By Anna Zetterberg
Assistant Managing Editor
What were you more interested in: the release of Apple’s latest technology, the iPad, or President Barack Obama’s first State of the Union Address? While both are sure to have a lasting impact on society, our grandchildren won’t inherit debt from the iPad.
Obama delivered his first State of the Union Address on Wed., Jan. 27. The president’s rhetoric was full of emotional appeal and American ideals. But beneath all of the flowery language were some bold statements and proposals.
Banks have been paying back their debt from the Troubled Asset Relief Program much quicker than anticipated. President Obama proposes $30 billion of the recovered money go toward small banks so that small businesses will have an easier time obtaining loans.
A $30 billion giveaway seems to follow a trend; remember the $800 billion stimulus package and bank bailouts last year? How quick we are to forget the looming $12 trillion dollar deficit. We should be paying countries like China back, to whom we owe over $800 billion.
Obama criticized the Bush administration for the debt caused by the two wars and yet Obama deployed 30,000 more troops to Afghanistan in the recent months. He claims to be all about positive foreign relationships, but borrowing without returning sure doesn’t make friends.
He might as well spend as much as he can before he has to adhere to his unsustainable, proposed government spending freeze effective in 2011. National security, Social Security, Medicare and Medicaid will not be affected.
He’s hot then he’s cold. First he spent over $1 trillion in stimulus and recession relief attempts and now he is proposing a 3 year spending dry-spell. And yes, he is still proposing the health care bill which is estimated to cost $1 trillion.
Following President Obama’s flip-flop contradictions is starting to make me dizzy.