Posts Tagged ‘borrowing’

Tipping Point Crossed: US Borrowing Exceeds 100% Of Entire U.S. Gross Domestic Product

August 4, 2011

The United States of America probably just passed a point of no return.

We now officially owe more than the entire annual output of 307 million Americans.

US borrowing tops 100% of GDP: Treasury
AFP – 8/3/2011

US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.
 
Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt.
 
The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.
 
Public debt subject to the official debt limit — a slightly tighter definition — was $14.53 trillion as of the end of Tuesday, rising from the previous official cap of $14.29 trillion a day earlier.
 
Treasury had used extraordinary measures to hold under the $14.29 trillion cap since reaching it on May 16, while politicians battled over it and over addressing the country’s bloating deficit.
 
The official limit was hiked $400 billion on Tuesday and will be increased in stages over the next 18 months.
 
The last time US debt topped the size of its annual economy was in 1947 just after World War II. By 1981 it had fallen to 32.5 percent.
 
Ratings agencies have warned the country to reduce its debt-to-GDP ratio quickly or facing losing its coveted AAA debt rating.
 
Moody’s said Tuesday that the government needed to stabilize the ratio at 73 percent by 2015 “to ensure that the long-run fiscal trajectory remains compatible with a AAA rating.”

And that’s really not the one-fourteenth of it.

America doesn’t owe $14.5 trillion; it owes more like $200 trillion:

News from globeandmail.com
The scary real U.S. government debt
Wednesday, October 27, 2010
NEIL REYNOLDS

Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”

Writing in the September issue of Finance and Development, a journal of the International Monetary Fund, Prof. Kotlikoff says the IMF itself has quietly confirmed that the U.S. is in terrible fiscal trouble – far worse than the Washington-based lender of last resort has previously acknowledged. “The U.S. fiscal gap is huge,” the IMF asserted in a June report. “Closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 per cent of U.S. GDP.”

This sum is equal to all current U.S. federal taxes combined. The consequences of the IMF’s fiscal fix, a doubling of federal taxes in perpetuity, would be appalling – and possibly worse than appalling.

Prof. Kotlikoff says: “The IMF is saying that, to close this fiscal gap [by taxation], would require an immediate and permanent doubling of our personal income taxes, our corporate taxes and all other federal taxes.

“America’s fiscal gap is enormous – so massive that closing it appears impossible without immediate and radical reforms to its health care, tax and Social Security systems – as well as military and other discretionary spending cuts.”

[…]

At this point, it is really only a matter of time before this most selfish, depraved and vile of all generations that elected the most evil president in its nations history collapses on top of its children.

Republicans most certainly did try – and will continue to try – to keep this nation from slitting its collectivist throat and collapsing.  But the demonic Democrat Party demonized them at every turn, and the demonization takes its toll.  The American people don’t support doing the right thing, the necessary thing.  They have stage four soul cancer and they want cotton candy rather than chemotherapy.

The Democrat Party is the party of destruction.  We are less than five years away from Medicare going bankrupt.  But what do they do?  They demonize any attempt to save the system, and essentially demand that the system collapse so that it can help no one.  And they do that because they know that the people are too stupid to know the truth and too depraved to have any desire of bothering to want to find out.  Republicans propose solutions; democrats lie and fearmonger and demonize Republicans, and stupid and depraved people believe the poisonous propaganda.

And then Republicans buckle and cave.

And this has happened over and over again while America races along on the fast track to suicide and hell.

One of the facts that has been pointed out many times is that America is not in Bible prophecy.  I used to wonder why.  Now I know the answer: because America won’t exist in a very short time.  Demonic liberals will collapse this nation – in a process that started with FDR’s incredibly lethal and incredibly infectious policies – and there will be no United States of America to BE in the last days.  There will only be an insignificant banana republic – which will exist as the laughingstock of the world – where America used to be.

Democrats couldn’t care less if America isn’t in Bible prophecy because they neither honor God or His Word (see my response to Obama’s mocking and distortion of the Word of God here, fwiw).  And as a result of Democrat ignorance and hatred of the Bible, we are even now contributing significantly to the coming of the Antichrist and the last days that we ourselves won’t survive to witness.  Liberals have been attacking our Christian foundations for over one hundred years in their effort to impose their utopian socialist schemes and we are losing our liberty at a frenetic pace as a result. Without the self-evident truth and its corresponding God-given rights that the left long ago rejected, all we have is the tyranny of powerful elites who become self-appointed dictators who get to decide what’s true and what is politically incorrect, who wins and who loses and who is allowed to be free.  Not only has the socialism that the American left embraces failed every single time it has every been tried everywhere on the planet, but in most cases it has led to an unparalleled crushing of the human spirit.

The tragedy is that the disaster that will surely soon overtake America will have been the most foreseeable and the most preventable one to ever overtake a civilization in the history of the human race.  Anyone with a mind, a memory and a conscience can see what is about to happen; but in the future, just as there was in 2008, there will be enough depraved Americans to tip the scale for the sweet-sounding policies that will result in America’s decline, destruction and death.

This is God damn America.  And God damn America deserves to die, and die it surely will.

We might be able to shrug off the cancer of liberalism for a short time and prolong the life of our nation.  But liberalism is a cancer of the soul, and ultimately the cancer of liberalism will kill America.

And the line that we just crossed as a nation with barely so much as a “ho-hum” is a disastrous line to cross, indeed.

America Is Killing Its Future. Right Now. Today.

April 19, 2011

Have you heard about the United States government (in the avatar of the incredibly inefficient Post Office) printing THREE BILLION STAMPS featuring the wrong Statue of Liberty (i.e., the one in Las Vegas rather than the one in New York Harbor)?

Mark Steyn did.  And he considers that blatantly ridiculous fact along with the far more sobering one that Barack Obama, Timothy Geithner and the rest of the fools running America are borrowing $188 million every single hour, as representative examples of a form of liberal American madness that I would describe as the “Dodo Bird Syndrome.”

April 16, 2011 4:00 A.M.
Losing the Future
Vegas is no longer the world’s biggest gambling resort; America is.
Mark Steyn

I always enjoy the bit in Planet of the Apes where a loinclothed Charlton Heston falls to his knees as he comes face to face with a shattered Statue of Liberty poking out of the sand and realizes that the eponymous simian planet is, in fact, his own — or was. Also the bit in Independence Day where Lady Liberty gets zapped by space aliens. And in Cloverfield when she’s decapitated by a giant monster. And in The Day After Tomorrow when she’s flash-frozen after polar-ice-cap melting brought on by a speech from Dick Cheney. I’ve been enjoying such moments since, oh, the short story “The Next Morning” in the 1887 edition of Life, illustrated with a pen-and-ink drawing of a headless statue with the smoldering rubble of the city behind her. The poor old girl was barely off the boat from France, and she’d already been pegged as the perfect visual shorthand for societal collapse.

But the United States Postal Service has now gone the Hollywood apocalyptics one better and produced a somewhat subtler image of civilizational ruin. The other day the post office apologized for its new stamp honoring Lady Liberty. Due to an unfortunate error, the stamp shows not the 19th-century Statue of Liberty that stands in New York Harbor but the 1990s replica that stands at the New York–New York Casino in Las Vegas.

An ersatz statue of pseudo-liberty standing guard over the world’s biggest gambling operation: What better way to round out a week in which the Republicans pretended to pass the most historically historic budget cut in history while the president pretended to come up with a plan to address the debt? All while pretending to wage a war in Libya whose most likely outcome seems to be that the only Arab dictator to sleep soundly in his bed at night during these turbulent times will be doing so under cover of a NATO no-fly zone for the rest of his 75-year term of office. In such a world, the USPS, bless ’em, has come up with a far more plausible emblem of societal devastation than Hollywood’s space monsters and climate-change fairies.

After the revelations that the $38.5 billion 2011 budget cut will in reality either cut a mere $352 million from the 2011 budget or, in fact, increase it by $3 billion, it might be easier just to build a replica White House, Capitol, and Congressional Budget Office at the new Beltway Casino next to Caesar’s Palace. Vegas is no longer the world’s biggest gambling resort; America is. Barack Obama says we need to “win the future,” and one more roll of the dice should do it: a trillion dollars of chips on the stimulus came up empty but let’s pile another couple trillion on Obamacare, and “high-speed rail,” and “green jobs,” and “broadband access” . . . And all the while Wayne Newton is singing “Danke Schoen” in Chinese. But don’t worry, we’re not just throwing our money away. We’re playing to a system! The president calls it “investing in the future.”

How do you “invest in the future”? By borrowing $188 million every hour. That’s what the government of the United States is doing. It’s spending one-fifth of a billion dollars it doesn’t have every hour of every day of every week — all for your future!

Most of the “futures” we’ve “invested” in are already at record levels of spending. Obama and his speechwriters are among the laziest men in the republic, so they cite the same dreary examples every time. In all three of his State of the Union addresses, he’s brought up the highway system, and he did so again in Chicago at the end of the week. If the Republicans get their way, he said, “We can’t invest in roads and bridges and broadband and high-speed rail. I mean, we would be a nation of potholes.”

That’s the choice, is it? Multi-trillion-dollar government “investment” or a nation of potholes? America “invests” a lot in roads. It has more highway signs than almost any other country: not just mile markers but fifth-of-a-mile markers; not just “Stop” signs, but four-way “Stop” signs, and “Stop Sign Ahead” signs, and one day soon “Stop Sign Ahead Sign Ahead” signs. America also has the worst automobile fatality rate in the developed world, in part because there’s so much fascinating reading material on the shoulder. Our automobile fatality rate is three times that of the Netherlands, about the same as Albania’s, down at 62 in the global rankings, just ahead of Tajikistan and Papua New Guinea. But don’t worry, if we ever do become “a nation of potholes,” you can bet there’ll be federally mandated “Pothole Ahead” signs in front of each one.

Anything else? “Our airports,” continued the president, “would be worse than places that we used to call the Third World, but who are now investing in infrastructure.” Maybe he should get out of the motorcade once in a while and swing by LAX or LaGuardia: They’re already decrepit cheerless dumps, mainly because they’ve been lavishly governmentalized into bureaucratic holding pens through which the citizenry dutifully shuffle while armies of crack TSA operatives poke around in the panties of six-year-old girls.

Oh, and let’s not forget “education.” “We should invest in education,” says the president. But we have done, spectacularly. We spend more per pupil on “education” than any other developed nation except Switzerland, and our math scores barely make the global Top 40, scraping in at big hit sound No. 35 between Azerbaijan and Croatia, the former of which was a Commie dictatorship until 20 years ago while the latter was reduced to rubble in the Yugoslav civil war. Maybe, when it comes to “investing in the future,” civil war gives you more bang for the buck.

Government is not alone in “investing” in “the future.” The New York Times reported last week that in 2010, for the first time, student-loan debt topped credit-card debt. This year, college debt is projected to be over a trillion dollars — a spectacular increase in just the last decade. America is now dumping two-thirds of Canada’s or India’s GDP not into overall debt but into one small niche market of debt. Yet, in a nation with a trillion dollars of student debt, 40 percent of Americans work in minimal-skill service jobs about to be rendered obsolete by technology, while our elites dream of following Michelle Obama into leisurely gigs as $350,000-a-year diversity-outreach consultants.

Question: How much do you have to invest in the future before you’ve spent it and no longer have one?

That the president’s rote recitation of tired catchphrases can still be taken seriously is a bleak glimpse into the scale of this nation’s structural problems. But hey, relax! Maybe we can win the future by investing in highway signs for the crowd-facing side of his prompter: “Warning: Lame Cobwebbed Brain-Dead Sloganizing Ahead.”

We are in trouble.  Standard & Poor’s just listened to Barack Obama’s toxic speech and decided that America’s future was decidedly “negative.”

We’re spending ourselves into Dodo-bird extinction.  And that extinction is going to happen very, very soon.  And the president of the United States has made it his campaign strategy to demonize anyone who tries to solve our massive problem.

Hope ‘n Change Coming To Fruition: Cost Of EVERYTHING About To Go Up

February 23, 2011

Give ’em hell, Obama, you son of hell.

The people voted for God Damn America and it’s time they got their God Damned America.  And the bill for it:

Cost of…everything…about to go up
Updated: Feb 21, 2011 4:02 PM PST

CHARLOTTE, NC (WBTV) – You paid more last month for practically everything you bought.

From food to gas to airfare tickets – even clothing.

And now the price of everything is about to go up again.

A new report from The Labor Department indicates its concern about inflation, and businesses are claiming they can’t absorb the rising cost of commodities alone. Many say they’ll have no choice but to raise prices and shrink packages. Frustrating stuff for an economy that’s supposed to be recovering.

“Things are just not going well,” says Charlotte resident Lisa Bettinghouse. “You have to eat, but you can only have what you can afford, and now it’s getting scary.”

Bettinghouse needs a plan. She’ll be asking herself tough questions, and so should you.

What things should you stock up on now?

What things can you do without?

Take bottled water. Every time you purchase one of these, you already pay a 4,000% markup. Time to reevaluate your tap.

And you should also rethink fruits and vegetables. Right now many stores fly them in, and with the price of fuel, well, you know how expensive they already are.

Charlotte resident Jonathan Weber says he’ll fight the rising costs by sticking to one rule: buy local.

“Local food is important,” Weber says, “because when you consider the transport cost of importing food from Mexico or bringing it across country from California that really is sort of a hidden cost.”

There are a spattering of farmers markets around town, and this summer, thirty local food vendors will move in to the old Reid’s spot uptown.

And when it comes to combating costs, don’t forget about another product of our times – all those money-saving coupon sites.

And if you had half a wit, you would have seen this hell coming long before you vote for this moral idiot.

The headlines now –

Crisis in Libya Raises Fears of Skyrocketing Oil Prices Causing Pain at the Pump

– match what Obama was saying his policy was all along.

Obama has said that higher prices for oil are good.  He just wanted to spread out the pain over a longer period of time.

Obama’s appointments reflect his determination to drive up oil prices and therefore force the American people against their will to embrace his radical leftist energy agenda.  Take Obama’s Secretary of Energy Steven Chu, who has stated on the record that he wanted tofigure out how to boost the price of gasoline to the levels in Europe.”  And at the time gasoline prices were close to $8 a gallon.

Electicity?  He was perfectly fine if the cost of electricity skyrocketed.  In fact he said under his policies prices would “necessarily skyrocket.”

These people are getting exactly what they want.  And by “exactly what they want,” I mean the destruction of the American economy so a purely socialist system can be erected in the ashes.

I think of North Korea and Kim Jong Il.  I think of a country that is literally starving due to a leftwing socialist’s policies.  I have said:

Since Obama was elected, I’ve been saying that a third of American voters would continue to support Obama even if he led us into the stone-age-like conditions that Kim Il Jong has led his people into.  We could be living in the dark and freezing at night, and scratching our own fecal matter from the ground in order to have something to burn, and this group of people would still adore their Dear Leader.

The media propaganda and “the state” are so behind Kim Jong Il that even as people starve to death and die, they thank their lucky stars for their “Dear Leader.”  The tiny, emaciated people hang pictures of him in their homes and even literally worship him.  And then I think of Obama, the mainstream media and the government unions.

You voted for our Manchurian candidate.  Now you’ve got the hell you voted for.  You got food that’s twice as expensive but packaged in smaller containers to fool Democrats and other total idiots.

Now, you can either believe Obama’s lies even as he continues to blame everybody but himself for going on three years of abject failure and worsening conditions, or you can join the growing numbers who want this clown and his Democrat party of clowns out of our lives.

Obama Government Like Red Giant Sun About To Explode

September 14, 2010

Obama is a grandiose narcissist, so in a way I’m doing him a favor by comparing the government which he has recreated in his own image to the sun.

But let me assure you, I’m not being complimentary.

Like the U.S. government, the sun is the largest thing in our world by a whole bunch.  It’s huge and it’s powerful.  And it will go on and on, as long as things work the way they’re supposed to work.

But toward the end of a sun’s life, things start to go very wrong.  And it’s that “very wrong” direction that Obama has hugely accelerated us in.

As long as a sun is burning its legitimate source of hydrogen fuel, it is incredibly stable.  But then there comes that point where the hydrogen is burned up, and it starts to feed on itself.  It grows bigger – more than 200 times its previous stable size – and to an ignorant eye, it would appear that the sun was much more powerful than it had been before.  But in reality it is dying; it is burning the wrong kind of fuel; in reality it is about to explode.

That’s where Obama has taken us.  We’re burning through debt-spending at an astonishing and frankly astronomical rate.  For the last six decades we’ve grown huge with deficit spending; but never anything like what we’re seeing now.  Like the red giant sun, we’ve massively expanded beyond what is healthy or sustainable.  And it doesn’t take an astrophysicist to see that we’re nearing our end.

FDR massively expanded our federal government in his day; and it has been growing and growing and growing ever since.  But now Barack Obama has entered the scene and:

There’s little question that the anvil will fall on the US economy due to the near doubling of the national debt as Obama adds a projected $9.7 trillion to the $11.7 trillion black hole of debt we’re already in.  Obama is borrowing 50 cents on the dollar as he explodes the federal deficit by spending four times more than Bush spent in 2008 and in the process “adding more to the debt than all presidents — from George Washington to George Bush — combined.” And most terrifying of all, Obama’s spending will cause debt to double from 41% of GDP in 2008 to a crushing 82% of GDP in 2019.

What will be the result of all this insane spending, and not very far off? A quote from a CNS News story should awaken anyone who thinks the future will be rosy:

By 2019, the CBO said, a whopping 82 percent of the nation’s gross domestic product (GDP) will go to pay down the national debt. This means that in future years, the government could owe its creditors more than the goods and services that the entire economy can produce.

and:

By comparison, from the day Mr. Obama took office last year to the end of the current fiscal year, according to the Office of Management and Budget, the debt held by the public will grow by $3.3 trillion. In 20 months, Mr. Obama will add as much debt as Mr. Bush ran up in eight years.

and:

In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

and:

Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.

As in “$800 billion a year.”  Every year from then on.

But it will likely be even more frightening than that:

The Obama administration is desperate to minimize the size of the budget deficit, which has become a huge political liability. It is gambling that interest rates will stay low. But, as I argue in “Boomergeddon,” the 30-year era of declining interest rates on sovereign debt is coming to a close. Interest rates will rise sharply in the decade ahead. And thanks to Treasury’s short-term actions, there will be very little to buffer the country from massive increases in interest on the debt. Between the mounting size of the debt itself, rising interest rates and short maturities, the interest burden could quadruple — perhaps even quintuple — by the end of the decade. By 2020, the U.S. could well be paying $1 trillion a year in interest.

$1 trillion a year in interest, only ten years away.  That amounts to paying for 1.16 Obama stimulus programs every single year, until we go the way of the Dodo bird.

Only we won’t just go away.  We’ll implode as an economic system and as a society, and then we’ll explode.

Near the end of a sun’s life cycle it turns into a red giant.  When our sun does this, it will grow so large that it will expand a minimum of 200 times its present size, and the planet Mercury and probably even Venus will be completely swallowed up.

To the uninformed, it would probably look as though the sun has become bigger and stronger than ever.  But to those who know, they will recognize that the red giant sun will be living on its last gaps before its collapse.  When it explodes, it will take most of the solar system – and very definitely planet earth – with it.

That’s the way our government is now, I believe.  Our government – especially under Barack Obama – has grown so huge beyond its legitimate or sustainable capacity it is simply unreal.  Someone who doesn’t understand the reality might think that we’re too big and powerful to explode.  But as our sun itself proves, the bigger we are, the harder we’ll fall.  We have either got to cut back the size of our government, or it’s expansion will consume itself and it will collapse before not very much longer.

Obama Job Summit Deliberately Snubs Primary Job Creators

December 4, 2009

Do you remember Obama publicly attacking the U.S. Chamber of Commerce over it’s opposition to ObamaCare? Obama sure does.

Barack Obama is a petty, vindictive man.  And petty men do petty, vindictive things.  He is the kind of man who deceitfully and cynically claimed that he would uniquely transcend the political divide – only to be the most politically divisive figure we have ever seen in the White House.  And he is the kind of man who would cut off his nose to spite America’s face.

Case in point: the Obama job summit.

Obama gathered liberal economists (no conservatives allowed), pro-Democrat corporate CEOs, and union chiefs to tell him only what he wanted to hear.

But one business group was entirely shut out by Barack Obama, namely, the U.S. Chamber of commerce, which represents businesses that employ 115 million Americas (well more than half of the total U.S. work force).  And, according to USCoC executive vice president of government affairs Bruce Josten, “Not only were we not invited, but not a single business organization HQd in Washington DC was invited.”

Small businesses create three out of every four jobs in America.  Not that Obama gives a damn.

The National Federation of Independent Business (NFIB) – which also crossed Obama on ObamaCare – was also deliberately excluded.

Just in case anybody actually believed the White House or lamestream media propaganda that Obama’s “job summit” had anything to do with actually creating jobs.

An incredibly petty and vindictive president decided to punish the Chamber of Commerce and the National Federation of Independent Business for refusing to help him small business destroy jobs.   And in doing so, he is punishing millions of American workers.

Just imagine a job summit which is openly hostile to the actual creators of jobs.  Just imagine that job summit being depicted as being for the purpose of informing the president of all of the job-creating possibilities, when no one who disagreed with the president’s leftist views was even allowed to attend.

After agreeing with Judge Andrew Napolitano’s point that America is not going to have any meaningful job creation as long as the Obama administration continues recklessly printing, borrowing and spending trillions of dollars even as it utterly abandoning free market principles, Josten went on to say:

We need to get some certainty back in the American economy.  And right now you have a business community that doesn’t know what their tax liabilities are going to be a year from now; have no idea what their health care costs are going to be next year; have no idea what their energy costs are going to be next year; and have no idea what kind of credit is going to be available next year.  So this ‘big bang theory’ of using the crisis if you will – as the administration said some time ago – to move and overhaul entire swaths of the American economy, at this point is fueling uncertainty in the business community – and I would suggest to your listeners – in the American public.  And that’s a prescription to defer making any decisions.

And let’s not forget other abominations to business such as the union-agenda-imposing “card check” that would massively add to businesses’ costs if passed.

In other words, YOU ARE THE PROBLEM, OBAMA.

For all of Obama’s demagoguing and demonizing the Bush administration, this is Barack Obama’s economy (and any real leader would have long-since quit trying to blame his predecessor and started taking responsibility for what is happening in the country during his watch anyway).  It is HIS policies that have prevented the economy from recovering.  It is HIS policies that are killing jobs by creating paralyzing fear and uncertainty.

According to Jesus (see Luke 14:28), any wise man sits down and counts his costs before beginning a project.  But how can a business man do so in the climate of fear that Obama has created?

Statistically, this recession should have ended a while back, as the economy attained equilibrium and recovered on its own.  The average length of a recession is 11 monthsIt’s only when elitist statist bureaucrats start screwing around with all the economic levers because they think they know better than the free market system that we get long-term economic recessions and depressions.

Obama “turned fearmongering into an art form” while he force-fed his massive pork-laden stimulus onto the nation:

As he tells it, today’s economy is the worst since the Great Depression. Without his Recovery and Reinvestment Act, he says, the economy will fall back into that abyss and may never recover.

He promised us that if his stimulus passed, he would be able to keep unemployment under 8%.  Now it’s in double digits.  The rate dropped 2/10ths of a percent this month from last, primarily due to the fact that more people are simply giving up even bothering to look for jobs:

The unemployment rate also dropped because fewer people are looking for work. The size of the labor force, which includes the employed and those actively searching for jobs, fell by nearly 100,000, the third straight decline. That indicates more of the unemployed are giving up on looking for work.

The participation rate, or the percentage of the population employed or looking for work, fell to 65 percent, the lowest since the recession began.  Once laid-off people stop hunting for jobs, they are no longer counted in the unemployment rate.

The bait-and-switch and shell games being played by the mainstream media and the White House propagandists continues at Titanic-about-to-plough-into-an-iceberg pace.  Bad economic news that is not as bad as it could have been is projected as good news, while seriously bad news is buried in the 22nd paragraph of an optimistically-entitled and positively-spun article.

What we have is a numbers game in which actual unemployment could literally soar, even as the “official” unemployment rate actually decreases.

But you can bet your boots that actual unemployment will continue to go up.

Obama and his propagandists have since incessantly argued that they “underestimated” how bad the economy that “Bush left them” actually was.  That’s how they explain away their pathetic failure to do what they promised they could do if the got their porkulus.  But that argument utterly fails because Obama repeatedly compared it to the Great Depression.  In fact, Paul Volcker, the Chair of Obama’s handpicked President’s Economic Recovery Advisory Board, back on February 20th actually told us the situation “may be WORSE than the Great Depression.”

So I’ll leave it to you to figure out how the Obama administration could have argued on the one hand that the economy was the worst since, or even worse than, the Great Depression on the one hand, and then turned around on the other hand and said that they didn’t realize how bad the economy actually was.  Because if you know anything at all about the terrible conditions of the Great Depression, you know that our present economic situation has never been even close to being as bad as the Great Depression.

But don’t worry.  If you feel left out because you haven’t been able to experience the Great Depression, Obama’s policies are making sure you’ll be able to enjoy a Great Depression of your own soon.

Now we know this was just liberals using a “crisis” as an “opportunity.” As Obama’s Chief of Staff put it:

EMANUEL: You never want a serious crisis to go to waste. What I mean by that is it’s an opportunity to do things that you think you could not do before. This is an opportunity.

The point is that this unemployment “crisis” is just another “opportunity” for Barry Obama to “fundamentally transform America” and pay off his pro-liberal corporate and union special interests doing it.

Obama’s decision to deliberately snub the U.S. Chamber of Commerce and the National Federation of Independent Business in a “job summit” was either pathologically petty, idiotically incompetent, or both.  And the American people are going to suffer as a result.

If anybody should have been snubbed from attending the jobs summit, Barry Hussein, it was YOU.

As for the three-quarters of American workers who get their jobs from small businesses, well, screw you people.  That’s the “change” you get.

Obama’s Vs. Bush’s Deficit In One Truly Scary Picture

July 15, 2009

Want to see something really scary?

Stop and think about this picture.  Realize that Democrats – who are and have been demagogues in every sense of the word – repeatedly positioned themselves as the party of fiscal responsibility against Bush spending.

And then the moment they get the chance – from the very first nanosecond – they blow up the budget deficit the way terrorists blew up the World Trade Center towers.

And, before anyone object to the comparison to terrorism, let me clarify myself even further.  Terrorists can only do so much damage.  What Obama did to the federal budget dwarfs anything terrorists could have done to us.  The commander-in-chief of the most powerful nation in history has declared total war on fiscal responsibility.  It’s actually woefully inadequate to compare what Obama did to the budget to a mere terrorist attack.

The Heritage Foundation introduces the discussion this way:

President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic which helps put President Obama’s budget deficits in context of President Bush’s.

Let me put it another way: Suppose I punch you in the mouth 100 times, sending you to the hospital on life support with a face that will never again be the same no matter how many reconstructive plastic surgeries you have.  Would it make you feel better if I told you that – next time around – I’d only punch you in the mouth fifty times?

The man who exploded a nation’s debt in a way never before seen in the entire history of the human  species is poising himself to take credit for his fiscal responsibility by only exploding it half as much as his initial nuclear blast.  And we’re actually supposed to be grateful for it!

It needs to be mentioned that this is just the spending Obama has proposed in the first 6 months of his term along with the forecasted trends that spending will entail.  It only stands to reason that the actual future spending will only increase, and these already truly terrifying numbers will only get worse over the next few years.  We literally aint seen nothin’ yet.

The generally reliably liberal Washington Post has said this:

President Obama’s ambitious plans to cut middle-class taxes, overhaul health care and expand access to college would require massive borrowing over the next decade, leaving the nation mired far deeper in debt than the White House previously estimated, congressional budget analysts said yesterday.

In the first independent analysis of Obama’s budget proposal, the nonpartisan Congressional Budget Office concluded that Obama’s policies would cause government spending to swell above historic levels even after costly programs to ease the recession and stabilize the nation’s financial system have ended.

Tax collections, meanwhile, would lag well behind spending, producing huge annual budget deficits that would force the nation to borrow nearly $9.3 trillion over the next decade — $2.3 trillion more than the president predicted when he unveiled his budget request just one month ago.

Although Obama would come close to meeting his goal of cutting in half the deficit he inherited by the end of his first term, the CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would “not be sustainable.”

The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 — double last year’s level — and threaten the nation’s financial stability.

“This clearly creates a scenario where the country’s going to go bankrupt. It’s almost that simple,” said Sen. Judd Gregg (N.H.), the senior Republican on the Senate Budget Committee, who briefly considered joining the Obama administration as commerce secretary. “One would hope these numbers would wake somebody up,” Gregg said.

Probably not, given that we are a ship of fools captained by the worst fool in American history.

You know what is interesting?  Look at what the Democrats said against Bush’s – now in historical context against Obama’s – incredibly tiny deficits (you DO realize that Bush’s deficits virtually amount to a rounding error compared to Obama’s massive ocean of red ink, don’t you?).  From the Left Coaster:

CBO Budget Deficit Estimates Too Low-Dems Attack Bush

After the Congressional Budget Office officially issued the staggering news of $400+ billion deficits for this year and next, the Democratic candidates on the campaign trail in unison hit Bush hard today on his fiscal mismanagement. Several even got in some good lines while doing so. […]

Those figures prompted criticism from Democrats, such as Howard Dean, who has called for a repeal of Bush’s tax cuts. “The president has not only destroyed three million jobs, he is destroying the financial future of our children with these crazy tax cuts for the top 1 percent,” the former Vermont governor said in a telephone interview.

“It’s obvious this administration doesn’t have the slightest clue about how to get this economy back on track, get Americans back to work and get our nation’s finances under control,” said Sen. John Kerry of Massachusetts, who added, “it is time to admit what millions of unemployed Americans already know – that the economic policies of George W. Bush are the worst in our nation’s history.”

Said Sen. Joe Lieberman of Connecticut: “The tide of red ink is rising higher than ever before. And the best George W. Bush can do is ask the American people to hold their breath. That’s unfair to our kids and unacceptable for our economic health.”

John Edwards, a senator from North Carolina, said the record deficits indicate it’s time to say “enough of the unaffordable tax breaks for corporations and the wealthy … and enough of pretending that deficits just don’t matter.”

Rep. Dick Gephardt of Missouri, cited the deficits as well as job losses as proof that the president’s “tax-cut economic policy is failing, it’s not helping ordinary taxpayers.”  […]

But the best line of the day came from Bob Graham.

Sen. Bob Graham of Florida, in a variation of a line from John F. Kennedy’s inaugural address, said Bush “is telling the world that Americans shall defer any price, unload any burden on our children, postpone any hardship for ourselves to give tax cuts to the wealthiest Americans.” […]

There are three items from the CBPP analysis that should be in the Democrats’ line of attack next year: […]

In other words, two-thirds of the $10 trillion deterioration is a direct result of actions taken by George W. Bush. […]

If the Democrats cannot win an election on those issues, then frankly the country deserves what it gets. These are George Bush’s deficits, and the voters need to be reminded of that every day between now and next November.

For the record, unemployment was 4.4% in 2006 when Nancy Pelosi and Democrats took over the House and Harry Reid and Democrats took over the Senate.  And the Dow was close to 12,000.  But, apparently, total Democrat control of the House and the Senate somehow still never translated into any kind of Democrat responsibility for the slide that only began after they took power over Congress.

Democrats – being demagogues – repeatedly blamed the deficits on the Bush tax cuts (because it enrages them that the American people should be allowed to keep more of the money that they earn).  But the reality is actually quite straightforward, as the Wall Street Journal evidences:

Tax rate reductions increase tax revenues. This truth has been proved at both state and federal levels, including by President Bush’s 2003 tax cuts on income, capital gains and dividends. Those reductions have raised federal tax receipts by $785 billion, the largest four-year revenue increase in U.S. history.

Liberals cannot even allow for the possibility that tax cuts might generate more revenue.  So – as the following New York Times article exemplifies – they must be perennially surprised when tax cuts create larger tax revenue by stimulating more investment.  It simply astonishes liberals that if government allows me to keep more of what I produce, that I might be inspired to try to produce even more.

“For the first time since President Bush took office, an unexpected leap in tax revenue is about to shrink the federal budget deficit this year, by nearly $100 billion.

On Wednesday, White House officials plan to announce that the deficit for the 2005 fiscal year, which ends in September, will be far smaller than the $427 billion they estimated in February.”

It wasn’t Bush’s tax cuts that created deficits; they clearly RAISED revenues, rather than lowered them.  What created the deficits was massive spending (on 9/11, on Iraq, on Afghanistan, on Katrina, on the huge Bush Medicare drug benefit, etc. etc.).

Massive spending.  You know, like Obama is doing now – ONLY A HELL OF A LOT WORSE THAN ANYONE IN HUMAN HISTORY HAS EVER EVEN CONTEMPLATED BEFORE.

But let’s put blame where blame belongs: Presidents are responsible for deficits.  As Democrats repeatedly pointed out.  Which is why any fair-minded Democrat (as though there actually were any) should be screaming in rage at the Obama insanity.

Now we see what massive hypocrites and incompetents Democrats truly are.  They didn’t scream at Bush’s deficits because they wanted fiscal responsibility; they only demagogued an issue for rhetorical benefit.  They falsely positioned themselves as the party of fiscal responsibility – which was a joke even before Barack Obama came along and demonstrated it for the sickest and most twisted joke ever told.

As a conservative, I DO criticize the huge deficits under George Bush.  And I apply that same “fiscal responsibility” lens on Obama and see the worst economic manager in the history of the world.