April 19, 2011
Obama has embarked on a tour to keep you distracted from the 800 pound gorilla in the room – the staggering national debt and the recent downgrading of the nation’s creditworthiness.
On Monday, the stock market plunged after Standard & Poor’s issued a warning on U.S. government debt. Many warn that the European contagion has finally crossed the pond.
Obama will assiduously avoid addressing the negative credit outlook as he kicks off his tour with a town hall meeting in Virginia. Chris Lehane, a former Al Gore and Clinton operative, told Bloomberg any president would prefer to minimize attention to an unfavorable assessment of the nation’s creditworthiness. “That’s not the headline you want when you’re looking at re-election.,” Lehane said.
Going into the election, the issue should be how both Democrats and Republicans destroyed the nation’s financial health and its credit rating by engaging in endless wars and throwing billions at so-called too big to fail banks, including a few in Europe.
Attention should also focus on the Federal Reserve and its policy of creating money out of thin air and asset bubbles that are designed to implode and decimate the economy.
- A d v e r t i s e m e n t
Mitt Romney, the consummate establishment Republican who will likely be selected by the elite to run against Obama, told Larry Kudlow the other day he is not going to waste his time talking about the Federal Reserve. “I think Ben Bernanke is a student of monetary policy,” Romney said, “he’s doing as good a job as he thinks he can do.”
Obama will go on the road to sell his version of deficit reduction. It will include cutting granny’s Medicare and rolling back food stamps. His teleprompter script will say nothing about cutting the Pentagon’s massive budget and ending the costly wars and occupations. Obama will say nothing about the bankster bailouts designed to collapse the economy and consolidate the power of the elite. His tour will be a feel-good dog and pony show that will serve as a lead-up to his re-election campaign.
“We’ve got to make sure we’re living within our means,” Obama told a Raleigh, North Carolina, television station the other day.
At the same time the seasoned insider, Senator Chuckie Schumer, is talking about “shared sacrifice.” The elite and their handpicked political class in Washington never sacrifice. That’s a fate reserved for you and your family.
Get ready for austerity. In the days ahead, Democrats and Republicans will endlessly debate how to better impoverish you, your children and grand children.
Meanwhile, the wars continue. Next up, a ground invasion of Libya.
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