http://www.politico.com/news/stories/0310/35050.html
Nearly 2,000 House of Representative staffers pulled down six-figure salaries in 2009, including 43 staffers who earned the maximum $172,500 — or more than three times the median U.S. household income.
The 43 staffers who maxed out at $172,500 — the salary cap for leadership and committee staffers — include John Lawrence, chief of staff to House Speaker Nancy Pelosi; Paula Nowakowski, the late chief of staff to House Minority Leader John Boehner; and House Parliamentarian John Sullivan. They earned only slightly less than rank-and-file members of Congress, who make $174,000.
Showing posts with label debt. Show all posts
Showing posts with label debt. Show all posts
Friday, March 26, 2010
Monday, March 22, 2010
U.S. Risks AAA Rating
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYUeBnitz7nU
Two-year notes sold by the billionaire’s Berkshire Hathaway Inc. in February yield 3.5 basis points less than Treasuries of similar maturity, according to data compiled by Bloomberg. Procter & Gamble Co., Johnson & Johnson and Lowe’s Cos. debt also traded at lower yields in recent weeks, a situation former Lehman Brothers Holdings Inc. chief fixed-income strategist Jack Malvey calls an “exceedingly rare” event in the history of the bond market.
Two-year notes sold by the billionaire’s Berkshire Hathaway Inc. in February yield 3.5 basis points less than Treasuries of similar maturity, according to data compiled by Bloomberg. Procter & Gamble Co., Johnson & Johnson and Lowe’s Cos. debt also traded at lower yields in recent weeks, a situation former Lehman Brothers Holdings Inc. chief fixed-income strategist Jack Malvey calls an “exceedingly rare” event in the history of the bond market.
Friday, January 8, 2010
Is it all just a Ponzi Scheme?
http://www.sprott.com/Docs/MarketsataGlance/12_2009_MAAG.pdf
...to summarize, the majority buyers of Treasury securities in 2009 were:
1. Foreign and International buyers who purchased $697.5 billion.
2. The Federal Reserve who bought $286 billion.
3. The Household Sector who bought $528 billion to Q3 – which puts them on track
purchase $704 billion for fiscal 2009.
These three buying groups represent the lion’s share of the $1.885 trillion of debt that was issued by the US in fi scal 2009. We must admit that we were surprised to discover that “Households” had bought so many Treasuries in 2009. They bought 35 times more government debt than they did in 2008. Given the financial condition of the average household in 2009, this makes little sense to us. With unemployment and foreclosures skyrocketing, who could afford to increase treasury investments to such a large degree?
Amazingly, we discovered that the Household Sector is actually just a catch-all category. It represents the buyers left over who can’t be slotted into the other group headings. For most categories of financial assets and liabilities, the values for the Household Sector are calculated as residuals.
...to summarize, the majority buyers of Treasury securities in 2009 were:
1. Foreign and International buyers who purchased $697.5 billion.
2. The Federal Reserve who bought $286 billion.
3. The Household Sector who bought $528 billion to Q3 – which puts them on track
purchase $704 billion for fiscal 2009.
These three buying groups represent the lion’s share of the $1.885 trillion of debt that was issued by the US in fi scal 2009. We must admit that we were surprised to discover that “Households” had bought so many Treasuries in 2009. They bought 35 times more government debt than they did in 2008. Given the financial condition of the average household in 2009, this makes little sense to us. With unemployment and foreclosures skyrocketing, who could afford to increase treasury investments to such a large degree?
Amazingly, we discovered that the Household Sector is actually just a catch-all category. It represents the buyers left over who can’t be slotted into the other group headings. For most categories of financial assets and liabilities, the values for the Household Sector are calculated as residuals.
Thursday, January 7, 2010
Wednesday, December 16, 2009
A Call to Action to Stem the Mounting Federal Debt
http://www.pewtrusts.org/uploadedFiles/wwwpewtrustsorg/Reports/Economic_Mobility/40543%20FR_R1.pdf?n=7003
Over the past year alone, the public debt of the United States rose sharply from 41 to 53 percent of gross domestic product (GDP). Under reasonable assumptions, the debt is projected to grow steadily, reaching 85 percent of GDP by 2018, 100 percent by 2022, and 200 percent in 2038.
Interesting article, don't agree with all the recommendations, but the analysis is scary.
Over the past year alone, the public debt of the United States rose sharply from 41 to 53 percent of gross domestic product (GDP). Under reasonable assumptions, the debt is projected to grow steadily, reaching 85 percent of GDP by 2018, 100 percent by 2022, and 200 percent in 2038.
Interesting article, don't agree with all the recommendations, but the analysis is scary.
Friday, December 11, 2009
The On-Again, Off-Again Depression
http://dailyreckoning.com/the-on-again-off-again-depression/
By Bill Bonner
The US stock market is still in “bounce mode.” All bounces come to an unhappy end. This will be no exception.
If you step back a bit further, you could see it in a different light. Ten years ago, The Daily Reckoning warned of a long, Japan-like slump. Then, the stock market fell and the economy went into a recession. But the downturn didn’t last long. And in the bubbly years that followed, our alert was quickly forgotten – especially by us! But now, 10 years have gone by. The S&P 500 has lost 20% of its value during that period. Wages and income are static. And there is not one single more job in America than there was then. It was a “Lost Decade” for the American economy.
So get ready…
How about a depression that lasts for 20 years? It could be on its way.
In December, exactly 20 years ago, Japan’s stocks closed at an epic high – 38,957 for the Nikkei 25 index. Last week, that same index closed at 9,977.
Readers will quickly note that the Japanese are idiots. Why else would they allow a 20-year bear market? Why else would they permit their economy to slide sideways for nearly an entire generation?
Where is the Japanese Bernanke?
This is almost the same question we posed readers 10 years go. Except then, we asked: Where is the Japanese Greenspan?
Greenspan…Bernanke…it didn’t seem to make any difference. American central bankers seemed to have magical powers, at least compared to their Japanese counterparts. They seemed able to succeed where the Japanese failed…
American economists mocked the Japanese 10 years ago. But what goes around, comes around…
Japanese and American economists go to the same schools. They have the same silly ideas. They are equally incompetent, as near as we can see. And yet, the Japanese have suffered one ‘lost decade’…and then another…while Americans went from bubble to bubble….
But, maybe our first idea was right after all. After we warned that the country could follow on Japan’s heels…entering a long, soft, slow depression…the Greenspan Fed and the Bush federal government opened up with all cannons. They blasted away on both fiscal and monetary fronts…ending up with the biggest barrage of stimulus the world had ever seen.
And what happened? They inflated another bubble…bigger and more dangerous than any before it.
Now, that bubble too has blown up. And now we look around. Once again, the Bernanke/Obama team is firing every gun; just as the Greenspan/Bush team did in the early 2000s…only more of them. But this time, the volleys are not having the same effect. Even though asset markets are bubbling up as hoped, the depression won’t go away. Unemployment is over 10% and still increasing. This is not another “jobless recovery” like the one in 2002-2003. This is no recovery at all.
Then, we look back at the last 10 years. What do we see? Instead of making economic progress, we see a nation making economic mistakes. And, under the leadership of the Obama/Bernanke/Geithner team…they’re still making mistakes. The same mistakes. Only bigger ones. And so we have to wonder…
Maybe the next decade will be ‘lost’ too. Stocks have gone nowhere for the last 10 years, but they are still expensive. On average, they sell for 50% more than the long-term average P/E. Usually, when they are this high, the next generation produces piddly gains. Could it be that, 10 years from now, we will look back without having added a single dollar of net return? Yes…it is quite possible. Likely even. That will mean a total of 20 years with no profit for stock market investors.
Which would serve them right. You’ll recall, perhaps, that at the end of the ’90s it was widely advertised that the surest, simplest road to riches was the stock market. The Dow was supposed to go to 36,000, according to one well-publicized forecast. All you had to do was ‘buy and hold.’ You’d get rich for sure.
Of course, it doesn’t work that way. As soon as investors all come to think the same thing the only sure thing is that what they all think is balderdash.
Well…then…what do they think now?
As near as we can see they believe two contradictory things. On the one hand, everyone says the dollar is doomed. On the other hand, they all seem to want dollar-denominated US Treasury bonds.
But actions speak louder than words. They may talk about the end of the dollar; but that is what they still own. And that is what they’re still buying – via US Treasuries. So…we want to be short US Treasuries for the next 10 to 20 years.
But wait. Isn’t it too soon? Ah, there’s the rub. Treasuries seem to be approaching a major peak. Maybe they are there already. Maybe they aren’t.
“What bothers me is that we still haven’t had that other major leg down in the stock market,” we told colleagues Issy Bacher and Dan Denning today. “It’s not natural for a bear to take a chunk out of asset prices…and then just go away. Typically, the assets bounce back…and then the bear takes another chunk out of them.
“Since we haven’t had that next leg down…we have to assume it’s still ahead. But investors seem totally unprepared for it. When it comes, they’re going to panic. They’re going to sell shares all over the world. And they’re going to seek safety…where? They’re probably going to turn to US Treasury bonds. Treasuries will go up, not down…
“Now the funny thing is that moving to Treasury bonds will help the US government finance its deficits…and possibly stretch out the depression for years. As long as the dollar is in jeopardy, the feds are in danger. They might not be able to finance their deficits. Which means, foreigners…and investors generally…could walk away from the dollar at any time. That would cause a major crisis. If the feds couldn’t finance the deficit with borrowed money…they’d be forced to print it…causing hyperinflation.
“As long as they can finance it, on the other hand…we could face a long depression.
“That’s the risk that no one is paying attention to…and no one is prepared for. That’s why it seems like the most likely outcome. A long, slow, on-again, off-again depression…just like we forecast 10 years ago.”
By Bill Bonner
The US stock market is still in “bounce mode.” All bounces come to an unhappy end. This will be no exception.
If you step back a bit further, you could see it in a different light. Ten years ago, The Daily Reckoning warned of a long, Japan-like slump. Then, the stock market fell and the economy went into a recession. But the downturn didn’t last long. And in the bubbly years that followed, our alert was quickly forgotten – especially by us! But now, 10 years have gone by. The S&P 500 has lost 20% of its value during that period. Wages and income are static. And there is not one single more job in America than there was then. It was a “Lost Decade” for the American economy.
So get ready…
How about a depression that lasts for 20 years? It could be on its way.
In December, exactly 20 years ago, Japan’s stocks closed at an epic high – 38,957 for the Nikkei 25 index. Last week, that same index closed at 9,977.
Readers will quickly note that the Japanese are idiots. Why else would they allow a 20-year bear market? Why else would they permit their economy to slide sideways for nearly an entire generation?
Where is the Japanese Bernanke?
This is almost the same question we posed readers 10 years go. Except then, we asked: Where is the Japanese Greenspan?
Greenspan…Bernanke…it didn’t seem to make any difference. American central bankers seemed to have magical powers, at least compared to their Japanese counterparts. They seemed able to succeed where the Japanese failed…
American economists mocked the Japanese 10 years ago. But what goes around, comes around…
Japanese and American economists go to the same schools. They have the same silly ideas. They are equally incompetent, as near as we can see. And yet, the Japanese have suffered one ‘lost decade’…and then another…while Americans went from bubble to bubble….
But, maybe our first idea was right after all. After we warned that the country could follow on Japan’s heels…entering a long, soft, slow depression…the Greenspan Fed and the Bush federal government opened up with all cannons. They blasted away on both fiscal and monetary fronts…ending up with the biggest barrage of stimulus the world had ever seen.
And what happened? They inflated another bubble…bigger and more dangerous than any before it.
Now, that bubble too has blown up. And now we look around. Once again, the Bernanke/Obama team is firing every gun; just as the Greenspan/Bush team did in the early 2000s…only more of them. But this time, the volleys are not having the same effect. Even though asset markets are bubbling up as hoped, the depression won’t go away. Unemployment is over 10% and still increasing. This is not another “jobless recovery” like the one in 2002-2003. This is no recovery at all.
Then, we look back at the last 10 years. What do we see? Instead of making economic progress, we see a nation making economic mistakes. And, under the leadership of the Obama/Bernanke/Geithner team…they’re still making mistakes. The same mistakes. Only bigger ones. And so we have to wonder…
Maybe the next decade will be ‘lost’ too. Stocks have gone nowhere for the last 10 years, but they are still expensive. On average, they sell for 50% more than the long-term average P/E. Usually, when they are this high, the next generation produces piddly gains. Could it be that, 10 years from now, we will look back without having added a single dollar of net return? Yes…it is quite possible. Likely even. That will mean a total of 20 years with no profit for stock market investors.
Which would serve them right. You’ll recall, perhaps, that at the end of the ’90s it was widely advertised that the surest, simplest road to riches was the stock market. The Dow was supposed to go to 36,000, according to one well-publicized forecast. All you had to do was ‘buy and hold.’ You’d get rich for sure.
Of course, it doesn’t work that way. As soon as investors all come to think the same thing the only sure thing is that what they all think is balderdash.
Well…then…what do they think now?
As near as we can see they believe two contradictory things. On the one hand, everyone says the dollar is doomed. On the other hand, they all seem to want dollar-denominated US Treasury bonds.
But actions speak louder than words. They may talk about the end of the dollar; but that is what they still own. And that is what they’re still buying – via US Treasuries. So…we want to be short US Treasuries for the next 10 to 20 years.
But wait. Isn’t it too soon? Ah, there’s the rub. Treasuries seem to be approaching a major peak. Maybe they are there already. Maybe they aren’t.
“What bothers me is that we still haven’t had that other major leg down in the stock market,” we told colleagues Issy Bacher and Dan Denning today. “It’s not natural for a bear to take a chunk out of asset prices…and then just go away. Typically, the assets bounce back…and then the bear takes another chunk out of them.
“Since we haven’t had that next leg down…we have to assume it’s still ahead. But investors seem totally unprepared for it. When it comes, they’re going to panic. They’re going to sell shares all over the world. And they’re going to seek safety…where? They’re probably going to turn to US Treasury bonds. Treasuries will go up, not down…
“Now the funny thing is that moving to Treasury bonds will help the US government finance its deficits…and possibly stretch out the depression for years. As long as the dollar is in jeopardy, the feds are in danger. They might not be able to finance their deficits. Which means, foreigners…and investors generally…could walk away from the dollar at any time. That would cause a major crisis. If the feds couldn’t finance the deficit with borrowed money…they’d be forced to print it…causing hyperinflation.
“As long as they can finance it, on the other hand…we could face a long depression.
“That’s the risk that no one is paying attention to…and no one is prepared for. That’s why it seems like the most likely outcome. A long, slow, on-again, off-again depression…just like we forecast 10 years ago.”
Saturday, November 28, 2009
Dubai is Just a Harbinger of Things to Come for Sovereign Debt
http://blogs.telegraph.co.uk/finance/jeremywarner/100002318/dubai-is-just-a-harbinger-of-things-to-come-for-sovereign-debt/
According to new estimates by Moody’s, the credit rating agency, the total stock of sovereign debt worldwide will have risen by nearly 50 per cent between 2007 and 2010 to $15.3 trillion. The great bulk of this increase comes not from irrelevant little states like Dubai, but from the big advanced economies – America, Europe, and Japan.
According to new estimates by Moody’s, the credit rating agency, the total stock of sovereign debt worldwide will have risen by nearly 50 per cent between 2007 and 2010 to $15.3 trillion. The great bulk of this increase comes not from irrelevant little states like Dubai, but from the big advanced economies – America, Europe, and Japan.
Dubai debt crisis: Now British Banks Face Fresh Crisis After Investing Billions
http://www.dailymail.co.uk/news/article-1231320/Dubai-debt-crisis-Fears-second-economic-crash-global-stock-markets-tumble.html
British banks were teetering on the brink of a fresh meltdown today after it emerged they had invested heavily in crisis-hit Dubai.
An $80billion debt default in the emirate has already reawakened the spectre of a global 'double dip' - that the first shoots of recovery could be wiped out by a second wave of recession.
Dubai's debt problems are a hangover from a property bubble that imploded after the financial crisis derailed its plans to become a magnet for tourists and a regional hub for everything from shipping to entertainment.
Banks' exposure to a Dubai default pales in comparison to the $2.8 trillion in writedowns the International Monetary Fund estimates U.S. and European lenders will have to make between 2007 and 2010 as a result of the credit crisis.
British banks were teetering on the brink of a fresh meltdown today after it emerged they had invested heavily in crisis-hit Dubai.
An $80billion debt default in the emirate has already reawakened the spectre of a global 'double dip' - that the first shoots of recovery could be wiped out by a second wave of recession.
Dubai's debt problems are a hangover from a property bubble that imploded after the financial crisis derailed its plans to become a magnet for tourists and a regional hub for everything from shipping to entertainment.
Banks' exposure to a Dubai default pales in comparison to the $2.8 trillion in writedowns the International Monetary Fund estimates U.S. and European lenders will have to make between 2007 and 2010 as a result of the credit crisis.
Dubai in Deep Water as Ripples from Debt Crisis Spread
http://business.timesonline.co.uk/tol/business/markets/the_gulf/article6934261.ece
Fears of a dangerous new phase in the economic crisis swept around the globe yesterday as traders responded to the shock announcement that a debt-laden Dubai state corporation was unable to meet its interest bill.
Although the scale of Dubai’s debts is comparatively modest at $80 billion (£48 billion), the uncertainty spooked the markets, with no one sure who its creditors are. Several banks rushed out statements to reassure investors that their exposure was small.
Tuesday, November 24, 2009
Wave of Debt Payments Facing US Government
http://www.cnbc.com/id/34104722
Treasury officials now face a trifecta of headaches: a mountain of new debt, a balloon of short-term borrowings that come due in the months ahead, and interest rates that are sure to climb back to normal as soon as the Federal Reserve decides that the emergency has passed.
In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.
Americans now have to climb out of two deep holes: as debt-loaded consumers, whose personal wealth sank along with housing and stock prices; and as taxpayers, whose government debt has almost doubled in the last two years alone, just as costs tied to benefits for retiring baby boomers are set to explode.
An increase of one percentage point in the Treasury’s average cost of borrowing would cost American taxpayers an extra $80 billion this year — about equal to the combined budgets of the Department of Energy and the Department of Education.
Treasury officials estimate that about 36 percent of the government’s marketable debt — about $1.6 trillion — is coming due in the months ahead.
Treasury officials now face a trifecta of headaches: a mountain of new debt, a balloon of short-term borrowings that come due in the months ahead, and interest rates that are sure to climb back to normal as soon as the Federal Reserve decides that the emergency has passed.
In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.
Americans now have to climb out of two deep holes: as debt-loaded consumers, whose personal wealth sank along with housing and stock prices; and as taxpayers, whose government debt has almost doubled in the last two years alone, just as costs tied to benefits for retiring baby boomers are set to explode.
An increase of one percentage point in the Treasury’s average cost of borrowing would cost American taxpayers an extra $80 billion this year — about equal to the combined budgets of the Department of Energy and the Department of Education.
Treasury officials estimate that about 36 percent of the government’s marketable debt — about $1.6 trillion — is coming due in the months ahead.
Tuesday, November 17, 2009
Director of CBO on Current Fiscal Policy
http://cboblog.cbo.gov/?p=423
Fiscal policy is on an unsustainable path to an extent that cannot be solved by minor tinkering. The country faces a fundamental disconnect between the services the people expect the government to provide, particularly in the form of benefits for older Americans, and the tax revenues that people are willing to send to the government to finance those services. That fundamental disconnect will have to be addressed in some way if the budget is to be placed on a sustainable course.
Fiscal policy is on an unsustainable path to an extent that cannot be solved by minor tinkering. The country faces a fundamental disconnect between the services the people expect the government to provide, particularly in the form of benefits for older Americans, and the tax revenues that people are willing to send to the government to finance those services. That fundamental disconnect will have to be addressed in some way if the budget is to be placed on a sustainable course.
Monday, October 5, 2009
The Demise of the Dollar
http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
Thursday, September 10, 2009
Tuesday, September 8, 2009
Senate Must Raise Debt Ceiling Above $12T
http://thehill.com/homenews/senate/57493-senate-must-raise-debt-ceiling-above-12t
The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.
Democrats in control of Congress, including then-Sen. Obama (Ill.), blasted President George W. Bush for failing to contain spending when he oversaw increased deficits and raised the debt ceiling.
The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.
Democrats in control of Congress, including then-Sen. Obama (Ill.), blasted President George W. Bush for failing to contain spending when he oversaw increased deficits and raised the debt ceiling.
Wednesday, August 26, 2009
Obama Raises 2010 Deficit Estimate to $1.5 Trillion
http://www.bloomberg.com/apps/news?pid=20601087&sid=aNaqecavD9ek
U.S. unemployment will surge to 10 percent this year and the budget deficit will be $1.5 trillion next year, both higher than previous Obama administration forecasts because of a recession that was deeper and longer than expected.
U.S. unemployment will surge to 10 percent this year and the budget deficit will be $1.5 trillion next year, both higher than previous Obama administration forecasts because of a recession that was deeper and longer than expected.
US Debt Clocks
http://www.usdebtclock.org/
Governments national debt is $38,000 per person. Unfunded liabilities = $192,000 per person.
Governments national debt is $38,000 per person. Unfunded liabilities = $192,000 per person.
Tuesday, August 18, 2009
Cost of Credit Card Debt Soaring
http://www.suntimes.com/business/savage/1719592,terry-savage-credit-debt-081709.savagearticle
Law of unintended consequences. The government seeks to protect customers so credit card companies charge customers more in different ways. Genius.
Law of unintended consequences. The government seeks to protect customers so credit card companies charge customers more in different ways. Genius.
Monday, August 10, 2009
Opposition Emerges to House's Jet Spree
http://www.rollcall.com/media/37552-1.html
http://online.wsj.com/article/SB124986067095218079.html
Because the Appropriations Committee viewed the additional aircraft as an expansion of an existing Defense Department program, it did not treat the money for two more planes as an earmark, and the legislation does not disclose which Member had requested the additional money.
The plan to upgrade the fleet of government jets, which was included in a broader defense-funding bill, has also sparked criticism from the Pentagon, which has said it doesn't need half of the new jets.
http://online.wsj.com/article/SB124986067095218079.html
Because the Appropriations Committee viewed the additional aircraft as an expansion of an existing Defense Department program, it did not treat the money for two more planes as an earmark, and the legislation does not disclose which Member had requested the additional money.
The plan to upgrade the fleet of government jets, which was included in a broader defense-funding bill, has also sparked criticism from the Pentagon, which has said it doesn't need half of the new jets.
Geithner Asks Congress to Increase Federal Debt Limit
http://online.wsj.com/article/SB124970470294516541.html
U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months.
U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months.
Tuesday, May 26, 2009
Exploding Debt Threatens America
http://www.ft.com/cms/s/0/71520770-4a2c-11de-8e7e-00144feabdc0.html
Excellent critique of Obama's remarks justifying the high debt in his budget. It definitely makes you question his stated reasons for doing things and makes you wonder if there are ulterior motives.
Excellent critique of Obama's remarks justifying the high debt in his budget. It definitely makes you question his stated reasons for doing things and makes you wonder if there are ulterior motives.
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