Obama's Best Speech Ever

Post your thoughts and comments on terrorism, war, and political shit like that.

Moderator: Metal Sludge

Post Reply
Sheep_Mafia
Playing Decent Clubs in a Bus
Posts: 1461
Joined: Thu Aug 05, 2004 6:17 pm

Obama's Best Speech Ever

Post by Sheep_Mafia »

Have read passages but just saw the whole thing tonight. Damn, what happened to this guy? I'd vote for anyone who was legitimately behind these positions. He even enlightens the ignorant (Death Row Joe) on why debt is an issue. That's trillion with a T ya'll...

March 16, 2006 CONGRESSIONAL RECORD—SENATE S2237-2238:

“Mr. OBAMA. Mr. President, I rise today to talk about America’s debt problem.

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Over the past 5 years, our federal debt has increased by $3.5 trillion to
$8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and
health security they have counted on.

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities. Instead, interest payments are a significant tax on all Americans—a debt tax that Washington doesn’t want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies.

But we are not doing that. Despite repeated efforts by Senators CONRAD and FEINGOLD, the Senate continues to reject a return to the commonsense Pay-go rules that used to apply. Previously, Pay-go rules applied both to increases in mandatory spending and
to tax cuts. The Senate had to abide by the commonsense budgeting principle of balancing expenses and revenues. Unfortunately, the principle was abandoned, and now the demands of budget discipline apply only to spending.

As a result, tax breaks have not been paid for by reductions in Federal spending, and thus the only way to pay for them has been to increase our deficit to historically high levels and borrow more and more money. Now we have to pay for those tax breaks plus
the cost of borrowing for them. Instead of reducing the deficit, as some people claimed, the fiscal policies of this administration and its allies in Congress will add more than $600 million in debt for each of the next 5 years.

That is why I will once again cosponsor the Pay-go amendment and continue to hope that my colleagues will return to a smart rule that has worked in the past and can work again.

Our debt also matters internationally. My friend, the ranking member of the Senate Budget Committee, likes to remind us that it took 42 Presidents 224 years to run up only $1 trillion of foreign-held debt. This administration did more than that in just 5 years. Now, there is nothing wrong with borrowing from foreign countries. But we must remember that the more we depend on foreign nations to lend us money, the more our economic security is tied to the whims of foreign leaders whose interests might not be aligned with ours.

Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘‘the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

I therefore intend to oppose the effort to increase America’s debt limit”
User avatar
DEATH ROW JOE
Signed to a Major Label Multi-Album Deal
Posts: 20480
Joined: Sat Sep 19, 2009 11:51 pm

Re: Obama's Best Speech Ever

Post by DEATH ROW JOE »

LMFAO, comedy gold, as usual. Want to know why the GOP is called "the stupid party"? Look in the mirror.

You've owned yourself on multiple levels.

This speech was given in 2006, the peak of Bush's housing bubble.

First, what was true in 2006 at the peak of the housing bubble and full employment is not true in 2013 when unemployment is stuck at 8%, cuts in public investment and consumption have slowed growth for 10 of the past 12 quarters, and the residential real estate market is still weak.

Second, you've merely reminded everyone that the Bush administration fiscal policy was extremely irresponsible and is the primary cause of the today's large deficits. Obama was warning the administration in that speech. We see today now why he was justified in warning the administration.

At the peak of the housing bubble, the federal govt should have run a cyclical surplus as the Clinton administration did in 2000 at the peak of the dot com bubble.

Instead, the Bush administration ran a 510 billion dollar deficit.

Since the surplus in 2000 was 110 billion, there was at least a 620 billion dollar structural deficit in 2006.

Then when Bush's housing bubble collapsed and took the global economy with it, the federal govt ran a 800 billion dollar cyclical deficit on top of the structural deficit of 600 billion to create a 1.4 trillion dollar deficit.

Apparently you do not realize that there is a time to run a deficit and a time to not run a deficit. Full employment, run a cyclical surplus. High unemployment, run a cyclical deficit.

National Debt
12/31/1999 5,776,091,314,225.33
12/29/2000 5,662,216,013,697.37 = 110 billion dollar surplus in 2000

12/30/2005 8,170,424,541,313.62
12/29/2006 8,680,224,380,086.18 = 510 billion dollar surplus.
Obama wrote:This year (2006), the Federal Government will spend $220 billion on interest
Interest rates in 2013 are far lower than in 2006 and the interest expense is far smaller even though the debt is twice as large.

Daily Treasury Real Yield:
03/01/06
5 year 1.92
7 year 1.98
10 year 2.02
20 year 2.00

03/01/13
5 year -1.45
7 year -1.02
10 year -0.67
20 year 0.07
30 year 0.52

The federal govt is borrowing at negative real rates for 5, 7 and 10 years. So if you lend the federal govt 100 for 5 years today, they pay you back 92.6 dollars in 03/01/18 after adjusting for inflation.

To see how these rates impact interest expense, the interest expense in 2012 was 220 billion but 82 billion was paid to the Fed and reimbursed back to the treasury. So the net interest expense was 138. In 2006, The interest expense was 220 billion on a debt 50% smaller with 29 billion paid to the Fed for a net interest expense of 191.

The interest expense in 2012 is 72% of the interest expense in 2006.

GDP in 2006 was 13,377.2. GDP in 2012 was 15,681.5.

As a percentage of GDP, net interest expense in 2006 was 1.42% of GDP. Net interest expense as % of GDP in 2012 was .88% of GDP.

The interest expense in 2012 as a percentage of GDP is 61% of the interest expense in 2012.

The basis for Obama's argument was the interest expense in 2006. So what was true in 2006 is not true in 2013.

Context matters asshole. Learn math. Start 2+2 = 4. You just got another unskewed poll shoved right up your ass.

source for all these numbers:
Table 2.5—Composition of "Other Receipts": 1940–2017
http://www.whitehouse.gov/sites/default ... st02z5.xls

Daily Treasury Yield:
http://www.treasury.gov/resource-center ... =realyield

The Daily History of the Debt Results
http://www.treasurydirect.gov/NP/NPGateway

Table 1.1.2. Contributions to Percent Change in Real Gross Domestic Product
http://www.bea.gov/iTable/print.cfm?fid ... F4B7A05CCE
User avatar
Moggio
MSX Tour Support Act
Posts: 4369
Joined: Tue Oct 18, 2005 7:56 pm
Location: Where there are NO differences between ninth chords...

Re: Obama's Best Speech Ever

Post by Moggio »

ROTF! :lol: :lol: :lol:

DEATH ROW BLOW JOB is SO far beyond stupid and in denial, it's almost beyond words.

It is a FACT that the debt was about $10 trillion by the end of Bush Jnr.'s 2nd term. And it is a FACT that the debt is now over $16.5 trillion.

And no, only a small portion of the $6.5 trillion that Obama has added to the debt is the result of Bush Jnr.'s BS.

:roll:
ONE NATION UNDER SOCIALISM

Image

Because of Obamination's spending & socialist BS, America and much of the world will endure one of the worst depressions in history in 5...4...3...2...
User avatar
KneelandBobDylan
Playing Decent Clubs in a Bus
Posts: 1365
Joined: Tue Jun 13, 2006 12:37 pm
Location: 3rd stone from the sun

Re: Obama's Best Speech Ever

Post by KneelandBobDylan »

Derpy wrote:ROTF! :lol: :lol: :lol:

DEATH ROW BLOW JOB is SO far beyond stupid and in denial, it's almost beyond words.

It is a FACT that the debt was about $10 trillion by the end of Bush Jnr.'s 2nd term. And it is a FACT that the debt is now over $16.5 trillion.

And no, only a small portion of the $6.5 trillion that Obama has added to the debt is the result of Bush Jnr.'s BS.

:roll:

Image

That's the thing, when someone puts it on the credit card (Bush), but has no intention of paying off his credit card during his time in office, the next guy in gets saddled with it.

But you don't wanna understand that because it would make your hate for the Democratic half-black guy in office now seem petty and misguided, and we can't have that, can we?
Image
Sheep_Mafia
Playing Decent Clubs in a Bus
Posts: 1461
Joined: Thu Aug 05, 2004 6:17 pm

Re: Obama's Best Speech Ever

Post by Sheep_Mafia »

Yeah, DRJ, there's a time to run a deficit (at least more acceptable than other times) and it's not when we are already sitting at $16 trillion. I actually get some of the spending when the economy is sluggish but we are past the point where it makes sense. Not to mention coming up with ignorant legislation like Obamacare that is unquestionably going to raise it further for generations to come if not substantially altered.

2006 is different than now in only one way--Bush was President then and Obama is now. That's why he and his ignorant followers like you see it different. No other reason than that period. You are insulting the intelligence of the other people here by claiming differently.

Your homerism is as ignorant as it is transparent. Let's say 2018 should a conservative get in office in 2016 and the deficit is $21/$22 trillion and continuing to go up at the irresponsible rate it is now despite low interest rates, I would pretty much guarantee you'll be singing a different tune.

Much like the current forced spending cuts. Obama, who is now against them after previously being for them as is his custom, is acting like they are the end of the country as we know it. We can debate how they are being carried out and before you do, that's not the point. The point is lets say the ridicuously meager cuts of 2% over 10 years stay in place (they won't sadly), you will then be crediting Obama for reducing spending. That's totally transparent and only the other blind party hacks don't see that.

Moggio, it is beyond words how much a shill this guy is, I agree. You just gotta laugh except there are many others out there like him who are allowed to vote and worse yet, direct the media message to the other dummies out there.
Sheep_Mafia
Playing Decent Clubs in a Bus
Posts: 1461
Joined: Thu Aug 05, 2004 6:17 pm

Re: Obama's Best Speech Ever

Post by Sheep_Mafia »

KneelandBobDylan wrote: That's the thing, when someone puts it on the credit card (Bush), but has no intention of paying off his credit card during his time in office, the next guy in gets saddled with it.

But you don't wanna understand that because it would make your hate for the Democratic half-black guy in office now seem petty and misguided, and we can't have that, can we?
That's pretty much the point. Obama has the biggest limit on his credit card in history. What part of that do you not understand? When he leaves office, he will have seen a doubling of the deficit equaling the entire deficit of the previous 42 presidents in total. There's nothing to defend there so you just take the ignore path. Unbelievable, liberals live in their own altered reality. But it's true. Check the debt clock before the democrats have it taken down.

As Obama said himself, it's irresponsible. Why are you denying that?
User avatar
KneelandBobDylan
Playing Decent Clubs in a Bus
Posts: 1365
Joined: Tue Jun 13, 2006 12:37 pm
Location: 3rd stone from the sun

Re: Obama's Best Speech Ever

Post by KneelandBobDylan »

I'm not denying anything. Stop listening to the rightwing noise machine telling you it's all Obama's fault that we have a huge deficit, when the deficit was incurred by the last fellow in office.

To use an anology, Bush ordered a huge meal at a high priced restaurant, and stuck Obama with the check.

Someone has to pay, and Bush dipped out.
Image
Sheep_Mafia
Playing Decent Clubs in a Bus
Posts: 1461
Joined: Thu Aug 05, 2004 6:17 pm

Re: Obama's Best Speech Ever

Post by Sheep_Mafia »

KneelandBobDylan wrote:I'm not denying anything. Stop listening to the rightwing noise machine telling you it's all Obama's fault that we have a huge deficit, when the deficit was incurred by the last fellow in office.

To use an anology, Bush ordered a huge meal at a high priced restaurant, and stuck Obama with the check.

Someone has to pay, and Bush dipped out.
You are denying Obama and his policies have anything to do with it. So to use your analogy, when Obama leaves the person who follows him with a double check than what he was left with, that's ok? And Obama isn't being stuck with a check--the American people are and for generations to come.

Blame isn't relevant as we could blame a whole slew of administrations for the problems. Let's blame FDR, he came up with the entitlement programs that cost the most of our expenditures. Let's blame all the President's and Congressional sessions (including the current both) that didn't have the knowledge nor the courage to fix those programs and ensure they'd be solvent for the future.

The only issue I see is Obama fan's just can't bring themselves to assign a shred of blame to him. That despite the undeniable fact that the debt is doubling before our very eyes. 5 years in, it's just not all about Bush, nor will it be when he leaves an even bigger mess for the next person.
User avatar
KneelandBobDylan
Playing Decent Clubs in a Bus
Posts: 1365
Joined: Tue Jun 13, 2006 12:37 pm
Location: 3rd stone from the sun

Re: Obama's Best Speech Ever

Post by KneelandBobDylan »

Sheep_Mafia wrote:
KneelandBobDylan wrote:I'm not denying anything. Stop listening to the rightwing noise machine telling you it's all Obama's fault that we have a huge deficit, when the deficit was incurred by the last fellow in office.

To use an anology, Bush ordered a huge meal at a high priced restaurant, and stuck Obama with the check.

Someone has to pay, and Bush dipped out.
You are denying Obama and his policies have anything to do with it. So to use your analogy, when Obama leaves the person who follows him with a double check than what he was left with, that's ok? And Obama isn't being stuck with a check--the American people are and for generations to come.

Blame isn't relevant as we could blame a whole slew of admnistrations for the problems. Let's blame FDR, he came up with the entitlement programs that cost the most of our expenditures. Let's blame all the President's and Congressional sessions (including the current both) that didn't have the knowledge nor the courage to fix those programs and ensure they'd be solvent for the future.

The only issue I see is Obama fan's just can't bring themselves to assign a shred of blame to him. That despite the undeniable fact that the debt is doubling before our very eyes. 5 years in, it's just not all about Bush, nor will it be when he leaves an even bigger mess for the next person.
What policies? The ones the Republican controlled House of Representatives block every chance they get, all the while blaming Obama and the democrats for getting little passed?

Um, yeah.

You keep blaming Obama, while totally ignoring the problem.

The house GOP have put forth 46 abortion bills, 113 religious bills, 73 family relationship bill, 36 marriage bills, and 72 gun bills, but not one jobs bill.

Talk about being a sheep, why can't you and the republicans understand that by helping, not hindering Obama, we all succeed.
Image
Sheep_Mafia
Playing Decent Clubs in a Bus
Posts: 1461
Joined: Thu Aug 05, 2004 6:17 pm

Re: Obama's Best Speech Ever

Post by Sheep_Mafia »

KneelandBobDylan wrote: What policies? The ones the Republican controlled House of Representatives block every chance they get, all the while blaming Obama and the democrats for getting little passed?

Um, yeah.

You keep blaming Obama, while totally ignoring the problem.

The house GOP have put forth 46 abortion bills, 113 religious bills, 73 family relationship bill, 36 marriage bills, and 72 gun bills, but not one jobs bill.

Talk about being a sheep, why can't you and the republicans understand that by helping, not hindering Obama, we all succeed.
Simply not true. You're talking about a sheep while buying bogus information that you are being peddled somewhere. The GOP House has numerous job bills sitting in the Senate as we speak. They have passed dozens since they took over the House. It's not that hard to stay informed and look this stuff up.
User avatar
KneelandBobDylan
Playing Decent Clubs in a Bus
Posts: 1365
Joined: Tue Jun 13, 2006 12:37 pm
Location: 3rd stone from the sun

Re: Obama's Best Speech Ever

Post by KneelandBobDylan »

Image
Sheep_Mafia
Playing Decent Clubs in a Bus
Posts: 1461
Joined: Thu Aug 05, 2004 6:17 pm

Re: Obama's Best Speech Ever

Post by Sheep_Mafia »

You followed up your incredibly wrong information about GOP jobs bills with that? I'll follow up your biased source with another, with at least this one having bills you can read.

http://majorityleader.gov/JobsTracker/

Bottom line on jobs--you have the typical liberal mindset sitting around waiting and expecting big daddy gubment to get involved in creating jobs. My ideal of them creating jobs is get out of the way and run their offices responsibly. We aren't in need of the federal government growing any further. Not to mention, we've seen quite enough failures with the stimulus, shovel ready jobs programs that Bush and Obama pushed through.
User avatar
tin00can
Headlining Clubs
Posts: 3458
Joined: Mon Aug 02, 2004 6:31 am

Re: Obama's Best Speech Ever

Post by tin00can »

I know I'm inclined to take Eric fucking Cantor at face value. Why would he lie or distort things?
Sheep_Mafia
Playing Decent Clubs in a Bus
Posts: 1461
Joined: Thu Aug 05, 2004 6:17 pm

Re: Obama's Best Speech Ever

Post by Sheep_Mafia »

tin00can wrote:I know I'm inclined to take Eric fucking Cantor at face value. Why would he lie or distort things?
Don't take his word. Read the bills. Google is easy.

Like I said, I don't care for them getting involved in job creation as that's not their strong suit among other reasons. That's in response to the ridiculous claim that they have passed zero job bills in the House. I'm not vouching for the effectiveness of any of them.
User avatar
Moggio
MSX Tour Support Act
Posts: 4369
Joined: Tue Oct 18, 2005 7:56 pm
Location: Where there are NO differences between ninth chords...

Re: Obama's Best Speech Ever

Post by Moggio »

KneelandBobDylan wrote:
Derpy wrote:ROTF! :lol: :lol: :lol:

DEATH ROW BLOW JOB is SO far beyond stupid and in denial, it's almost beyond words.

It is a FACT that the debt was about $10 trillion by the end of Bush Jnr.'s 2nd term. And it is a FACT that the debt is now over $16.5 trillion.

And no, only a small portion of the $6.5 trillion that Obama has added to the debt is the result of Bush Jnr.'s BS.

:roll:

Image

That's the thing, when someone puts it on the credit card (Bush), but has no intention of paying off his credit card during his time in office, the next guy in gets saddled with it.

But you don't wanna understand that because it would make your hate for the Democratic half-black guy in office now seem petty and misguided, and we can't have that, can we?
Give me a fucking break. You are SO far beyond stupid and in denial, it's almost beyond words. I don't dislike Obama because of his skin colour, cocksucker. I don't like him because he's making things worse. But of course, you can't admit that obvious FACT to save your life, even though it's starring you right in the face...

ONE. MORE. TIME. FOR. THE. WORLD.:

It is a FACT that the debt was about $10 trillion by the end of Bush Jnr.'s 2nd term. And it is a FACT that the debt is now over $16.5 trillion.

And no, only a small portion of the $6.5 trillion that Obama has added to the debt is the result of Bush Jnr.'s BS.

:roll:
Sheep_Mafia wrote:Moggio, it is beyond words how much a shill this guy is, I agree. You just gotta laugh except there are many others out there like him who are allowed to vote and worse yet, direct the media message to the other dummies out there.
Sad, isn't it?

The Housing Bubble Crisis for America was like being injured because of being hit by a car. But the imminently-bursting Currency/Treasuries Bubble, that was almost entirely created by the Obama Administration's perpetually massive spending, borrowing of $3 BILLION per day from creditors (like China & Japan - who are now in recession themselves) as well as the overseeing of the printing of $40 BILLION per month, will unfortunately be like a fucking tornado ravaging the entire country and much of the world in the next few years...
ONE NATION UNDER SOCIALISM

Image

Because of Obamination's spending & socialist BS, America and much of the world will endure one of the worst depressions in history in 5...4...3...2...
Post Reply