Obama’s solution to the deficit: printing press.
America’s National Debt stands at about $11 trillion, and President Barack Obama knows how to pay off the debt.
With senators, business owners and representatives from the Salvation Army around him, the president signed the 2009 U.S. Debt Forgiveness Act, which calls for the printing of $11 trillion in new American currency to pay off the national debt.
Obama estimated that it would take about three weeks for the cash to be dispersed.
“This will allow us a new beginning for our economy, for us to finally be debt-free,” Obama said in a speech.
Amid criticism from some Democrats, Republicans, economic historians and financial talk show host Dave Ramsey, Obama insisted this was the best plan.
J. Ellington Higdon, an economics professor at the University of South Texas and an expert on the post-World War I German economy, said the debt forgiveness act would be a recipe for disaster.
“I hope you like paying $200 for a gallon of gasoline,” the professor said in an exclusive interview with Ponderings From Pluto’s C.F. Twob. “That’s what it’ll come to, and that’s a conservative estimate.”
Higdon noted that the Germans printed up billions upon billions upon billions of Deutsch Marks at the end of the war to pay restitution to various countries. The result was hyper inflation, with a loaf of bread selling for millions of Deutsch Marks. Others burned currency to keep warm, saying that the currency was worthless anyway.
Former president Jimmy Carter responded to Higdon’s claim, saying that Higdon, for criticizing Obama’s plan, obviously is a racist.
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