US President Barack Obama touted to be ‘The Most Expensive President Since 1945’


Not everybody is in favor of Obama. And this fact is crystal-clear from an opinion post on Spiegel. Award-winning journalist, Gabor Steingart, has more than one reason to state that current US President Barack Obama is ‘The Most Expensive President Since 1945’. He isn’t shy from proclaiming that Obama’s first 100 days in office were expensive, glamorous and often contradictory. Evaluating Obama’s performance, read on to know why the 44th President got himself tagged as the most expensive President since the year of 1945. The prime reason for Obama’s first 100 days touted as the most costly in American postwar history – Obama has ignited a dangerous time bomb in the US government’s budget. The economic stimulus program and the billions in bailout funds for Wall Street banks are being paid for primarily with borrowed funds.

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Also from a financial standpoint, the United States cannot afford many of these bailout programs as they are not being paid for with taxpayer money. However Obama claims so. Instead, the money is coming from the savings of the Japanese, Chinese and Europeans. The United States now needs $1 billion (€760 million) in foreign funds every working day just to maintain its standard of living. It is also reported that the country consumes more than half of all worldwide savings. Not only is this is costly, but it is also extremely risky. More important, it is not sustainable. By taking this approach, Obama is only leading his country more deeply into dependence on creditors from around the world.
Moreover bank bonuses are likely to be twice as high as they were before the crisis this year. Also the first African American President’s family’s lifestyle isn’t short of glitz and glamour. It is very obvious that Michelle Obama’s wardrobe is full of designer outfits that make a statement without fail.
Gabor summed it very well – So far, the Obama presidency is as contradictory as reality. No one today can say whether he will end up being the president he wants to be. Presidents develop in office.
[Spiegel]

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