Why, what changed!?

Posted 16 May 2011 by Walaa Idris

Barack Obama

After reaching their fixed ceiling of $14.3 trillion dollars, the U.S. debt management is today in crisis. Nonetheless, President Barack Obama wants the current limit to be increased further so he can continue to spend. This weekend in an attempt to scare and shame Congress into approving further lifting the limit, he said in a town hall meeting: “If investors around the world thought that the full faith and credit of the United States was not being backed up, if they thought that we might renege on our IOU’s, it could unravel the entire financial system.”

However, in 2006, the same Barack Obama voted against similar proposal to raise government debt ceiling and explained it by saying: “the fact that we’re here today to debate raising America’s debt is a sign of leadership failure” then went on to say “by raising the debt ceiling, the government is shifting the burden of bad choices today onto the backs of our children and grandchildren.”

Fast forward five years to 2011 and he is now pushing for increasing the ceiling – therefore shifting the burden and laying it on the back of the future generations!

Allowing the U.S. to default is extremely irresponsible but it will be even more reckless to raise the debt ceiling without at least, at the same time putting in place the appropriate steps to reduce and curb government spending.

From where I’m standing Mr. Obama can either carry on spending other people’s money or do the “right” thing and tighten his belt!

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