Tomorrow is election day. Are you ready? Are you still undecided? Well perhaps this may just put some things into perspective for you. Read more
Meet the Debt Generation … Generational theft 101.
Recently, all we hear are complaints from elected politicians about how hard it is to “find” money to fund their spending. Isn’t it time that politicians thought more about the country than getting their privileged, lard-laden hindquarters reelected, particularly this early in the election cycle? Read more
While presidents bear some responsibility for the debt and deficit spending, the major responsibility lies with Congress.
We all know that the federal government has “hit” the debt ceiling of $14.294 trillion that Congress has authorized. So, Congress is now looking at “where we go” from here. But, here is what you may not know. Read more
What’s the value of having a ceiling if you routinely raise the limit? At a personal economic level, I can understand providing a higher “credit limit” if one’s financial picture showed an increase in income and a responsible credit history, but how can the owners of the national debt simply increase the limit with stagnant GDP and a questionable credit history?
Democrats have laughingly suggested we will lower costs, increase services and ensure everyone is covered all while spending less and not increasing adding to yearly deficits or the debt. Pipe dreams may come true, but the New York Times tells us about the real math in an Op Ed piece … and conveniently buries it.
Just a great analysis by Ed Morrissey on the Obama year in office and the resulting deficit. It break down the difference in debt since the Democrats took control … how the Democrats played “cat and mouse” with Bush before the FY 09 budget was enacted … and how one man and one Congress robbed your kids like never before.
The latest posting from the Treasury Department shows the National Debt has increased over $2 trillion since President Obama took office.
The debt now stands at $12.6 trillion. On the day Mr. Obama took office it was $10.6 trillion.
President George W. Bush still holds the record for the most debt run up on his watch: $4.9 trillion. But it took him over four years to rack up the first two trillion dollars in debt. It has taken Mr. Obama 421 days.
None of this of course let’s the Republicans off the hook on any of this. After forcing Bill Clinton to balance the budget upon winning the House in ’94 … they reverted to a candy store mentality from 01 on and began adding to the deficit again. Yes, a recession and boosting a teetering economy after 9-11, had much to do with it all. But two wars, and an expansion of Medicare needed to be paid for either by spending cuts elsewhere or increased revenues and they were not.
That said, this President has redefined “spendthrift”.
Neither of those figures showers the GOP in any glory. However, both of those figures pale in comparison to the damage Democrats have done in half the time:
- Counting Democratic control from their ascension after the 2006 midterms (from 1/2/2007 forward), Democratic Congresses have added $3.96 trillion in just over three years.
- Counting it by fiscal years, Democrats have added $3.57 trillion since 10/1/2007 (the beginning of their FY2008 budget) in 30 months.
This a must read, and since this is what I used to do for a living, the analysis took a lot of time. Something worthwhile always does.
That’s right, it’s a complete dog and pony show, and the admission price may well destroy the American economy.