Pre-2005 Obamas : Deeply in Debt, Living off Lines of Credit

Flashback Pre-2005 Obamas : Deeply in Debt, Living off Lines of Credit Until “Magic Beans” Arrived

Prior to his book sales, made possible by terrorist Bill Ayers writing the book for him, and prior to her 250% “magic beans” raise, the Obamas were deeply in debt.

How can this country trust its future and the economy to a president who has never run a business [not even a lemonade stand] or hired even one employee? What right does Barack Obama have to sit in meetings with Republicans now, after 2 years of unprecedented government spending, and tell us to “eat our peas?” Let’s look back to just a few years ago, how much of a mess Barack Obama’s personal finances were…until he managed to hitch a ride on the government gravy train. He and Michelle couldn’t manage their own household spending, no wonder he’s making such a mess of the country now. Why do the national media give this poseur such a “pass?”

Hat tip to KSFO Brian Sussman Morning show for bringing this to our attention:

President Obama’s troubling mantra: In debt, we trust

Richard Henry Lee
NY Daily News

It is no surprise that President Obama supports unprecedented spending and borrowing in the federal budget since he has never suffered any consequences from the excessive spending and borrowing in his private life.

And I’m not just talking about the First Lady’s $540 sneakers.

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

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Related: Shared Sacrifice: White House Threatens Another Veto, This Time of Bill Containing Budget Cuts to Executive Office

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