Obama: 'We're out of money'

I wish he would have realized that about $11 trillion ago.

In a Memorial Day weekend interview with C-SPAN's Steve Scully, the President of the United States told the people of America that their government was flat broke:

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.

So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.

So, one option is just to do nothing. We say, well, it's too expensive for us to make some short-term investments in health care. We can't afford it. We've got this big deficit. Let's just keep the health care system that we've got now. (HT: Drudge )

Scully does a good job of boring in on Obama's evasions so the interview is well worth the read.

This is a man who hasn't a clue. Yes, we are in a recession and a financial crisis. So your scare tactics that ratcheted up fear in order to get your stim bill, omnibus spending, and FY 2009 budget passed - a total of more than $5 trillion with interest added - are backfiring and you think you can work your way out of it by spending a trillion more on a health insurance boondoggle?

What planet is this guy from?