Please turn on JavaScript

Brooks Wilson's Economics Blog: We Are Out of Money Now

Sunday, May 24, 2009

We Are Out of Money Now

From the Drudge Report, "We're Out of Money," May 24, 2009.
In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.
In one short paragraph, President Obama pronounces that the government is broke, ducks blame and passes the the buck to elected officials over the last several decades.  Does anyone smell a tax increase to fund medical care reform?


  1. Jillian Lenamon26/5/09 2:33 PM

    This is scary.

  2. Sad... that my generation and those to come will suffer from the poor decisions our "leaders" are making!
    I wonder what our economist are predicting? Things don't look good... :(