Obama tripled the budget deficit during his first year as president, and blamed it on Bush.
In 2010 he vowed to cut his tripled budget deficit in half, and do honest accounting.
http://www.politico.com/news/stories/0209/19124.html
In 2011 CBO explained that he was cheating on his accounting.
http://www.huffingtonpost.com/
Do we have any idea who this guy is working for? It certainly can’t be the US.
h/t to Dave G
Socialists have never understood the value of money, though – they can spend it like a man with a hundred arms [witness Brown in the UK] and bottomless pockets.
Boondoggle make-work schemes are; clueless, profligate and reckless idiocy – Obarmy to a tee.
All of the taxpayers in the States, have been shafted by Obama’s ‘economic policies’ [if they may be called such].
The USA is becoming like Britain, bloated by a top heavy bureaucratic state.
The only way for each of these nations to recover is to re-shape: the workforce, industry, modernise and refit.
And get back to exporting – take China on, innovate, reboot the Universities – encourage kids to study Science [offer free bursaries/scholarships to kids who want to study; Physics, Maths and Engineering]……………….otherwise it is a slow asphyxia and [particularly in Britain’s case] a slide into a backward C7th Islamic oblivion.
If we had kept the Clinton tax rates in place, things would at least be a little better. The Republicans may be on a suicide mission refusing ANY tax increases. Something has to give somewhere.
When people have to choose between cuts in Grandma’s Medicare benefits and a few extra percentage of taxes and closing loopholes for the rich, they will probably side with Grandma.
The days of Reagan’s pie in the sky notion, that we can have it all and no one has to pay, may be over.
Obama accomplished the amazing feat of tripling the deficit while increasing unemployment by 50%.
Give it time, he’s not done yet. Maybe unemployment will double.
China has a tax rate of 17% of GDP, the US 26%. So China is on a suicide mission obviously. Right?
http://en.wikipedia.org/wiki/List_of_countries_by_tax_revenue_as_percentage_of_GDP
Out of the 4 Trillion in Bush tax cut “loss” only 900B was from the target of your hate — the rich. The rest were from grandma (have to use the two categories in your 2D world). I dare people of you ilk to stand up and extract the 3.1T from the non filthy rich. The hypocrisy will float right to the top – like the crap it is.
Deficits have *nothing* to do with Tax Rates.
It has everything to do with who has control of Congress (and by what margins).
Look at this graph and pay special attention to the color of the datapoints.
Although I am no Republicrat cheerleader, even I can see that (R)’s in the Congress are better than (D)’s.
My comment above was addressed to …
It’s not “debt” debt:
http://www.youtube.com/watch?v=x_mXP7SNJ-Q
The meaning of “Is” is?
This is the same buttwipe that campaigned telling “us” how irresponsible we had been with our mortgages, spending, borrowing, credit cards…………it was our fault
Americans can walk away and send the keys to the bank. No such thing in Germany. I always wondered how Americans could be so irresponsible but after learning about the conditions i understood. The conditions were irresistible; and a lot of the debt was offloaded to German public banks – we have a dozen of them, distributed across the regions, and most of them needed a bailout because they eagerly bought American CDO’s before the crisis.
Today, most of the German population hate “The Bankers” – they didn’t notice that it was the PUBLIC banks who were the most gullible. One of the businesses where the state also has nothing lost.
The dollar is the world reserve currency. That put the U.S. in a unique position. GB was until they took the Socialism route.
18 months left of ObamaWorld.
Returning to the Clinton tax rates is hardly hating the rich. We had a much more progressive tax system in the 1950’s and 1960’s when the country worked quite well and the rich were not exactly suffering. Sure China can afford lower taxes when we are basically supporting them with our debt.
Something has to give somewhere. This idea that cutting taxes and everything will be rosy has not panned out. If we cut government to the bone, unemployment probably will double. It’s by no means certain that the private sector can provide anything close to full employment, not with increasing automation and cheap foreign labor. I’m not a big Omaba fan, but I’m afraid he is not going to go away that easily, not given what the Republicans have to offer. When people are hurting, they tend to vote Democratic, not side with the rich.
If we eliminated the EPA and many other federal agencies, employment would boom. Government rules, taxes and paperwork suck the life out the private sector.
As Mark Steyn says, “Big government is where successful nations go to die”.
They are still progressive now. Particularly now as more people than ever are paying little or no Federal tax.
In the past the upper brackets hit 70% and 90%. That is ok with you?
Jo Nova provided a quote in her article “The Slow Death of a Great Democracy – Carbon Sunday” that all should take heed of.
“Great nations rise and fall. The people go from bondage to spiritual truth, to great courage, from courage to liberty, from liberty to abundance, from abundance to selfishness, from selfishness to complacency, from complacency to apathy, from apathy to dependence, from dependence back again to bondage.”
Henning Webb Prentis, Jr., President of the Armstrong Cork Company 1943.
Are we close to bondage in the US?
US debt overall, IMHO, is bringing our great county close to bondage.
What is the actual debt? I am sure we all understand the debt to be $14.46 trillion as of June 29, 2011. This debt does not include the $5 trillion obligation related to the assets feld by Fannie Mae and Freddie Mac that are now included in the Federal Housing Finance Agency of which the Federal Government spent $110 billion on in FY 2010. The deficit does not include the Unfunded Obligations through 2084 of $7.9 Trillion for Social Security or the $38.2 Trillion for Medicare and Medicaid. The true total debt would be over $66 trillion if all is included.
I believe that argument over $2 to $4 trillion over the next ten years does not come close to solving the issue unless entitlements pushed by the democrates are severely reduced.
I believe the next quote also provided by Jo Nova is better yet.
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years.”
Possibly, Alexander Tytler (circa late 1700?s)
Can democracy survive when everyone feels entitled to a free lunch?
It is a profound quote and many of us have been trying to track down the source and its circumstances. It came up recently at WUWT in this thread attributed to Marx. I wrote: