Back in October 2009 some people in Detroit and other cities lined up outside government offices because of a rumor that free money was being given out as a result of the Federal stimulus funding approved by Mr. Obama. A now infamous interview with one person in line referred to the money as “Obama money.”
Well, no money was being given away but now, several years later, it is constructive to explore exactly what “Obama money” actually is.
“Obama money” is debt employed to bribe politicians and voters to support Mr. Obama’s statist agenda. Statism is defined as concentration of economic controls and planning in the hands of a highly centralized government.
The reality of legislation, regulations, and mandates supported by Mr. Obama is clear. Regardless of policy focus (health care, banking, industrial, environmental, whatever) Mr. Obama believes in the power of a centralized Federal apparatus over policy driven and funded at the State level, and over policy based on individuals assuming responsibility for their own behavior.
Money Mr. Obama has sought and approved for “economic stimulus” projects, extended unemployment benefits, subsidies for teachers, police and fire workers, student loan reorganizations, mortgage assistance, cash for clunkers, auto manufacturer bailouts, reductions in employee social security taxes, support for the new Federal bureaucracies supporting Obama Care, new bank oversight, and a new “consumer” agency, and on, and on is all funded by debt.
Federal debt will total over $16,400,000,000,000 by the end of September 2012, $4,000,000,000,000+ more than it was when Mr. Obama took office. While he likes to talk about his spending in the context of “fairness” and “empathy,” Mr. Obama’s only real achievement is a dramatic increase in debt you, your children, and your grand children will have to find a way to pay back long after he is gone.
At the same time he has spent over $1,000,000,000,000 in the name of “fairness” Mr. Obama has failed to address the automatic increases in entitlement programs that have also driven up the debt during his tenure. Total unfunded liabilities related to these entitlement programs is projected to range between $60,000,000,000,000 and $100,000,000,000,000 according to government data, in addition to our $16,400,000,000 in existing debt.
Failure to significantly reduce current government spending and entitlement program liabilities will have extreme fiscal and social consequences, with or without tax increases. While railing on about increasing taxes on the “rich” in the name of “fairness” Mr. Obama has intentionally avoided addressing the realities and consequences of our debt and future unfunded liabilities.
Mr. Obama continues to spend and to ignore our fiscal realities in pursuit of re-election. Is this the behavior of a leader with moral purpose, or of a politician with allegiance to power over principle?
Mr. Obama is solely responsible for this failure of leadership.