Thursday, May 7, 2009

In Debt He Trusts

As private citizens the Obamas routinely lived on debt. That is, they spent more than they earned year after year and took out equity lines against their home to finance all the goodies they desired. Since Lord O hit the mother lode in book deal politics they were saved from losing their shirts in the housing price collapse. They won the lottery in that regard.

This troubling personal history of excessive borrowing and overspending helps explain why President Obama went in exactly the wrong direction in dealing with the financial difficulties the nation faces. Rather than slowing spending and lowering tax rates, his "plan" is to spend at unprecedented levels, borrow way beyond anyone's imagination, and eventually tax the bejeebus out of anyone who still has revenue. When that doesn't work he'll come after retained wealth-- your savings, IRA's, 401k's, estate, and on and on. The nation can't get a book deal and senate seat to save them from the disaster this borrowing and spending will cause. So, you will all have to pay up for what he's doing. It will get very ugly.

Obama showed in his personal life that he doesn't have even a vague understanding of money. He showed that the desire for pretty ponies and cool shoes outweighs a prudent view of current income, reasonable debt, and required savings and investment. This personal defect is borne out in his public policy to our detriment.
The New York Daily News digs into the Obama tax returns and public records and finds a disturbingly extravagant couple. What once was their problem is now our problem.