National Goverment Deficit Spirals Out of Control; $165,040,000,000.00 In July

[Just Win]

This is reaching catastrophic levels folks.


National government deficit spiraling out of control = http://online.wsj.com/article/SB10001424052748704901104575423601722830706.html

The U.S. government spent itself deeper into the red last month, paying nearly $20 billion in interest on debt and an additional $9.8 billion to help unemployed Americans.

Federal spending eclipsed revenue for the 22nd straight time, the Treasury Department said Wednesday. The $165.04 billion deficit, while a bit smaller than the $169.5 billion shortfall expected by economists polled by Dow Jones Newswires, was the second highest for the month on record. The highest was $180.68 billion in July 2009.

[LTC]

DO YOU REALIZE THE DEFICIT WHEN YOUR WANNABEE DICTATOR LEFT OFFICE WAS $1.3 TRILLION?  Of course it only became a problem when history began on 01-20-09!

[Flummoxed Lummox]

This is reaching catastrophic levels folks.

You might have a point, except you're nothing more than a GOP myrmidon and a hypocrite of the highest order. Where were you while George W. Bush WAS DOUBLING THE NATIONAL DEBT? Where were you before January 20, 2009? Hmmmmmm?????

[Jeremy Roenick]

They're all globalists (Bush and Obama) and there are very few degrees of separation between the two no matter how much you sheeple  play their silly left vs. right games...

You cannot see past your bitter partisan politics long enough to realize that this is the ENGINEERED destruction of our beloved country.

[Just Win]

This deficit is not the result of Americans paying too little in taxes. This point needs to be made incessantly. I am not only speaking of the taxes  we see ourselves paying but I am also speaking of the taxes that are built into the price of goods and services we need for everyday life. For example, if you have health insurance I am sure you have recently gotten news of your premium increase and benefits reduction as a result of the Reid/Pelosi/ Obama Socialised Medicine Bill. If you have not had to pay your quarterly premium like me recently you will see what I am talking about soon enough. Because of the unwise actions of government in promising freebies to certain political constitutes, we all pay higher taxes either to the national government directly or to providers of goods and services we contract for who inturn pass these collected implicit taxes on to the national government. They have built so many taxes into every human activity that it is becoming impossible to measure them all.  The American economic system is being destroyed on a daily basis now before our eyes. This situation is much more drastic than is being reported because of the lack of objectivity of the dominant liberal media industrial complex and it's close relationship with this White House. The required professional skepticism of the journalist has been traded in for a megaphone and a cheerleading outfit for team Obama.





 The problem is the political class (both parties) spend too much money. Congress and the present Administration have adopted the strategy that the path for guaranteed reelection is to tax and borrow as much money as possible and they buy votes with promises of freebies. We are starting to see the unsustainable economic consequences of this socialist approach to government on this side of the Atlantic. You simply can't spin such fiscal insanity any other way. Calling for endless tax increases, more printing of dollars (fiat currency), and credit card style borrowing to solve an out of control spending habit of a national government is akin to trying to cure a desperate alcoholic with more hootch. You are simply prolonging the day of reckoning.

 



The Obama unemployment numbers from his Department of Labor

[GRAY]

my premium went up by over 100%. it more than doubled.  happened about a month after he signed.

but this is what was elected. someone who is going to make the workers pay for the lazy. the lazy have an entire party devoted to their special interest. the democrats. point fingers, don't accept responsibility, blame the rich, change the meaning of rich to anyone who pays taxes, as opposed to those who receive a tax refund despite having paid nothing in income tax.

eventually we will default. we cannot support this increasingly large percentage of do nothings indefinitely.

[Just Win]

my premium went up by over 100%. it more than doubled.  happened about a month after he signed.

but this is what was elected. someone who is going to make the workers pay for the lazy. the lazy have an entire party devoted to their special interest. the democrats. point fingers, don't accept responsibility, blame the rich, change the meaning of rich to anyone who pays taxes, as opposed to those who receive a tax refund despite having paid nothing in income tax.

eventually we will default. we cannot support this increasingly large percentage of do nothings indefinitely.

Have you noticed how the extreme left will not touch this subject of debt? They know it cannot be defended.

[GRAY]

the government stimulus, which was a failure, in this time of economic stress, tells you all you need to know about the kenseyans.

[NCVol]

Explain, then, how two gigantic tax cuts leaving us with the lowest tax rates on capital and Ayn Rand producers since the roaring twenties left the company in shambles, in a gigantic debt/financial/housing bubble, shedding 750,000 jobs per month, in recession for over a year, and that was before the Kenyan was elected. 

I'm just curious what part of the Reagan/Bush/Clinton/W era did we get wrong, exactly - tax rates too high, not enough deregulation of finance, zero tariffs not low enough, a record amount going to the CEO class just not high enough to motivate the Randian actors who went Galt on us, unions at generational lows and falling not good enough, we still have a few, decliining wages on the middle still too high for their pathetic output?  Something specific caused the collapse....  We know the end of that era was the greatest recession in 80 years, which also happened to be caused by a debt bubble and decade long unwinding. 

[GRAY]

the stock market is a cyclical thing. stocks ebb and flow and that is part of it.

in 2006 the republicans lost control of both houses of congress.  

finally, barney frank and his ilk ignited the huge mortgage default crisis...which started this economic plummet.  

[NCVol]

the stock market is a cyclical thing. stocks ebb and flow and that is part of it.

in 2006 the republicans lost control of both houses of congress.  

finally, barney frank and his ilk ignited the huge mortgage default crisis...which started this economic plummet.  

Most alert readers will notice you didn't actually name any policy or cause for the economic bubble and subsequent collapse. 

1) The stock market is irrelevant, as you said.  I could have pointed out it dropped 25% in nominal terms, about 45% in real terms, during the eight years of Bush, but he inherited a market in bubble territory, etc. so that's beside the point.  The fed probably is the biggest driver of the stock market, IMO. 

2) Actually, the democrats took over in January 2007 and the depression started about 10 months later.  Something other than "Nancy Pelosi!! OH NOOOO!!!" caused the economy to start entering into the worst recession in 80 years.  She's a pretty powerful woman, but I don't even think Nancy can tank a 14 trillion economy by simply flashing her lovely botox smile. 

3) Well, as I said, the democrats took over the House in January 2007 and the housing market peaked and rolled over sometime in the summer of 2006.  You'll have to explain to the rest of us how Barney in his minority position in the House from 1994-2006 was able to control legislation in the 'simple majority is all that's needed' House.  AND how Barney was able to influence the Bush regulators into spending his entire term looking at porn and playing golf. 

[Jeremy Roenick]

The cause of the 2008 economic collapse and the de-leveraging we will see for YEARS is as follows:

U.S. government monetary policy driven through the Treasury and the Federal Reserve.  It's that simple.

TARP and the bailouts that supposedly "pulled us back from the brink" as BHO put it in his first state of the union address, will only further exacerbate the collapse.  Corporate, personal and sovereign debt is at all time highs and the precious credit that is required to get the economy going again is concentrated in very few hands (mega-financial institutions) with no signs of loosening any time soon.

In summary we put the foxes in charge of the chicken coop and now we're broke thanks to a financial and monetary system that was essentially a big ponzi scheme.  And guess who gets left holding the bag?