Susie Orman is a nationally recognized financial planner because of her television show, “The Susie Orman Show.” She has a segment where people call in and ask if they can afford to buy expensive items. Their requests are either approved or denied based on their finances. The approval or denial is predicated on not having major debts when they retire. She asks specific information about savings, debts, investments, mortgages, loans, assets, etc. If people don’t have enough economically to guarantee a safe economic future, she denies their requests and gives them a reason.
This is my version of what would happen if President Obama called in and asked if he should be re-elected based on his economic record.
Suze: “Show Me The Money”
President Obama: “I want to be re-elected. I have been in office almost 4 years and when I took office the debt was $10 trillion. I raised the debt to $16 trillion dollars by spending over a trillion dollars per year since elected. We borrowed money from China to spend those trillions. As a result, we have 47 million people on food stamps, 23 million unemployed, an economy that has had the slowest growth since the Great Depression, 50% of our college graduates cannot find jobs and my stimulus failed.
Suze: “What are you thinking? How do you expect to pay for these debts and fix the economy?”
President Obama: “I just tax the rich more. Anybody earning over $250,000 will pay higher taxes.”
Suze: “That will pay only a small portion of the debt you created. Get a grip on reality, it is not a solution. You need a plan so what kind of plan to fix the economy do you have?”
President Obama: “My plan is to do what I did in my first term by spending more money to get the economy growing.”
Suze: “Get a grip on reality! If it didn’t work the first time, why would it work a second time?”
President Obama: “We just need to spend more money to stimulate the economy.”
Suze: “Stop the mistakes right now. You really don’t have a viable plan. You’re driving the debt up and don’t have the revenue to pay for it.”
President Obama: “I’m a likeable guy.”
Suze “You’re denied! FDR in the 1930’s also tried to spend his way out of the Great Depression. It didn’t work then and you are just repeating his mistakes. You need to cut spending and cut taxes because history has shown that is what works. You’re driving the people of the United States deeper into debt with no economic growth and no increase in jobs. No re-election!”