The Woodward Report
Obama: The Great Pretender (Continued)
Recently he stated that Iran has a right to nuclear power, as long as it is used for peaceful means. And why not give the Iranians a chance. I’m sure if we sit down with them we can reach an agreement. Never mind that they have defied every UN resolution ever created, that Iranian President Ahmadinejad refers to the U.S. as the "Great Satan", wants to “wipe Israel off the map”, and is prepared to usher in the mahdi with chaos. Give them a chance to be peaceful, and if they destroy all the Jews in another holocaust, then we will discipline them. So what if the world loses a few million Jews, nuclear holocaust isn’t that big of a deal.
But maybe I should leave policy up to the great Chairman Obama after all he did serve a partial term in the US Senate.
Then again one should not come down too hard on his foreign policy, he has to focus on the issues at home. After all we are in economic turmoil.
Congressman Sessions said in May that Obama “aims to end capitalism” and he has already made great strides in doing so. Obama fired GM CEO although time and again, General Motors Corp.'s board of directors reaffirmed its support for Chairman and CEO Rick Wagoner, even as the company piled up billions of dollars in losses and begged for government loans to stay alive. Obama already drunk on his power gave himself the authority to control a then private enterprise. The Venezuelan dictator Hugo Chavez was recently quoted as saying, "Hey, Obama has just nationalized nothing more and nothing less than General Motors. Comrade Obama! Fidel, careful or we are going to end up to his right."
In addition the Democratically controlled Congress is in the process of passing a new regulation that would give the treasury department the authority to set "fair" maximum salaries, evaluate performance and dictate in what manner private companies can issue pay raises and bonuses.
The intervention does not stop there. The government now controls Fannie Mae, Freddie Mac, General Motors, as well as insurance giant AIG. In addition they have effectively dictated Chrysler's moves, as well as become large stock holders in hundreds of banks, including Bank of America and Citibank. Given government's past inefficiencies with managing their own budgets and issues (i.e. 11.3 trillion dollar national deficit), it seems grossly naive to think they can effectively run a corporation. This coupled with Obama's non-experience running any sort of business is cause for grave concern.
What about Obama's spending?
Top Democratic Senators Nancy Pelosi and Harry Reid called Bush's budgets "dangerous" and "unpatriotic."
They called the Republican budget “irresponsible” because it increased the amount of U.S. debt held by foreign countries. Senator Harry Reid accused Republicans of going on “an unprecedented and dangerous borrowing spree” and declared GOP leadership “the most fiscally irresponsible in the history of our country … no other president or Congress even comes close.” Not surprisingly under Obama they have changed their rhetoric.
After beginning with a Clinton-era surplus of $128 billion in fiscal year 2001, the Bush administration racked up deficits of $158 billion in 2002, $378 billion in 2003, $413 billion in 2004, $318 billion in 2005, $248 billion in 2006, $162 billion in 2007, and $410 billion in 2008.
The current administration would love to have such small numbers. President Barack Obama unveiled his budget in early March, and, in addition to the inherited Bush deficit, he’s adding his own spending at an astonishing pace, projecting annual deficits well beyond $1 trillion in the near future.
And what about the national debt? It increased from $5 trillion to $10 trillion during the Bush administration, leading to exceptionally higher interest costs.
Now, under Obama, the national debt, and the interest rates, will increase at a much more accelerated rate than during the Bush years.
“We thought the Bush deficits were big at the time,” Republican Senate Minority Leader Mitch McConnell, “But this is going to make the previous administration look like rank amateurs. We could be adding multiple trillions to the national debt in the first year.”
In the course of four days, we saw the signing of the $787 billion stimulus bill, the unveiling of a $275 billion housing proposal, discussion of Congress’s remaining appropriations bills (about $400 billion) and word of an obscurely defined financial stabilization plan that could ultimately cost $2 trillion.
Obama’s current spending proposals will cost more than the United States spent on the wars in Iraq and Afghanistan, the war on terror, and Hurricane Katrina in the last seven years. And that is before you tack on the $2 trillion fiscal stabilization plan.
“This is big government, man,” McConnell exclaimed “It makes previous attempts at big government pale in comparison — they’re going to go beyond the New Deal and the Great Society by far.”
High interest rates and an increasing number of foreign debt-holders will get worse.
Make no mistake about it we are descending into marxism at an accelerated rate. If this keeps up for over a year to quote Stanislav Mishin, “America at best will resemble the Weimar Republic and at worst Zimbabwe.”
Email the author at thewoodwardreport@gmail.com
