In his ballyhooed two-minute statement on the economy, which his campaign is running as a commercial, Sen. Obama includes a real whopper. He says we need to “bring a responsible end to this war in Iraq so we stop spending billions each month rebuilding their country when we should be rebuilding ours.”
The truth is, Obama has no problem whatsoever spending billions each month rebuilding foreign countries — he just objects to doing it in Iraq, where it might assist the U.S. military mission.
Have you heard about Obama’s proposed Global Poverty Act? They don’t seem to want to talk about it much these days, but this is a breathtaking, bank-breaking scheme that Obama and his now-running-mate, Sen. Biden, tried to ram through Congress — the better to address the problem that Obama has exactly no meaningful legislation to his name. I described the Global Poverty Act in my profile of Biden in the latest edition of NR (you really should subscribe):
Biden has already attempted — so far unsuccessfully — to address his running mate’s shortage of legislative accomplishment by rushing Obama’s proposed “Global Poverty Act” through his committee. This monstrosity of a law would require the U.S. to commit 0.7 percent of its gross national product through 2015 to foreign aid. The 0.7 percent figure is rooted in an oft-repeated and usually ignored aspiration spelled out in a 1970 U.N. General Assembly resolution; the 2015 target was set by international bureaucrats at the U.N.’s “Millennium Summit” in 2000. The effect would be to skyrocket U.S. largesse from its current annual level of about $21 billion (the world’s most generous) to a whopping $85 billion. As described by U.N. adviser Jeffrey Sachs, the Millennium Project anticipates that the total transfer — $845 billion by 2015 — would have to be raised by “a global tax, preferably on carbon-emitting fossil fuels.”
That’s $845 BILLION, folks. (You can read more about it from Cliff Kincaid at Accuracy in Media, here.)
Do you think the AIG bail-out is a bad idea? Picture doing it about once a year for about 10 years. But there’s a difference, of course. If AIG recovers, the taxpayers could get their money back with interest. The money Obama plans to flush down a UN sink-hole will never be seen again — and the global tax that generates it will be with us forever.
So yes, by all means, it sure is outrageous to spend billions upon billions of dollars a month rebuilding other countries when we should be rebuilding ours. But who does Obama think he’s kidding?