President Obama: There Is No Debt Crisis

[bubbayugga]

52. Tomorrow never comes when it comes to dealing with the debt problem later.

It is a crisis because we have repeatedly demonstrated that we are incapable of existing as a nation without bowing before foreign governments and without inflating/diluting our currency. That is a crisis because our currency, which is the lifeblood of our economy is no longer backed by gold, it is backed by FAITH - faith that our government is fiscally sound, faith that our currency itself is sound, faith that the American way of life is sound. We prove daily that our government, our currency, and our way of life is anything but sound because, as I said, we prove daily that we are incapable of standing as a nation without being propped up with VAST sums of other people's money. Furthermore, we demonstrate that we areincapable of digging ourselves out of this hole which we may as well call a grave at this point and that we are only capable of digging it deeper. We are unsustainable.


Do you disagree that we should gradually grow our way out of debt, by increasing the minimum wage, investing in infrastructure and job training/education and cutting tax loopholes for the rich?
What happened the last time we raised the minimum wage? Let me show you. Note the years 2008, 2009, and 2010 and ask yourself how many jobs were created by raising the minimum wage.



Investing in infrastructure?
While that may possibly put a few people to work, it doesn't create revenue because it doesn't create wealth. It just moves money around. To create revenue in the global economy, you must create things that can be exported to the rest of the world for a profit. Investing in infrastructure doesn't really do that. If anything, it adds to the debt.

Job training and education?
I'm not against education but I don't think it solves the debt "problem".

cutting tax loopholes for the rich?
We could steal every dime from every millionaire in America and it still wouldn't get us out of our hole. It would only create more poor people.

It's a crisis because we have no solution to the problem and the world knows it.