Debt Ceiling Update: The President's Statement "Another Washington Inflicted Wound on America" - By: Ted Cacciola

In his statement today President Obama was stated as saying "We can't balance the budget on the backs of the very people who have born the biggest brunt of this recession, we can't make it tougher for young people to go to college or ask seniors to pay more for healthcare or ask scientists to give up on promising medical research because we couldn't close the tax shelter for the most fortunate amoung us. Everyones going to have to chip in." He claims that "deficit reduction is part of that agenda." The aforementioned quote clearly shows a statement anti-debt reduction. Major cuts must be made to the balance sheet and the income statement of the United States to avoid economic catastrophe. The necessary cuts can be seen in this article (web-basedfinancialadvisor . com / economy)

In viewing this video, Obama is clearly blaming congress for this issue, when it was clearly his own actions which caused this catastrophe. He claims "The economy's already had to absorb an earthquake in Japan, the economic headwinds coming from Europe, the Arab spring and the rise in oil prices," when as these events were happening U.S. indexes were up to their highest levels since 2007. Clearly this double dip recession which is looming is due to the actions of the President, although it is unfair to blame the president, it would have been as easy as signing the house and Boehners bill into law. The market was absolutely fine, I personally was up over 10% from Wednesday the 20th to Wednesday the 27th, when said bill was about to be passed.

Essentially, Obama is asking for a congressional bill which meets his ideals, this is not going to happen. He says he wants to make a climate for jobs by sending tax cuts to the middle class. This is a play on words, there is no such thing as a climate for jobs by sending tax cuts to the middle class because the middle class, for the most part, does not create jobs. It is corporations and the upper class which have the revenue to build the United States economy, and he is raising taxes for millionaires, a number which shows idiocy due to the fact that if you taxed all millionaires 100% of their income it still would only equate into just over a trillion dollars, and under Obamas presidency he has seen a national debt of one and a half trillion dollars. That being said, have he give tax breaks to those same Americans, the intellect which brought them their fiscal gains could create GDP gains and cut the deficit.

If you were to review the article under our news section called Past vs. Present you will see that there is a parallel in congress. Obama wants a democratically ideological bill which is sent from the house majority republicans. This is something which will not happen. At this point, the President needs to again, as said, cut his losses and take the original democratically proposed plan, or simply go back to Clinton era fiscal policy, a time in which there was a surplus in the American economy. If Mr. President wants to keep his job, furthermore, keep his country, the most logical decision would be to appease the republicans who are the majority to which the components of the bill will be passed. His opinions are irrelevant, all Obama has been doing over the past month is vetoing bills, you cannot ask the republicans to write 30 bills through majority vote and veto each one, or take a position with Beohner and reneg and call for tax increases.

Clearly Mr. Obama is not the right man for the job. He is blaming congress because they have yet to send him a bill which he will pass, yet congress itself agreed on these bills, congress, as in the voted in parliament for this country. The debt ceiling crisis is Mr. Obamas fault.

At this point this needs to be taken to the supreme court where Obama agrees that congress will write three completely different bills to which he is obliged to sign one of them, and in doing so, he will solute the debt ceiling crisis. That or he needs to pull up his pants and secede to the majority. We must remember that this house majority represents a U.S. populous majority. If the country is not happy with its president, they are granted by the constitution to have the power to overthrow him. Under stressful fiscal times the United States independents sway towards Republicanism and at this point, even Massachusetts has a republican majority. It is time for Mr. Obama to sign a bill into law, or simply have himself and Joe Biden resign, leaving the absolute power as president to Mrs. Clinton, an administration to which we saw hundreds of billions of dollars of surplus's. At this point, it is almost inevitable that Mr. Obama does not get re-elected, and rightly so. The writer of this article actually voted for him but he kept not one of his promises from his campaign. Clearly his outwrit power needs to be either brought to court under the supreme court or he needs to hand his power over to Mrs. Hilary Clinton, which although myself being a conservative, Mr. & Mrs. Clinton put us through an administration to which we saw the best Balance Sheet and Income Statement outlook since the mid 20th century.

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