Obama’s Budget Leaves Out A Very Important Item
Now we find out one of the items Obama has decided to cut to the bone… interest payments on our existing national debt!
The Obama administration’s statement that the government will not be adding to the debt by the middle of the decade clashes hard against the facts, Republicans say, leaving officials straining to justify the budget claim they’ve pushed repeatedly over the past few days.
As it turns out, the administration is not counting interest payments. That means the budget team plans to have enough money to pay for ordinary spending programs by the middle of the decade. But it won’t have the money to pay off those pesky — rather, gargantuan — interest payments. So it will have to borrow some more, in turn increasing the debt and increasing the size of future interest payments year after year.
That’s right… Obama would have us borrowing more to pay off the interest on our existing debt. And he thinks this makes good economic sense?
Not only is Obama economically ignorant, but apparently so are his economic advisors, if they agree with this plan. Either that or, as some postulate, he really is deliberately trying to destroy the US economy.
Personally, it’s more important to me that we stop this first, and worry about motives later.