When questioned he acknowledged the difference between balancing the annual budget (income = expenditure) and the total level of debt owed (National Debt). Apparently although the budget is balanced the level national debt goes up by trillions.
When questioned about the National Debt level the president said that first we need to get the budget deficit balance corrected first and then deal with the total level of debt. He indicated that would be dealt with in a couple years.
The president may explain the situation to the public in terms of a household budget but that is where the analogy ends. Our government can do something a household economy can't.
A government can change its Debt Money system to an Asset Money system. That is the solution. Perhaps what he intends to do is kick the debt solution down the road to his second term. It will be a crises then.
Perhaps he will take the Roosevelt approach:
The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something.
Franklin D. Roosevelt
1932
Go Ahead, Make Me
I agree with you, I want to do it, now make me do it.
Franklin D. Roosevelt
Comment to a group of reformers. His point: Until they lead the way, they shouldn't expect leaders to follow.
Maybe he already has a plan to change from Debt Money to Asset Money and abolish fractional reserve banking?
Somewhere near the end of his speech he appealed to us asking what it is that we want to do with our money? Do we want it to do this or that. Think about the benefit. Make some rational reasonable decisions.
Our money? Doesn't that set the stage for the implementation of an asset money, debt free money system? The real question is what we want to do with our money system? Someday he may ask that question. That is what would make him our greatest president if it became our money, not the bank's money.
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