With friends like these...
Today we get a really novel approach to explaining why we are having an economic crisis. Think Progress reports that POTUS spoke at a town hall meeting in Missouri today.
Obama then noted that the real fiscal problem facing the United States is the skyrocketing costs of Medicare and Medicaid, not the Recovery Act or bank bailouts, which he said are "one-time charges." "If we aren't careful, health care will consume so much of our budget that ultimately we won't be able to do anything else," he warned.
No wonder he thinks we shouldn't worry our little heads about bank regulation and prosecution of securities fraud. All our problems will be solved by giving away more money to murder-by-spreadsheet insurance companies and eliminating pesky government programs.
I do wonder how many TARPs, AIG and Chrysler bailouts, and stimulus packages make a one-time charge? Would that one-time charge include the money given away in 2008 or is that just ignored, like December 2008 in struggling Wall Street companies' annual reports? When will the last one-time be?
I know - the last one time will be the one just before they pass any legislation which actually might provide relief for the low-earning 98% of the population.