As his poll numbers worsen, U.S. President, Barack Obama, received a dressing down two days ago from billionaire, Jim Rogers, who called for his resignation, over the poor state of the economy. Rogers stated many sound principles the Judiciary Report has as well over the past few years, but the President has not been listening, sticking to an unsafe financial course that spells sailing into disaster.

For example, last week, Rogers warned of something the Judiciary Report wrote of on December 8, 2010 - the possibility of revolt, via violence and rioting erupting in America, if the nation's financial condition continues to deteriorate (Ben Bernake Didn't See The Financial Crisis Coming). 

The site wrote this before all the uprisings and riots occurred around the world this year. While the Judiciary Report is not advocating violence, if the situation reaches boiling point in America, problems of a new violent breed will ensue. Rogers stated two days ago, "The administrations failure to cut spending, and halt skyrocketing inflation, will lead to violence and rioting in America, similar to what has been taking place in Greece, and other parts of Europe."

Another point Rogers mentioned on June 26, 2011, is cutting the national budget. The Judiciary Report has written about cutting the budget for years, but Washington apparently thinks it is novel and quaint, when it isn't obscure. It's not a revolutionary concept. Nations and companies have been doing so for decades when things go financial sour.

However, Obama reiterated his position last week and is refusing to cut the swollen budget, ram packed with luxuries and non-necessities. President Obama continues to spend like a gay man at a glitter store and it just is not going to work. 

On June 24. 2011, the Judiciary Report stated, "You cannot spend your way out of debt and into prosperity" (A Majority Of Americans Feel They Were Better Off Before President Obama).

A day later on June 25, 2011, President Obama stated, "We can't simply cut our way to prosperity." Paraphrased, that's the exact opposite course of action to what I wrote a day earlier (oh no he didn't!).

Hypothetically speaking, if you have $1 trillion dollars coming in as accounts receivable and you spend $1.1 trillion dollars under the tag of accounts payable, mathematics tells you, that shall leave you in debt and in the red. If you cut the budget (accounts payable), you will have a surplus. Repeat process until the money sufficiently builds up in the black, pardon the pun (hey, I'm black too, so I can write that pun).

There are American companies generating revenues and paying taxes on those profits, but said money is being squandered by the government in Washington, eroding any attempts at rebooting prosperity. This is why many articles this week have proclaimed the U.S. economy is "stalling." 

As stated before, the defense budget needs massive cutting. It's not really a "defense" budget, more like a "let's start some doo doo stuff" budget. The Pentagon, DOD, CIA and FBI, use a significant amount of taxpayer money, to engage in adversarial conflicts in the world that are not necessary and completely fruitless.

Their employees have huge salaries, first class accommodations and all the perks. Many of them live like Fortune 500 CEOs - and ironically for a government job that's not bringing in any revenues. The total expenditures for these misguided adventures, costs the U.S. taxpayer billions of dollars per year that could be better used elsewhere. 

Many of President Obama's green and solar initiatives, which can wait, are sucking up billions of dollars in taxpayer money and at a very inopportune time. His high-speed rail initiatives can also wait, but he has signed away billions for those projects as well. Let's not forget Obamacare, which has usurped so much taxpayer money, it would give any accountant worth their salt, a very bad case of diarrhea.  

A number of people have been offering the President sound advice, but he has tuned it all out, in favor of his agenda that America currently cannot afford. However, the President must remember, at the end of the day, he will be held accountable for his actions in the history books. 

STORY SOURCE

Billionaire Jim Rogers calls for Obama's resignation over economy