Obama well on way to bankrupting U.S.

Why hasn't the mainstream media caught on that Obama's policies will bankrupt our wonderful country?

At the G8 and G-20 meeting this weekend, even our Socialist friends in Europe have finally realized they can't spend their way to recovery and growth.

They admitted they must cut spending. Yet Obama continues to be the lone voice pushing for more government spending and uncontrollable deficits.

During the full Bush term, the deficit averaged about 3 percent of the GDP. In only a year and a half, Obama has raised that to 10 percent, or triple. And that's before the job killing Cap-and-trade bill he's promoting, which by his own words will cause utility bills to "skyrocket."

Our national debt is now greater than $13 trillion and rising every minute. It now represents 62 percent of the GDP and is projected to reach 90 percent of GDP to be paid by our grandchildren.

He touts the new financial reform bill, which most analysts admit is a joke.

And while Obama demonizes the banks for needing bailout money, many of which never wanted the money and paid it back as soon as he allowed it, the reform bill completely ignores Fannie Mae and Freddie Mac, which are 80 percent owned by taxpayers and run by the government.

Business Week estimates the bailout of both could easily reach $1 trillion, yet no mention of them in the financial bill.

But when Republicans asked to include a provision in a recent bill to require a very reasonable 5 percent down on Fannie Mae and Freddie Mac mortgages, the Dems voted it down, with Chris Dodd stating he didn't want to hinder people buying homes.

Apparently he forgot people getting mortgages they couldn't afford is exactly what got us into the housing mess.

And when Obama in his recent address stated the United States has only 2 percent of our oil needs and there is nowhere else to drill, that too was a lie.

Real estimates are the United States has more oil reserves than the Middle East. If we begin safe drilling, we will create untold jobs and in several years we will drive down the cost of gasoline tremendously and more important, not send money to countries that hate us.

And lastly, we received 104 offers of help with the BP oil spill.

Obama refused every one of those apparently because they were not union employees. So apparently protecting the unions and votes were more important than fixing the oil tragedy.

Hank D'Ambrosio

Buffalo Grove