The amount of ignorance contained in this statement is stunning. If we keep adding to the debt?
"...if we keep on adding to the debt, even in the midst of a recovery, that at some point, (d)uh, people could lose confidence in the US economy in a way that can actually lead to a double dip recession."
What does he mean by 'if'? The Congress has done nothing during his administration but add to the debt, with plans to add more. There is no 'if' about it. Right now, the national debt now stands at $12 trillion, that's, $12,000,000,000,000; or twelve, thousand, thousand, million dollars. That figure represents 96% of our current GDP. The interest on that debt alone is $338 billion annually. Currently, the government is spending nearly twice what it is confiscating from it's citizens in tax revenue. The national debt is projected to rise to at least $16.2 trillion by 2012. But, that is not the worst of it! America's unfunded liabilities, that is the amount of money we have committed ourselves to spending with no idea of how we will get the money, is $106 trillion. The actual liability per citizen now stands at $335,000.00! Check it for yourself here.
Obama mentions the recovery. What recovery? A jobless recovery, is no recovery! The administration insists that it has saved or created 'X' number of jobs, (I say 'X', because the numbers are different depending upon the source in the administration), and the stimulus is creating jobs; but most of the permanent ones are being created in China! Of the US jobs that stimulus has created, 93% of them are government jobs, the greater portion of which will disappear as soon as the money dries up.
America has more than 200 hundred years of history, that includes economic history. We have watched as tax and spend policies have effected the economy. One does not have to have a masters degree in economics, it is an matter of simple observation. When taxes are high, the economy lags and the jobless rate is high. When the taxes are low, the economy roars and the jobless rate is low. Every time that the government has reduced taxes in an effort to improve the economic situation it has worked spectacularly. But, the Obama administration has increased taxes on the 'movers and shakers' of our economy, with plans to increase taxes on the rest of us by letting the Bush tax cuts expire. The Obama administration is doing what FDR did during the depression, and there is every reason to believe that those efforts contributed to the depression lasting far longer than it would have had the government done nothing.
This administration has done everything that it should not have done, and nothing that it should have. If the American people have any confidence in this economy, it will be short lived. If the American people had any confidence in Obama, it is rapidly disappearing.