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Tim Geithner: No Plans to Address the Debt Crisis





Yesterday on Fox and Friends, Governor Palin observed that Obama is not fit to hold the office of the presidency.  Today, Obama’s Treasury Secretary, Tim Geithner, proved Governor Palin correct.  Via Phillip Klein:

President Obama spent much of last year pretending that he had a plan to tackle the nation’s long-term debt crisis. He never released an actual plan, but he gave a bunch of speeches pretending that he had. And Obama pushed the idea that he was privately ready to cut a "grand bargain" on the debt were he not thwarted by intransigent Republicans. This was a narrative dutifully reported by the media, despite the lack of any formal plan. Now, the pretending is over.

On Monday, Obama unveiled a budget that added to the debt while using a series of budget gimmicks to claim deficit reduction. And today, Treasury Secretary Tim Geithner conceded that the administration didn’t even attempt to do anything about the nation’s long-term debt problem.

Earlier today, he told the Senate Budget Committee that long-term spending would be "unsustainable" even if Obama’s budget was fully adopted. Later, in a separate hearing, he explained to House Budget Committee chairman Rep. Paul Ryan, R-Wis., that the only intention of the Obama budget was to address deficits in the next decade, not to put the nation on a sustainable fiscal path. He also trashed Ryan’s budget, which does actually solve the problem, for putting too much of a burden on seniors to pay for health care.

“We’re not coming before you to say we have a definitive solution to that long-term problem," Geithner told Ryan. "What we do know is we don’t like yours.”

Unbelievable.  Keep in mind that Turbo Tax Tim is the Secretary of the Treasury.  It’s his job to safeguard America’s finances, and he’s openly admitting, even if we accept his wildly optimistic budgetary predictions, that not only does the Obama Administration not have a plan to deal with the debt (now close to an unbelievable 100% of GDP), but they don’t even see the need to develop a plan to deal with the debt.  It’s simply not on their radar as they’d much rather play the class warfare and Mediscare games that got us into this mess in the first place.  I guess they hope nobody notices.

Investors will.

As Klein notes, if investors lose confidence in America’s finances, a real debt crisis will occur. Once that happens, Obama’s budget projections, already based on a laughably rosy scenario, will be thrown out the window and the crisis will be unavoidable. The only solution will be Greek style austerity measures that will produce rioting in the streets among that increasing number of Americans whose livelihoods are dependent on the government dole.  And those of us who have saved our entire lives will be little better off as the government will look to us to bail them out. And what they allow us to keep will be worthless as the government will inevitably be forced to dramatically inflate the currency, seriously eroding the value of the life savings of those responsible individuals who took it upon themselves to save for their own retirements.

I would call this revelation by Geithner terrifying, but that somehow doesn’t seem strong enough.  Obama is not only presiding over the economic ruin of the country, but doing all he can to ensure it.  If you have a strong stomach, watch the video below.  Pay special attention to the charts Paul Ryan displays.  This is the strongest evidence to date that Obama and his entire administration are unfit to hold office, as Governor Palin noted. What were Americans thinking in 2008 when they elected this guy?

Read Klein’s entire piece here.

(h/t John H)

 



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  • http://lenbilen.com/ Lennart Bilén

    Why would he address the debt crisis? It is part of the plan. The grand plan is to make us totallly dependent on the rest of the world, thereby ushering in Global Governance.

    Obama’s 2013 budget: Dead on arrival. A Limerick.

    His budget is like a campaign manifesto.
    Its death on arrival will Congress attest to.
    It’s delayed by a week.
    Our future looks bleak
    Unless we defeat him, and that must go presto.

    • http://pulse.yahoo.com/_O2JZVOLZP3CZ3PZXJECJ2EETBA Mountain

      You’re absolutely correct, LB:  it’s all part of the Marxist agenda to tank our economy.
      Obama has always wanted a revolution here; he wrote about this even in Book 1 (or Ayers did).

      Given Obama’s constant ignoring of our US Constitution and Bill of Rights, I want to know:
      WHY doesn’t Congress start impeachment hearings!?  Really, WHY NOT?

      And WHY aren’t we also tossing out of office little SOB’s like Timothy "I’ll-Pay-My-Taxes-Only-When-I’m-Forced-to-but-YOU-Must-Pay-Yours-ASAP" Geitner???

  • nkthgreek

    Tim Geithner:  "Debt crisis, I don’t have a debt crisis?"  

  • AmsterdamExpat

    Oh, let’s not be too hard on Tim, shall we? He does have his hands full in dealing with the Bundeskanzlerin and the Finanzminister in their behind-the-scenes scheme to bring about a controlled demolition in Greece, after all, on a schedule that benefits them all and Sarkozy too, it would seem (as per the hypotheses at the Slog).
     
    And if the Senate Majority Leader can’t be bothered to produce a real budget proposal, why would O’s old family friend spend much of his precious time on the whole issue, either?

  • RedDaveR

    This man is a disgrace.  As if there weren’t enough reasons to vote Obama out, here’s another one.
    It’s as if he’s saying:  Apres-moi, la deluge.

  • virginiagentleman1

    No plans to address the debt?  Heck, this fool has no plans to address an envelope!
    Can we agree that idealoges are the bane of a sound and constitutional government?  Government needs to be run by the pure logic laid down in the Constitution, not in some socialist touchy-feely utopian wet dream!  Good riddence Geithner, Big Bubba is waiting for you in your prison cell.

    • http://pulse.yahoo.com/_O2JZVOLZP3CZ3PZXJECJ2EETBA Mountain

      WOO!  You’re hot tonight, vg!  Excellent points, and darned hilarious zingers, too:
      "Address an envelope!"—-ho ho! + "Utopian wet dream!" and "Big Bubba;" what a scream!

  • susiepuma

    I don’t know why all these people are so surprised by what the fraud and his minions are doing – he promised all during his continous and ongoing campaign that he was going to radically transform this country – well, he’s doing it – exactly what he said…………….

    They hate this country and want to bring it to its knees – turn it into a 3rd world banana republic and we are on the brink right now……………………………… when over 50% of the population are takers and don’t contribute anything but want everything provided to them including food (food stamps), insurance (SSI, Medicaid, Medicare), continous unemployment insurance benefits – what happens when the rest are paying for these trough suckers???  Can you say a revolution? Civil war? 

    • excopconservative

       The wage earners who pay for the free loaders will never rebel.  The free loaders will start the revolution when their benefit checks don’t arrive.  Take a look at Greece. 

      These Obamites want this revolution.  The Cloward-Piven strategy of manufactured crisis has the ultimate goal of revolution resulting in a Utopian tyrannical government in which those smarter than us will rule.

      • John_Frank

        Atlas Shrugged. Who is John Galt?

  • MarkRNY

    Well, in keeping with the Ballerina’s "Never let a good crisis go to waste", did you think they would? There job is to prolong and intensify every problem we’ve got.

    Drop the "He wants to turn us into a European style nanny state". He wants to turn us into Red China–political/religious prisoners and all. This is NOT hyperbole.

    Sarah’s priority is dead on. Over everything else, O must Go. The rest comes later.

  • conservativemama

    I’m ready for Sarah to go further.  I’ve come to the conclusion that government exists only to provide jobs and benefits to over-credentialed mediocrity.  There are a few exceptions of course.  And government has some role to play of course.  And I’m not speaking about our military.

    But I look at where we are today and there can be no other conclusion.  There is no longer any point to most of government except to enslave us and to enrich those who cannot or will not compete in a free marketplace.

    Judge Napolitano was right when he signed off tonight, "What if we were free?"

  • stlouisix

    Geithner clearly needs some time to address the debt crisis.  I suggest some hard time in Leavenworth!

    • http://pulse.yahoo.com/_O2JZVOLZP3CZ3PZXJECJ2EETBA Mountain

      Warn Geitner’s cellmate:  watch your cards, ’cause Timmy cheats!

  • Freempg

    Come on, Doug, they’re just numbers. We need only add zeroes. We just need to learn quadrillion, quintillion, sextllion, septillion, octillion, nonillion, decillion, etc. What’s so difficult about that?

  • helensimon

    I watched this little wimp snickering like a kindergartener girl at wasting Congress’ time as he lied to their face, SMIRKING!!! They refuted all his stupid lies, and he snickered…gross!

    You know he and obama grew up running through the bank their (grand)parents fat cat bankers worked together at in Hawaii…don’t watch this meeting on cspn…you’ll be disgusted at what’s running our fed.

  • watchdogmom

    we have a government full of treason. "Throw Them All Out!" fair and speedy trials for all.

  • patnatasha

    they don’t want to do anything about it.

  • TravelinThru

    Anybody home?

    By request from NMM and Reck, maybe this thread is more hospitable? Mittens-free zone.

  • TravelinThru

    Thanks for the positive tone. I should have not watched the debate — made me ill =/

    Another confirmation that Palin maybe working with Newt  – she said last night that noone is making the case for energy, despite Rick talking about it on the stump and writing a couple of op-eds on the issue. And lo and behold, Newt came out with his own pitch for energy independence which is no different than Rick’s, and promoted it on the debate. Then like on cue, Palin gave a shout-out to Newt.

    Geez, what happened to letting the process continue and not let Romney run away with the nomination? If Mitt wins MI and AZ and WA, it is almost over… GOPe will say "inevitable". By promoting Newt, Palin is helping Mitt do just that.

    The American Spectator at least have a couple of pro-Rick articles and Michelle Malkin wrote an article in defense of Rick. So that kinda picked up my mood.

  • TravelinThru

    nah, the "jinx" talk is just that… talk; I know there’s nothing I can do to affect the race as it stands except to cheer and pray.

    But I get nervous whenever my favorite is on the spotlight — like when the Tarheels play against Duke, or when the Broncos had a big game. More often than not, I don’t watch them and just follow on the computer. I get nervous every time there’s a NASCAR race too… 

    I watched the first half of the debate but had to go out to dinner so I didn’t see the rest.

    • Guest

      deleted

      • TravelinThru

        I saw a tweet that Rick had ashes on his forehead during his campaign event earlier. So he probably went to mass early. It was reported that Newt skipped mass.

        I didn’t get a chance to go to mass today as I am still recovering from some kind of bacterial infection (taking antibiotics for 10 days — 2 more days left). I’m not sure if I’m contagious so I limit going into a public place (except for quick dinner and drive-thru).

        Maybe Newt’s Lent observance is limited. I was raised a Catholic and went to a Catholic school ran by nuns, but where I came from, fasting and self-denial are only done on Ash Wednesday, every Friday during Lent, and the entire Holy Week (from Palm Sunday to Easter Sunday).

  • TravelinThru

    From American Spectator, two great articles –

    Satan and Santorum
    Perspective from Reagan’s Evil Empire speech.

    http://spectator.org/archives/2012/02/22/satan-and-santorum/print

    As I digested the speech, I was struck at how so many of Santorum’s themes and words — which were right on the money — echoed those expressed in Ronald Reagan’s historic Evil Empire speech. Santorum ruminated on the "father of lies," spiritual warfare, truth, vanity, sensuality, temptation, pride, education, abortion. Like Reagan, he fears that the "great political conflict" at work in America "is not a political war at all, or a cultural war — it is a spiritual war." In that war, "the father of lies has set his sights on none other than good, decent, powerful, influential United States of America."

    ——————–

    Santorum’s Winning Work Ethic
    Most media are missing the secret of his campaign’s success.

    http://spectator.org/archives/2012/02/22/santorums-winning-work-ethic/print

    During the week that ended Sunday, Newt Gingrich held eight campaign events and Mitt Romney held nine. Rick Santorum held 15 events last week, and that may ultimately explain why Santorum continues his otherwise inexplicable surge in the Republican presidential race: He is simply out-working his opponents.

  • TravelinThru

    Hopefully Rick has God on his side, he does the work, and let God do the rest…

    I hope so too. And though sometimes I fret about how things are going in this race, I just will myself to step back and trust in God’s will for the country.

  • TravelinThru

    I don’t agree with her supporting Newt, but ultimately if she thinks that what she should be doing now, it’s her decision, and she will have to bear the consequences of that decision, good or bad.

    We all make mistakes. Even Rick made mistakes in his career. How fatal those mistakes are in his career’s future remains to be seen. So I won’t predict how the Newt involvement affects Palin’s career in the short term or the long term. It all depends on how they go forward from those actions.

    • Guest

      deleted

  • TravelinThru

    I don’t know how much play this story will get. It’s a headline on Drudge –

    Gingrich campaign warned 2nd time for financial dealings
    http://www.washingtontimes.com/news/2012/feb/22/gingrich-campaign-warned-2nd-time-for-financial-de/?page=all#pagebreak

    Newt Gingrich’s presidential campaign has received a second warning from the Federal Election Commission (FEC) for widespread financial irregularities, saying the campaign must disclose why nearly $1 million was paid to the candidate, staff and a small group of fundraising consultants for questionable reimbursements.

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