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Obama: What debt crisis?

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By Doug Powers  •  March 13, 2013 11:15 AM

**Written by Doug Powers

In an interview that aired this morning on ABC, President Obama told George Stephanopoulos that there is no looming debt crisis:

GEORGE STEPHANOPOULOS:
But even the ones who’ve seen your plans say they need to see more.

PRESIDENT BARACK OBAMA:
Well– I understand. Which is why, at some point, I think I take myself out of this. Right now, what I’m trying to do is create an atmosphere where Democrats and Republicans can go ahead, get together, and try to get something done. And, y– you know– I think what’s important to recognize is that– we’ve already cut– $2.5– $2.7 trillion out of the deficit. If the sequester stays in, you’ve got over $3.5 trillion of deficit reduction already.

And, so, we don’t have an immediate crisis in terms of debt. In fact, for the next ten years, it’s gonna be in a sustainable place. The question is, can we do it smarter, can we do it better? And– you know, what I’m saying to them is I am prepared to do some tough stuff. Neither side’s gonna get 100%. That’s what the American people are lookin’ for. That’s what’s gonna be good for jobs. That’s what’s gonna be good for growth.

For ten years it’s going to be a sustainable place — in eleven years it’ll be Greece.

Imagine you’re in an airplane plagued with mechanical problems, the last working engine has flamed out, and the pilot comes on the intercom and says “don’t worry, we’ve got about 20,000 feet before this really becomes a problem so we’re in a sustainable place right now.” Something like that just happened.

In 2008, when the national debt was just over $9 trillion, that was an “irresponsible” and “unpatriotic” amount of red ink with which to be saddling future generations. Now almost $17 trillion and rising is totally sustainable?

A little more information about the non-crisis:

The estimated population of the United States is 314,584,534 so each citizen’s share of this debt is $53,119.27.

The National Debt has continued to increase an average of $3.87 billion per day since September 28, 2007!

In addition to the debt discussion, if you want to hear Obama’s first-hand account of what happened the night of the Benghazi attack, don’t bother to watch the video below, because Stephanopoulos didn’t even ask:

**Written by Doug Powers

Twitter @ThePowersThatBe

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