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.