Monday, March 19, 2012

Barack Obama - #3741 - USA An Oil Rich Nation Afterall - Hot Air (2) CBO: Exploding Debt Under Obama Policies - Politico (3) Are We On Verge of the Obama Great Depression? - Townhall

The President has been traveling on Campaign Tourapalooza 2012 this month and seeking to explain rising oil and gas prices. One of his favorite tag lines has been to say that you “can’t just drill your way to lower gas prices.” (And he’s partly correct there, but more on that later.) But he’s also tossing out another figure when he makes these remarks. “With only 2% of the world’s oil reserves, we can’t just drill our way to lower gas prices,” he said. “Not when we consume 20% of the world’s oil.” So is that actually true? Are we an oil barren nation? As John Merline points out at Investors Business Daily, it’s not even close to being accurate unless you’re really picking and choosing your terms. This is because the figure that Barack Obama is quoting relies on estimates of proved reserves. But the figure Obama uses — proved oil reserves — vastly undercounts how much oil the U.S. actually contains. In fact, far from being oil-poor, the country is awash in vast quantities enough to meet all the country’s oil needs for hundreds of years.  Read more.......

CBO: Exploding Debt Under Obama Policies - Politico - The Congressional Budget Office said Friday that President Barack Obama’s tax and spending policies will yield $6.4 trillion in deficits over the next decade, more than double the shortfall in CBO’s own fiscal baseline — even after taking credit for reduced war costs. House Republicans, slated to unveil their own plan next week, are sure to seize on the numbers, yet the mountain of data gives reason for both parties to pause going into what’s expected to be a major fiscal crisis after the November elections.   Read more..........

Are We on Verge of the Obama Great Depression? - Townhall - America has always been a land of boom and bust. It’s just part of the natural business cycle. But Obama and his socialist cabal have channeled Hoover and FDR, who turned an ordinary bust into The Great Depression with a toxic strategy of bigger government, more spending, more debt, expanded entitlements, more rules and regulations strangling business, higher minimum wages, more power to unions, and dramatically higher taxes to pay for this expansion of big government. Sound familiar? Simply add in "green energy" and this is the same toxic brew of the Obama game plan. Interestingly, it's the same plan that has led Europe to the edge of the cliff as well. The EU is crumbling under the weight of suffocating debt. ...........Here's where the story gets downright frightening. This time the results are going to be dramatically worse than 1929. This time we are facing The Greatest Depression ever.  Why? Because The Great Depression had NONE of problems and obligations we are now facing:  In 1929 America did not have $115 trillion in debt and unfunded liabilities.  In 1929, most of our states were not bankrupt, insolvent and dependent on the federal government to survive. Exhibit A is California (our Greece).  Read more.......

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