34 Shocking Facts About U.S. Debt That Should Set America On Fire With Anger
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We have all been lied to. For decades, the leaders of both major political parties have promised us that they can fix our current system and that they can get our national debt under control. As the 2012 election approaches, they are making all kinds of wild promises once again. Well you know what? It is all a giant sham. The United States has gotten into so much debt that there will be no coming back from this. The current system is irretrievably broken. 30 years ago the U.S. debt was a horrific crisis that was completely and totally out of control. If we would have dealt with it back then maybe we could have done something about it. But now it is 15 times larger, and we are adding more than a trillion dollars to the debt every single year. The facts that you are about to read below should set America on fire with anger. Please share them with as many people as you can. What we are doing to our children and our grandchildren is absolutely nightmarish. Words like “abuse”, “financial rape”, “theft” and “crime” do not even begin to describe what we are doing to future generations. We were the wealthiest nation on earth, but it wasn’t good enough just to squander all of our own money. We had to squander the money of our children and our grandchildren as well. America has been so selfish and so self-centered that it is hard to argue that we don’t deserve what is about to happen to this country. We have stolen the future of America, and yet we strut around as if we are the smartest generation that ever walked the face of the earth.
All of this prosperity that we see all around us is just an illusion. It is a false prosperity that has been purchased by the biggest mountain of debt in the history of the world.
Did you know that if you added up all forms of debt in the United States and divided it up equally that every single family in the country would owe more than $683,000?
We are a nation that is absolutely addicted to debt, and the U.S. debt crisis threatens to destroy everything that our forefathers built.
Yes, everything may seem fine for the moment, but what do you think would happen if the federal government suddenly adopted a balanced budget?
1.3 trillion dollars a year would be sucked right out of the economy and we would be looking at an “economic readjustment” that would be mind blowing.
Enjoy this false prosperity while you can, because it is not going to last.
Debt is a very cruel master, and our day of reckoning is almost here.
The following are 34 shocking facts about U.S. debt that should set America on fire with anger….
#1 During fiscal year 2011, the U.S. government spent 3.7 trillion dollars but it only brought in 2.4 trillion dollars.
#2 When Ronald Reagan took office, the U.S. national debt was less than 1 trillion dollars. Today, the U.S. national debt is over 15.2 trillion dollars.
#3 During 2011, U.S. debt surpassed 100 percent of GDP for the first time ever.
#4 According to Wikipedia, the monetary base “consists of coins, paper money (both as bank vault cash and as currency circulating in the public), and commercial banks’ reserves with the central bank.” Currently the U.S. monetary base is sitting somewhere around 2.7 trillion dollars. So if you went out and gathered all of that money up it would only make a small dent in our national debt. But afterwards there would be no currency for anyone to use.
#5 The U.S. government spent over 454 billion dollars just on interest on the national debt during fiscal 2011.
#6 The U.S. government has total assets of 2.7 trillion dollars and has total liabilities of 17.5 trillion dollars. The liabilities do not even count 4.7 trillion dollars of intragovernmental debt that is currently outstanding.
#7 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.
#8 It is being projected that the U.S. national debt will surpass 23 trillion dollars in 2015.
#9 According to the GAO, the U.S. government is facing 34 trillion dollars in unfunded liabilities for social insurance programs such as Social Security and Medicare. These are obligations that we have already committed ourselves to but that we do not have any money for.
#10 Others estimate that the unfunded liabilities of the U.S. government now total over 117 trillion dollars.
#11 According to the GAO, the ratio of debt held by the public to GDP is projected to reach 287 percent of GDP by 2086.
#12 Others are much less optimistic. A recently revised IMF policy paper entitled “An Analysis of U.S. Fiscal and Generational Imbalances: Who Will Pay and How?” projects that U.S. government debt will rise to about 400 percent of GDP by the year 2050.
#13 The United States government is responsible for more than a third of all the government debt in the entire world.
#14 If you divide up the national debt equally among all U.S. taxpayers, each taxpayer would owe approximately $134,685.
#15 Mandatory federal spending surpassed total federal revenue for the first time ever in fiscal 2011. That was not supposed to happen until 50 years from now.
#16 Between 2007 and 2010, U.S. GDP grew by only 4.26%, but the U.S. national debt soared by 61% during that same time period.
#17 During Barack Obama’s first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.
#18 When you add up all spending by the federal government, state governments and local governments, it comes to 46.6% of GDP.
#19 Our nation is more addicted to government checks than ever before. In 1980, government transfer payments accounted for just 11.7% of all income. Today, government transfer payments account for 18.4% of all income.
#20 U.S. households are now actually receiving more money directly from the U.S. government than they are paying to the government in taxes.
#21 A staggering 48.5% of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent.
#22 Back in 1965, only one out of every 50 Americans was on Medicaid. Today, one out of every 6 Americans is on Medicaid.
#23 In 1950, each retiree’s Social Security benefit was paid for by 16 U.S. workers. According to new data from the U.S. Bureau of Labor Statistics, there are now only 1.75 full-time private sector workers for each person that is receiving Social Security benefits in the United States.
#24 The U.S. government now says that the Medicare trust fund will run out five years faster than they were projecting just last year.
#25 Right now, spending by the federal government accounts for about 24 percent of GDP. Back in 2001, it accounted for just 18 percent.
#26 If the U.S. government was forced to use GAAP accounting principles (like all publicly-traded corporations must), the U.S. government budget deficit would be somewhere in the neighborhood of $4 trillion to $5 trillion each and every year.
#27 If you were alive when Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now. But this year alone the U.S. government is going to add more than a trillion dollars to the national debt.
#28 If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.
#29 A trillion $10 bills, if they were taped end to end, would wrap around the globe more than 380 times. That amount of money would still not be enough to pay off the U.S. national debt.
#30 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 470,000 years to pay off the national debt.
#31 If Bill Gates gave every penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.
#32 According to Professor Laurence J. Kotlikoff, the U.S. is facing a “fiscal gap” of over 200 trillion dollars in the future. The following is a brief excerpt from a recent article that he did for CNN….
The government’s total indebtedness — its fiscal gap — now stands at $211 trillion, by my arithmetic. The fiscal gap is the difference, measured in present value, between all projected future spending obligations — including our huge defense expenditures and massive entitlement programs, as well as making interest and principal payments on the official debt — and all projected future taxes.
#33 If you add up all forms of debt in the United States (government, business and consumer), it comes to more than 56 trillion dollars. That is more than $683,000 per family. Unfortunately, the average amount of savings per family in the U.S. is only about $4,735.
#34 The U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was created back in 1913.
But do our leaders care about statistics such as these?
No.
In fact, Barack Obama says that we need to raise the debt limit by another 1.2 trillion dollars.
The absurdity of raising the debt limit when we are already in so much debt is beautifully illustrated by the video posted below….
I just thought that video was so well done.
The “huge cuts” that Congress has agreed to are absolutely meaningless when compared to how rapidly our debt is exploding.
Calling those cuts “pocket change” would be an insult to pocket change.
But it is not just U.S. debt that is the problem. The European debt crisis threatens to completely unravel in 2012 and Japan actually has the highest debt to GDP ratio in the entire industrialized world.
In 2012, a total of 7,600,000,000,000 dollars of debt must be rolled over by the G-7 nations, Brazil, Russia, India and China.
That doesn’t even count new borrowing. That number just represents old debts that are coming due that must be refinanced.
Anyone out there that insists that this debt bubble can be fixed under our current system is lying.
A massive amount of financial pain is coming.
It is time for Americans to wake up from their television-induced comas.
It is time for Americans to get very angry.
Your future has been destroyed and the future of your children and grandchildren has been destroyed.
You better take action while you still can.
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12:53 pm
Pass this on to everyone on your distribution list and PLEDGE TO VOTE OBAMA, ALL DEMOCRATS, AND ALL RINOS OUT OF OFFICE AT ALL LEVELS OF GOVERNMENT IN 2012!
2:41 pm
This is dumb. You're dumb.
6:44 am
does this include the money spent on wars started by PRES BUSH on a lie OR is this just political BS in an election year ….i find it odd that you did not bring up the surplus that was in place when Bush took over the White House ….He had no trouble creating debt …..a lot one sided
2:11 am
A budget surplus does not mean a lack of debt. We still owed a tremendous amount of money when Bush was elected. We owe much, much more with Obama running things. The president will only get us part of the way there. Even with a budget surplus, we were losing money on interest accumulated on our national debt.
We do need to get Obama out, , but I doubt any president will be able to fix it without a LOT of support from both houses and massive financial and policy restructuring of the US. This is going to hurt.
7:06 pm
We had a SURPLUS under Clinton. Bush not only blew through that very quickly but has placed the country on the road we are now on. In this political news story, which is all it is political BS, it is never taken into account all the money that has been spent on WARS. It doesn't take into affect what are elected officials, both parties, have been doing. The piece is trying to lay the blame on one person.
Do you, The Economic Collapse Blog, really believe that we the American people are that stupid? Not to see the political spin you are placing on this piece. Why don't you have the balls to state the truth at the beginning?
1:06 pm
Eye opener
1:18 pm
The country needs to get rid of Grover Norquist's "No New Taxes" pledge. Costs keep rising through massive military spending and we are led to believe that we just need to cut costs without raising revenue. This has lead to the most radical fiscal policies ever. Our country had a surplus in the treasury before the Bush era tax cuts took affect. It's time for those cuts to end. If you want to live in a mansion, you have to pay the bills, not cut the staff.
4:12 pm
Our country had a surplus in the treasury? What are you smoking? All we had was a "balanced" budget for a couple of years. That did nothing to reduce the debt owed by the government. Just didn't add more for a short time.
11:59 am
So your great idea to reduce Obama's massive deficits is to raise taxes? You should run for office with that well thought out platform! Genius…sheer jeanyous!
1:45 am
Taxes now are as small a percentage of GDP as they have every been in the past 60 years. The country is not overtaxed on average. Some of us are over taxed and some pay far too little in taxes. But . . . raising taxes is only part of the solution. The most important thing is to get the economy going again so that we can grow our way out of the debt burden as we did after World War II (the national debt was huge after WW II).
9:54 am
Are you really that STUPID? If you took 100% of EVERYONE'S money that wouldn't even make a dent! Then with no one having money… No one would have a job… Or be able to purchase goods or services… Guess they could die! Your GOD, o-Boob-o and his democrat friends will go down in history as the Goons that killed America. What was the amount of money that left the US after he was elected… 2 TRILLION or was that 3 TRILLION?
9:19 pm
Our country hasnt had a 'surplus in the treasury' since 1836 and never since. All Clinton did was ride a great economy for a BUDGET surplus, which is misleading because that would be like saying you spent less this year than you made, but still had 100k in credit card debt. All you did was pay off a little of your credit card debt, doesnt mean you dont have debt.
2:14 am
We can tax 100% of every dollar made in the US and still not pay down the interest we owe each year on the national debit. Taxes will fix nothing. And don't spout this whole "surplus in the treasury" crap. We had a balanced budget, which mean we made as much as we spent. That doesn't mean we didn't still have trillions of dollars in debt, or that our policies weren't pushing to an ever-increasing debt. This goes back much farther than Bush, but it's never gone up as quickly as it has with Obama.
3:06 pm
Total ignorance,did you even READ the article?!?! There is definately no way out of this mess other than calamity and dispair. I know the grim reaper is on his way to collect the bill of infinity. You actuallly think that you can tax your way out of this irreversable nightmare? Sweet dreams my dear….
2:17 pm
It is incredulous to see the desintegration of a nation unfolding in my lifetime,as a Canadian I believed so much in the values that the USA represented that I volunteered and served in the Army during the '60s.After 2 tours in Indo-China ,I began seeing the social engineering the Government was embarking on…..Americans have been sold a myth by past,present and most likely future admisistrations…..____.Americans have been dumbed down to a level were the only comprehension they recognise is MICKEY MOUSE,FOOTBALL,BASEBALL,BASKETBALL and 3 years of College partying…….as for the military which I'm very familiar with has been reduced to nothing more than a bunch of unemployed secondary school dropouts being used as target practice everywhere they are sent.____Americans have been robbed of there heritage past present and future…take a look at the clowns(REP) running for the office of the PRESIDENT….is that the best America can do
By:Ron-Day-Voo_____
12:02 pm
Yeah, let's ignore the clown that's in the Oval Office right now. It's the Republicans who are runnning to dethrone him who are the problem. How's about you stay in Canada and shut your piehole because you obviously don't know what you're talking about, nor do you have a dog in this hunt.
9:16 pm
Umm, agree with a fair amount of what you said, but the military, of which I am in, is not a bunch of unemployed dropouts. The military exceeds the general US population in every significant category of education, from % high school graduates (98% military vs 75% US adult population), income of families providing recruits is about 22% from high income earners. Almost all military who pursue beyond first enlistment have some college credit and most by the end of their career have college degrees. As far as being 'targets', in almost 10 years of brutal war in Afghanistan and 8 years in Iraq, in urban fighting against insurgencies, the US took approx 4500 killed and 32k wounded in OIF and 1900 and 15000 in OEF, compare that to 7+ years in Vietnam of 58000 killed, and about 150k wounded… The US military is better educated than the people it protects and more professional and capable than any other military in history.
2:19 pm
So what do we do? The polititions thar we elect are the only getting anything from our taxes._
3:16 pm
Wake up man You all love having wars Thats were the money has gone and in the pockets of wal street
2:10 pm
Of course, that would assume that the total wealth of the country is fixed, which it is not. There is much more wealth accumulated in the country now than 100 years ago. The author of this article has generally hit a home run, which is that we are all (and I do mean ALL, from the welfare recipient to the corporate giant) expecting something from the government. Sadly, the country is due for a fall. The question is how great we will make by insisting that each of individually not be hurt by whatever comes next. And the politicians (almost all of them) are too interested in making sure that they are elected and build their own personal little fiefdoms to do anything realistic to fix the problem.
7:32 pm
another idiot
7:44 pm
at the ripe old age of 69 and looking at the people who are running for the office of pres. now more than ever i can see the dream must be true anyone can run for pres. oop's forgot money, oh just steal it from the american people
9:46 pm
Sorry, that math doesn't add up. Excess spending…
6:27 pm
SEE FIRST POST ABOVE PLEASE
Then do this please, start Googleing everything you can and start reading everything you can about history and nations and currencies and read the reports and books from official historians etc etc.
Here are a couple of quick facts:
* Stalin eliminated gun rights, 20 million died!
* Hitler eliminated gun rights, 7 million dead! (if this number is wrong please forgive me).
* Many other countries with the same history!
* What's the average life span of a country?
Give up? 200 years!!!
How long has American been in existence?
Look it up and start studying, studying, studying!
SPECIAL NOTE TO ALL POLICE (active & retired) & MILITARY (active & retired):
I PRAY TO GOD THAT YOU CAN SEE THIS EVIL CON GAME THAT'S BEEN THRUST UPON US AND YOU DO WHAT'S RIGHT FOR YOURSELF, YOUR FAMILY, YOUR RELATIVES, YOUR FRIENDS, YOUR NEIGHBORHOODS AND YOUR COUNTRY!
THE "GOV" IS GOING TO ASK YOU TO DO EVIL THINGS TO US, THE 99%!
PLEASE "STAND TRUE" AND UPHOLD YOUR PERSONAL PRINCIPALS AND UPHOLD THE PRINCIPALS OF THE CONSTITUTION AND THE BILL OF RIGHTS!
WE'RE PRAYING THAT YOU WILL BE HONORABLE AND ETHICAL AND MORAL AND HELP US FIGHT THIS EVIL!
PLEASE READ YOUR CONSTITUTION AND BILL OF RIGHTS OVER AND OVER AND OVER!
TEACH AS MANY TEENAGERS AS YOU CAN RIGHT NOW ABOUT WHAT'S GOING ON!
DO NOT TURN IN YOUR GUNS FOR A GIFT CERTIFICATE!
GET AS MANY GUNS, CLIPS AND AMMO AS YOU CAN AND STORE THEM IN SECURE PLACES IN YOUR HOUSE AND OUTSIDE YOUR HOUSE!
IT'S OUR CONSTITUTIONAL RIGHT TO KEEP AND OWN GUNS…IT'S ALSO A "PROPERTY" RIGHT!
PLAN, PREPARE, COMMUNICATE, STORE FOOD, WATER, WATER FILTERS, ETC ETC.
PLEASE REMEMBER THE GOVERNMENT'S STRATEGIES:
1. THE "STATE" CAUSES THE PROBLEMS FIRST AND GETS EVERYONE UPSET.
2. THE "STATE" THEN BLAMES SOMEONE. IE TERRORISTS
3. THEN THE "STATE" SUGGESTS THE SOLUTIONS SO AMERICANS WILL SUPPORT THE "STATE" AND THEN THE PRESIDENT USES HIS "EXECUTIVE POWER" (which is illegal) TO GET CONGRESS TO VOTE FOR MORE POWERS (rob us of more Rights) AND GET MORE FUNDING FOR THE MILITARY, CIA ETC ETC
DON'T BUY INTO THIS AGE-OLD CON GAME!
THE MORAL OF THE STORY AND THE KEY TO AMERICA'S SURVIVAL:
* DON'T BE FOOLED BY THESE PROBLEMS IN SOCIETY!
* DON'T PUT BLAME ON OTHERS UNLESS YOU ACTUALLY SEE AND CONFIRM WHO IS CAUSING THE PROBLEM AND EVEN THEN, BE CAREFUL BECAUSE THEIR ARE MANY FACTS SHOWING THAT GOVERNMENT HAS HIRED "OTHERS" AND PUT THEM IN "COSTUMES" TO LOOK LIKE SOMEONE ELSE.
* BE PATIENT. BE PRUDENT. BE CAREFUL. STICK TOGETHER AS CITIZENS. DON'T PANIC.
2:40 pm
Mental asylum escapee?
8:24 pm
Paranoia in capitals
Yeah! lets shoot our way out of the depression.
3:02 pm
did u ever read "vampire Killer" ? i think it was actually vampire killer 2000
6:42 pm
WHERE ARE MY TWO POSTS THAT I JUST SUBMITTED?
6:45 pm
HERE IS MY HUMBLE OPINION AND "TAKE" ON THIS AS A 50 YEAR OLD AMERICAN CITIZEN…
….AFTER READING 1000s OF ARTICLES, READING 100s OF LAW CASES, VISITING 100s WEB SITES WITH VERY LEGITIMATE AND ACCURATE INFO ON THEM, WATCHING 100s OF VIDEOS, ANALYZING TV NEWS ETC… AND NOTICING SOME REALLY CRITICAL TRENDS HAPPENING:
I. Our evil "democracy" (supposed to be a Republic to protect us) government is systematically destroying our monetary system via the Federal Reserve!
* The facts are in "black and white" and very easy to document.
* We've lost 95% of the value of our dollar since 1913.
* The Fed is on an aggressive race to "borrow" as much as they can as fast they ca.
* 100s of other facts.
II. Congress, President and Supreme Court and all the branches of government are in collusion!
* The Patriot Act and the National Defense bill both rob us of our Constitutional Rights and Congress, President and Supreme Court did nothing to stop them.
* Many Judges in our courts are systematically robbing citizens of our rights and colluding to break the law.
III. The government has devised a very cunning way of using our legal system against all citizens by implementing a strategy called "franchises".
* This system illegally tricks citizens every day because most people don't know their Constitutional rights and their right to "contract."
* It's an illegal way to rob you of your rights and generate billions of dollars for the government.
* Samples of this are: taxes, voting, jury duty, marriage licenses, driving licenses, fishing licenses, attorneys, notaries, social security, medicaid etc etc etc.
* Because we've LIMITED OUR GOVERNMENTS ACTIONS VIA THE CONSTITUTION, THEY HAVE SCHEMED DIFFERENT WAYS TO ATTACK US AND THEY USE FELLOW CITIZENS TO CON US, CONTROL US AND GET OUR MONEY!
* The citizens that work in the industries that I state above, or the citizens that sign certain documents in the industries above, AUTOMATICALLY BECOME LEGAL REPRESENTATIVES AKA PUBLIC OFFICERS OF THE GOVERNMENT!
* The government accomplishes this con by "contracting", meaning that the "actors" in this scam (fellow citizens) are required to get us (citizens) to agree to it by paying a licensee fee or signing something etc.
We give up our "contracting" rights because we were conned and lied to.
And many other things.
So, the summary or trend that I see happening is this:
1. Destroy our money (inflation caused by the Fed which means items cost more) to the point where it's worth nothing. Then there is anarchy (the bad kind).
2. At the same time, destroy Constitutional Rights so they can "legally" arrest people when they start complaining about the "state." Patriot Act, National Defense Act etc etc.
Why do you think that the government has retrofitted so many bases into FEMA Camps?
3. At the same time, use corrupt Judges, corrupt DOJ, corrupt gov officials etc to use illegal methods to stop any citizen that fights against the "state" on any of the illegal things that they're doing. IE: illegal taxes etc.
4. At the same time, fighting wars almost everywhere on the planet to distract everyone's attention about what's going on in the US and borrowing and spending trillions that we can't pay back.
5. At the same time, since our government system is actually "corportism", our government has colluded with corporations and encouraged them to send our jobs overseas. This has destroyed the our middle class and the income we need to survive.
6. At the same time, our government has colluded with banks and Wall Street and bailed them out so they can make trillions in profits and at the same time, keep their "associates" in power in the money system.
* All of these problems have been implemented at the same time (or close to it) and the stress on American Citizens is at the breaking point.
* The next step is this: our money system will fail (because it's worth nothing) in America first and that will "snowball" around the world since we're are the "reserve currency".
* THAT'S WHEN THE GOVERNMENT'S OF THE WORLD WILL GET TOGETHER AND DEMAND A GLOBAL CURRENCY! (gov strategy: cause the problem, get citizens upset and suggest a solution and then take your rights and money to solve the problem)
* THE ONE WORLD ORDER HAS BEEN ACCOMPLISHED…ALMOST!!
* THEN COMES THE FASCIST POLICE STATES TO CONTROL EVERYONE!
More arrests, more citizens missing, more police control!!
Think I'm crazy or think that I'm kidding?
SEE NEXT POST PLEASE
6:41 pm
No your not crazy, my family members are violent multi-millionaire crooks that never get caught and have rarely spent more than an hour or so in jail. They demanded I transfer my estate into a family trust and when I refused they did it anyways. The police, judges, county officials etc. began to threaten, harrass and falsely arrest me, hide and destroy public records and evidence of my property ownership, and finally ran me out of town. They used Ameriquest and Bank of America to sieze my assets. Other lending fraud victims have been treated in a similar manner we have a mortgage servicing fraud website that has been attacked and shut down.
6:45 pm
HERE IS MY HUMBLE OPINION AND "TAKE" ON THIS AS A 50 YEAR OLD AMERICAN CITIZEN…
….AFTER READING 1000s OF ARTICLES, READING 100s OF LAW CASES, VISITING 100s WEB SITES WITH VERY LEGITIMATE AND ACCURATE INFO ON THEM, WATCHING 100s OF VIDEOS, ANALYZING TV NEWS ETC… AND NOTICING SOME REALLY CRITICAL TRENDS HAPPENING:
I. Our evil "democracy" (supposed to be a Republic to protect us) government is systematically destroying our monetary system via the Federal Reserve!
* The facts are in "black and white" and very easy to document.
* We've lost 95% of the value of our dollar since 1913.
* The Fed is on an aggressive race to "borrow" as much as they can as fast they ca.
* 100s of other facts.
II. Congress, President and Supreme Court and all the branches of government are in collusion!
* The Patriot Act and the National Defense bill both rob us of our Constitutional Rights and Congress, President and Supreme Court did nothing to stop them.
* Many Judges in our courts are systematically robbing citizens of our rights and colluding to break the law.
III. The government has devised a very cunning way of using our legal system against all citizens by implementing a strategy called "franchises".
* This system illegally tricks citizens every day because most people don't know their Constitutional rights and their right to "contract."
* It's an illegal way to rob you of your rights and generate billions of dollars for the government.
* Samples of this are: taxes, voting, jury duty, marriage licenses, driving licenses, fishing licenses, attorneys, notaries, social security, medicaid etc etc etc.
* Because we've LIMITED OUR GOVERNMENTS ACTIONS VIA THE CONSTITUTION, THEY HAVE SCHEMED DIFFERENT WAYS TO ATTACK US AND THEY USE FELLOW CITIZENS TO CON US, CONTROL US AND GET OUR MONEY!
* The citizens that work in the industries that I state above, or the citizens that sign certain documents in the industries above, AUTOMATICALLY BECOME LEGAL REPRESENTATIVES AKA PUBLIC OFFICERS OF THE GOVERNMENT!
* The government accomplishes this con by "contracting", meaning that the "actors" in this scam (fellow citizens) are required to get us (citizens) to agree to it by paying a licensee fee or signing something etc.
We give up our "contracting" rights because we were conned and lied to.
And many other things.
So, the summary or trend that I see happening is this:
1. Destroy our money (inflation caused by the Fed which means items cost more) to the point where it's worth nothing. Then there is anarchy (the bad kind).
2. At the same time, destroy Constitutional Rights so they can "legally" arrest people when they start complaining about the "state." Patriot Act, National Defense Act etc etc.
Why do you think that the government has retrofitted so many bases into FEMA Camps?
3. At the same time, use corrupt Judges, corrupt DOJ, corrupt gov officials etc to use illegal methods to stop any citizen that fights against the "state" on any of the illegal things that they're doing. IE: illegal taxes etc.
4. At the same time, fighting wars almost everywhere on the planet to distract everyone's attention about what's going on in the US and borrowing and spending trillions that we can't pay back.
5. At the same time, since our government system is actually "corportism", our government has colluded with corporations and encouraged them to send our jobs overseas. This has destroyed the our middle class and the income we need to survive.
6. At the same time, our government has colluded with banks and Wall Street and bailed them out so they can make trillions in profits and at the same time, keep their "associates" in power in the money system.
* All of these problems have been implemented at the same time (or close to it) and the stress on American Citizens is at the breaking point.
* The next step is this: our money system will fail (because it's worth nothing) in America first and that will "snowball" around the world since we're are the "reserve currency".
* THAT'S WHEN THE GOVERNMENT'S OF THE WORLD WILL GET TOGETHER AND DEMAND A GLOBAL CURRENCY! (gov strategy: cause the problem, get citizens upset and suggest a solution and then take your rights and money to solve the problem)
* THE ONE WORLD ORDER HAS BEEN ACCOMPLISHED…ALMOST!!
* THEN COMES THE FASCIST POLICE STATES TO CONTROL EVERYONE!
More arrests, more citizens missing, more police control!!
Think I'm crazy or think that I'm kidding?
SEE NEXT POST PLEASE
6:45 pm
SEE POST ABOVE FIRST PLEASE
Then do this please, start Googleing everything you can and start reading everything you can about history and nations and currencies and read the reports and books from official historians etc etc.
Here are a couple of quick facts:
* Stalin eliminated gun rights, 20 million died!
* Hitler eliminated gun rights, 7 million dead! (if this number is wrong please forgive me).
* Many other countries with the same history!
* What's the average life span of a country?
Give up? 200 years!!!
How long has American been in existence?
Look it up and start studying, studying, studying!
SPECIAL NOTE TO ALL POLICE (active & retired) & MILITARY (active & retired):
I PRAY TO GOD THAT YOU CAN SEE THIS EVIL CON GAME THAT'S BEEN THRUST UPON US AND YOU DO WHAT'S RIGHT FOR YOURSELF, YOUR FAMILY, YOUR RELATIVES, YOUR FRIENDS, YOUR NEIGHBORHOODS AND YOUR COUNTRY!
THE "GOV" IS GOING TO ASK YOU TO DO EVIL THINGS TO US, THE 99%!
PLEASE "STAND TRUE" AND UPHOLD YOUR PERSONAL PRINCIPALS AND UPHOLD THE PRINCIPALS OF THE CONSTITUTION AND THE BILL OF RIGHTS!
WE'RE PRAYING THAT YOU WILL BE HONORABLE AND ETHICAL AND MORAL AND HELP US FIGHT THIS EVIL!
PLEASE READ YOUR CONSTITUTION AND BILL OF RIGHTS OVER AND OVER AND OVER!
TEACH AS MANY TEENAGERS AS YOU CAN RIGHT NOW ABOUT WHAT'S GOING ON!
DO NOT TURN IN YOUR GUNS FOR A GIFT CERTIFICATE!
GET AS MANY GUNS, CLIPS AND AMMO AS YOU CAN AND STORE THEM IN SECURE PLACES IN YOUR HOUSE AND OUTSIDE YOUR HOUSE!
IT'S OUR CONSTITUTIONAL RIGHT TO KEEP AND OWN GUNS…IT'S ALSO A "PROPERTY" RIGHT!
PLAN, PREPARE, COMMUNICATE, STORE FOOD, WATER, WATER FILTERS, ETC ETC.
PLEASE REMEMBER THE GOVERNMENT'S STRATEGIES:
1. THE "STATE" CAUSES THE PROBLEMS FIRST AND GETS EVERYONE UPSET.
2. THE "STATE" THEN BLAMES SOMEONE. IE TERRORISTS
3. THEN THE "STATE" SUGGESTS THE SOLUTIONS SO AMERICANS WILL SUPPORT THE "STATE" AND THEN THE PRESIDENT USES HIS "EXECUTIVE POWER" (which is illegal) TO GET CONGRESS TO VOTE FOR MORE POWERS (rob us of more Rights) AND GET MORE FUNDING FOR THE MILITARY, CIA ETC ETC
DON'T BUY INTO THIS AGE-OLD CON GAME!
THE MORAL OF THE STORY AND THE KEY TO AMERICA'S SURVIVAL:
* DON'T BE FOOLED BY THESE PROBLEMS IN SOCIETY!
* DON'T PUT BLAME ON OTHERS UNLESS YOU ACTUALLY SEE AND CONFIRM WHO IS CAUSING THE PROBLEM AND EVEN THEN, BE CAREFUL BECAUSE THEIR ARE MANY FACTS SHOWING THAT GOVERNMENT HAS HIRED "OTHERS" AND PUT THEM IN "COSTUMES" TO LOOK LIKE SOMEONE ELSE.
* BE PATIENT. BE PRUDENT. BE CAREFUL. STICK TOGETHER AS CITIZENS. DON'T PANIC.
7:19 pm
YOLOHUB–
WHAT THE HECK IS THE PROBLEM?
I'VE SUBMITTED NUMEROUS POSTS NOW AND YOU'RE NOT POSTING THEM.
IT STATES THAT YOU'RE REVIEWING THEM AND THEN THEY DON'T APPEAR.
THEY ARE EXCELLENT COMMENTS AND FEEDBACK AND GOES WITH THE ARTICLE PERFECTLY.
IF YOU'RE GOING TO REFUSE TO POST THEM I'LL GO ELSEWHERE AND TELL EVERYONE TO STOP VISITING YOLOHUB BECAUSE YOU'RE SCREENING EVERYTHING AND NOT BEING FAIR.
ARE YOU FOR THE 99% OR NOT?
YOUR ARTICLE SURE IS!!
WHAT GIVES?
4:42 pm
Dude, caps lock.
10:40 pm
Yes and with the gop giving money away ro their billionaire friends ,the the 8 trillion in tax breaks since cheney/bush ,money that goes to the national debt and then another 100 trillion in loans to big banks that they made 300 billion in income off of and giving million dollar bonuses to the ceo's and then the media blowing about the 50% of the families not paying taxes that are just trying to survive and speaking of not paying taxes what about YOLO
5:46 pm
People from both parties are involved in this scam.
1:37 pm
Some one did a very good job of the video illustration. They may not get an Oscar but they have my
appreciation for a job very well done.
donr
3:27 pm
Great article! People need to wake up! I did the math for spending 1 million dollars per day since Christ was around, only totals 734 billion dollars.
4:42 pm
Ron Paul has been pointing to this all along. He with all who will join his ranks when called upon to do the cleanup and restoration of our nation is the needed big change…grassroots, simplified direct logical thinking in contrast to business as usual in the WhiteHouse with Romney, Obama and others. These of power (?) are without true concern for our inherited land (given to us to cherish and preserve) but they live for the present, for their private ambitions doing what comes forth "by faulty tradition and selfish political power games". Godly men and women are anxiously hoping and waiting for that "God driven" change "for the people, by the people and of the people of our great nation ……in trouble for sure.
Ron Paul never said he was the answer to all ills created by those you speak of…….but he can steer the ship with those who are truly skilled to work the ship and bent on turning this government around. It is now or never and with Ron Paul you will not recognize (or even appreciate) what he has to offer this nation until you put faith in his (our) belief that we must hold fast and preserve what we have left and rebuild with basic solutions to regain (re-establish) what was stolen from us by such scoundrels.
We suffer deception and manipulation. We need men and women who will follow all the "Ron Pauls" that will stand up with this RON PAUL of today to now become one, that needed united force to freedom and liberty for all. Who will see the deception and will come with us to live not die with change that must come.
We have everything to loose if we cannot take this opportunity to bring froth "CHANGE" I trust this man for all that he is….and pray all will be at his fingertips and all who are of courage and ability to respond and take the first step in bringing forth our nation once more credible and trustworthy as a nation of "Godly love, mercy and wisdon to the persuit of happiness" guaranteed by our Forefathers…We can surely be "One nation under GOD."
5:34 pm
I recommend that this information be transmitted to as wide a distribution list as possible to request a reply and a pledge to: VOTE OBAMA, ALL DEMOCRATS, AND ALL RINOS OUT OF OFFICE IN 2012!
12:57 am
I am John, how are you everybody? This paragraph posted at this site is really fastidious.
10:50 am
Where did you get the numbers for the number of households receiving government money? Are you talking about public aid or things like SS checks? Or even financial aid for college?
A link: http://www.census.gov/prod/2011pubs/acsbr10-13.pd…
11:10 am
Republicans from Reagan on are the ones who have put us in debt. The main reason has been to try and gather enough capital to push the country ahead of China. Unfortunately China has tons of disposable labor that we don't have. The wealthy, no matter how much capital they suck from people, can overcome the cheap, cheap labor of China.
7:32 pm
It really is amazing how stupid you really are.
6:47 pm
do your homework liberal, your dead wrong
9:22 pm
Do you even know how to read? The US was spiraling in debt since the 60s and when the socialist creations of FDR started getting amplified by LBJ.
12:06 pm
Hey Mr. Economic Collapse Blogger, what's your solutions????? All you do is make lists of the doom and gloom and never propose any answers to the bullshit that is going on with the global banksters and governmental thieves. How about writing articles that address the solutions to the problems as opposed to writing about apocolyptic scenarios. What's your name as well? Why are you anomymous? I enjoy your articles but they say the same things all the time and plus no one must really be reading your shit because you rarely have anyone comment on them! Get with it negative nancy!
12:53 pm
There is no solution. It seemed to me, his solution was buying guns/ammo and store foods and water for when teh shit hits the fan. I'm not so sure that wont happen
3:54 pm
This article should move us to elect a SERIOUS president about reducing the size of government and doing it NOW. We should be voting for change, not just someone "who can beat Obama." As unpopular as some think Ron Paul's platform is, it is the ONLY one that can start us in the right direction. But it will take more than eight years for it to be done. Will Ron Paul live eight more years and be mentally capable? Maybe not, but at least by the time he dies, assuming he lives even only a few years, we will have some idea about what cutting the size of government is going to do.Then we may have to face some real contentious issues regarding the form of government we really must have. But we MUST have real change now and Ron Paul is the ONLY candidate that has a plan based on a consistent voting record to match his rhetoric.
5:32 pm
So why haven't we elim8inated the Bush tax cuts??? Those created the mess we are in right now. Moronic Chehey said "Ronal Reagan proved deficits don't matter." showing not only what an idiot he is but how he didn't even know anything about Reagan. Deficits DO matter history has shown that and RR when he realized how disasterous his tax cuts were, passed the largest peace time tax increase in USA history. I won't even go into Bush, he makes cow dung look like a Rhodes Schoolar.
12:06 pm
Deficits don't come from allowing people to keep more of the efforts of their labor, moron. Deficits come from 'Rats in Congress and in the White House spending more than they take in to purchase votes to keep them in power. Please vote though. It's on the 17th Mursfriday of Decovember. Tell your like-minded friends too. We need jeanyouses (sic) like you voting to correct the mess the guys you'll vote for created.
4:57 am
no, Richard, the actual Progressive position is that truly "deficits don't matter" or even more to the point, "deficits are GOOD". Why does everyone have their panties in a bunch that the spreadsheets on the Fed's computers have some columns with parentheses and (red) (does anyone NOT know what an Excel spreadsheet looks like?). SO WHAT?
Your PRIVATE household or business spreadsheet should optimally be in the Black, not Red, unless you are financing a business or maybe college, or a new business expansion. Actually many people/businesses will have both savings (assets) and debt (liabilities), as well as future projections.
A business or person that was so conservative that they never borrowed to expand future opportunities would be some kind of loser in today's world. Even farmers even a century ago, and millenia in the past, would borrow from the King or Priests, or in modern times borrow by buying one side of futures contracts, to be settled at harvest time.
That's for PRIVATE sector. The PUBLIC (Govt) sector is here to SERVE the private sector, not to make a profit or balance it's own books. The public sector MUST "lose" (increase its "debt"), so the private sector can "win" (increase its profits). That's how the accounting works. Why are people acting like this is some kind of a crisis?
The issue of WHO and WHAT SECTORS gain from Fed Gov debts, for what reasons and causes, this is an important issue. Should the Fed Gov devote the vast majority of its unlimited financial resources on Banks which are "TBTF" and hedge funds? On war contractors? On the worst of "crony" corporate capitalism to the big shot icons of our economy, from ADM (food) to AIG (insurance)? *THAT* is the important debate. Not the "debt" itself, which is nonsense.
6:05 pm
just a scare tactic . i am not worried. No I did not read the entire article . there is a rerun of "Dancing with the Starts" that I wont to sea after that "Weel of Fortoon".
7:41 pm
sounds like Ron Paul is the only person running with the correct views on fiscal policy
8:04 pm
Then tell the rich to pay their share. THEY are the group with the subsidies.
8:06 pm
Are you serious ?? !! To whom is this debt owed ? The Chinese ? Not hardly. They "own" only 1/14th of the 14 Trillion in debt. US citizens own 10 Trillion of the debt. So let's not pay the interest, right ? Great call, GOP. But back to the issue-at-hand. Look at the balance sheet of a "reviled" company like AIG. Assets are 1 Trillion dollars. One company; one Trillion bucks (yah; I understand: assets but no liabilities?). The country has unimaginable wealth. And talk about a balanced budget. It would (or WILL) be balanced when the draft-dodger GW's tax breaks expire. Your individual problem is simply one of self-delusion. The conservatives truly believe they are "entitled" to the money they may (or actually may not make). Get serious (see above). You want to live here, you pay the price. As to the ridiculous SS payer:payee ratio that is often cited, not to worry. Liberalizing the immigration law solves part of the problem; an inevitable bird-flu epidemic will quickly remove a large percentage of the old-folks, naturally resolving the remainder of the problem. Simply put, you and your ideas are toast. Happy New Year.
12:14 pm
What's the source of your wealth of information, JUAN (who "owns" our treasury bonds)? By the way, where were you when BO screwed the GM bondholders when he used my money to hand control of GM over to the labor unions? Talk about someone who should be "reviled!" If you don't think you're being taxed enough, write a check to the treasury, stupid. The rest of us are sick of propping up parasites like you and labor unions! If you think that raising taxes will balance Obama's budget, you are nothing but a damned fool.
8:31 pm
Hog wash! Either scare tacics or ignorance! Our kids are going to thrive in our new world economy.
1:06 pm
This Call To Action is all well and good, but verging on useless and hopeless without the slightest effort of suggesting remedies. Compounding the issues illuminated above is the crushing problem that nearly every country in the world is on the same sinking ship. What say you? …
7:14 pm
ies just forget about the rest of the world take care of our self's let the rest of the world take care of them selfs we americans don't need the rest of the world as far as any debts goes other countrys have owed us for years if we can't pay a debt who is going to make us china I Think not what would they do about it if we said we not going to pay you == want to fight about it == OH WE will trade some food for some oil anybody interested
4:21 pm
Obviously the author is a rightie as this article completely omits any metrics indicative of the debt run up under any republican administration. How about contrasting the numbers across the Clinton/Bush II administrations?
How about the debt figures at the beginning of the Reagan adminstration versus when he left office?
How about the debt that was added by executing 2 wars on a credit card that the Obama administration inherited.
Also note no comments about how not one of the republicans vying for the nominee has espoused any real plans to make the tough cuts the writer suggests other than Ron Paul!
Conveniently leaving out those factoids strains the credibility of the author at a minimum.
Truse me, I'm not an Obama apologist as I'm completely nonplussed by his administration as a whole. But at least present the reader with an accurate/thorough accounting of the facts rather than a ideological slant in either direction. We've seen enough of that between this sorry administration and arguably the worst congress in history and you see where it has taken us.
IMHO
5:31 pm
Very interesting post, just a few comments I'd like to share. Number 3 is incorrect. The US had a higher debt/GDP ratio after WWII than we do today. Also, several of your numbers are misleading due to the fact that they are not adjusted for inflation. The time value of money is essential for comparing the real value of money over vast periods of time.
3:11 pm
The good ole USA is on its death bed.Let it die quietly and in in peace.RIP USA….
3:43 pm
Hey , socialism is expensive , and besides , who gives a damn , really . I am almost seventy and I saw this coming in the seventies and tried to talk about it , as a result I am considered by most who know me as some kind of radical nutcase . If we take RON PAUL seriously and elect him president he might save us from ourselves if we let him have his head . But I don't look for that to happen , and even if it did , unlike the " incompetent savior, " he would get thrown out of office as soon as things got rough
4:18 pm
Wow!!!!
11:37 am
Gloom and Doom. Where's the solution?
12:09 pm
NOT ONE MENTION OF GEORGE BUSH. THIS ARTICLE IS BIAS.
2:51 pm
sORRY TO SAY SO BUT WHEN WE CAN GET THIS SPENDER AND HIS WIFE OUT OF WHITE HOUSE MAYBE IT MIGHT HELP A TINY BIT. SO MUCH IT DOES FRIGHTEN ME, I IN NURSING HOME AND NOW CROCHET AND KNIT TO MAKE A IT, BUT SO MANY IDLE HANDS JUST ITCHING TO SPEND THEIR CHECK. HOW WILL IT ALL END. AS A VETERAN OF WW2, NEVER THOUGHT I WOULD SEE THIS HAPPEN. GOD BLESS OUR GREAT NATION
6:04 pm
Did the author of this essay simply forget to say that it was Bush's fault?
6:31 pm
Can't help but notice that you haven't made any mention of what happened during George W. Bush's era… and no, I'm not a liberal, I just wish I didn't have to dig through so many biased newspapers to find the honest truth. On that note, thanks for this half of the truth. Not at all pleased with the figures here.
7:41 pm
This is a dangerous article, written by someone who has probaly never taken an economics class, and has no understanding of the basics of economic policy.
12:10 pm
Well why don't you share your in depth knowledge of economics with we rubes then, smart one. I've taken an economics class and graduated with a degree in accounting. I see nothing wrong, so please school me, economics professor.
2:12 am
To be perfectly honest, I can't begin to imagine how and on what the Fed is spending all this money on. Its not like we have anything to show for it. My God, if I didn't know better, and I don't, I would think every government employee and every government agency was throwing money into a giant bon fire. Think about it. Do you know, realize, or even imagine how much one trillion dollars in $20 bills is for example? Look at #27, #27, and #29 to get some literal idea.
Where is all this money at? You would have to put it underground in caverns because where is there a building large enough to hold all that money?
I would love to see an audit of the Fed. I would love to see a picture of one trillion dollars in a big stack as proof of what these people are saying is true. I think the Fed has a lot of explaining to do to the American tax payer and until we get that explanation, all tax payers should withhold paying federal taxes to the Fed. Pay it all to individual state taxes as the states are more responsible than the Fed is at this time.
4:41 am
throwing money into a bonfire. No, reducing the "budget deficit", aka bringing in MORE revenue vs LESS spending really is like throwing money into a bonfire. Tax surpluses are LITERALLY destroyed. What use does the Fed Gov have for a surplus of dollars? The Fed Gov creates dollars — exclusively. No one else besides the Fed Gov can create dollars. They do not need YOUR dollars, nor corporate dollars, nor is their ability to spend dollars into the economy constrained by tax revenue.
All this "terror" about trillions of dollars is our PRIVATE wealth. $14 Trillion "National Debt" = $14 Trillion PRIVATE SECTOR SAVINGS, to the penny. People are confusing "creating money" with "destroying money".
(and yes, WEALTH is not money, that is tangible production of goods, of services, even health and happiness constitute wealth, but sufficient money is necessary for commerce to flow, and for people and business to continue to pay creditors who finance economic activity, even short term operations)
10:49 am
This is so one sided to conservatives and their whacky nonsense and Reagen rhetoric garble, nice try for a crappy website
12:08 pm
Yet you were sucked into reading it…or did you, 'Rat votin' parasite? Oh, great name for you. I couldn't agree with you more!
12:57 pm
The laws of nature and the jungle are that the strong shall rule (and consume the week). We think we are better than that, but alas, we are all looking for an edge up. The problem is that some people -let's call them the 1% which is currently popular – have a big edge up due to inherited wealth (the Walmart heirs), superior education (Wharton School of Economics), aggressive 'pack leader' personality or a combination of all three. Those 1%, if given a chance, will gorge themselves as they have done and continue to do. "Free" markets, like Free Trade, are slogans hiding sins. The mise complain while the cats rule the roost !
5:40 pm
"By the time that Ronald Reagan left office in 1988 the National Debt was 2,601.3 Billion or 2.6 Trillion. In just eight years Ronald Reagan had more than doubled what all the previous presidents from Washington through Carter had accumulated in the prior 200 years." The Hobo Philosopher.
Truth is an absolute, not an interpretation of the facts. Get it straight.
9:26 pm
actually its the other way around, "truth" is an interpretation of the absolute facts.
6:37 pm
PART 1: All alarmist bs and a lot of the "facts" are wrong. The US at the end of Clinton's presidency had a budget SURPLUS. George W. Bush decided to give a tax breaks to everyone – with the majority of those tax breaks benefiting the wealthy. Then he decided to use taxpayers dollars to pay full price for prescriptions without negotiating lower prices (a trillion dollar every few years giveaway to the pharmacy industry), then he started not one – but two wars – giving no-contract bids to the likes of Halliburton (Dick Cheney) which did such shoddy work that they electrocuted some of our soldiers, and signed trade agreements that encouraged jobs to go overseas! Then Republicans and Democrats both were corrupted by mega-banks and mega-corporations to reverse regulations that kept the banks in check, leading to risky speculation, conflict-of-interest and derivatives trading…all leading to a huge financial meltdown, and a bloated national debt.
9:03 pm
Unfortunately you play into the hands of the Republican strategists when you condemn all politicians as being corrupt. Don't you think for instance that Wall St and the corporations would much rather have the Republicans back in the Whitehouse? The way they are trying to do it is to refute everything that comes from the left. Waste time by causing a ruckus over paper clips or such, then decry the congress as being ineffectual that gets nothing past. The more confusion the better for the cause. Unfortunately it seems to be working as in your case, and other such like honest people. Please don't black wash all involved, — consider the number of rejections even of their own stuff they have been agitating about for years. This is why congress is "ineffective" — it is a Republican tactic that have made it so. The Democrats should have blasted things through when they were in a majority, instead of trying to appeal to the non existent honorable and logical side of their members across the isle. Obama really tried to bring them into the process to no avail, that was his plan that was doomed to failure, leaving us where we are today.
6:37 pm
PART 1: All alarmist bs and a lot of the "facts" are wrong. The US at the end of Clinton's presidency had a budget SURPLUS. George W. Bush decided to give a tax breaks to everyone – with the majority of those tax breaks benefiting the wealthy. Then he decided to use taxpayers dollars to pay full price for prescriptions without negotiating lower prices (a trillion dollar every few years giveaway to the pharmacy industry), then he started not one – but two wars – giving no-contract bids to the likes of Halliburton (Dick Cheney) which did such shoddy work that they electrocuted some of our soldiers, and signed trade agreements that encouraged jobs to go overseas! Then Republicans and Democrats both were corrupted by mega-banks and mega-corporations to reverse regulations that kept the banks in check, leading to risky speculation, conflict-of-interest and derivatives trading…all leading to a huge financial meltdown, and a bloated national debt.
6:54 pm
PART 1: All alarmist bs and a lot of the "facts" are wrong. The US at the end of Clinton's presidency had a budget SURPLUS. George W. Bush decided to give a tax breaks to everyone – with the majority of those tax breaks benefiting the wealthy. Then he decided to use taxpayers dollars to pay full price for prescriptions without negotiating lower prices (a trillion dollar every few years giveaway to the pharmacy industry), then he started not one – but two wars – giving no-contract bids to the likes of Halliburton (Dick Cheney) which did such shoddy work that they electrocuted some of our soldiers, and signed trade agreements that encouraged jobs to go overseas! Then Republicans and Democrats both were corrupted by mega-banks and mega-corporations to reverse regulations that kept the banks in check, leading to risky speculation, conflict-of-interest and derivatives trading…all leading to a huge financial meltdown, and a bloated national debt
6:56 pm
PART 2: So you imply Obama is just as much to blame, if not more, than GWBush. Let's examine. Obama has used huge amounts of tax-payer dollars to stabilize the financial industry for the sake of our economy, and tax-payer dollars toward stimulus spending to try to lower the impact of the recession, plus had an increase in money going out to help people that have been unemployed due to the recession.
But it should be noted that Obama's spending to help the economy in a recession is all one-time spending and is GROWING the economy and LOWERING unemployment. Obama has ended the war in Iraq and vowed to end the war in Afghanistan soon…saving TRILLIONS of taxpayer dollars. Obama has made deep cuts to compromise with Republicans, cutting spending in many areas – without going after social security or Medicaid. The money given to the auto industry is repaid, the money to stabilize the banks has been repaid with interest, and the cost of healthcare will stabilize once more people are given access to preventive healthcare and competition (see Affordable Care Act).
6:57 pm
PART 3: On the other hand, Bush's deficit spending IS ONGOING in the form of the pharmaceutical giveaway and the Bush tax cuts that Republicans are determined to keep even though the revenue lost is Trillions over a few years.
All we have to do to have a balanced budget in the next 10 years is undo Bush – (1) undo the Medicaid prescription giveaway and make pharmaceutical companies offer medicine at a huge discount or allow us to get our medicine from other countries, (2) end the Bush tax cuts for everyone – especially those for the already super wealthy, reinstate campaign finance limits, do not allow corporations to contribute to campaign funds (that way our representatives will start representing "we the people" instead of "we the corporations", (3) re-instate practical banking regulations, and (4) end the two wars and change our focus to finding terrorist not invading countries. To make Social Security & Medicaid solvent we need to raise the social security contribution cap and work to bring healthcare costs down by finding waste, increasing efficiency, encouraging more competition (which is what Obama and the progressives were trying to do by offering a public option).
Budget balanced.
6:58 pm
PART 4: The problem is that Republicans still subscribe to the "Trickle Down" theory that has been proven not to work (see 8 years of Bush).
The economy grows by (1) strengthening the middle class, leaving them the disposable income to buy products, increasing demand, creating more jobs, lowering welfare, increasing revenue, etc. (2) investing in education and technology so that we can compete in a Global economy.
Want a balanced budget in 10 years? Vote for a progressive Democrat willing to lower corporate taxes to encourage job creation here, restore Clinton era tax rates for the wealthy, undo trade practices that give foreign countries economic advantage over American products, undo special tax shelters and subsidies to the mega-wealthy, mega-banks, and mega-corporations, work on strict campaign finance laws, and stop invading countries unless they actually attack and declare war.
6:59 pm
PART 1: All alarmist bs and a lot of the "facts" are wrong (not suprising they quoted Fox "News"). The US at the end of Clinton's presidency had a budget SURPLUS. George W. Bush decided to give a tax breaks to everyone – with the majority of those tax breaks benefiting the wealthy. Then he decided to use taxpayers dollars to pay full price for prescriptions without negotiating lower prices (a trillion dollar every few years giveaway to the pharmacy industry), then he started not one – but two wars – giving no-contract bids to the likes of Halliburton (Dick Cheney) which did such shoddy work that they electrocuted some of our soldiers, and signed trade agreements that encouraged jobs to go overseas! Then Republicans and Democrats both were corrupted by mega-banks and mega-corporations to reverse regulations that kept the banks in check, leading to risky speculation, conflict-of-interest and derivatives trading…all leading to a huge financial meltdown, and a bloated national debt.
9:14 am
I agree there is a lot o9f financial pain coming. Sacrifices must be made starting at the top from the president on down. It has been said that balancing the budget now might send us into another recession. Another recession? Ask the millions of unemployed when the recession ended. They'll tell you it never did. Another recession is probably the price we have to pay to get our economy straightened out.
2:54 pm
This is the most bias review of Obama I've seen. Although some of these are factual, there is no history or context.
Perfect example : #2 When Ronald Reagan took office, the U.S. national debt was less than 1 trillion dollars. Today, the U.S. national debt is over 15.2 trillion dollars.
Duh – its not even a relevant example and is open to numerous questions. Is this adjusted for inflation? Are we removing TARP spending? TARP should not be in this equation because it was a BI-PARTISAN measure.
#17 During Barack Obama’s first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.
- Yeah, yet again TARP.
This article is a pile of neo-con trash and I'm not even a liberal.
3:56 pm
You Folks are wasting your breath…..America is not going to get it…..We are a lazy bunch….waiting for another "miracle" to come along and "rescue us" from what we have faced recently….We had a couple of "really bad generations" who have no clue what it means to be called – "third world country" until it really hits us in the face like "sandstorm"…..we reaaly need an "attack" like pearl harbor(and I hate to wish that upon us) to wake us up…..we have become totally un-desciplined and cocky…God Help US…..
4:46 pm
I did my own research and 90% of what this guy says is a lie, flub or major bending of the truth.
Do your own research.
4:54 pm
the truth HURTS…….
who wants to pay it pack,,,, not me said the little red hen
8:15 pm
The Factual errors in this account are as follows:
1. World War II debt was 118% of GDP (fueling the greatest spead of wealth in the nation's history).
2. Keinsian theory has proved over and over again that lack of spending causes Depressions, not spending perse.
3. Only a fool would leave the car on the side of the road instead of using emergency gasoline to get to a filling station as this author suggests.
4. Never have so many groused so loudly about a President who filled the tank on a credit card, unless you count the people who will yell when it's time to pay the bill later. Yeah,it's gonna cost us, but it's better to be moving forward than stuck on the side of the road waiting for the tank to magically fill with gas.
5. If we had to pay this debt all at once like Republican's want you to believe, we couldn't do it….but we can pay this off over time and the rich will have to pay more because they have the money and cause to do so…..If you think America evaporates and nothing is left what about the profits of the last 100 years? Who has them? The uber-Rich have them in banks, land, and busisness and by Ye God's they can and will pay.
7:46 am
Undeniably think that which you stated. Your preferred justification appeared to become on the net the simplest thing to become aware of. I say to you, I undoubtedly get annoyed although men and women feel about worries that they plainly do not know about. You managed to hit the nail upon the best and defined out the complete factor without getting side effect , individuals can take a signal. Will possibly be back to obtain much more. Thanks
6:44 pm
This article posted on jan 5 has attracted fewer than 'zero' comments. I guess that achievement shows how well the author did his job. He made no attempt to hide a blatant attempt at 'fear mongering'. Although I would barely agree with a couple of the points made, most of the points made are unintelligent. I will not even make an attempt to counter each point. But consider these few points.
1. Every American family – even one's with a good credit rating – owns a debt that is at least 40 to 60 times their savings, mostly in the form of mortgage debt. But banks lend money because they also consider projected future income and savings not just the monthly paycheck. With the same logic if lenders be it American citizens or foreign governments are willing to loan money to the US govt that means they are confident that the US govt can repay the debt. I will not go into other details. You don't lend money to someone you think is broke do you.
2. The US economy has been in a recession and someone has to spend money to expand this economy. When everyone in the country including individuals and big corporations are for good reason reluctant to spend any money – it is the US govt that steps-up to increase spending, which it will pull back when the economy improves. This it does by borrowing money by issuing bonds. This is absolutely normal.
3. During Bill Clinton's presidency we were not only able to pay back most of the debt but also had budget surpluses. This can be done again.
So, all this rhetoric sounds good in the presidential electoral campaign or to sell an investment formula…
I can only hope better sense prevails
6:11 pm
very "fair", nothing about how George W Bush contributed to this crisis1
1:37 am
It's impossible to honestly say that the US Debt isn't terrifying. However there is a valid debate to be had about spending versus revenue and whether we should forego building the economy back up with short-term spending or whether we should be slashing spending without trying to stimulate the economy.
I'm on the side of stimulating the economy. We've had a spending problem for a long time, but Obama isn't spending at a unprecedented rate. We've been cutting government while doing some stimulous spending. He also made the political mistake of putting the cost of the wars on the budget, where Bush 'hid' them in supplementary funding bills.
If you look at the numbers, you'll notice that our debt is much larger than you could explain away by government expansion or Stimulus. It's a revenue problem more than anything.
I'm commenting specifically to address some of your points..
#2. since you start with Reagan, I would have mentioned that the debt ballooned to 3 Trillion by the end of his 2nd term. Personally, I think it's worth noting just because of the myth of Reagan being fiscally responsible (and proof that tax cuts pay for themselves).
#4 I'd be interested in knowing exactly what the GAO considers assest. A Nimitz-class carrier costs 4.5 Billion to build and we've got 10 of them. That GAO report cites only $850 in property (and like) assets. Think of all the Federal Government buildings… my organization is building a new hospital right now and it's going to cost over $1B alone.. one hospital.
#7 Is Wrong. there's not way to quibble here. It's just not true.
First off, the CNS article you link to is a deceptive hit piece on Obama from a right-wing rag. You should be ashamed to trust anything from CNS. Coincidentally, one of Today's top stories on CNS is a breathless piece about how Obama's projected 1st term debt will equal the first 42 Presidents.. ignoring W again. Way to frame it so the casual observer thinks he's
The linked article only compares the first 41 President's debt (Washington to George H.W. Bush). It compares that total debt to Obama's debt while ignoring Clinton's debt, and George W. Bush's massive debt.
#17 Another CNS source? First off. .the link is about the 111th congress versus the first 110 congress sessions.. not Obama versus the 100 congresses.. but I'll let that slide since you're just editorializing to demonize Obama. The time frames still match up.
Once again though.. it's interesting that they only compare the first 100 congresses to the 111th. You know, I once again typed 110 in place of 100 (did it again) because It really seems like they're comparing the first 110 to the 111th. I actually keep reading it as 110 and had to rewrite this passage. At least this time they went up to the end of Reagan's terms.
Of course, if I wanted to frame this a different way I could say… the 111th congress did 89% more debt spending than Reagan though Reagan only came in with stag-flation.. not what people were predicting would be the next depression.
Yes, it's terrible. It's a shame you seem to believe it's all Obama's fault. If people looked at the issue without the bias, maybe it'd be easier to straighten things out. Maybe if we lived in a world where the opposition party said their #1 priority was to turn things around, instead of " The single most important thing we want to achieve is for President Obama to be a one-term president."
4:18 am
and we keep giving out tax cuts to the wealthy why???? http://blog.seattlepi.com/davidhorsey/2011/04/07/…
tax deal 2010 http://www.nytimes.com/2010/12/07/us/politics/07c…
Five myths about the Bush tax cuts http://www.washingtonpost.com/wp-dyn/content/arti…
rich poor gap http://articles.moneycentral.msn.com/CollegeAndFa…
bank bailout parties http://abcnews.go.com/Blotter/WallStreet/story?id…
super bowl http://abcnews.go.com/video/playerIndex?id=678468…
romney-perry job lie http://www.forbes.com/feeds/ap/2011/09/07/general…
REPEAL THE BUSH TAX CUTS NOW!!
5:10 am
Now I know why all those FEMA camps (prisons) are being built and why the military can enforce U.S. Laws within the USA. The elite and government are afraid of a citizen revolt which just may happen. Our government has screwed us over with empty promises, supporting and building up other countries with massive foreign aid, etc.
And, "entitlements" should not include Social Security and Medicare, we had no choice but to pay into both of those, it's a law and in my opinion a contract with government. The government takes your money, wastes it, and then doesn't want to uphold the contract. It's an intra-government debt that in not counted as National Debt. Government plays games with financial data, call it "fuzzy math" accounting.. Something only the government can do. Try that with corporate accounting and see how far you get. Government has never made a profit on anything.
Never will. Government can not create jobs, except for jobs within government. Everything the government owns is really property of the people!!!!! Expect a devalued dollar within 24 months, after the election if Obama wins.. God help us all if he does, he will turn dictatorial. The majority of the public elected a fool for president and, my opinion only, a person who wants to destroy the American way of life. I'm over age 70 and will now be referred to a "unit" for medical purposes. Not a person, a "unit"—a way of dehumanizing people.when the Obama Healthcare
Reform kicks in in 2013, I will then be forced to attend age 75 end of life counseling. Then again at age 80, I am not going to attend and be brainwashed into, "It's time for you to go" thinking. You know, that's already starting. You become ill now, they won't give you quality treatment and instead say "Well, you are over 80 and you shouldn't expect to live forever and use up medical funds to live another year or two, how about we just make you comfortable so you can die." That is discrimination, age discrimination. Our government right inow is composed of all the hippies that were born in the early 60's and 70's, free love, flower power, LSD, anit-religion, deadbeats,anti-government, draft dodgers, "let someone else do it" thinkers. What happened to AMERICA–Home of the Free and land of the Brave". It's not too late to change back, but time is running out, we have one foot over the abyss while wearing a blindfold. United we stand, Divided we fall. We are now divided. Pray for America. God Bless us. We need it!
2:28 pm
You've been watching Faux News again haven't you?
3:04 pm
so in otherwords….we and the future generations, are screwed and there really is no way to fix what is fanancially wrong going on in this counrty. Even if every company that took their manufactoring to other countries came back, and put America back to work, it wouldn't even begin to scratch the surface of this countries monetary shortcomings!! And…after all that has gone on onWallStreet,the big Bank bailouts, the bailouts to the auto industry,extended umemployment,the housing foreclosures and the list goes on and on!! ON top of all that… we are faced with an election year….. GOD BLESS AMERICA…GOD SAVE AMERICA it's pretty obvious we're not capable! Awise man once said"grow your own food and arm yourself," says it all huh?
11:05 pm
Uh, the article says that there is nothing that we can do about it, but then, at the end, says that we should be pissed about it and take control while we can. A contradiction? By the way, I agree that there is nothing that we can do about it. That is the reason that I will continue to enjoy the current consistency of life (TV, internet, books, sex, etc.) until the bottom falls out. And it will. In the meantime, Americans should build up tax-free wealth, and educate themselves on being financially independent and how to handle weapons. When the bottom does fall out, the only thing that there will be to protect you will be your guns…
11:12 pm
Were Glass-Steagall to be restored, it would be the necessary first step. Only idiots claim there is not a solution. Restore Glass-Steagall or die!
11:29 pm
Vote for Ron Paul…the ONLY candidate that knows about this stuff and will do anything about it. He plans to cut $1,000,000,000,000…..that's one trillion dollars….in his *first* year in office….He calls it the Plan to Restore America:):):)
1:50 am
This puts the debt into a good perspective: http://www.youtube.com/watch?v=Li0no7O9zmE&fe…
1:57 pm
Its real strange that there seems to be no mention of the debt accumulated during the Bush Presidency nor of the surplus that was amassed right before Bush took office. But you would have us believe that all this debt was accumulated at the hands of the Obama administration. No, Republicans caused this mess and it is the Democrats not Republicans who will get us out of this. If you want to talk about debt at least put all the facts on the table and not just what you want to state for political gain. Some of us know the difference!
2:28 pm
OK, you've laid out the problem. Got any suggestions?
2:58 pm
No mention of George W. Bush? He had surpluses going in, but cut taxes for rich, started two unfunded wars and started huge bailouts for banks. Now, 46% of Americans earning more than $250,000 per year pay NO TAXES! Come on patriots, we've started all this spending to prop up your fantasy economy, but you don't want to pay anything. Cutting taxes is your only solution, but it is the main problem.
3:14 pm
wow just wow…how in heck are we ever going to get out of this mess unless there is a huge increase in everyone's taxes….when I say huge I mean HUGE…coupled with cuts in spending, and cuts in programs we think are necessary. When facts are presented, even people like myself, not an economist, can see the writing on the wall>>>"our kids, grandkids and great grandkids are screwed".
4:25 pm
Ronald "the wonderful" Reagan raised the debt limit 18 times! Ronnie also raised taxes 6 years out of 8. AND WORSE, Ronnie tripled the national debt while in office. YET that was nothing compared to what Bush did in transforming a budget that ran a surplus under Clinton into a disgraceful deficit producing gravy train for the rich. Do you think Obama would have done what he HAD TO DO if Bush (and the bankers) hadn't left the country in shambles?! Yes, we are in terrible danger, but Obama didn't get us there, this robbery started a long time ago!
6:16 pm
What action is there that an individual can take, certainly not by contacting their members of the Congress as they, along with a number of presidents, including the current socialist in chief, are the very people behind this financial madness. Certainly not by electing new members to the Congress as there would be enough left of the current corrupt members to poison the new members, how long does anyone think it would take the likes of Harry Reid, in solid for 4 more years, to show a novice how to wheel and deal as he does, as Nancy Pelosi does, as Republicans John Boehner and Mitch McConnell do. Who can afford to sue the crooks, the courts are beholden to politicians, all is moot. How can anyone take the Supreme Court seriously, especially considering the last two appointed to the court, nameless and faceless up until the moment they were sworn in, to say nothing that the court has been neutered every bit as much as the Congress by Obama, our first dictator.
1:09 pm
If these are indeed factual statements concerning our federal financial situation, we are all in deep trouble and need to be prepared for some shocking 'adjustments' to our lives and our lifestyles. Vote for the presidential and congressional candidates who truly want to reduce now, otherwise we'll see you when it all hits the wall!
2:20 pm
Oh Yeah, lets blame the president and ignore the simple fact that congress enacts the budget. The republican clowns fight any positive initiative the president offers, from healthcare to taxes to job creation. Get rid of republicans in congress and maybe we can make progress. This is a bit of "the sky is falling". But seriously it will take the co-operation of all to whittle down the debt to a manageable level. Lets also not forget that this country needs JOBS to get people back to work and off the "dole" first.
1:43 pm
Soo much fallacy, sooo little time. The clearest, earliest demonstration in this list is item #4. Currency has no bearing on the money supply, other than to provide a means to facilitate it. Since the Fed can print however much currency it wants, start printing $1T bills, then hand out 100 of them to the debtors. Debt solved. Of course the economy is a different story. Japan has twice the relative debt that the US does, and while they have no easy solutions to their problem, their economy is still functional. There are larger problems than the debt, and debt-only solutions (like the printing example above) are incredibly stupid.
2:38 pm
This list is retarded. You are a retarded person. Stop being so retarded.
4:05 pm
I couldn't help but notice that you left Pres. Bush out of your "facts" entirely, and made things look like it is all Pres. Obama's fault.
Biased much?
Be honest… the damage was done under the Bush regime. Obama was just left holding the bag for failed neocon policies.
5:09 pm
They won't come for our guns as expected.. There is no need for that when they control the ammunition that goes into them!
Stock up while you can! Shit's gonna hit the fan!
12:23 pm
I have a plan, here: http://www.goodnessmovement.com/Page23.html
It's a bit long. The actual proposal is about Page 20, but since most people don't understand the rudimentary elements of how our system works, the lead-up is probably useful.
This is not an insoluble problem, given sufficient numbers of people willing to think and act.
4:08 pm
Anyone else see the bigger problem with the pipeline decision? ONE person is making the decision on whether it gets built or not, ONE person. RIght or wrong, if it gets built or not, if you don't see the problem with ONE person having this much power then this county truly is in serious trouble.
9:23 pm
You can take numbers and spin them in a trillion different ways (pun intended) to push an agenda. This article is nothing more than another in a long line of alarmist, scare tactics to achieve an objective, which is to scare the uneducated and/or uninformed into voting a certain way.
Until the House and Senate can set aside their petty differences and figure out a way to work together, none of this will be solved, no matter who is in office. Everyone is responsible, Republicans, Democrats and Joe and Jane America. Elected officials (not all), need to be the champion for their constituents (or back pocket corporations) by ensuring their special projects, grant money, subsidies, etc. are voted into policy or law. The average American wants to pay as little as possible for consumer goods, healthcare, community services and projects they feel they must have, and/or current real or imagined ecological or social injustice that needs attention and/or funding.
Of course spending has to be cut or eventually there won't be any money to buy the paper to print the money, but it needs to be done responsibly and without the ‘do everything my way or I’m taking my ball and going home’ mentality. Everyone has to pay his or her fair share, there is no free healthcare, services, etc. Socialists may not pay money, but they pay for it in freedom. WE have put into place these huge beurocracies to manage Medicare, Medicaid, welfare, social services, etc. where I wouldn’t be surprised if I learned that most of the funding is spent on administration salaries and expenses and deadbeats bilking the system.
Don’t even get me started on Defense spending, lobbyists and corporations are people…
Finally, this ‘Anyone Except Obama’ campaign is ludicrous! If we can't do any better than that to elect the leader of our country, then we deserve what we get. This situation has been building for a long, long time; anyone who expected it to be solved in four years will probably also believe this article.
I'm not a 1%er, in fact I'm barely treading water, but I don't expect to get something for nothing either.
2:41 pm
Why is it that nobody wants to give Clinton the credit he is due? I didn't like him, but when he left office this country was NOT in debt. We were in the BLACK. The current debt is from the G.W. Bush years and has been escalated by Obama big time. One fact that no one wants to recognize is that Obama has done nothing BUT add to the debt in as many ways as he can. He has made our country dependent on other countries for money. In his time, our credit rating was decreased because the ass would not agree to anything that the house had to offer. He would rather hurt our country by stalling to get what he wants than to agree on a good bill that isn't what he wants. Obama has to go.
2:26 am
welcome to the ship of fools
4:33 am
BS. "National Debt" aka public means Treasury Securities or "savings accounts". National debt is a nothing more than a mirror image of PRIVATE SECTOR FINANCIAL ASSETS, because our system is designed this way. This is like complaining that eating leads to poop. It better lead to poop or you get sick.
Any action to reduce "national debt" MUST entail reducing PRIVATE SECTOR FINANCIAL ASSETS, which also means DESTROYING MONEY. If anyone was rallying to have Washington DC RATION GASOLINE or RATION FOOD, people would go insane with rage, especially if Obama proposed that. But millions of people are rallying to have Washington DC engage in RATIONING of DOLLARS (both paper and electronic virtual dollars). Why?
There is *some* sane arguments for rationing oil (imports) and food (obesity), but there is NOTHING sensible about rationing dollars … except for one point, limiting the power of the Fed to dump TENS of TRILLIONS of Dollars (Q.E.) on a handful of top Wall St. and global banks. But there is NOTHING sensible about rationing the supply of dollars for Main Street, aka the 99%.
5:13 am
THERE IS NO CRISIS, none whatsoever.
"National Debt" aka public means Treasury Securities or "savings accounts". National debt is a nothing more than a mirror image of PRIVATE SECTOR FINANCIAL ASSETS, because our system is designed this way. This is like complaining that eating leads to poop. It better lead to poop or you get sick.
When a bank sets up a savings account, that is listed on it's books under "liabilities", aka "debt". The bank *owes* that money to its customer. (Conversely, bank loans are their "assets".) Can you imagine a bank telling a customer "we have to refuse to take your deposit, because we have 'too much debt'"? Of course not. The Fed Gov is like a giant bank. The Federal Reserve is literally the clearinghouse for ALL private sector banks where we save money and borrow.
The Federal Reserve also holds GLOBAL savings of Dollars, such as all those dollars that we (and US corporations) give to Chinese companies, and to China's central bank. What the heck else could China do with those electronic dollars? Buy Britney Spears CDs? Of course, they must DEPOSIT those dollars at the Fed, and then some of those go into a savings account, aka U.S. Treasury Bonds, which routinely pay interest, every month, as designed.
THIS IS CONSIDERED A CRISIS?!! Millions of unemployed, desperate Americans is considered NOT a crisis, but China's "savings account" is a horrible crisis? WTF? How did we get this stupid?
2:23 pm
Who was it that said "Deficits don"t matter"? Oh, yeah. It was presidential puppeteer Dick Cheney. Of course he was trying to explain away the deficits the Bush administration was piling up after the Clinton administration not only balanced the budget, but produced surpluses. First the Bushies started a second war after we were already involved in Afganistan simply to rid themselves of a minor irritant, Saddam Hussein. The promises of a grateful population repaying us for our efforts out of oil revenues while we rid the world of stockpiles of WMDs quickly gave way to misplaced pallets of $100 bills, no-bid contracts for reconstruction projects awarded to Cheney's cronies and the resulting shoddy reconstruction projects being blown up by insurgents before they could be completed .
Then there was an expansion of prescription drug benefits for Medicare by a Republican congress, accompanied by a prohibition of trying to barter for anything less than the asking price of those drugs from their good friends in the pharmaceutical industry. How did they pay for this expansion of Medicare? Heaven forbid they raise taxes to pay for it.
Oh, no. raising taxes one penny would be bad, so cutting them must be good. So they passed a huge tax cut. Mostly for their rich friends with $$$ to contribute to their campaigns but also including a bone for the middle class. At the same time they were looking the other way while their rich friends exported manufacturing jobs to third world countries or filled the available jobs with illegal immigrant Mexicans, Chinese and Central Americans who were willing to work for sub-minimum wages, afraid to complain for about working conditions for fear of being deported. So millions of Americans dropped out of the middle class when they could only find work at Walmart or McDonalds into poverty and off the tax rolls.
While this was going on in cities and small towns across America, in New York and Washington they were allowing the financial industry to rewrite their own regulations, filling regulators jobs with political appointees who disparaged the regulations they were supposed to enforce or simply didn't provide funds for enforcement or fill open regulatory positions. When regulations were effectively rolled back to Coolidge Administration conditions we were given the election eve surprise of a complete collapse of the financial system. Just like in the Coolidge administration.
The Bush administrations answer to this? They went to Congress and told them we had to give the big banks $1Trillion right now, no questions asked. Seriously. Their written request was a page and a half long and said the Secretary or the Treasury had sole discretion over how to distribute that money and specifically forbade congressional oversight or even questions. At least congress stepped up that once and we wound up with a better thought out plan that included payback of bailout funds by the banks and oversight of the funds the banks received.
So Bush left office as the economy was falling apart. Remember the dire predictions we were hearing at the end of 2008? Worldwide collapse of the financial system as the banks realized they had no idea of the real value of the paper they were selling each other, taking apart, repackaging and reselling. Collapse of GM and Chrysler as their customers shut their wallets and even the willing buyers wouldn't be able to get financing from the collapsed banks. They would take automotive suppliers all over the country with them eventually leading to the shutdown of Ford as the parts they needed became unavailable. As the ripples spread through the economy 25% unemployment rates were predicted by our best economists.
So cleaning up the mess fell to Obama and the Democrats. By the end of January 2009 Republicans who got us in this mess were crying that it was Obama's economy now and he hadn't fixed it yet. TARP (which was a done deal by the time Obama took office) and any economic stimulus attempts were painted as big socialist government spending. If the previous administration and congresses had been responsible there would have been a surplus to dip into to pay for any stimulus, if they were even required under a more responsible government. Instead they gave the surpluses to the rich in exchange for promises of job creation that never happened. And now they are fighting everything Obama tries to get done. They put their politics and archaic economic policies ahead of their drive to be sure the first black man to hold the presidency is a one term president. Their leadership has stated that is the most important thing they have to accomplish, presumably more important than fixing the economy, protecting the country, dealing with immigration or (to hear them talk of Texas or Alaska seceding) keeping the country in one piece.
3:18 pm
Who was it that said "Deficits don"t matter"? Oh, yeah. It was presidential puppeteer Dick Cheney. Of course he was trying to explain away the deficits the Bush administration was piling up after the Clinton administration not only balanced the budget, but produced surpluses. First the Bushies started a second war after we were already involved in Afganistan simply to rid themselves of a minor irritant, Saddam Hussein. The promises of a grateful population repaying us for our efforts out of oil revenues while we rid the world of stockpiles of WMDs quickly gave way to misplaced pallets of $100 bills, no-bid contracts for reconstruction projects awarded to Cheney's cronies and the resulting shoddy reconstruction projects being blown up by insurgents before they could be completed .
12:01 pm
The USA had a debt to GNP ratio of 125% in 1945. The ratio went down steadily from then until 1980 [Reaganomics], went down under Clinton and went steadily up under Bush. Bush left a mess for Obama that is not his fault. McCain would have had the same [or probably worse] results as Obama. Since Reagan the Republicans have operated under the "Two Santa" theory of Jude Wanniski, spend like drunken sailors when in office, run up huge deficits and say "Reagan showed us deficits don't matter] and then when the Democrats get into power start screaming "we're broke! the deficit, the deficit" and never taking responsibility for it. That way they can stymie any programs the Democrats want to get passed and they, the Republicans can get back into power. If you still think the Republicans are the fiscally responsible party, put down the Kool Aid and look at how the Democrats have handled the national debt since WWII, it's gone down under every Democratic administration since then and Obama has kept it from going even higher than it would under the Republicans. We have had 22 months of positive private sector job growth in spite of Republican efforts to sabotage anything Obama wants to do, putting politics ahead of patriotism.
3:28 am
Wow… what a piece of trelch…
So… let me get this straight… The US had a SURPLUS at the end of the Clinton administration, a growing economy, and wasn't involved in any ongoing wars — went into debt under Bush, ended up with a shrinking economy and two wars by the end of his term… and this is somehow Obama's fault.
Yeah… you're not biased at all.
10:07 pm
O is the destruction of our country one thing this article missed, and the thing that should piss you off the most is that the destruction of our country was deliberate and calculated. Just like Pelosi and her big mouth today has revealed that the DNC has already decided who will and won;t win that clearly indicates that the election is already decided, and our vote no longer matters. In the last 3 years the betrayers of our country and our sovereignty have made more progress toward the destruction of our country than has been made collectively in the last 65 years. This , THIS is what complacency does. Entire countries, civilizations, and freedoms destroyed. If by some miracle of the Lord God we somehow make it through this the lessons must never never be forgotten. Good Luck and God Bless
10:08 pm
The Republican victim card is well and thriving!!
Did you hear the one about the Pope getting a phone call from the scene of a possible resurrection and announcing it to the happy Bishops, only to blow it when he told them the phone call was from Salt Lake City.?
Lighten up Sandy
6:13 pm
We have had a faux two party system for years and no additional parties are allowed to survive by the system unless one temporarily serves its purpose such as Perot's party that facilitated the election of Bill Clinton. The insiders from both parties have been playing the people like a finely tuned instrument from both ends all along and only a handful of the population has caught on to the game. The masses have been thoroughly dumbed-down and kept in the dark by the Major Media and public school system. Do your homework folks or prepare for the Fall.
8:27 pm
Not sure I want to believe any "facts" posted by someone who seems not to be able to read more than two paragraphs, much less work myself into fiery anger over them. I got to fact # 3, and was ready to see another lie promulgated by FOX, but sure enough, right there, the linked FOX article correctly states that debt was over 100% of GDP in 1947. Of course I guess if you're dissembling, you just add a footnote excluding 1947 from history, and there, "Fact #3" staysrhetorically intact. Voilá!
This is about as believeable as Newt's Fiedlity Pledge.
9:53 pm
ith so many armed service members poised to return from war, such a large group will have difficulty merging into an economy which is still not at full strength. In addition many members have foregone educational study opportunities which means they may not be up to the standard necessary to compete in this ever increasing technical market.
So -o -o why not fix our roads, bridges and infrastructures with a program for members being discharged that would pay them a decent wage while they attend a night-school of higher education,or take on-line instruction to do the same. Something like a halfway house back to civy street, which in the meantime would put bread on the table with the promise of a career instead of unemployment lines. The program would have to be voluntary without penalty should they choose not to do it. Army friends would like to join as a group perhaps, especially if it had an attractive PR to present it to the public. FDR did it as a government program but it could be privately run with govt. chipping in or guaranteeing something. A new Piece Corps instead of a Peace Corps.
"What can you do for your country" etc
10:52 pm
Yeah I am so sure that the answer is to vote for a Republican president-problems solved-give me a break! This problem was going on long before Barack Obama. I was dumbfounded several years ago when everyone was giddy about getting a tax refund under George W. Bush (ostensibly because the economy was doing so well). I was just shocked. How can any government give out money we don't have. The problem is we are all happy to receive something from the government but nobody wants to give up anything. There are several ways to solve this debt problem, but they will never happen because no President would ever get re-elected if they did. We need to attack entitlements. Raise the retirement age to 70. We all live longer than we did when the retirement age was set at 65. When it was set at 65 years old we were supposed to die by 70 years old but now we are living until our 80's and 90's. Offer affordable universal medical coverage. Get rid of all medical insurance companies. We don't need a middle man in a basic human need. We don't have a broker making a profit in our education, police and fire departments. Yes, these entities are all run by the "evil" government and they do work reasonably well. Do not allow American pharmaceutical companies to sell their drugs for more money in the US than they are selling them to foreign countries like Canada and France. Yes, American drug companies still make a profit in Canada and France, just not exorbitant profits. They are after all still doing business there aren't they. Cut the military budget in half. We will still have the best funded military in the world by many times. Cut out corporate welfare-that is real socialism-if a company can't survive then it shouldn't. Cut out the tax rebate on housing interest. We don't offer this to renters. This only fuels real estate booms. Done. No more debt. These actions alone will solve the debt problem. They may cause some people minimal discomfort but the real opponents of these solutions are corporations and the very rich. People should make the President (either Republican or Democrat) accountable to the people not the corporations and special interest groups.
1:16 am
You want to know how to fix this?
1. The United States possesses 2,543 trillion cubic feet (Tcf) of potential natural gas resources. Natural gas from shale resources, considered uneconomical just a few years ago, accounts for 862 Tcf of this resource. At the 2010 rate of U.S. consumption (about 24.1 Tcf per year), 2,543 Tcf of natural gas is enough to supply over 100 years of use. The availability of large quantities of shale gas will further allow the United States to continue to consume a predominantly domestic supply of gas.
A. We go after all this gas and we use it to power electrical plants, cars and run it to every new home built including older homes
b. Then we add a tax on this called "Debt reduction tax" set this at $1.50 per gallon
B. The keystone pipeline would supply the united states with 200 years of gasoline. We also open up all the drilling and the fracking within the country… This lowers the price to 1.75 a gallon. we add a $1.50 tax on this also… At the current rate of consumption this would instantly go into paying off the debt and a gallon of gas would cost $3.25
C We convert all cars to natural gas "$1,200is the cost to re-jet the engine"
that is how you lower the debt, then you lower corporate taxes to 12% this would bring every company back from China…. That's how you do it.
D. Legalize Marijuana and tax the crap out of it!
I just got rid of the debt problem with 4 steps…… now send this to everyone you know…
11:17 am
It has long been looking for an article on 34 Shocking Facts About U.S. Debt That Should Set America On Fire With Anger — YOLO (because you only live once) .
8:12 am
"We have stolen the future of America, and yet we strut around as if we are the smartest generation that ever walked the face of the earth.'
Please "We" haven't stolen anything.. The American People are not the creators of the financial crisis.. Nor are we the beneficiaries.. A small international cabal of Banksters and International Corporate entities have thru economic means seized control of our representative form of government.. This is a "Scientific Dictatorship" of the "Elite".. closing doors on Liberty..
Do not even start to blame the people.. Less than 3% makes the difference in any election and buying the most corrupt elected officials in our nations history is cheap relative to the profits garnered.
For generations the people have been sold a Right Left.. Conservative vs Liberal Paradigm which is truth was nothing but a con and a sham at the top level. Both sides fight each other but neither as hard as they fight the honest man, the decent and the good..
There is an economic and political war being waged against the American people.. Do not imply they are to blame for that .. Indeed they are not.. and for the most part due to Presstitutes in the Lame Stream Media the people are unaware their is wolf in their midst.
10:10 pm
Obama is asking for another 1.2 trillion before elections to pump up the economy for 9 months,Obama still doesn't understand you can't borrow your way out of debt.
Reform welfare , if you are to receive welfare you must work for the city or state painting, sweeping streets,something instead of sitting on your ass collecting tax payers money.
Illegal immigration cost this country 120 billion a year, stop illegals from getting benefits,question birth right law .
It's a start, that I'm sure will get you votes , more votes than taxing the rich , and cutting veterans benefits, medicare, and social sec.
5:12 pm
The first failed presumption is that I contracted for this debt.
Freedom is knowing me and my neighbors,
Eat until the next harvest
Drink until the next rainfall
Enabling us the energy to build strong safe communities.
12:24 am
The debt is a sham, an illusion, unreal. I am probably the only person who knows this and now i will prove it.
The Federal Reserve buys currency from the US Treasury for cost of printing, mere paper & ink, and then LENDS IT BACK TO US AT FACE VALUE PLUS INTEREST! That is not legitimate debt, it's an entitlement to the bankers that borders on buggery, yes the bankers are sodomizing every man, woman and child, and their great, great grandchildren. The Fed has yet to be audited. If someone served you an invoice, don't you think you have the right to review the charges? So how does the Fed justify those charges? It can't. The invoice needs to be challenged. In the Old Testament, Yahweh recognized and understood how lenders tended to enslave their fellow men through debt, that's why every seventh year was a national year of bankruptcy! Year of Jubilee! All debts forgiven! Mosaic law is the basis for our Justice system and modern bankruptcy law! Banks would LIKE to make it illegal and go back to debtors' prison. Anyway if you read about how banking works, you know it's a criminal enterprise. They leverage assets 10:1 and lend the leveraged credit, that's creating money out of thin air, paper without real backing. Governments let them get away with it, a banking license is a license to steal! When you miss a payment, they foreclose on YOUR assets their worthless paper (no backing) purchased; it's called "fractional reserve" banking, look it up.
Anyway, there are other ways to set up an economy, and a banking system. Uncle Sam could just pay the banks a distribution fee. Government could be the lender of record of the currency it prints for itself, i.e. no debt on every dollar printed, or owed to bankers for the mere printing of it. Banks could be forbidden charging interest or origination fees on loans, which by the way would be very low interest, undermining private lenders and driving them out of business! YES! As for taxes, Uncle could dun money transfers, a tenth of a percent, most people would barely feel it, and collect far more revenue, a truly just and flat tax system for ALL. Government could fund it's own projects, no debt, including healthcare, education, housing, whatever "We-the-People" can agree on. Oh this pisses the elite off, big-time. Do not even THINK it! Your imagination has been duly lowered, and lifted. Banks are not necessary to bless the currency to give it value. Those parasites need to be removed. They are pulling strings from behind the scenes, fomenting wars with the goal to enslave all humanity. It's a big distraction, a red herring, to keep everyone exhausted and ennervated. Check out the movie: "Secrets of Oz" on the Truth Alliance Network (free); peace.