Unreal. Biggest Spender in History Says Too Much Debt Could Fuel Second Recession (Video)
Unreal. This is infuriating.
After spending nearly a trillion of US taxpayer dollars on his record stimulus bill that produced bogus results Obama says that too much debt could result in a second recession.
Here’s the video from FOX News (not a real news service):
Barack Obama’s budget deficit in October was greater than George Bush’s budget deficit for all of 2007.
Obama tripled the national deficit his first year in office and he’s off to a record-setting start in fiscal year 2010.
President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.
With the U.S. unemployment rate at 10.2 percent, Obama told Fox News his administration faces a delicate balance of trying to boost the economy and spur job creation while putting the economy on a path toward long-term deficit reduction.
His administration was considering ways to accelerate economic growth, with tax measures among the options to give companies incentives to hire, Obama said in the interview with Fox conducted in Beijing during his nine-day trip to Asia.
“It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession,” he said.
But he’s still going to push his mega-billion dollar nationalized health care plan on America.