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Money and government are two topics that when combined guarantee problems. As the US hovers over the economic abyss its benefactor, China, is worried about the value of the dollar and how their investment in American debt will fare in the future. Among the growing number of financial missteps generated by the Obama Administration clinging to Ben Bernanke for another term may not rescue the community organizer-in-chief as he expects.

Below is an excerpt presented as a brief recap of the latest Obama problems which affect us all. While the remainder of the article offers some surprisingly positive prospects the underlying tricks being employed by the federal government we now have may provide a magical trick on any cheery news. It may all disappear.

$2,000,000,000,000. That’s the amount by which the Obama administration raised its ten-year estimate of the nation’s budget deficit from the one it made only a few months ago. Now, $2 trillion is a lot of money. But even more significant is the fact that this revision represents almost a 30 percent increase — no tiny percentage of the earlier $7 trillion figure. It seems that expenses are higher — up 24 percent this year, the largest increase since the height of the Korean War — than originally estimated, and revenues are lower. The resulting deficit, says Peter Orszag, Obama’s budget director, is “higher than desirable”. He might have added that the administration’s critics had it right when they claimed that the earlier estimate represented a turn around the dance floor with that old seductress, Rosy Scenario.

Politics not governance is guiding the Obama Administration. And though it is another common political maneuver to blame a previous administration for the country’s woes the argument, on further review, falls flat. Like any other candidate, Mr Obama knew what he would inherit, good or bad. If he was unsure of his own ability to lead the country bowing out of the race rather than continuing and bowing to Saudi princes would have been the right call. Since he continued he now owns the problems. Taking credit for any positive news and blaming others for bad news doesn’t play long with the public.

That may be the point of the resounding objections voiced during the August recess beyond the nation’s rejection of Obamacare. Do you suppose the President could tell that while hiding out in Martha’s Vineyard. The last Kennedy brother indeed. More useless political rhetoric from the left.

Stanford Matthews
MoreWhat.com

This entry was posted on Monday, August 31st, 2009 at 3:42 pm and is filed under Public Affairs, Money Matters, wordpress, Politics, News Media, obama, Opinion. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.