In 2006, prior to voting "nay," Sen. Barack Obama said, "The fact that we're here today to debate raising America's debt limit is a sign of leadership failure. Leadership means the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership."
In February 2009 at the Fiscal Responsibility Summit, President Obama said he was "pledging to cut the deficit we inherited by half by the end of my first term in office. Now, this will not be easy. It will require us to make difficult decisions and face challenges we've long neglected. But I refuse to leave our children with a debt that they cannot repay, and that means taking responsibility right now, in this administration, for getting our spending under control."
Obama took office on January 21, 2009. America's publicly held debt was $6.3 trillion.
OK, so what happened? Obama took office with a greater Democratic majority in both Houses of Congress than there was when he was campaigning. In two years, they more than doubled America's debt.
He raced to reach the debt limit so he can raise it again with Congress' help. A major part of his campaign was getting spending under control. That ship has long since sailed, and, the media shifts sole responsibility to Republicans, because, let's face it, when a Republican is around and Chris Matthews has no tingle up his leg from an Obama oratorical masterpiece, Republicans will always get the blame. And have you noticed that the media only pushes Republicans to compromise?
I can't wait to read the online comments to this letter: "Bush" this and "Bush" that. Hey, Obama had all the answers, remember? And, Bush is gone.
By Obama's very own words he is a failed leader, or, as I prefer, failed in his leadership position because he is no leader.
He can read to 6th graders from two teleprompters with the best of them. But a leader he's not.
Haki, do explain. What is not true (other than January 21, which should have been January 20)? When the left has neither fact nor reason to rebut the obvious, pull out words such as, "obsession", "he's the president so deal with it", and countless others.
Obama's leadership:
"I didn't say "change we can believe in tomorrow" Not change we can believe in next week, We knew this would take time...."
If he knew it why the heck didn't he say so..So many empty promises, so very many mistruths spoken by a man who was actually elected to office by Americans who surely knew better.
Haki,
Real obsession?
You're being kind.
Is the moon full?
I really have to disagree with this letter-Obama is a very great leader and will be recognized in history as one of the greatest leaders in the world. In two and a half short years Obama has inflected more damage on America than the Germans, Japanese of World War Two and the Russian communists put together!
OK, Lee, you asked for it. First, you really had to beat the Bushes to find an old vote of Obama's which he has repeatedly said, even before the current debt ceiling, was a mistake. And it is totally Bush league that you did not mention this fact. The admittedly small group of us local liberals always look forward to a Lee Benedict letter as it is amusing to hear what folks who live out in the Bushes think is wrong with world.
OK, that should do. What I really want to remark on is your complaint that the MSmedia "only pushes Republicans to compromise." Truly bizarre. This week, John Boehner announced gleefully that Republicans had gotten 95% of what they wanted in the debt agreement. Even so, most House Tea Party members still voted NO. They didn't even want to "compromise" on the 5% crumb thrown to the Democrats! Also, it is the indisputable fact that all through the "debate," the motto of the Tea Party Right was "NO COMPROMISE!" And now you complain that the MS media points this out? You want it both ways, Benedict: you have never favored any compromise, but don't want to be accused of just that! Now that's Bush.
Obama is not a leader, but someone behind him is. (someone with baggage that keeps him un-electable or someone who is not a US citizen by birth (ha!), hence the need for the community organizer as a mouthpiece)
Do not underestimate the voracious power desires of these communist progressives. They want to "fundamentally transform" the United States of America. They are about 30% done with their plan.
Once the economy crashes, as planned, you will see "change" like you've never seen before. And I promise that you won't like it.
EEL..what part of broke escapes you...there are no real cuts...the only plan to really deal with the debt was cut cap and balance..when you are 14 trillion plus in debt and wanting to add 2.4 trillion more this is insane. this is what compromise has gotten us... i sorry you cant see this...the republican leaders compromised with insanity(obama) and we did nothing but kick this down the road to our kids...thats what happens when you compromise from doing the right and grownup debt plan that would help future generations..
You're right. Obama isn't a leader. He's a spineless flip flopper who left his base for republicans. He has given republicans almost everything they want, including continuing the Bush Tax cuts, even though those tax cuts will add to our deficit and continue the same failed policy of trickle down. It didn't work under Bush, and it's not going to work under Obama.
You know, Lee, I can understand being miffed that Obama voted not to raise the debt ceiling under Bush, but what is the excuse of republicans who voted to raise it under Bush? Democrats didn't have control until early 2007. Look at the timeline:
June 2002: Congress approves a $450 billion increase, raising the debt limit to $6.4 trillion. McConnell, Boehner, and Cantor vote “yea”, Kyl votes “nay.”
May 2003: Congress approves a $900 billion increase, raising the debt limit to $7.384 trillion. All four approve.
November 2004: Congress approves an $800 billion increase, raising the debt limit to $8.1 trillion. All four approve.
March 2006: Congress approves a $781 billion increase, raising the debt limit to $8.965 trillion. All four approve.
It's noble that people in the government are concerned with what they are spending, but the timing is terrible. We watched the Dow sink yesterday, and that was largely due to the obsession with austerity during an economic crisis. We saw the same thing happen under FDR during the great depression, only this time, our politicians were too stupid or too spineless to learn from history. It is a well known fact that government actions can dictate what happens in our markets, and when the government stops investing and spending, the markets are going follow suit. It is no mere coincidence what happened on Wall Street yesterday, following the legislation that pretty much stops any chance of recovery.
***You're right. Obama isn't a leader. He's a spineless flip flopper who left his base for republicans.***
Good call, Andrew. I'm with you. No way I'd vote for him. You wouldn't vote for a "spineless flip flopper" who "isn't a leader" either, would you?
Andrew?
"When the government stops spending and investing the markets are going to follow suit" I could not disagree more. When government slows spending that means they are spending less of other peoples money and more citizens have more of their OWN money to spend. Let's not forget government creates nothing. All they can do is confiscate the wealth of others and use it to buy votes from the uninformed or the ignorant.
It's obvious some people trust the government to spend that money more than they trust the private sector to keep it and spend as they wish. I, for one. do not.
Back on topic re: this LTE. It is obvious Obama is not a leader. Further, the condition of this economy illustrates how inept this president is in matters of simple economics. He surrounded himself with anti-capitalists and is an avowed anti-capitalist himself. Once calling his only foray into the private sector "working behind enemy lines" it's obvious he has no idea how the real world works. It's beginning to look more and more like this is on purpose. This guy HAS to be replaced before any serious businessman or company will have any degree of confidence in this country's financial future.
No Harley, I am not voting for Obama in 2012. You got that right.
Roger: Just curious, are you an investor,broker or financial expert? My wife is, and my father was CFO of a Fortune 500 company before he retired a little over ten years ago. So I'm pretty well versed in finance. My wife is a democrat like me, but my old man is a die hard republican. Both of them are saying the same thing about yesterday's fiasco. The drastic spending cuts along with no new revenues in Tuesday's bill clearly affected the markets. I'd be interested in learning why you think the Dow took a nosedive. Talking points like "spending other people's money" and "confiscating the wealth" don't mean squat, quite frankly. So if you have some financial theory that makes sense, I'm all ears. But please-spare me from trickle down theories that don't work and make the economy worse.
Sure, of course, how convenient, Obama LATER said that his 2006 vote was a "mistake". Ha ha! One of the few things he actually voted on was a mistake. Whatever. As most liberals do, they totally miss the message, as effete did, and so eloquently wrote, "And it is totally Bush league that you did not mention this fact." Fact: Obama said what he said about raising the debt limit in 2006. Now out of convenience, he admits his vote was a mistake. OK fine, a mistake. What say you about the quote from 2009 about cutting the deficit in half? See, 2009 came after 2006, so come on effette, tell us why it has not happened and will not happen, and, it is totally Bush league that you did not mention this fact that in 2009, as president, he pledged to cut the deficit in half. BTW, the media is always angling and showing clips and whatnot indicating that Republicans must compromise. Democrats call whatever they do not like, "extreme", so the ignorant public repeats the phrase. But when Republicans balk at anything, the media shows clips of Democrats calling Republicans, "obstructionists". This administration banned the term, "war on terror" and will not call radical Islamics who shoot up Army posts, recruiting stations..."terrorists". But Joe Biden calls Tea Party folks, "terrorists". You people are funny, but in a sad way. BTW, you speak of TP complaining about 5%. What did the Congressional Black Caucus grand poobah say about it? Come on, tell us. What did the Congressional Progressive Causus say? Hint: not very kind, cordial, or dignified.
Andrew, what you mention has no bearing on this letter. Senator Obama said that raising the debt limit is a failure on leadership. Forget what his vote was...let's say it was an affirmative. He still called it a leadership failure. As POTUS, he ran his mouth about cutting the deficit in half. Well, we're waiting for that day. As POTUS, he promised the end of life as we know it if the limit is not raised. How could the limit be reached and reached quickly? When he took office the debt was $6,300,000,000,000...in 24+ months he more than doubled it and Congress is going to bump it up by an additional $2,500,000,000,000. When will it come to an end? Obama took office and was hellbent on spending as much as he could as fast as he could, and, Pelosi and Reid were only too happy to ram his warped agenda through Congress.
Allllllll through the 2008 campaign, the community organizer turned US Senator for a few months before the campaign began in an official capacity, Obama was saying that Bush spent and is spending too much (I agree and agreed) and he's gonna end it. Well, Barack Obama, or Barry Soetoro, or whatever his name is, racked up more debt that George Washington through George Bush, inclusive.
Onama was the least vetted candidate in history. The media fell all over him, bowing at his feet. But Governor Palin, oh my, where did she get her clothing and who paid for it?
Andrew, I'm happy to hear you won't be voting for Obama in the next election. Welcome to the world of reason.
As for the markets.....I'm no "financial expert," but I am an investor who watches the markets fairly closely. Nobody knows for sure what happened yesterday (for the past 10 days or so, really) but I'll tell you what I think.
I think investors are losing their confidence in the United States. Actually, they're losing their confidence in Europe too, but the U.S. has been the rock-solid center of the financial markets for decades. It is our dollar that has been the monetary standard for the rest of the world and the currency by which all others were measured.
The dollar has lost its brilliance. Our economy is in deep trouble. During my lifetime we've gone from being a creditor nation to a debtor nation, now approaching the status of a beggar.
It is not obvious that we will ever recover from our current position. We may never be able to pay off our accumulated debt and we just went through an exercise that might have ended with our deciding to take significant action toward balancing our annual budget and, even better, starting to pay down some of our debt. We didn't do it. Instead we decided to continue to spend like drunken sailors only making a slight adjustment to the rate of growth of our debt. We didn't really "cut" anything and investors around the world know it.
Would you loan money to someone so deeply in debt you knew they'd never pay you back? Would you invest your money in a failing enterprise? When you watched the actions and heard the rhetoric emanating from your potential borrower, would you be comforted that they were in deep denial of their problems and appearing only interested in running up their debt even further?
Your father and your wife, as financial experts, surely know the above is true. It's really not rocket science. The policies the Obama Administration have pursued make absolutely no sense if you believe their goal is to solve this Country's financial ills. If you think, like I do, that those are not their goals, than it's a lot easier to understand.
To me, it's been pretty clear since before the 2008 election and every day that goes by makes me more and more confident that I've been right all along.
AndrewLaFa wrote:
The drastic spending cuts along with no new revenues in Tuesday's bill clearly affected the markets.
It does not make sense that a new law with no tax increases would make investors call their brokers with sell orders. Increasing tax rates has the effect of taking money out of what we affectionately call the "private sector" and put that money in the hands of Washington bureaucrats. Increasing tax rates, whether individual or corporate would more likely signal a down stock market because the investors would have to pay more to the government.
I think Harley might be right. He says it may be a lack of confidence in the future of American businesses. I guess the market may be saying, "Sell American companies and buy Asian ones." The best thing in my portfolio for the last five years was an Asian bond fund, heavily weighted in Austrailian government sovereign debt. That's sad, but it's true.
The Asian fund is probably the best place for your money, but gold and silver aren't bad either. Europe and the U.S. are in big trouble and in both cases there isn't any quick fix.
Lack of confidence in our businesses isn't the solely the result of our debt nor the sole reason for our financial problems, but it was the main reason for the recent crash of the market. Other reasons include our horrible job market, and a population of workers that are uneducated, or ill-educated for the jobs open today and tomorrow. Our education system is in shambles, we haven't figured out how to control immigration, our political parties are unable to agree on much, if anything, and we've got some significant percentage of 1.6 billion muslims out to destroy us however we can.
It's not a pretty picture, especially since so many of us are in deep denial and apparently happy with the status quo, or even insisting on spending more money and going deeper in debt.
The belief that we can grow the economy by shrinking it defies common sense. With no new revenue coming in and deep spending cuts, there is nothing to spark new growth. The private sector has NOT come to the rescue. We left them to their own devices, deregulated the markets, and gave trillions of dollars in tax cuts. For all that, we have nothing to show for it. More jobs than ever are being lost and the economy has tanked even worse.
Most economists have stated that we need a balance of both new revenue and spending cuts. I agree, and I think most of you do as well, that we need to have a balanced budget. But how can you have a balanced budget on cuts alone, especially with rocketing inflation? It doesn't work and our current situation proves it.
That last bill did nothing more than tip the scales of balance in the opposite direction. We just took a step forward and a step back, right in the same old mess.
Lee,
You nailed it, my friend. What Obama has lacked in leadership, though, he has sufficiently made up for in pure ineptitude, don't ya think. Obama rode the wave to his nomination and eventual election in a firestorm that he was wholly unprepared to appreciate the challenges that he'd have. He has fed empty promise, pushed his own ego, and continually blames GWB for the debt that the US is in now. It would not surprise me to hear him blame the financial ruin on GWB and the people of the US in NOV 2012 when he concedes the election. His hope is leading us to the recession - that is change I can do without.
Harley, I'd be real careful with gold and silver at this point. Buying it now at the inflated prices is nuts. That's another bubble that is overdue to burst.
Given the number of responses to this letter, it obvious many feel this is simply another attempt take the focus off the real issues facing this country. Its not Obama, its all of the people that simply want him to fail, and are doing their best to make it so. What they all fail to understand is, that if Obama fails, this country will fail as well. These folks have done their best to bring him down from all angles, and yet he is still holding his own. I guess the next letter will focus on how good of a leader GWB was. The funny thing is, most of the folks commenting on the President's lack of leadership, have no idea what good leadership really is and therefore not qualified to judge him.
I don't have any new ideas, I just want to say that I truly wish that Obama, our supposed leader, would stop making himself look so small with his blame game and feeble excuses.
Americans ARE NOT stupid Mr Obama so stop the nonsense!!
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