The Never Ending Fiscal Lie
By: Terresa Monroe-Hamilton
Cross-Posted at Right Wing News


The audacity of deception. If Obama’s lips are moving, you know he is lying. This morning’s was a whopper.

From CNS News:

In a speech at the Business Roundtable headquarters in Washington, D.C., Obama dismissed concerns about raising the debt ceiling by noting that it’d been done so many times in the past:

“Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.”

Obama went on to suggest that “the average person” mistakenly thinks that raising the debt ceiling means the U.S. is racking up more debt:

“It’s always a tough vote because the average person thinks raising the debt ceiling must mean that we’re running up our debt, so people don’t like to vote on it, and, typically, there’s some gamesmanship in terms of making the President’s party shoulder the burden of raising the — taking the vote.”

But, isn’t the fact that the U.S. has hit its debt ceiling “over a hundred times” – and, thus, has had to keep raising it – proof that raising the limit does, in fact, lead to increased debt?

Technically, raising the debt ceiling doesn’t increase our debt. No, the spending right afterwards does. The spending that goes on and on until they raise it again. Obama thinks we are idiots.

Meanwhile, in dunceville… Bernanke declared yesterday that QE would continue on its merry way to really debasing our economy. No tapering is bringing back talk of currency wars:

The Federal Reserve’s shocking decision not to taper, despite broad expectations for a $10-20 billion reduction of its monthly asset purchases, has reignited talk of a global currency war.

Risk-on currencies like the Australian dollar, the euro and the British pound soared in response, while the greenback dropped across the board. Now some analysts say the Fed’s decision could prompt other central banks to devalue their currencies in an attempt to retain a competitive edge.

“We are on the verge [of a currency war]… especially if the Fed does not taper in October or December…” said Boris Schlossberg, MD of BK Asset Management.

And the dollar just sank to a seven month low. But don’t you worry your pretty little head – the stock market is up! Yep, in unicorn land, bad news is good don’t ya know? But wait… there’s more! Oil just rose to $109 a barrel. And as Obama slides us into WW III, these will seem like the good ole days.

During the greatest depression, the never ending fiscal lies and propaganda just keep on coming.


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