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Letters: Economically, we have become Greece

Posted: July 24, 2011 1:55 a.m.
Updated: July 24, 2011 1:55 a.m.
 

President Barack Obama’s first head of the Office of Management and Budget, Peter Orzag, released this analysis:

Assuming an annual GDP growth of 2.25 percent, we will take on $13 trillion in debt in the next decade, bringing our total debt to $28 trillion.

Our economy grew at 1.9 percent last quarter; China’s economy grew at 9 percent.

My friends, we are Greece now. Obama admits this when he says we must raise the debt ceiling or the economy will collapse.

His proposed $2.5 trillion increase will be spent by the next election. This assumes that interest rates remain at record lows.
Last year, Vice President Joe Biden assured us that Obamanomics would generate 500,000 jobs per month.

How’s that going?

Last month, we created 18,000 jobs; we have to create 140,000 jobs per month to stay even with population growth.

Like Greece, we are accumulating mountains of debt and, in real-world terms, job losses and almost nonexistent economic growth. In 10 years, it will take 19 percent of the entire world’s GDP to buy our debt.

Greece has the E.U. to bail them out; who will bail us out?

We must reform Medicare/Medicaid and eliminate proven failures. The Department of Education was formed to improve our schools; our schools have gotten steadily worse. Eliminate the education department.

The Department of Energy was formed to reduce our reliance on foreign oil. Since it has clearly failed its stated mission, let’s eliminate it. Ditto for “Head Start.”

We are not in danger of becoming Greece; we are Greece.

The Democratic Party and Obama have no plans, only speeches. A speech is not a plan. As the head of the Congressional Budget Office said recently, “I cannot score a speech.”

For more than 800 days, the Senate has failed its constitutionally mandated duty to pass a budget; they have not even proposed one. Enough.

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