The excessive borrowing and spending by Obama and the Dem Congress is exactly how Barack and Michelle lived for several years.
Based on their financial disclosures, the Obamas lived off lines of credit until 2005 when 1. Obama's book royalties came through 2. Michelle got a 260% pay raise at the University of chicago and 3. Obama started serving in the U.S. Senate.
In April, 1999 they bought a condo with a mortgage for $159,000. In May, 1999 they took out a $20,000 line of credit. In 2002, they refinanced with a $210,000 mortgage and in 2004 they took out a $100,000 line of credit. By 2004 they owed
$240,000 on a condo they bought for $160,000. From 2000 to 2004 they had an adjusted gross income averaging a little over $250,000. They had little or no savings because they reported virtually no taxable interest.
Without his book royalties pouring in starting in 2005 ( Michelle said it was like "Jack and his magic beans" ) the Obamas would have suffered the consequences of too much debt.
Obama's first 100 days have been distressingly similar. He gave Congress free rein in writing the stimulus bill. He made no effort to control spending or reduce debt. As in his private life when he borrowed more and more to finance a lifestyle beyond his means until the "magic beans" arrived, Obama is doing the same thing with the Federal budget. The question is : Who is the Federal "Jack" and what are the "magic beans" supposed to be ?
Um, Melonie ? Do you need a houseboy ? Maybe have a couch I could sleep on ?



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