Obama to Letterman: Misleading or Wrong Statements

On Letterman’s September 20th show Obama made several misleading statements on the major issues of the day— debt and taxes.

OBAMA: The ($16T) debt is not a short-term problem. What does he mean by “short-term?” His 2013-2022 budget released from the Whitehouse indicates a debt increase of $4.67T in the next four years — a total increase of $11T over ten years. Is ten years short-term? These numbers do not include anything for his several education, infrastructure, jobs, etc. “proposals.”

OBAMA: The majority of debt is held by US citizens. This statement is very misleading. The government borrows about $5T from the Social Security Trust Fund, i.e., money is stolen from what workers annually pay into the Social Security, and an IOU is added to the Trust Fund. Did you know your Social Security withholdings become an IOU? Of the remaining $11T so called “public debt,” foreigners and foreign central banks own 52%.

OBAMA: (Paraphrasing) “Taxing the rich” will allow us to reduce the deficits and debt, and cover my (Obama’s) “proposals.” This is a flat out lie. The total ten-year income from his proposed taxes ranges from $1T to $4T depending on what is included. Assuming the higher number, this is $400B per year. His deficits are over $1T per year; thus, the debt grows at least $600B per year without adding the costs of his “proposals!”

Letterman is either another propaganda arm of Obama’s or to stupid to question misleading statements. Which is it? Didn’t a German leader use entertainers for his propaganda campaign?

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Dr. Cleland’s Ph.D. is from Purdue University where he specialized in complex systems theory. His technical training and experiences includes analyses of many types of systems, involvement with numerous federal, state, and local agencies, and management of a broad set of set of professionals, services, and trades people. He has managed scientists, engineers, policemen, firefighters, environment, health, safety and emergency planning experts, building trades and maintenance crafts personnel, and others.

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