Obama’s Big Fat Greek Budget | FrontPage Magazine
By Daniel Greenfield On February 4, 2015 In Daily Mailer,FrontPage
In a speech at the Department of Homeland Security, Obama declared that he wants to “replace mindless austerity with smart investments that strengthen America”. Those “smart” investments scattered across a gargantuan $4 trillion budget include a $500 million Green Climate Fund for the Third World and $105 million to help the government build better websites.
Obama is fond of putting the word “smart” in front of stupid ideas to make them seem less stupid. The $4 trillion budget is actually as stupid as the new left-wing Greek government elected on a platform of not paying its debts. This new government intends to replace the old policy of getting money in exchange for cutting spending with a new policy of not cutting spending and demanding money anyway.
So far this new policy has been rejected by every country from Germany to China.
Greece has managed to spend itself into a debt that stands at 175 percent of its GDP. But of course we’re Americans. Our “smart” government with its “common sense reforms” and eagerness to spend a vast fortune to build better websites couldn’t possibly have dug us into a hole that deep.
Our debt-to-GDP ratio is only 101 percent. Under Bush, it stood at 64 percent. By the time the last election rolled around, it was nudging 100 percent.
But that’s no reason for “mindless austerity”. It’s no reason to stop investing in things like spending hundreds of millions of dollars to help Third World countries buy crudely inefficient solar panels from China that will break down even before our economy does.
Obama’s idea of “smart” investments that “strengthen America” is to borrow money from China to buy things from China for other countries. That’s not even a smart investment for China which has been reducing its holdings of US Treasury bonds because it’s not all that confident in our “smart” investments.
-go to links-
Obama is fond of putting the word “smart” in front of stupid ideas to make them seem less stupid. The $4 trillion budget is actually as stupid as the new left-wing Greek government elected on a platform of not paying its debts. This new government intends to replace the old policy of getting money in exchange for cutting spending with a new policy of not cutting spending and demanding money anyway.
So far this new policy has been rejected by every country from Germany to China.
Greece has managed to spend itself into a debt that stands at 175 percent of its GDP. But of course we’re Americans. Our “smart” government with its “common sense reforms” and eagerness to spend a vast fortune to build better websites couldn’t possibly have dug us into a hole that deep.
Our debt-to-GDP ratio is only 101 percent. Under Bush, it stood at 64 percent. By the time the last election rolled around, it was nudging 100 percent.
But that’s no reason for “mindless austerity”. It’s no reason to stop investing in things like spending hundreds of millions of dollars to help Third World countries buy crudely inefficient solar panels from China that will break down even before our economy does.
Obama’s idea of “smart” investments that “strengthen America” is to borrow money from China to buy things from China for other countries. That’s not even a smart investment for China which has been reducing its holdings of US Treasury bonds because it’s not all that confident in our “smart” investments.
-go to links-
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