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Posts Tagged ‘National debt’

Certain news stories are guaranteed to appear in the Liberal mainstream media. One of those is the fiction that “…deficits have gone down during Obama’s tenure…”.

National Debt under Obama

 

Never mind that the national debt has increased from $10 trillion when George Bush left office to over $19.2 trillion right now — we are still subjected to this kind of blatant propaganda / Lies (emphasis added):

But Americans just don’t get his economic achievements, he [Obama] insisted to the New York Times Magazine last month.

“If you ask the average person on the streets, ‘Have deficits gone down or up under Obama?’ Probably 70% would say they’ve gone up,” Obama said “with some justifiable exasperation,” according to the magazine, because the deficit has declined during his presidency. <Los Angeles Times, link>

The deficit has declined? Obama wants credit for reducing the deficit?

I don’t see a year of decline in the above chart, do you?

Of course not, and Americans know this even in a general sense:

Polls show that a large majority of Americans believe the opposite to be true, setting up a challenge for the White House truth-squadding campaign.

Ha ha, “setting up a challenge for the White house….” What challenge is that, convincing people that Up is really Down?

Not only have we had huge deficits in each year, the total debt at this point is bigger than the entire U.S. economy.

Debt Clock 2016

For shame.

 

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I have written a few times that the United States does not deserve the strength of its currency or its ability to borrow more money to fund more reckless deficit spending if looked at in pure economic terms:

  • Our balance sheet is a disaster, thanks to Barack Obama, with now more than $18.3 trillion in debt in an economy that is about $17.4 trillion in size.
  • The Federal Reserve has kept interest rates near zero for over SIX YEARS, fueling a stock market bubble and robbing itself of any power to influence the economy if it slips back into recession (the Fed cannot drive interest rates below zero).
  • Meanwhile, the current and future costs of entitlements, which now include the monstrosity known as Obamacare, are skyrocketing, leaving over $100 trillion in unfunded liabilities for the nation to default on as we all grow older.

And yet our massive federal deficits each year continue to be financed in large part by foreign nations….their willingness to hold dollars defies the fundamentals of our situation.

And at the same time the Federal Reserve can print dollars 24/7 without fear of trashing the currency in world foreign currency markets, as would happen to any other nation that flooded its economy with so much paper currency.

And So not only can the USA print its own money, even wildly, with no consequences, it can also borrow itself blind, with no apparent consequences.

How can this be?

There is only one reason, and it is not a reason that you’ll see in economics text books: The United States can get away with this reckless conduct because it is the dominant global superpower, possessing large military forces enabled by the most advanced military technology.

Yes, The American fighting man is the reason that politicians can continue to throw orgies of runaway spending and flood the economy with dollars without consequences.

Marines raising the stars and stripes on the battlefield

Now, do we like to borrow money and then thumb our nose at the lenders of that money, because we are a superpower?

Stephen Colbert apparently does.

He said this to Donald Trump last night:

At a certain point, does it even matter how much we owe, because it’s like trillion, quadrillion what does it matter? Come and get us, we’ve got the armies, right? What are they going to do?

Yes, he actually said the phrase “what does it matter” about the serious issue of our national debt, and touted the great American military as the ultimate backstop against accountability.

Let’s recall who else used a similar phrase, “what difference does it make”:

Hillary what difference does it make on Benghazi

Here’s the thing, Stephen: our federal debt, now heading towards $20 trillion and bigger than our entire annual economic output since the early years of Obama’s first term, DOES matter, and to say it doesn’t undermines the notion that you are somehow a savvy commentator.

Or maybe no one believes you are a savvy commentator, I don’t really know.

But you have a voice being heard in the media, and need to own when you take a shameful Hillary Clinton “what does it matter” stance on things that do matter.

So if you are a Liberal, and you are proud of Obama’s latest infamy — accepting thousands of Syrian refugees — just know that (a) we cannot afford to take them, we are bankrupt, and (b) the only reason there is the illusion of wealth in this country is because of that thing you probably hate: the U.S. Army, Navy, Air Force, and Marines.

But you owe it all to them, and never forget that.

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Word has it that Barack Obama is determined to “address America’s deficit problem”.

Can we assume this means he wants to reduce the deficit? I think we all know the answer.

Obama Deficit Math

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I understand that some things are not possible to be said directly given possible voter turnoff or backlash. However, there are ways of saying things without saying them, such as this, which I wish Mitt Romney would say:

You know, back in the 2008 election, many Americans were worried about some of the people around Barack Obama in his formative years as a young man and community organizer, but ultimately a majority of the electorate chose him to assume the duties of president. I am here tonight to tell you that it no longer matters what kind of people mr. Obama surrounded himself with before assuming his current role: we have three and half years of his actions in office by which we can know his plan for America…”

He could then go on to list all of the destructive things the man has done regarding jobs (opposed the Canada-Texas pipeline; opposed the Boeing plant in South Carolina; funneled billions of tax payer dollars to insolvent solar companies; etc.), regarding the national debt (adding $6 trillion on top of $10 trillion in only three years, while the economy stays stuck at $14 trillion), regarding our stature in the world (with American flags on fire in 10 countries and a murdered Ambassador being dragged through the street — a “bump in the road” according to Obama).

By doing so, he could raise the specter of Jeremiah Wright, Bill Ayers and others while also showcasing the actual facts of his treason.

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You see what happens when you go bankrupt?

Greece is pressing its European Union partners to make last-minute concessions over a forthcoming EU embargo on Iranian oil, complicating the bloc’s efforts to unveil a sweeping package of sanctions against Tehran on Monday. <source>

That’s right, desperate and bankrupt Greek socialists are apparently so desperate that they now are asking the EU to go easier on Iran, all for access to Iranian oil supplies.

Most of the civilized world is urgently trying to curtail Iranian efforts towards building nuclear weapons, and yet Greece is so overextended and dependent on foreign oil that it would attempt to fracture the Western alliance.

Greece argues it is in a particularly vulnerable position. Iran supplies crude to Greece on highly favourable terms that would be difficult to match elsewhere.

A particularly vulnerable position” that makes a Western nation — one that refers to itself as the country that lit the light for the world in ancient times — become the agent of the Hitler-like regime of Iran.

Is there any doubt that Barack Obama wishes to drive America into the same desperate ditch that Greece finds itself in?  What’s that Liberals, you think I’m engaging in hyperbole? No, I am not, and as always will argue the case on the merits. All you need to do is look at the man’s actions.

Last week he rejected the Canada-Texas oil pipeline, an act that weakens the American energy industry and increases our dependence on foreign oil producers such as Venezuela and the Middle East.

In a politically explosive decision, President Barack Obama on Wednesday rejected plans for a massive oil pipeline through the heart of the United States <source>

Newt Gingrich had this to say about the decision, and you have to love the plain, tough talk:

“What Obama has done is kill jobs, weaken American security and drive Canada into the arms of China out of just sheer stupidity.” <source>

Quotes like this one go a long way in explaining why Newt is still in the race for the nomination.

And let’s not forget the central dagger in America’s heart, held firmly by mr. Obama: the national debt, now over $15 trillion in a $14 trillion economy.

The United States’ debt on Wednesday exceeded $15 trillion <source>

When the Manchurian took office, the national debt was just over $10 trillion, meaning that this man, this Impostor, this occupier, has increased it by nearly 50% in just three years.

So he runs up the national debt and makes repeated attempts to break the back of the American oil and gas industries, all while destroying American health care, rewarding Wall Street criminals with tax-payer funded bonuses, and failing to pass financial reform. A reasonable person reviewing this list of actions can only conclude that he has a master plan to destroy the United States. What other explanation could there be?

And the Democratic party doesn’t challenge him for the nomination?

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