President Obama’s Fiscal Responsibility Summit bamboozled the stupefied national media into reporting on deceptive campaign-style hype as if it were a serious policy meeting.
Chutzpah (pronounced and sometimes spelled “hutzpah”) is a Yiddish term meaning shameless, brazen temerity, combined with contempt for the intelligence of others. Perhaps the most famous description of Chutzpah came from humorist and author Leo Rostin:
Chutzpah is that quality enshrined in a man who, having killed his mother and father, throws himself on the mercy of the court because he is an orphan.
By hosting a “Fiscal Responsibility Summit” at the White House, President Obama has surpassed all rivals and earned the title of Chutzpah Grand Champion for all time.
- Promoted the $787 Billion “Stimulus” package, the largest spending Bill in American history.
- To a meeting of Democratic Congressmen said: “Then you get the argument that this is not a stimulus bill, this is a spending bill. What do you think a stimulus is? [laughter] That’s the whole point. [more laughter] no, seriously. THAT’S THE POINT!
- Added $1.3 Trillion, plus interest, to the government’s debt in just three weeks.
- Gleefully promises to spend Trillions more in borrowed money on a constellation of stale, discredited, social engineering schemes and causes.
Barack Obama then convened a “summit” to hector the rest of America about “fiscal responsibility!” The Chutzpah is simply breathtaking! This is like the Hooters girls scolding the church choir for immodest robes, or the Jim Beam Company ordering employees to attend an AA meeting in the distillery tasting room!
Here are some excerpts from Pesident Obama’s speech at the Fiscal Responsibility Summit:
My administration came into office one month ago in the depths of an economic crisis unlike any that we’ve seen in generations. And we recognized that we needed to act boldly, decisively and quickly — and that is precisely what we did.
They did indeed act quickly. Under Obama’s leadership the Congress that still hasn’t produced the regular budget for the current fiscal year, which began October 1, slammed together $787 Billion in extra spending, mostly on liberal priorities that have been proposed for years but couldn’t survive the regular legislative process on their own merits. This monstrous act of bold fiscal incompetence was completed so quickly there wasn’t even time to print the final version of bill before the vote. The only copy was a previous version with handwritten corrections, cross-outs, and notes in the margins. No Congressman or Senator who voted for the stimulus had read it.
This administration has inherited a $1.3 trillion deficit — the largest in our nation’s history — and our investments to rescue our economy will add to that deficit in the short term.
The President and his media spokespeople repeat this “inherited deficit” claim every day, hoping to persuade us that it is verified fact. But Without the Big Bailout, that Obama fully supported during his campaign and has vowed to spend in its entirety, the inherited portion of the deficit would have been about $600 billion.
During Obama’s four years as a Senator he did absolutely nothing to reduce the deficit except call for cutting off support for the Iraq operation, just as the troops were engaged in the intense combat phase of the spectacularly successful surge strategy that has brought peace and stability to Iraq. Abandoning Iraq might have reduced the deficit by about $75 Billion, while setting off a firstorm of horrific consequences.
He never advocated any specific cuts to the budgets of any federal department or agency. Indeed, he campaigned on promises of Trillions in new spending! Portraying himself as the victim of someone else’s negligence is fraudulent, to say the least.
We also have long-term challenges — health care, energy, education and others — that we can no longer afford to ignore.
Energy is a challenge only because Obama and his supporters plan to restrict or even ban cheap, abundant, domestic sources of energy and spend Billions of tax dollars on dubious, politically correct “alternative” energy and conservation schemes.
Education is a challenge because no matter how consistently they fail, the same federal programs, bureaucracies and teacher unions continue to enjoy ever increasing support from the federal budget. Obama is a staunch supporter of these special interests.
Health care is indeed a challenge after decades of bone-headed government programs, regulations, restrictions and mandates imposed on health care providers and health insurance carriers. Obama’s solution is for government to assume even more power, and take ove health care responsibilites for tens of millions, or even hundreds of millions of people who are now covered by private insurance.
But I want to be very clear…we cannot, and will not, sustain deficits like these without end.
After just promising to spend hundreds of Billions more on health care, energy and education this assertion was utterly preposterous!
We are paying the price for these deficits right now. In 2008 alone, we paid $250 billion in interest on our debt — one in every 10 taxpayer dollars.
In the first 20 days of his Presidency Obama added over $1.2 Trillion to the federal debt. That increase, plus the deficits already baked into the budget will increase this interest cost by 50%, to about $375 Billion, in just two years. And that’s before the borrowing Obama just promised, to pay for government health care, even more subsidies to failing education programs, and a new alternative energy program.
…today I’m pledging to cut the deficit we inherited in half by the end of my first term in office.
OK, he claims to have “inherited” a deficit of $1.3 Trillion. Half of that would be $650 Billion. The chart below shows the deficits during the Bush years, that the Obama campaign characterized as irresponsibly huge.
Obama is claiming credit in advance for “reducing the deficit” to 43% more than the largest Bush deficit. Obama’s amazing speech continued…
To start reducing these deficits, I’ve committed to going through our budget line by line to root out waste and inefficiency…And already we’ve seen how much money we can save, just in the last 30 days.
Take one example — the Department of Agriculture has moved some of its training programs online, saving an estimated $1.3 million a year. They’re modernizing their financial management system, saving an estimated $17.5 million.
This would be a real knee-slapper if it weren’t so arrogantly contemptuous of us, the audience he was speaking to. The Dept. of Ag. will save $19 Million on training and bookkeeping. But every year the same department hurls nine hundred times that amount at farming companies to subsidize their businesses!
The reason Obama talked about saving relative nickels and dimes on training instead saving serious money on farm subsidies is to avoid a fierce backlash from an entrenched special interest constituency who would lose it’s annual handout. It’s the special interest spending that grows government, not the lack of on-line training.
Obama went on to claim that:
…we are making important progress towards fiscal responsibility this year in this budget.
With this preposterous claim Obama surpassed every politician in history in The Great Chutzpah Competition!
The Bottom Line
Even as he TALKS about “fiscal responsibility” President Obama is racing to spend this government into an unprecedented financial crisis. It will take decades for America to recover from the damage being done right now, in Washington.