Every time I’ve mentioned the massive Obama stimulus on this blog – and just use my search engine to look up “stimulus” for the proof that I’ve said it over and over and over again - I have pointed out that the cost WASN’T “$800 billion”; the actual cost of Obama’s stimulus was – according to the CBO – actually $3.27 TRILLION:
All of the major news outlets are reporting that the stimulus bill voted out of conference committee last night has a meager $789 billion price tag. This number is pure fantasy. No one believes that the increased funding for programs the left loves like Head Start, Medicaid, COBRA, and the Earned Income Tax Credit is in any way temporary. No Congress under control of the left will ever cut funding for these programs. So what is the true cost of the stimulus if these spending increases are made permanent?
Rep. Paul Ryan (R-WI) asked the Congressional Budget Office to estimate the impact of permanently extending the 20 most popular provisions of the stimulus bill. What did the CBO find? As you can see from the table below [visit link], the true 10 year cost of the stimulus bill $2.527 trillion in in spending with another $744 billion cost in debt servicing. Total bill for the Generational Theft Act: $3.27 trillion.
The actual cost of the Obama stimulus was simply completely unreported by the mainstream media which is now merely the propaganda wing of the Democrat Party. The numbers reported were pure lies.
So, as I’ve said over and over and over again, the “real” cost of the Obama stimulus was actually 308.75% higher than it was deceitfully sold to the American people as costing.
And now we see that that was a common theme of the Obama deception: because we find that the real Obama deficit wasn’t $1.3 trillion; no, it was actually $5.6 trillion. Which is, for the record, 330.77% higher than what we were told.
A picture is worth a thousand words, so here’s a picture of the the contrast between Obama’s bullcrap and actual reality:
From USA Today:
Real federal deficit dwarfs official tally
By Dennis Cauchon, USA TODAY
The typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, a USA TODAY analysis finds.
Under those accounting practices, the government ran red ink last year equal to $42,054 per household — nearly four times the official number reported under unique rules set by Congress.
A U.S. household’s median income is $49,445, the Census reports.
The big difference between the official deficit and standard accounting: Congress exempts itself from including the cost of promised retirement benefits. Yet companies, states and local governments must include retirement commitments in financial statements, as required by federal law and private boards that set accounting rules.
The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government’s books.
Deficits are a major issue in this year’s presidential campaign, but USA TODAY has calculated federal finances under accounting rules since 2004 and found no correlation between fluctuations in the deficit and which party ran Congress or the White House.
•Social Security had the biggest financial slide. The government would need $22.2 trillion today, set aside and earning interest, to cover benefits promised to current workers and retirees beyond what taxes will cover. That’s $9.5 trillion more than was needed in 2004.
•Deficits from 2004 to 2011 would be six times the official total of $5.6 trillion reported.
•Federal debt and retiree commitments equal $561,254 per household. By contrast, an average household owes a combined $116,057 for mortgages, car loans and other debts.
“By law, the federal government can’t tell the truth,” says accountant Sheila Weinberg of the Chicago-based Institute for Truth in Accounting.
Jim Horney, a former Senate budget staff expert now at the liberal Center on Budget and Policy Priorities, says retirement programs should not count as part of the deficit because, unlike a business, Congress can change what it owes by cutting benefits or lifting taxes.
“It’s not easy, but it can be done. Retirement programs are not legal obligations,” he says.
In California, Democrat Governor Jerry Brown is talking about the “crisis” of the official state deficit of billion. That’s not even CLOSE to the truth; the actual deficit of just the Democrat-passed unfunded pension liabilities for their union allies is $500 billion ALL BY ITSELF.
From the Los Angeles Times:
California’s $500-billion pension time bomb
April 06, 2010|By David Crane
The state of California’s real unfunded pension debt clocks in at more than $500 billion, nearly eight times greater than officially reported.
That’s the finding from a study released Monday by Stanford University’s public policy program, confirming a recent report with similar, stunning findings from Northwestern University and the University of Chicago.
It’s great if you’re in a government employee union and give all your campaign contributions to Democrats to keep the pork coming. It sucks if you’re the vast majority of Californians. Meanwhile, these same California voters keep falling for the same trick, namely, Democrats keep promising that they’ll redistribute the wealth of others and give it to people who vote Democrat.
Until California collapses under the weight of Democrat lies and burns in hell.
There’s only one term to describe this sheer lunatic deception: demon possessed. The Democrat Party today is the party of hell. One day soon Democrats will worship the Antichrist who will promise the big government Utopia of their dreams and take his mark and ultimately end up in the eternal fire that they truly deserve.
As bad as California looks, the actual debt picture of the United States as a country makes that $500 billion in uncounted unfunded liabilities to pro-Democrat labor unions look like nothin’.
Understand, this article was written in August 2011 when the national debt was “only” $14 trillion. It’s going to be $16 trillion by the end of the year.
Look at the actual debt faced by the United States. You’re on the hook for this:
A National Debt Of $14 Trillion? Try $211 Trillion
by NPR Staff
August 6, 2011
When Standard & Poor’s reduced the nation’s credit rating from AAA to AA-plus, the United States suffered the first downgrade to its credit rating ever. S&P took this action despite the plan Congress passed this past week to raise the debt limit.
The downgrade, S&P said, “reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.”
It’s those medium- and long-term debt problems that also worry economics professor Laurence J. Kotlikoff, who served as a senior economist on President Reagan’s Council of Economic Advisers. He says the national debt, which the U.S. Treasury has accounted at about $14 trillion, is just the tip of the iceberg.
“We have all these unofficial debts that are massive compared to the official debt,” Kotlikoff tells David Greene, guest host of weekends on All Things Considered. “We’re focused just on the official debt, so we’re trying to balance the wrong books.”
Kotlikoff explains that America’s “unofficial” payment obligations — like Social Security, Medicare and Medicaid benefits — jack up the debt figure substantially.
“If you add up all the promises that have been made for spending obligations, including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That’s the fiscal gap,” he says. “That’s our true indebtedness.” [...]
There is no possible way in hell we can pay these debts. And all we’re doing now is having the Federal Reserve add zeros to the money supply which is now a fantasy that only exists in computers. That’s what “quantitative easing” is: we’ve done it twice now under Obama, and we’re going to be doing it again soon.
Quantitative easing is a hidden tax; the government inflates the currency which deflates the value of the existing dollars. The dollars systematically become worth less and we get inflation – which is actually running out of control (see here, here, here, here and – for the antidote – here).
For the record, Obama’s massive regulations which have largely been passed by executive decree, are another massive form of hidden taxation. To the tune of $1.75 trillion taken out of the private economy in forced compliance costs every single year.
Democrats love to blame Republicans for our debt. They are, as I have said before, demon-possessed liars. The programs that the Democrat Party rammed down our forcibly collectivist throats such as Social Security, Medicare and Medicaid are responsible for 99-plus percent of our massive unsustainable unpayable debt that will necessarily implode America.
If you want to put it in honest terms, the agreement the Democrats – the party of baby genocide – was this: “You vote for us, and we’ll give you benefits that we’ll sell the next generation into slavery to pay for.” And Democrats said, “Good! That’s what we want!”
Republicans can’t end Social Security or Medicare now; millions of Americans (including my own parents) count on these programs - even as bad as they are – for survival. Democrats made sure that there were no rivals and no possible alternatives. But we were right all along that it was a terrible program for America and we were right all along pointing out that there were FAR better alternatives.
If that isn’t bad enough, Democrats as we speak are trying to ensure that these programs – beginning with Medicare – go bankrupt. Because the Republicans who said these programs were a mistake to begin with are doing their best to try to sustain them, while Democrats are refusing to allow ANY of the fixes that will prevent them from GOING BANKRUPT NO LATER THAN 2017. Democrats are demanding that we keep these programs exactly as they are: and “exactly as they are” equals CATASTROPHIC BANKRUPTCY and collapse.
And just to help shove Medicare into the grave, Democrats stole $500 billion from Medicare funding and then double-counted it. As if you can create two dollars by tearing a dollar bill in half.
And fot further go on with the sheer deceit of the Democrat Party, we now know that ObamaCare was sold on such a whopping load of lies it is beyond unreal – such as a SEVENTEEN TRILLION DOLLAR FUNDING GAP between the ocean of lies and the actual reality.
As sick and as frankly terrifying the implications of all the above are, can I end on a hilarious note?
Barack Obama, the man who demonized George Bush for raising the debt by four trillion dollars over eight years only to himself increase the debt by SIX TRILLION IN ONLY FOUR YEARS, is now demonically claiming that his spending spree never really happened:
“And by the way, we’re going to pay down our debt in a way that is balanced and responsible. I inherited a trillion dollar deficit; I signed $2 trillion in spending cuts. My opponents won’t admit it because it runs contrary to, I guess, the only argument they have — but since I’ve been President, federal spending has actually risen at the lowest pace in nearly 60 years. (Applause.) It usually takes a Democrat to fix these problems after they have run up the tab.” (Applause.) — Barack Obama, May 24, 2012
In order to justify this demonic lie, Obama assumes a baseline that simply blames George Bush for all 2009 debt – INCLUDING OBAMA’S MASSIVE $3.27 TRILLION STIMULUS THAT HAD NOTHING TO DO WITH GEORGE BUSH AND WHICH NOT ONE SINGLE REPUBLICAN VOTED FOR. Obama’s “baseline” further assumed that emergency programs such as the TARP – which Obama himself approved of and voted for – was now something that America had to repeat every single year in perpetuity as opposed to being what it was (a one-time emergency event). And so the following year when Obama didn’t spend another $700 billion in TARP, he was actually SAVING money. Oh, and to complete the point about how ridiculous this is, OBAMA ASKED FOR AND RECEIVED HALF THE $700 billion TARP funds. So Obama voted for it, Obama asked for it, and Obama spent it. But it’s Bush’s fault and so blame Bush.
Oh, and Obama actually supermassively expanded his $350 billion in TARP funds to at least $16 TRILLION. And put $23.7 trillion in taxpayer money at risk according to the TARP inspector general. Obama does it. Blames Bush for it.
Obama is artificially and demonically jacking up the “baseline” and then pointing to a lie to say “I’m only increasing spending by a little tiny bit.” He uses a bogus contrived statistic to claim he’s the lowest-spending president in sixty years when the actual reality is that he’s the highest-spending president in the history of the entire human race.
The only way you can explain Obama telling these “big lies” or Democrats actually believing them comes down to one thing: demon possession.