The View From 1776

Quote:

“We cannot give the appearance of using tax dollars to reward leaders who have done a poor job,” said Obama. “The message is clear. If you take billions from the taxpayers you answer to a new boss—the chief executive. In November, I inherited a failed banking system, a failed auto industry and a failed Congress. Americans demand action. Heads will continue to roll.”

The president said Reid and Pelosi have “overseen an unprecedented spending binge, while some of their major brands have nearly collapsed through mismanagement, malfeasance and plain old stupidity.”

“Their insurance products—Social Security, Medicare and Medicaid—are actually elaborate Ponzi schemes,” he said, “paying early investors with cash from later investors without creating an ongoing insurance fund. Bernie Madoff is behind bars for doing the same thing.”

Obama said at least two other divisions have created “no measurable positive results” and yet continue to consume billions of dollars annually.

“The Energy Department was created in the 1970s to decrease dependence on foreign oil which then accounted for 20 percent of domestic consumption,” the president said. “They spend $25 billion per year, and now 60 percent of our oil is from other nations. Reid and Pelosi continue to pump money into this failed enterprise, and then come to taxpayers with hat in hand for a bailout.”

The president also noted that the Education Department spends about $57 billion per year on public schools that continue to produce substandard, in many cases unmarketable, products.

“Harry and Nancy have failed to adapt their organization to economic reality,” said Obama. “And yet, year after year, they demand increased prices for decreased quality. It’s time for some drastic change.”

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