5 Empty Promises: Obama's Delusional State Of The Union Speech

01-26-2011 • ZeroHedge.com

Empty Promise #3: America Will "Out-Build" The Rest Of The World And This Will Create More Jobs So Barack Obama says that we are going to "out-build" the rest of the world? Well, that certainly sounds good. But what exactly does that mean? Does it mean that we are going to quit shutting down our factories and tearing down our economic infrastructure? After all, over 42,000 U.S. factories have closed down for good since 2001. So is Obama going to do something to stop the flood of jobs and factories that are leaving the United States? No, in fact he intends to "increase" trade with countries such as China and India. That is going to mean that thousands more factories and millions more jobs are going to be "outsourced". Well, what about building up infrastructure such as roads, bridges, power grids, dams and ports? That is certainly a very good idea. According to the American Society of Civil Engineers, we need to spend approximately $2.2 trillion on infrastructure repairs and upgrades just to bring our existing infrastructure up to "good condition". So we desperately need some investment in that area. But there is a big problem. We are flat broke. As will be discussed below, the U.S. government is flat broke. Not only that, our state governments are flat broke and our local governments are flat broke. So where will the trillions of dollars that we need for infrastructure come from? Obama did not even come close to answering that question.