Obama says spend more, because 'we are not a deadbeat nation'

Photo: Associated Press

WASHINGTON, DC, January 16, 2013 — President Obama wants to borrow hundreds of billions of dollars, and he wants Congress to authorize it, because, he said, “We are not a deadbeat nation.” We pay our debts.

We haven’t heard a lie this big since he promised to cut three dollars of spending for every dollar in new revenue.

Borrowing money to pay for past debts, debts that were incurred when there was no way to pay them, is not an obligation; it is a disgrace. Doing it without cutting current spending (really cutting it, not just cutting its rate of growth) is being a deadbeat.

Asking to get a higher credit limit, because we can’t pay for credit already extended, is ludicrous. Having no plan to do anything but borrow more and more is juvenile. And granting that wish is immoral, stupid, irresponsible and fraudulent.

If Obama were an over-indulged child, raising the debt limit would be spoiling him. It’s not that the blame for our fiscal situation is all his. Congress has, for decades, lacked any will to say “no” to special interests, whatever they may be. Congress has a tradition of being re-elected based on how much of someone else’s money can be spent on home district projects. But Obama has been told; he just doesn’t want to change. He runs out with the country’s credit card, flying all over the world on a 747 (with an enormous escort), and never thinking of the money he’s pouring out of our digital treasury. He is running the most-indebted nation in history, a nation with a population more in debt than any ever before, and he wants to increase spending, and pay for it (if at all) lifetimes in the future.

If Obama were a customer at a bank, we would ask him, “What’s your plan to repay this?” He has no plan. Or, we could ask him and our Congress, “What did you do with the last 16 trillion we loaned you?”

“I don’t know” is not an acceptable answer for a borrower at a bank.

All this borrowing seems to be “necessary” because our taxes aren’t high enough. Not only does the government collect taxes on everything that can be taxed, our leaders want to borrow even more – already $16,000,000,000,000-plus and counting. No amount is enough to pay for their spending. No amount ever will be.

Americans are already oppressed by taxation. Our enterprise sector is shrinking; we are losing ground – under the taxes we already have. How are we supposed to pay for more, when we will be allowed to keep even less, and why, Mr. President, is that a good idea?

If policy makers’ spending schemes were actually working, and if these expenditures were actually “investments,” as they claim, they would have to be the worst investors on the planet. Since the idea of governmental “investment” is nothing but a sad sham, and spending is all about buying votes, where can it end?

Two important questions on the floor now are, “How will it end?” and “Who will end it?” The answer to both is: “It will end when the private and national bankers decide that the USA is worth more dead than alive financially.”

How far Obama’s charm will allow us to go then becomes the crucial question. But he still will need a plan.


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Tim Kern

Tim Kern taught economics for fifteen years, and discovered that understanding life is easy; it’s recognizing reality that takes practice. He holds a music degree, and later earned an MBA in finance from Northwestern University. He has lived across the US, and now makes his home in Anderson, Indiana.

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