Debt Crisis Mostly Voters’ Fault President Says

The looming “catastrophic” cut in federal government spending that would occur if the debt ceiling isn’t raised won’t be his fault says President Obama. “I am the only person in the government who was elected to serve all the people,” Obama declared. “All of the others—representatives and senators, alike—serve narrower constituencies. It is their responsibility to accept my leadership. Yet, they persist in pushing views that conflict with the vision I’ve laid out for this country.”

A large part of the blame for what the President labeled “our schizophrenic policies” lies with the American voters. “On the one hand, voters want the government to take care of them,” Obama said. “So, they vote for Democrats. On the other hand, voters don’t want to pay what it costs for the government to take care of them. So, they vote for Republicans who oppose the taxes necessary to pay what it costs. When the result is a divided government like it is now, deadlock ensues.”

If policy deadlock prevents an increase in the debt limit, the President warned that “the long-term compromise of expanding government benefits without raising taxes that has been achieved by continually borrowing more money will be undone. It would be as if we had a balanced budget Amendment—not at some future date years away, but right now. The federal government would be forced to reduce expenditures to fit within its $200 billion per month income from taxes.”

The president acknowledged that the federal government could increase incoming revenues without raising taxes if it were to emulate what some state governments have done and sell off or lease-out government-owned properties. “The federal government owns trillions of dollars worth of land—nearly 30% of this country,” the President admitted. “A lot of this land contains valuable oil, minerals, and timber that could be extracted. Private businesses would pay us billions each year for the rights to exploit these resources. However, opening these lands to such uses would lower costs to consumers and undermine their incentive to conserve.”

“Opening up federal lands in an attempt to ‘grow’ our way out of the current economic slump is not something I can reconcile myself to,” Obama said. “Americans need to learn to live more frugally. These resources may be located in the United States, but can we justify appropriating them solely for the benefit of Americans when there are so many living elsewhere who are poorer and more deserving?”

If Republicans don’t come around to a position he can tolerate the President said he “will be forced to apportion the consequences in a manner that ensures an equitable shared suffering. If I can’t fund everything I will be the one who chooses what expenses will or won’t get paid. The buck really does stop here.”