Posted by: Puma1 | March 6, 2009

Britain Worries Obama Economic Incompetence Will Bankrupt USA | Tim Reid – Times Online

One of the most seductive elements of Barack Obama’s ascent to the White House was his unshakeable conviction that he was being called upon…to bend the arc of history America’s way…

Only a candidate possessed with such boldness and self-belief would have challenged Hillary Clinton for the Democratic nomination two years after leaving the Illinois state senate, promising in his first campaign speech to “transform a nation and usher in a new birth of freedom on this Earth”…

Only a man who frequently compares himself to America’s greatest President, Abraham Lincoln, would declare that when he was elected, “the rise of the oceans will begin to slow”. Only someone who believes that America is on the crest of a dangerous historic wave – and that he “can help guide it” – would have undertaken a glitzy world tour midway through the campaign…

In his first month in office he has pushed through an unprecedented $787 billion economic stimulus package…

Then came his near-$4-trillion budget last week…that involves levels of borrowing and spending never before seen…even some of Mr. Obama’s Democratic supporters are suddenly beginning to feel a little queasy…

If he fails, he could bankrupt the world’s largest economy…

Much of his agenda will be paid for by a ten-year, $1 trillion tax increase on families earning more than $250,000 a year, beginning in 2011, a move that critics say risks stunting the economic recovery…

What has begun to trouble some even within his own party is that Mr Obama’s pledge to spend the US out of recession, while slashing the budget deficit to $533 billion within four years, already looks recklessly optimistic. Few dispute, even among Republicans, the need for healthcare reform or to wean America off foreign oil. It is the scale of debt that Mr. Obama is willing to incur to achieve these goals that is causing such heartburn…

The markets are so unnerved about Mr Obama’s ability to rescue the financial sector, and by the numerous bailouts that have had little effect, that wealth is being destroyed on Wall Street at a rate not seen since the 1930s…

Mr Obama also says that much of his programme will be paid for by reducing the cost of the wars in Iraq and Afghanistan. Yet he has just ordered 17,000 more troops to Afghanistan for a war that his Defence Secretary says will be a long and difficult slog…

“We are always better off on the high wire,” David Plouffe, Mr Obama’s campaign manager, said last year. Now Mr Obama is President, watching from below has become both enthralling and terrifying.

via Barack Obama bets the farm in $4 trillion poker game | Tim Reid – Times Online.

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Responses

  1. I agree with the article. Two wrongs don’t make a right, Obama spent more in his first year as president than Bush did his entire second term.

    How do the other bloggers and libs justify this idiocy? They simply point to Bush – he’s their scapegoat, and will he be in 3 years during the next presidential election cycle? Haha.

    Barack Obama = 1 and done –

  2. A few corrections:

    1) USA is no longer the largest economy, Eurozone is now.

    2) USA is already bankrupt, considering its debt accounts for whole 4 years of GDP, and there is no way in future this could be repaid.

    3) If you look for the culprit, look into the last 8 years of republicans mismanagement that added almost 5 trillion of debt alone. Neocons, fundies and warmongers, they screwed your country.

  3. Your title is ridiculous.
    Britain doesn’t worry. In fact, Britain has never supported a World leader quite like we support Obama. We despised Bush with a passion, we can’t even stand our own Prime Minister. We have never had such faith in a leader like we do Obama.

    However, if you’re going to simply pick this crap up, try to do it from somewhere other than a right winged newspaper. Next you’ll be quoting the Daily Mail.


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