Obama's Economic Illiteracy
By Floyd and Mary Beth Brown, Expose Obama
Barack Obama is demonstrating just how little he understands basic economics. He believes growing the government at a rapid rate is what causes prosperity, declaring America must "spend our way out of this recession."
He also in recent weeks scolded "fat cat bankers," telling them they need to loan more money out to get our economy going again.
Obama's economic illiteracy is plunging our country into economic ruin.
From bailouts, to company takeovers, health-care reform and stimulus bills: If it involves greater taxpayer involvement, Obama supports it. When Obama reported that the Treasury had received back $200 billion in TARP funds, he declared that he planned to spend that money on a second stimulus while paying down the debt. This is patently untrue.
America will not be paying down any debt. The Senate is moving to raise the debt ceiling by over $1.8 trillion.
Actually, we will be borrowing a record sum, as Obama mortgages our future to "spend us out of this recession." The problem with his policy is that it doesn't work. Government spending has never created prosperity. Every dollar the government spends must be taken from someone else.
Government engages in wealth transfer not wealth creation. Borrowing money and running sizable deficits is transferring wealth from the future generation, which faces paying off Obama's credit card. The bill must be paid someday. Obama is robbing future generations in order to support his binge spending.
Read More and Comment:
No comments:
Post a Comment