PRESIDENT Barack Obama and his glamorous wife Michelle are living a life of luxury at the taxpayers’ expense, according to a bombshell new report.

American tabloid the National Enquirer says Barack has spent a fortune on parties, vacations and expensive designer clothes.

“It’s outrageous Obama and his family are spending money like water when the rest of America is frantically tightening their belts in a desperate bid not to drown in their financial woes,” said one political insider.

“How can he pull this kind of stunt during what amounts to a modern day depression?

Sunday August 29, 2010

“Obama and his wife are acting like greedy, self-serving politicians, living like a king and queen on our dime. They should be sharing our misery, not spending money like it’s going out of style.

“The Obamas seem to be totally out of touch with the American people. It’s a scandal!”

Recent reports claimed Michelle blew $500k on a European “vacation” to get Barack back for inviting Oprah Winfrey to his Chicago birthday bash.

“With the American economy in shambles, Michelle took off on a lavish holiday all because she was angry that Barack had invited Oprah to his private 49th birthday party,” a source said at the time.

“Michelle decided to punish Barack, so she bought expensive clothing and designer dresses plus jewelry while staying in a luxury resort — not realizing how the public would react back home. Her selfish spending spree really backfired!

“Michelle also bought an expensive necklace and bracelet in Marbella.

“While she wanted to make a side trip to the millionaire’s playground of Ibiza, she had a personal shopper bring designer gowns and clothing, swimsuits and other trinkets to her instead.

“Michelle is furious that Barack went behind her back and invited Oprah.

“But he’s well aware that Oprah helped his campaign immensely by endorsing him for president, and he knows that he’s going to need her again.

“He hates having Michelle mad at him, but he needs Oprah — on his side.”

They care, Why? We are but slaves, soon to fall!