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Obama: We are out of money.


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#1 Ronald Reagan

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Posted 23 May 2009 - 08:02 PM

SCULLY: Yet, it all takes money. You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.
So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.
So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.


Full C-Span transcript:

http://www.c-span.or...mainterview.pdf

#2 dimbee

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Posted 23 May 2009 - 08:05 PM

This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.
So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.


The truth

#3 cookinwithgas

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Posted 23 May 2009 - 10:16 PM

Did Mulder ask any questions?

#4 Speed

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Posted 24 May 2009 - 05:32 AM

Well how long did you really think it'd take him to give it all away?

#5 Jangler

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Posted 24 May 2009 - 05:40 AM

Quicker than it takes a Republican to spend it on a couple of Wars.

#6 Darth Biscuit

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Posted 24 May 2009 - 06:32 AM

So what's the deal with giving GM $4 billion more just recently? I mean I get the fact that they're trying to keep these huge companies afloat because of the ripple effect of them failing would have on large segments of our economy (parts suppliers, dealers, labor, etc.) but why give them so much more money now when it seems fairly clear that they will have to go into bankruptcy anyway? I'll admit I don't understand it.

#7 Speed

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Posted 24 May 2009 - 06:43 AM

What about the 4 Billion to ACORN?

#8 Matt Foley

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Posted 24 May 2009 - 07:05 AM

What about the 4 Billion to ACORN?


Do you know how many Obama voters ACORN employs?

#9 Htar

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Posted 24 May 2009 - 07:12 AM

And there are some people that believe all this spending is going to work. The first condition the IMF and Worldbank put on developing countries is GET SPENDING UNDER CONTROL. The reason? it works. This spending is nuts.

Edited by Htar, 24 May 2009 - 07:26 AM.


#10 Jangler

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Posted 24 May 2009 - 07:15 AM

So what's the deal with giving GM $4 billion more just recently? I mean I get the fact that they're trying to keep these huge companies afloat because of the ripple effect of them failing would have on large segments of our economy (parts suppliers, dealers, labor, etc.) but why give them so much more money now when it seems fairly clear that they will have to go into bankruptcy anyway? I'll admit I don't understand it.


I don't either. It's like hair plugs. What's the point? You're going bald!

#11 Snake

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Posted 24 May 2009 - 10:18 AM

The funny part is the Bush admin and the Obama admin is the same with our rescission. Throw money at it and hope it goes away.

#12 Fiz

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Posted 24 May 2009 - 11:03 AM

good thread, poster Ronald Reagan