News Jobs speech: YouTube of full 33 minutes

[mheslep]

The low interest rates of today will not remain low. Unlike borrower via the personal credit card or car loan, the federal government does not intend to pay off its debts in two or five years, it intends instead to roll over those debts on to new future debt with future interest. rates. So borrowing today with no concern to the future is the Lehman Brothers plan, is reckless, and may lead to similar results.

Edit: A plan to pay off the US debt over 30 years would mean increasing spending by ~$500B a year to pay off the lenders, and that is after zeroing the current $1.6T deficit immediately.

 

[Vanadium 50]

Six weeks. That's all it took for Obama to push us in the opposite direction of the debt deal.

Well, to be fair, the fiscal year is almost over. He needs a new budget in three weeks.

That has other problems: there isn't a President's Budget for FY2012. Well, there was, in February, but a) the Senate voted it down 0-97, and b) in April, the Presidents' speech (of "we don't score speeches" fame) indicated that the President himself was no longer in favor of that budget either.

 

[WhoWee]

Well, to be fair, the fiscal year is almost over. He needs a new budget in three weeks.

That has other problems: there isn't a President's Budget for FY2012. Well, there was, in February, but a) the Senate voted it down 0-97, and b) in April, the Presidents' speech (of "we don't score speeches" fame) indicated that the President himself was no longer in favor of that budget either.

It's only fair to give him credit when credit is due - he clearly realized his budget proposal was a bad plan. I'm just not sure if he would agree as to WHY it was a bad plan?