Dr. Susan Berry hits this out-of-the-park reading between the lines of what the pResident said last night to the American people:
Below are excerpts from President Obama’s latest address to the nation concerning the debt and deficit talks, followed by “subtitles,” which perhaps provide a more accurate perspective of the points he made:
“For the last decade, we have spent more money than we take in.”
- I won’t mention, of course, that I have added more to the national debt in just my first 19 months in office than all presidents from Washington through Reagan combined.
“In the year 2000, the government had a budget surplus. But instead of using it to pay off our debt, the money was spent on trillions of dollars in new tax cuts, while two wars and an expensive prescription drug program were simply added to our nation’s credit card.”
-Well, no, the nearly trillion dollars in the Stimulus, bailing out the banks, and the auto companies- this was important money spent that could have otherwise been used to pay down the debt if I really wanted to. So, that money doesn’t count…And those Bush tax cuts have been a thorn in my side…I really began to lose my base on that agreement to extend them…And about those wars, I’m referring to the ones in Iraq and Afghanistan that Bush started…not the ones in Libya and Yemen I’ve gotten us involved in… Oops, I probably shouldn’t have dissed that senior prescription drug program because later on in my speech I try to use the seniors as pawns again to get them frightened about how Republicans want to cut their Medicare.
“To make matters worse, the recession meant that there was less money coming in, and it required us to spend even more.”
- That’s this neat Keynesian economics I learned in college. I thought I’d try it out on the country when I became president. We have less money, so we spend more. It really works!
“Now, every family knows that a little credit card debt is manageable. But if we stay on the current path, our growing debt could cost us jobs and do serious damage to the economy.”
Read the remainder of this insight commentary here.