mr. Obama seems to be oblivious to this fact. Continuing to kick the can down the road is not the solution. Making a budget and then following that budget is the first step, but let me remind our self-important president of a simple financial principle: You can’t spend more than you take in.
By Matt Kibbe
The short-term deal will assure long-term overspending
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