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Wednesday, November 23, 2011

Barack Obama, Emperor of Insolvency

The lede in today's coverage of the U.S. deficit struggle ("Obama reopens debate on US stimulus") at the Financial Times is troubling on two fronts.

Barack Obama sought to reignite the debate over an ­economic stimulus package on Tuesday, demanding that a bitterly divided Congress pass an extension of payroll tax cuts before the end of the year.

“We still have to give the economy the jolt that it needs,” the US president said on the campaign trail in New Hampshire, a day after a bipartisan committee failed to agree on a $1,200bn deficit reduction package. He added he would do “everything in his power, with or without Congress”.

Consider:

• Fact: the "payroll tax cuts" simply accelerate the collapse of the Social Security system

• And what kind of president talks about operating "without Congress"?

Our beloved Dictator-in-Chief knows that America is insolvent, that Social Security is headed for collapse, and that Obamacare simply hastens the implosion.

But, some believe that was the plan all along.


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