In the words of Pink Floyd, "Money, money, money, money...money."
Conservatives often look at government spending, shake their heads and say, “They wouldn’t spend their own money like that.”
Turns out if you’re Barack Obama, you would. A new financial analysis indicates that he’s always spent far more than he made.
Here’s how The New York Daily News reports it:
A close examination of their finances shows that the Obamas were living off lines of credit along with other income for several years until 2005, when Obama’s book royalties came through and Michelle received her 260% pay raise at the University of Chicago. This was also the year Obama started serving in the U.S. Senate…
In April 1999, they purchased a Chicago condo and obtained a mortgage for $159,250. In May 1999, they took out a line of credit for $20,750. Then, in 2002, they refinanced the condo with a $210,000 mortgage, which means they took out about $50,000 in equity. Finally, in 2004, they took out another line of credit for $100,000 on top of the mortgage.
Tax returns for 2004 reveal $14,395 in mortgage deductions. If we assume an effective interest rate of 6%, then they owed about $240,000 on a home they purchased for about $159,250.
This means they spent perhaps $80,000 beyond their income from 1999 to 2004.
We have to admit that this information frightens us. Based on his past experience, we fear the President thinks he can pay off the nation’s skyrocketing debt by writing another best selling autobiography and getting Michelle another dubious, but highly-paid job.
Genius.
Source: New York Daily News via GatewayPundit.com
Possibly Related Posts
No related posts.
{ 1 trackback }
{ 4 comments… read them below or add one }
Like or Dislike:
0 
0
Obama = OPM (Other People’s Money)
Like or Dislike:
0 
0
Now we know where he got the idea for a bailout.
Like or Dislike:
1 
0
I am reminded of the Irate woman I spoke with at a tax day tea party. She was shrieking that, “There are smarter people than you. Obama knows what he is doing, stop protesting!” And other such drivel. I wonder if she knows about his personal financial history? If he is smarter than me, why did he run up such debt?
This just offers more confirmation that we were and are right, this gas bag president is an empty suit.
Like or Dislike:
0 
0
Obama has no self control! Look at the way he smokes cigarettes and all kind of things. He claims to be smrt? Bullshtt! Mister ObamaOsama is a Terrorist, Communist, Fashist, Idiotist, Dumbist, Retardist, and most of all a FckUpAmericaForEverybody-ist. His home country is africa so send him back there.