President Obama is being Irresponsible and Unpatriotic

In 2007 then Candidate Obama said President Bush took out a credit card from the Bank of China in the name of our children and it was "irresponsible" and "unpatriotic".  I agreed with Senator Obama then, and still do today.  So how can he believe that then, and do what he is doing now?

President Obama has borrowed so much even the "Bank of China" credit card is not enough to meet our obligations, so now we do quantitative easing.  Quantitative easing describes a form of monetary policy used by central banks to increase the supply of money in an economy.  Risks of quantitative easing include inflation because basically it is the new way of printing money.  Our high food and fuel prices can attest to this risk.

Under George W. Bush debt increased by $4,899,100,310,608.44 in 8 years, but under President Obama debt increased by $5,696,206,400,691.90 in under 4 years so far.  That's about $49,568 per household as pointed out in Terence P. Jeffrey's CNS article titled "Obama’s Now Borrowed More Than All Presidents from Washington to W". So what is President Obama's "responsible" solution?   

More taxes, and more spending.  His “solution” at best will raise under $100 billion per year even according to Jeanne Sahadi of CNN Money.  That may sound like a lot of money, but when you consider we are running trillion dollar deficits each and every year, it is really just pennies on the dollar.  This "best case scenario" includes increasing taxes on households making over $250,000 ($200,000 for individuals).  It also assumes raising taxes will not throw the Country back into recession.  

President Obama talks about his "balanced approach" that will solve our fiscal crisis.  He says he has a plan, but his last real plan was rejected by a vote of 414-0 in the House while his 2012 budget was defeated 97-0 in the Senate.  That's a bipartisan rejection, but it never seems to deter President Obama from continuing to propose the same irresponsible and unrealistic solutions.

 

After 4 years of on the job training, it is about time for President Obama's actions to match the words he campaigned on during his 2008 Presidential run.  He seemed to understand then that overspending like he is doing now is irresponsible for our generation as well as for future generations. 

It is time for President Obama to lead and propose realistic, honest solutions that work and will get this Country away from the cliff and on the road to recovery.