BY RICHARD HENRY LEE,The Daily News
Obama is a fan of debt...
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.
During the presidential primary campaign,Michelle Obama complained how tough it was to make ends meet. During a stop in Ohio,she said,“I know we’re spending –I added it up for the first time –we spend between the two kids,on extracurriculars outside the classroom,we’re spending about $10,000 a year on piano and dance and sports supplements and so on and so forth.”