Posted By Vicki McClure Davidson on March 23, 2009

By Vicki McClure Davidson * Frugal Café Blog Zone

Sen. Judd Gregg was the token Republican that Pres. Barack Obama chose to serve as Commerce Secretary, and who soon thereafter fled in horror decided to withdraw his name from the nomination (and was attacked in the press by Democrats for doing so). Gregg has issued several warnings about the rabid, short-sighted, doomed-to-fail spending of trillions of dollars for bailouts by this administration, including this past weekend.

Regarding his withdrawal in February, Gregg cited disagreements with the Obama administration concerning issues surrounding the White House’s desire to control the US census (known by many as Rahm Emanuel’s “unprecedented power grab”) and the stimulus plan.

Well, this weekend, Gregg again warned loudly that America is close to being bankrupted by this unprecedented spending. Here’s the video from Gateway Pundit, and a snippet of the article, Again… Sen. Gregg Warns That Obama Will Bankrupt the Country:

Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration’s economic policies.

Here is what Senator Gregg said today about Obama’s massive deficit:

“Your listeners have to understand how staggering the numbers are. We’re talking about a deficit in the trillion-dollar range for as far as the eye can see. We’re talking about deficits which are 4% to 5% of GDP – which is not sustainable under any form of government. We’re talking about a public debt – this is a debt that people own of the federal government – that will be around 80% of GDP. Historically, it’s been around 40% of GDP in the out years. The practical implication of this is bankruptcy for the United States. There’s no other way around it.”

Sen. Gregg is no slouch. A conservative, he received his baccalaureate from Columbia University and, from Boston University School of Law, earned both a Juris Doctor and a Master of Laws. He is a former Governor of New Hampshire and current United States Senator serving as a ranking member of the Senate Budget Committee. He was a successful businessman and attorney before entering politics. In January 2005, Gregg was elected to chair the US Senate Committee on Budget by the Senate Republican Conference. While chairman of this committee, Gregg has been a steadfast supporter of lower spending. Throughout his Senate career, he’s been highly supportive of lower taxes. Words of dire warning from a man like Sen. Gregg should be seriously heeded by Americans, including all died-in-the-wool Obama fans—if they can only stop singing his mind-numbing praises for just five minutes and pay attention to what is happening in Washington, DC. This is serious stuff, kids.

Michelle Malkin covers the scary, fiscally flawed details of Tim “Lying Tax Cheat” Geithner’s new spendthrift plan in two posts: The David Copperfield School of Economic Recovery, Pt. II and TARP = Taxpayers’ Accounts Recycled to Politicians. Another one of her posts, A question for the 85 CYA-on-AIG House Republicans, asks a legitimate question of our elected GOP officials:

Now that these 85 Republicans have signaled their willingness to pass after-the-fact confiscatory taxes to take back “ill-gotten gains” whenever the Dems and the press want to whip up public anger over bailout funds spent on lavish corporate items, I want to know:
Are Minority Whip Cantor and the CYA-on-AIG House Republicans going to join hands when Pelosi/Rangel/Reid et al. cook up a tax scheme targeting JP Morgan’s purchase of new corporate jets and an airplane hangar? What about the next Kabuki Outrage to come along?

Also from Michelle Malkin: McConnell on Generational Theft Act: “Our goal is not to kill it”

Other evaluations and observations about Geithner’s money-down-a-sinkhole plan and POTUS increased face-time on TV:

OpenMarket.org: Obama Budget Explodes Debt, Taxes, CBO Admits
Wall Street Journal: Timothy Geithner – My Plan for Bad Bank Assets
Ann Coulter: Goodbye, America! It Was Fun While It Lasted
Tony Blankley, Rasmussen Reports: The Most Dangerous City in the World
Peace and Freedom Global Future: Geithner Makes Big Announcement With No Cameras Allowed
Hot Air: Obamateurism of the Day
Cheat-Seeking Missiles: The Critiques Are In: Geithner Bombs
Peace and Freedom Global Future: Obama’s toxic assets plan greeted with skepticism
Jim Blazsik: Is Obama losing it? Or is he just being “creepy”?
Paul Krugman, New York Times: Zombie Financial Ideas
Evan Thomas, Newsweek: Obama’s Nobel HeadacheHot Air: What the Heck Does Treasury Do?
Wintery Knight Blog: Judd Gregg says Obama’s budget will bankrupt the country
TV Squad: President Obama asks for more TV time
Peace and Freedom Global Future: Is Obama Serious About Economic Recovery?
NY Times: Obama Plan Seeks Private Investors for Risky Assets
Good Time Politics: Five Signs of a Flailing Obama Presidency

Categories: Conservatism, Economy, Government, Social and Political Climate
Tags: AIG, America, bailouts, bankrupt, Barack Obama, economic depression, economic free-fall, Judd Gregg, Michelle Malkin, Obama, president, taxpayers, television, Tim Geithner, treasury, trillions, Washington DC