What a difference a day makes!
posted at 11:38 am on April 21, 2009 by Ed Morrissey
Not too many people caught this, but the same day Barack Obama announced that he would bravely reduce federal spending 0.0029% by demanding $100 million in cuts, he had already spent the savings. Obama announced an additional $100 million pledge to the IMF yesterday. Oops, I’m sorry … that’s $100 billion:
President Barack Obama on Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF’s war chest and urged a bigger stake in the IMF for emerging powers like China and India.
In a letter sent to Democrat and Republican leaders in the U.S. Congress, Obama said the U.S. funding “does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets.”
The letter comes days before world finance leaders gather in Washington on April 24 and 25 for meetings of the IMF and World Bank to discuss among other things IMF lending and governance reforms at the global institutions.
The $100 billion is part of pledges made by Group of 20 member countries during a summit in London on April 2 to combat the worst economic crisis since the Great Depression.
Now we have another comparison for the massive budget cuts announced by Obama yesterday. On net, his outgo on Monday outstripped his reduction by $99,900,000,000. And that was just one day, and one project.
Meanwhile, American taxpayers will send $100 billion overseas, or approximately $333 for every American, while Obama saves us $100 million at home, or approximately 30 cents for every American. And again, that’s just one day.
If this is fiscal responsibility, it’s the only kind I know that will push us into bankruptcy.
Blowback
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Spending our way out of debt. Makes sense.
Repurblican on April 21, 2009 at 11:40 AM
I don’t know what is worse; Obama paying lip service to “fiscal responsibility” or the shallowness of said “service”.
steveegg on April 21, 2009 at 11:41 AM
Paging Jake Tapper, Jake Tapper to the Press room
HarryStar on April 21, 2009 at 11:42 AM
It’s no coincidence that both numbers have a 100 in front of them either. People have a hard time with large numbers, so they’ll assume the net effect is zero if they aren’t paying attention.
lorien1973 on April 21, 2009 at 11:42 AM
Actually the real story is that the UK wants to draw money from IMF to help it cover its shortfall. Brown said this during the G20. So really, this is just an indirect transfer of wealth to another country.
lorien1973 on April 21, 2009 at 11:44 AM
The only administration who says 80 billion is insignificant, and a few weeks later says 100 million is more significant then the 80 Billion.
My head is spinning…and I will say again.
WHERE ARE THE REPUBLICANS!!
right2bright on April 21, 2009 at 11:44 AM
It’s annoying to have President Obama say that keeping war spending out of the budget is bad, and then use its addition to deny he cut the defense budget, only to have it be ok now.
BadgerHawk on April 21, 2009 at 11:44 AM
Man-Caused Keynesianism.
the_nile on April 21, 2009 at 11:45 AM
It’s okay because we are going to legalize weed. It’s a twofer, we can tax it and make a trillion dollars and people will be too stoned to care.
Rocks on April 21, 2009 at 11:45 AM
And yet the media didn’t get it
Defector01 on April 21, 2009 at 11:45 AM
Why not, considering the net cause was Zero himself.
/rimshot
DrAllecon on April 21, 2009 at 11:45 AM
But, but, but, Bush spent lots of money tooooo! Not nearly as much or as wildly, and certainly not without opposition from conservatives and liberals both, but…it’s the same, darn it! Bush is evil! Whaaa!
/getalife
TheQuestion on April 21, 2009 at 11:46 AM
Hmm, reading that now, it doesn’t look anything like how I wanted it to. I’m annoyed at President Obama’s double standard when it comes to what’s ok to include or not include in the budget defecit.
BadgerHawk on April 21, 2009 at 11:46 AM
Where’s he getting all the Monopoly money from?
elderberry on April 21, 2009 at 11:46 AM
I am appalled at how stupid our messiah obviously thinks we are.
He is assured 4 years at the outrageous spending of our money. However, with each week that passes he gets closer to assuring that it is only 4 years.
At this rate, Rahm had best start working on whatever he needs to do to make Obama dictator for life. He’s running out of time, the sheeple will only be blind for so long.
ORconservative on April 21, 2009 at 11:46 AM
Actually, the IMF has a projected deficit and is selling part of its gold.
http://www.imf.org/external/np/sec/pr/2008/pr0874.htm
Either naive or foolish. But we already knew that, didn’t we?
cs89 on April 21, 2009 at 11:47 AM
Cowed beyond all reason, apparently.
Snowed In on April 21, 2009 at 11:48 AM
Robert Gibbs is gonna really have a tough time with this one. I hope he giggles about it.
a capella on April 21, 2009 at 11:49 AM
So, we borrow money… National Debt…
Then LOAN it to the IMF, at 0% interest?….
Who then GIVE or Loan it to other countries and banks…
Sounds to me like the only ones making money, is the National Banks.
Romeo13 on April 21, 2009 at 11:49 AM
The morons that voted for this fool are getting exactly what the deserve . . . unfortunately, the rest of us are forced to suffer with them.
rplat on April 21, 2009 at 11:50 AM
Yeah, what Barry doesn’t tell us, tho, is that we have to take out a $100B loan in order to GIVE the $100B loan, because we have no actual savings of our own.
argos on April 21, 2009 at 11:50 AM
How are WE to control IMF? Where does the money go to, and how to be spent?
Sir Napsalot on April 21, 2009 at 11:53 AM
Can someone explain to me how it makes sense to borrow $100 billion from China to give to the IMF so that China has a bigger stake in the IMF? Why not just let China loan the money the IMF and we don’t get stuck with interest payments? I may not be an educated man, but I’m not stupid.
thomasaur on April 21, 2009 at 11:53 AM
“The One”…”1″00…makes sense the zeros are just like eleventy halos. Whether it’s millions or billions doesn’t matter – just makes it more like: 100,000,000,000!!!11eleventy!1!!
Onus on April 21, 2009 at 11:53 AM
Not only that, but it appears China(holding most of our debt) may be one of the ultimate recipients. I can’t keep up.
a capella on April 21, 2009 at 11:53 AM
We can’t let that (bankruptcy) happen! No!!! OMG. What will all of those who want their entitlements, and lazy life do? There won’t be anything for them, if none of us have jobs, or money!!! Nooooooooooooooooooooooooooooooooooooooooooooo!!!
capejasmine on April 21, 2009 at 11:54 AM
I understood that they committed not $100 billion, but $350 billion to the IMF which exceeded their request by $250 billion.
the ‘smarter’ policies keep piling up. before we know it, we’ll be talking about some serious money – good thing they are hiring at the treasury to keep the presses running 24/7 – imagine the national financial harm should those things break down for a few days?
gatorboy on April 21, 2009 at 11:55 AM
You have to think like Obama: “Hey, I can use OPM (other peoples money) to make ME look good, then stick someone else (the taxpayers, again OPM) with the bill. Sounds like a winner!”
Hope that helps :)
Onus on April 21, 2009 at 11:55 AM
The IMF needed a bailout. Code name: Imfulus
LibTired on April 21, 2009 at 11:56 AM
Ha!! It’s like being trapped in a room full of mirrors.
argos on April 21, 2009 at 11:56 AM
Oops, I misread. He’s urging China to also pay more in. My bad.
a capella on April 21, 2009 at 11:56 AM
Just a hunch. How many member of the IMF gave Obama’s campaign money? We will never know, but this does look like a pay for play scenario.
PappaMac on April 21, 2009 at 11:56 AM
Why should we care about any of this? Haven’t we repeatedly been told (by experts like David Axelrod, Janeane Garafalo, and various MSM hacks) that only ignorant, white, redneck, bigots even pretend to care about the level of federal spending? And it’s all just a cover for racist resentment of Obama, anyway.
To paraphrase CNN’s Roesgen, “hey guys, you got a $400 (phony and temporary) tax break — how dare you complain about Obama’s insane spending spree?”
AZCoyote on April 21, 2009 at 11:56 AM
Was going to say something incredibly snarky – but could not outdo this… (laugh)
Well snarked!
kybowexar on April 21, 2009 at 11:58 AM
Does Feinstein’s husband have a contract with IMF?
PappaMac on April 21, 2009 at 12:00 PM
Soon government spending will be measured in quadrillions. Revenues will be back in the billions, however.
zmdavid on April 21, 2009 at 12:00 PM
Busy being the lesser half of the bipartisan Party-In-Government.
steveegg on April 21, 2009 at 12:01 PM
Glenn said a while ago (no link at the moment) that they quietly announced that that massive $100mln in savings was going to be shuffled over to ‘more critical programs’. Therefore, even that one latte per year? Not even gonna save that.
bikermailman on April 21, 2009 at 12:02 PM
They really don’t have a lot of believability with budget cutting themselves. Therein lies the problem.
lorien1973 on April 21, 2009 at 12:02 PM
It must be really fun to toss out such massive sums of other peoples’ money. “Here … uh … keep the change … and … uh … drinks all around …”
argos on April 21, 2009 at 12:03 PM
So Barry went to Europe on his magical mystery tour, couldn’t get any troops for Afghanistan, looked like a dope in front of the Queen, bowed to a Saudi King, got virtually no support for his stimulus crapola and came home with the new name Pantywaste President with his tail between his legs, goes to the America’s summit, has Hugo make him look like a doofus, accepts a book that bashes the United States and now he’s going to give 100 million to the IMF?
I get it now, Barry looks like some of those fools on Judge Judy who hand over money to their looser boyfriends in order to buy their friendship and love.
Got it. Buying friends, one country at a time.
Knucklehead on April 21, 2009 at 12:03 PM
Chimpy 2 needs to learn how to negotiate. His need to be loved is too overpowering. You don’t just give the stuff away, you make the gift contingent on someone else’s good deeds — either other donors or the recipients (or [gasp!] both).
All those NPR donors know what Obama doesn’t — that the “matching donation” method is the best way of leveraging your money. And, the other best way is to not give money to leaders who pocket it and don’t do a thing for their people.
So if Obama wants China and India to step up to the plate, he needs to make his donation contingent on them doing exactly that. Then, if they don’t, it’s they who are the bad guys for failing to double down.
unclesmrgol on April 21, 2009 at 12:04 PM
So, do people think I am insnae or full hearty for getting survival gear, food, clothing and seeds together for a possiblity of future problems?
upinak on April 21, 2009 at 12:04 PM
I think he sees it as an “investment” in Special Drawing Rights.
econavenger on April 21, 2009 at 12:04 PM
The President is staying the course with gop spending.
getalife on April 21, 2009 at 12:05 PM
gop spending huh? Are the democrats the Majority now?
LOL, would the adults be in charge? You can’t blame those who aren’t in charge when “your” president can’t keep his hand out of the cookie jar!
upinak on April 21, 2009 at 12:06 PM
When all else fails, blame someone else, getabrain.
That’ll help.
Surprised you didn’t trot one of the classics:
sore losers.
he’s being a fiscal con.
or, everyone’s favorite…
the adults are in charge.
lorien1973 on April 21, 2009 at 12:06 PM
Let me eat cake.
That’s with a double-scoop of chocolate doo-diddles, please.
BobMbx on April 21, 2009 at 12:07 PM
getabrain is really running out of talking points. it’s sad to see.
lorien1973 on April 21, 2009 at 12:07 PM
I wonder how many people in the “Political Class” know the difference between a million, a billion, and a trillion. Remember Pelosi and her “500 million jobs lost every month”? I think our leaders are much, much dumber than we think.
zmdavid on April 21, 2009 at 12:08 PM
I’m positive they are dumber. I’m certain they are dumber than that, though.
lorien1973 on April 21, 2009 at 12:08 PM
Staying the course in the sense of a horrible upward trend, yeah. Look at the graph we’ve all seen on deficits for the +- ten years. The curve goes waaayyyy up (or down) under President Ogabe. And, just who is it who controlled the House, ergo, controlled spending the last two years? Bueller? Bueller?
bikermailman on April 21, 2009 at 12:09 PM
Hmmm. That reminds me of something…
Again, no one should be surprised about this. Everyone should have known this over a year ago.
Again, as I said yesterday, Ed, put this in proper context of Obama’s actions of the last 2 decades. Those who are shocked by anything Obama has been doing just have not been paying attention to anything he has done and said for the past 2 decades.
Michael in MI on April 21, 2009 at 12:10 PM
Sorry, I guess we commenters aren’t all that bright either.
Should have been:
I think our leaders are much, much dumber than we thought.
zmdavid on April 21, 2009 at 12:11 PM
You’re prudent and wise. If you don’t ever use it – great. If the crap hits the fan, at least you won’t be waiting in line down at the govn’t office for a loaf of bread. The extent to which all responsible citizens can delay their own need of govn’t assistance, the better off they will be.
Hyperinflation is not fun. Using a wheelbarrow of useless USD’s to buy a hamburger is where we’re headed, so if you have stuff set aside to ride out that storm while Obama and his puppet masters roll out their new world currency, it will be better for you and your family.
And should none of that happen – what’s the harm in sleeping at peace at night knowing that you are more ready than most should things get ugly?
gatorboy on April 21, 2009 at 12:11 PM
You’re -still- being too generous ;)
lorien1973 on April 21, 2009 at 12:11 PM
You know it is getting crazy when cons agree with code pink:
http://www.huffingtonpost.com/
Wow.
getalife on April 21, 2009 at 12:12 PM
Anyone else notice in the Obama cabinet clip he mentions under his breath that these cuts will be spread out over the next 2-5 years? So calculating the savings as 100M per year is a bit misleading. That brings the annual savings down from 0.0029% to a whapping 20-30M or 0.0009% or roughly a dime a year per person. Woohoo! It’s fiscal-responsibility-mania!
Onus on April 21, 2009 at 12:12 PM
Well I am not as bad as some.
I didn’t build a bunker… yet!
upinak on April 21, 2009 at 12:13 PM
They aren’t cuts. He’s just moving these “savings” from one office to another. He said as much yesterday. The budget ain’t dropping by $100 million dollars.
lorien1973 on April 21, 2009 at 12:14 PM
Your ability to analyze issues in depth continues to amaze me, getaclue.
lorien1973 on April 21, 2009 at 12:15 PM
If Bush spent like a drunken sailor, Obama is like the entire U.S. Navy after looting every distillery in the country.
Jim Treacher on April 21, 2009 at 12:15 PM
Two words…Public Education.
PappaMac on April 21, 2009 at 12:17 PM
Don’t forget items you can barter with. Coffee, flour, sugar, diapers, formula, etc. Don’t forget the generator (propane, since gasoline goes bad pretty quickly) for personal use. I’ve been tinkering with the idea of buying a few solar panels and using them to trickle charge a bank of deep cycle batteries as well.
bikermailman on April 21, 2009 at 12:18 PM
Two words…
PublicGovernment Education.PappaMac on April 21, 2009 at 12:17 PM
FIFY
bikermailman on April 21, 2009 at 12:19 PM
Say what? If the United States sends $100 billion to the IMF, what “asset” do we get in “exchange”? Be specific, Barry!
Just words, just words!
Steve Z on April 21, 2009 at 12:20 PM
Further improvements.
lorien1973 on April 21, 2009 at 12:20 PM
Even a blind squirrel (Code Pink) finds a nut every now and then. But still, if it causes you to rethink your position on the subject. Here here!
Onus on April 21, 2009 at 12:21 PM
Yep, everything except the diapers. I won’t go there…
As for the solar panels, I have been thinking about them but haven’t decided how I want to do that. With the volcano going off up here… I am curious if I should migrate south to warmer areas if something does happen.
upinak on April 21, 2009 at 12:21 PM
WTF? Who’s he trying to kid? Our problems are bad enough. Why do we want to invest in anyone else’s problems?
More money down a black hole.
BuckeyeSam on April 21, 2009 at 12:21 PM
Why do you even bother posting when people have already called your talking points?
Joe Caps on April 21, 2009 at 12:21 PM
So, do people think I am insnae or full hearty for getting survival gear, food, clothing and seeds together for a possiblity of future problems?
upinak
The depression era Americans are dying at an accelerated rate, leaving those whose personal history is of an America that is vibrant, strong and wealthy. We have no experience with deprivation and we don’t know what that means. Even our “poor” are upper middle class in most of the rest of the world. We simply don’t believe it can happen here. We foolishly think that our elected leaders are smart enough to keep that from happening. Many of us know better, but we are a minority. That’s why you are a “nut” to the elites who are so clearly better than you. You and your family may survive the coming disaster, but what kind of America will you survive in?
SKYFOX on April 21, 2009 at 12:21 PM
The turning point in this nation’s history will be traced back to the years of 2001-2006. Here, for the first time in my lifetime, we had a Republican President and a Republican Congress. Yet the Republicans abandoned the platform, became Democrat lites and squandered the opportunity to save an already sinking country. Imagine if they had closed the border, enacted permanent tax cuts, voted for school vouchers to pry open the leftists stranglehold on our educational system, eliminated the IRS, instituted the fair tax, stood up against the leftist press and political correctness, brought morality back to DC. If we become socialist, it is because when they had a chance for greatness, they abandoned their country and their constituents out of fear or corruption. Wish we could vote ALL of congress out and start over but with term limits.
Christian Conservative on April 21, 2009 at 12:22 PM
Well depending.. I may be a Russian or a Canadian.
America is suppose to splinter in 7 different “States”, remember that article.
upinak on April 21, 2009 at 12:23 PM
Oh boy…
http://news.yahoo.com/s/ap/20090421/ap_on_go_pr_wh/obama_interrogation_memos_2
Joe Caps on April 21, 2009 at 12:23 PM
Am I the only one who keeps picturing Dr. Evil from Austin Powers here? President Obama just keeps tossing out arbitrary numbers (“One hundred gazillion dollars”!), while the nose on Press Bully Gibbs keeps growing noticeably longer the more he has to “explain” these figures to the media.
cackcon on April 21, 2009 at 12:23 PM
The grephic Rush was just talking about comparing 100 million to the 3.69 trillion budget:
http://blog.heritage.org/2009/04/20/obamas-spending-vs-obamas-spending-cuts-in-pictures/
zmdavid on April 21, 2009 at 12:24 PM
@#$@! And I was all excited about my trip to the dollar store…10 years from now…
Onus on April 21, 2009 at 12:24 PM
Hey now…. even Drunken Sailors don’t spend their KIDS money…
Romeo13 on April 21, 2009 at 12:24 PM
“The United States transfers dollars to the IMF under the NAB, the United States receives in exchange another monetary asset in the form of a liquid, interest-bearing claim on the IMF, which is backed by the IMF’s strong financial position, including its significant holdings of gold, …”
Liquid? Bwahahaha. It’s not liquid. The IMF has $98B in gold reserves. If they liquidated it, the price of gold would drop like a rock and the $98B number would go up in a puff of smoke.
Oh, and what are the other member countries contributing going to claim as exchange assets for their contribution?
Besides, who bought the gold for the IMF? Did they buy it themselves? Or, did they buy it with money from member countries? If the latter, what was it a gift to the IMF or do we already have a claim on that asset?
Obama is talking out his a$$ as usual.
Dusty on April 21, 2009 at 12:25 PM
I’m your host, Chuck Barry! Welcome to Who Wants to Be a Slumdog $100 Billionaire?!
/*gong*
Christien on April 21, 2009 at 12:27 PM
And where would THAT money be coming from?
The “rich”?
drjohn on April 21, 2009 at 12:27 PM
Chimpy 2 needs to learn how to negotiate. His need to be loved is too overpowering. You don’t just give the stuff away, you make the gift contingent on someone else’s good deeds — either other donors or the recipients (or [gasp!] both).
(snip)
unclesmrgol on April 21, 2009 at 12:04 PM
———
You’d think someone schooled in the Chicago way of politics would know this.
After all, $100 billion is an f’n valuable thing…
Mew
acat on April 21, 2009 at 12:28 PM
To the American Sheeple, a billion is a million with a stuffy nose, or doze.
By head hurts, gotta take a Die-quil.
Steve Z on April 21, 2009 at 12:31 PM
I saw this graphic earlier and thought it should be black instead of gold, with nothing written on it. I mean if light can’t escape a black hole, how can we expect to ever see any of that money again?
Onus on April 21, 2009 at 12:31 PM
I think they’re as dumb as they think we are.
mr.blacksheep on April 21, 2009 at 12:31 PM
The fiscal irresponsibility under Obama is already projected to be far worse than what the GOP did.
You idiots will be out of power soon enough.
Chuck Schick on April 21, 2009 at 12:33 PM
Ten years from now, the only thing you’ll buy at a dollar store is half a stick of pre-owned bubble gum.
Steve Z on April 21, 2009 at 12:33 PM
Hope the IMF does sell its gold off…going to buy some more pretty soon.
Oh, and upinak? You and your honey are more than welcome here in Texas. Lots of game, though not as large as in your neck of the woods. Those solar panels would work great too, 300+ days/year of sunshine in these parts!
bikermailman on April 21, 2009 at 12:34 PM
Nope. Going to come from every one of us, in the form of printed money inflation. AKA the Hidden Tax.
bikermailman on April 21, 2009 at 12:36 PM
Looks like our President will try to get the left back after a horrible decision.
The door is open to prosecting torture and cheney’s big mouth gave them an opening:
dick should have finally told the truth and retired to his ranch to shoot more lawyers in the face.
getalife on April 21, 2009 at 12:36 PM
The $100 million in savings also represents about 10% of what we are giving Hamas.
Obama of course will emphasize that the $100 million we are lending the IMF is a loan. But what are the odds of us getting that money back? What is the IMF’s record on repayment? How is this loan being secured? What interest are we collecting on this loan, if any?
DarkKnight3565 on April 21, 2009 at 12:38 PM
There you go.
Loxodonta on April 21, 2009 at 12:40 PM
The Obama recession is really cutting into the quality of model glue you’re sniffing.
This thread is about Obamanomics driving us into debt far faster and deeper than any president before him.
Chuck Schick on April 21, 2009 at 12:41 PM
Ah the question:
Run the presses overtime! We would buy new ones, but we’re broke…
And then…
That is the super-secret master plan of the Soron and his shorting minions!
Just who let that cat out of the bag? Soon everyone will want the master plan…
ajacksonian on April 21, 2009 at 12:41 PM
I think you are a little behind the times. Obama has already changed his tune on this issue
gatorboy on April 21, 2009 at 12:42 PM
I think I would melt in Texas. The honey is from there actually.. Ft Worth area and he moved up here because it was too hot and Alaska is a lot like Texas use to be.. minus the cactus and heat. :)
upinak on April 21, 2009 at 12:45 PM
Anyone who watched Obama cave on wireless wiretapping to get elected knows he has zero spine to go up against the Bush anti-terror policies. Outside of a few changes in terminology, Obama’s keeping it all.
Where’s your Messiah now, leftist dolts?
Chuck Schick on April 21, 2009 at 12:45 PM
HarryStar on April 21, 2009 at 11:42 AM, hits the nail on the head. Please, somebody call Jake Tapper!
You’d think it would dawn on them that something must be very, very wrong when Jennifer Loven jumps all over Gibbs.
Jennifer Loven! Yes, yes . . . I know it took Jake Tapper to finally squash Gibbs in that exchange. But Jennifer Loven flatly telling Gibbs she doesn’t think it is a joke??
What’s next? Helen Thomas goes postal on “Fibs”?
Trochilus on April 21, 2009 at 12:45 PM
Dick Cheney mildly criticized Barak Obama a few months ago, and people are STILL talking about it.
There’s no way a sitting Republican politician is ever going to do his job.
logis on April 21, 2009 at 12:48 PM
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