America Is Broke, Says President Obama

Huh? Did I miss something?

During a recent C-Span interview, President Barack Obama, in keeping with his pledge to inform the American people of what is really going on and to remain true to his mantra of 'transparency', laid all the cards on the table: the United States "we are out of money".

BUT the confusing part of his message was when he went on to say we need to spend more to fix Medicare and Medicaid. I am missing something here.

Would that be equivalent to having lost my job, and exhausted all of my savings, owing my mama, sisters, co-workers, bigmama, and everybody else I could borrow money from... but continuing to max-out one credit card to pay off another credit card, knowing full well that I have no money, and no way to get any money to pay back family or any of the credit card bills when they come due at the end of the month? Incredible!

Here is the transcript between Obama and Steve Scully, as posted on Drudge Report:

"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". www.drudgereport.com

President Obama needs to come back and explain this interview in detail. This is scary!