Behind all of the debate about the ceiling debt is a basic fact. Overspending has created the debt. Obama did inherit a recession but his solution was to spend his way out of the crisis through a stimulus program. You cannot spend your way out of a financial crisis as demonstrated by his failed stimulus.
Spending your way out of a financial crisis was the idea of British economist John Maynard Keynes. Franklin Roosevelt tried to spend our way out of the Great Depression with the New Deal program and it failed. Other nations tried it with the same results. Yet many economists still embrace this failed strategy and ignore history.
Obama has spent more money than all presidents combined since George Washington. This has created the greatest debt in American History and the longest recovery from a recession in American History. We are still in recovery mode.
Under Obama poverty has increased, unemployment remains above 7%, the middle class has shrunk and inflation is creating higher prices. Yet liberals and Democrats still support him despite his dismal record.
To keep the US economy from collapsing, Ben Bernanke, Chairman of the Federal Reserve System, has been purchasing billions of dollars of Treasury bonds every month. He does it by printing money to purchase the bonds. This is additional debt.
The American people are not financially smart enough to realize the whole mess is due to Obama’s overspending. There would be no need to have a debt ceiling debate if Obama’s stimulus program worked. The lack of success caused the FED to jump into the fray and provide an economic crutch for the Obama Administration.
In addition, Obama is perhaps the most dishonest president in American history. He never takes responsibility for his failures. He is aided and assisted by all the Democrats who blindly follow his lead.
So the next time a liberal argues with you about the dastardly Republicans causing a problem with the ceiling debate, just remind them of the facts. There would be no ceiling debate if Obama’s stimulus worked. He spent the nation into the greatest debt in our history. The Federal Reserve has had to pump billions every month into the US Treasury to keep the economy from collapsing. This is why we need to raise the debt ceiling.
One more thing, Moody’s Investor Services announced this week that there is plenty of money available to avoid defaulting on the debt. Obama and the Democrats are using scare tactics. Unfortunately, most Americans are gullible and accept what his drones say without checking the facts. We are in deep trouble.