Because of profligate spending and its Socialist policies, Greece is bankrupt. It is now our duty to bail them out, according to Obama, so that they can continue on without taking responsibility for their own actions. Spain, Portugal, and Ireland are all nearing the same economic precipice; are we to assume that Obama plans to put the rest of the world on American Welfare rolls? Someone better tell him, those people can’t vote, but he does believe the Constitution is flawed, maybe with a few changes here and there, we can continue with a Redistribution of American Wealth for the rest of the world, until we are a Third World Country.
Following a meeting with Chancellor Angela Merkel of Germany, he stressed the need for German leadership to help in contributing to keep a failing Socialist EU state like Greece and soon several others afloat. He plans to do this through the IMF, an international bank supported primarily by the US taxpayer. The former CEO had to resign after charges of rape in New York. Unfortunately, the IMF was chartered to help developing countries have ready access to funding for economic development, not to bail out profligate Socialist countries in Europe that have over extended themselves with unfunded debt and generous early pension plans that the US is destined to bankroll. It is hard to imagine how, when our own unfunded plans for seniors are looming over the horizon and threatening us with bankruptcy, we are going to take on Greece and their unfunded debt
President Barack Obama on Tuesday urged European countries and bondholders to prevent a “disastrous” default by Greece and pledged U.S. support to help tackle the country’s debt crisis.
Obama, whose political prospects have suffered from persistently high unemployment and ballooning U.S. debt, has pinpointed the euro zone crisis as one foreign “headwind” hitting the U.S. economy.
“I’m confident that Germany’s leadership, along with other key actors in Europe, will help us arrive at a path for Greece to return to growth, for this debt to become more manageable,” Obama said.
“But it’s going to require some patience and some time. And we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF.”
A proposal for a second Greek bailout package worth 80 billion to 100 billion euros over three years was taking shape, euro zone sources said.
Merkel is under pressure from the German public not to fund the extravagant profligate programs of Greece and others, with a cryptic and dubious message she stressed that Germany understood its role, but she didn’t say exactly what that role might be. The German people are not as naive about throwing their money away to support countries that are irresponsible.
“We’ve seen that the stability of the euro as a whole will also be influenced if one country is in trouble,” she said.
“So we do see clearly our European responsibility and we’re shouldering that responsibility, together with the IMF.” With U.S. unemployment at 9.1 percent, Obama has blamed outside forces for impeding the economy, including high fuel prices, the earthquake in Japan and the euro zone crisis.
“It would be disastrous for us to see an uncontrolled spiral and default in Europe because that could trigger a whole range of other events.”
With US unemployment at 9.1 % and after 2.5 years, It is hard to blame Bush for the continuing collapse of the economy; he is now pointing the finger of blame at the earthquake in Japan, high fuel prices that he promised us, and the Euro Zone crisis. His answer, as always, is to give them more money.
Obama lays down the law.
“Other countries in the euro zone are going to have to provide them a backstop and support,” he said.
“And frankly, people who are holding Greek debt are going to have to make some decisions, working with the European countries in the euro zone, about how that debt is managed.”
Obama is adamant that Socialist Greece should accept responsibility for its own economic problems, no not at all, they are correct; it is the responsibility of the United States with maybe a little help from Germany to keep the Greek Socialist Utopia afloat, at the cost of the US assuming catastrophic debt and lowering our own standard of living.
Obama also pointed out that once Qaddafi is gone, as a result of as yet unexplained NATO kinetic actions that don’t require Congressional approval and actions that Merkel refused to participate, that there would be a shared responsibility to rebuild Libya. Some of us were hoping that Goldman Sachs might provide the 1.3 Billion they stole from Qaddafi for the rebuilding effort or maybe it would have been better if Qaddafi would have accepted the loss and a portion of Goldman Sachs ownership; he might not be dodging rockets and missiles if he would have agreed to keep his mouth closed about the theft by Goldman Sachs. Now, the US taxpayer will be funding to rebuild a country that will be headed by the Muslim Brotherhood, you know the cousins of the guys we are fighting in two other wars. It might have made more sense for Goldman Sachs to give him his money back, the taxpayer would have avoided the cost of rebuilding an oil rich nation in the future, let’s hope Qaddafi can stay alive until Obama is voted out of office next year.
In a brilliant move by Obama speech writers, Obama made Merkel complicit in the illegal war in Libya by thanking her for the additional German support in Afghanistan, a move that freed up other NATO countries to fight in the illegal war in Libya. Now that was a hard Left uppercut to her groin.
Meanwhile, in the US during 2010, we added $5.3 Trillion in unfunded obligations, bringing our total of unfunded obligations to $61.6 Trillion or $527,000 per household. Unfortunately, that figure isn’t entirely honest since almost half of American households don’t pay taxes. Now that we are going to support Greece and their unfunded obligations and union early retirement pensions, our individual household debt may skyrocket.
Last year’s $5.3 Trillion in unfunded obligations was primarily for retirement programs such as Medicare and Social Security, it is far beyond the new debt taken on to finance the budget deficit. Here is a brief synopsis of our new debt:
Medicare $1.8 trillion in new liabilities, more than the record deficit
USA has record $61.6 TRILLION in unfunded obligations; $534,000 per household…”?The federal government’s financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.
The federal government’s financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.
Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling.
Social Security added $1.4 trillion in obligations, partly reflecting longer life expectancies. Federal and military retirement programs added more to the financial hole, too.
Corporations are required to list new liabilities, Congress ignores these obligations until its time to write the check.
The $61.6 trillion or $527,000 per household is:
more than five times what Americans have borrowed for everything else — mortgages, car loans and other debt. It reflects the challenge as the number of retirees soars over the next 20 years and seniors try to collect on those spending promises.
“The (federal) debt only tells us what the government owes to the public. It doesn’t take into account what’s owed to seniors, veterans and retired employees,” says accountant Sheila Weinberg, founder of the Institute for Truth in Accounting, a Chicago-based group that advocates better financial reporting. “Without accurate accounting, we can’t make good decisions.”
The federal government handles these unfunded liabilities with simple IOUs. Think about what would happen to the American economy if every household could write IOU on larger cash purchases. Do you see total chaos?
The people who lived through the Great Depression spent a lot of time worrying over the economy. Our period of worry hasn’t started yet.