I’m disappointed. I expected a little more truth out of Obama.
There he was – addressing the very spend-thrifts and regulation-removers who caused the present situation, and all he could muster was a wimpy “Now, if we’re honest with ourselves, we’ll admit that for too long, we have not always met these responsibilities [to not spend more than we have] – as a government or as a people.” (Reminder, the government is of the people, for the people and by the people.)
Humans are weak when faced by temptations, such as a whole boatload of money. When we hear the magic words, “Federal funds,” we don’t ask questions about where the money is actually coming from or how it will ever in a million years be repaid, we just start making our greedy plans about what we’re going to do with and who is charge of doling it out. As if it were money from heaven and not a loan from the Chinese and the oil sheiks
The ultimate irony for me was a former member of Congress telling Congress that things are going to be different from now on. I’m sorry, but that’s impossible. All the same people who forced Fannie Mae and Freddie Mac to buy questionable home loans (stupid buyers) so more low-income housing could be created are still chairmen of those committees. The same representatives who voted to loosen regulations are still collecting campaign funds from the industries they served.
The very idea that Obama could get anything out of Congress other than what Congress (meaning the new Democratic majority running things) has always delivered — pork-barrel spending, massive Federal debt, wasteful weapons systems, unfair agricultural subsidies — is both saddening and maddening.
I just pity the people who expect to live off their savings when the dollar becomes worth a tenth or a hundredth of what it is now, when we don’t have enough of our inflated dollars to buy any oil, and when nobody comes to the weekly Treasury auctions to buy our worthless debt. Then we might get the truth out of Congress, that passing the buck is the only game they know, and taxing the rich is their only solution.