Obama at All Star Game: “We’re out of money”

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And worse, it may mean we don’t get a decent health care program but continue with what we have that is driving doctors and other practitioners out of the field in droves.

With 10% unemployment we can afford just about anything and everything before we run out of available resources!

(Only available energy is currently limited on several levels.)

Mike Norman Economics

Obama at the All Star Game: “We’re out of money.”

Was just watching Obama chit-chatting with announcers Tim McCarver and Joe Buck at the All Star Game. When Joe Buck asked Obama if there would be any “bailout” for the National League, which hasn’t won in 11 years, Obama replied, “We’re out of money.” Although it was meant as a joke, it’s what he believes when it comes to the government’s finances.

This is a very misguided point of view. It effectively is like putting America on a gold standard when we are not on one. And it is the reason behind his new and misguided policy of taxing millionaires to pay for his health care plan. With very little demand in the economy right now, applying fiscal drag in the form of tax–on anybody–is really, really, dumb.