To the Editor:
Congress raised the U.S. debt limit to $16.4 trillion in January 2012. This month our debt reached $16 trillion which means Congress will probably be asked to raise the debt limit again this fall.
Following is a quote from the March 16, 2006 Senate Floor Speech on Public Debt by Senator Barack H. Obama:
"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America's debt weakens us domestically and internationally. Leadership means that, "the buck stops here". Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."
A few thoughts about the U.S. debt and economy under the Obama presidency:
Standard & Poor's downgraded the United States AAA credit rating in 2011.
This month the Federal Reserve says it will spend $40 billion a month to purchase mortgaged-back securities because the economy is too weak to reduce high unemployment.
The Egan-Jones credit rating agency is downgrading the US credit rating for the second time. They say the Fed’s plans to buy mortgage bonds will likely reduce the value of the dollar and raise the price of oil and other commodities.
September 13, 2012 the Labor Department reported that seasonally adjusted first time claims for unemployment rose by 15,000 to 382,000
The unemployment rate was 7.6% when Obama took office; today it is 8.1%.
Median incomes have fallen an average of $4,000.
A gallon of gas cost $1.89 when Obama was sworn in; I paid $4.15 a gallon last week.
The President has only met with his Jobs Council once since January 2012 but has visited re-election battleground states 46 times and attended 58 fundraisers.
The country elected a president in 2008 who never had run a business or had any substantial private sector work experience. President Obama has failed to put the economy back on track and Americans back to work. Would you go back to the same doctor that misdiagnosed your symptoms and treated you for the wrong disease or would you change doctors?
Nancy W. Foster, Louisville