Posts Tagged ‘interest payments’

How The United States Of America Will Catastrophically Financially Implode SOON

October 15, 2013

Let’s start with this:

China calls for dollar to be replaced as global reserve currency
Upset that the U.S. fiscal impasse threatens to trigger a default that would roil financial markets worldwide, Beijing suggests ‘building a de-Americanized world.’
By Jim Puzzanghera
October 14, 2013, 5:23 p.m.

WASHINGTON — Five years after the U.S. financial crisis helped cause a deep global recession, foreign leaders are worried that history is going to repeat itself.

The fiscal impasse that has partially shut the federal government now threatens to trigger a U.S. default that would roil financial markets worldwide, leading an agitated China to suggest replacing the dollar as the international reserve currency.

“As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world,” China’s official state-run news agency, Xinhua, said in an English-language commentary Sunday.

There is no viable alternative to the dollar as the centerpiece of the global financial system, and there probably won’t be for the foreseeable future, experts said.

But Washington’s debt limit standoff — coming on the heels of similar brinkmanship in 2011 — could accelerate efforts to find an alternative.

“The U.S. remains the core of the global financial system at this point,” said Nicolas Veron, a senior fellow at Bruegel, a think tank in Brussels. “But the sort of thing happening in the U.S. might move people toward a system less reliant on the U.S.”

China echoed calls from world financial officials urging an end to what it called the “pernicious impasse” in the U.S. over funding the government and raising the $16.7-trillion debt limit.

The Treasury Department has said the debt limit must be raised by Thursday or it will run out of borrowing authority. That would leave it dependent on just cash on hand and incoming revenue to pay the federal government’s bills. Given the world financial system’s dependence on the dollar, a default on payments of interest or principal on U.S. Treasury bonds would be catastrophic for the global economy, analysts said.

Treasury bonds and other dollar-based investments are used as the main form of collateral worldwide, so questions about their security would cause more problems than the financial system failures in fall 2008, said Benjamin J. Cohen, an international political economy professor at UC Santa Barbara.

“It would make the Lehman Bros. episode look like a garden party by comparison,” Cohen said.

The U.S. debt limit standoff was the main topic at the recent meetings in Washington of the International Monetary Fund and the World Bank.

Global finance ministers are worried that the uncertainty surrounding a U.S. default “would mean massive disruption the world over, and we would be at risk of tipping yet again into a recession,” Christine Lagarde, head of the IMF, told NBC’s “Meet the Press.”

Most countries hold their foreign exchange reserves in U.S. dollars because the currency is viewed as the world’s most stable.

“The very fact that more than 60% of central banks’ reserves are in dollars gives them every reason to be concerned,” Barry Eichengreen, a professor of economics and political science at UC Berkeley and a former senior policy advisor at the IMF, said of foreign governments. “If the bank in which you held 60% of your savings was threatening to default, you’d be concerned too.”

U.S. financial markets rebounded Monday amid optimistic reports from Capitol Hill about negotiations between Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) to end the standoff.

China is the largest foreign holder of U.S. debt, with about $1.3 trillion in Treasury bonds, and probably more in other dollar-denominated investments. So the Beijing government is worried about the effect of a U.S. failure to raise the debt limit on those holdings.

The Xinhua editorial took swipes at the U.S. for claiming “the moral high ground” while “covertly doing things that are as audacious as torturing prisoners of war, slaying civilians in drone attacks, and spying on world leaders.”

Although it slammed the U.S. for the Iraq war and military activity around the world, the article focused much of its fire on the U.S. role in the global economy, saying “the world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites.”

“Most recently, the cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising debt ceiling has again left many nations’ tremendous dollar assets in jeopardy and the international community highly agonized,” Xinhua said.

The editorial called for a “a new world order” in which “all nations, big or small, poor or rich, can have their key interests respected and protected on an equal footing.”

That new order should start with respect for the sovereignty of other nations, the editorial said. It also should include major financial reforms, such as allowing developing and emerging economies to have more say in the operations of the IMF and the World Bank.

China has been pushing since at least 2009 for the dollar to be replaced as the world’s reserve currency. The nation has not only called for a new international currency to be developed but also has been taking steps to make its currency, the yuan, more acceptable as a potential alternative.

“They never lose an opportunity to take advantage of embarrassing behavior by the United States,” Cohen said. China made similar calls in 2011, when a debt limit standoff was resolved at the last minute.

But the Chinese currency and its financial system are not ready to be the world’s reserve currency, experts said. Even the euro and Japanese yen aren’t prepared to do that because they lack the liquidity of the dollar.

Still, the latest Washington crisis could push the world to seek ways to diversify the financial system away from its dependence on the dollar, Cohen said.

“The only thing that can hurt the dollar these days is political dysfunction in Washington. We’re shooting ourselves in the foot,” he said. “The more we play these games in Washington, the less confidence people will have in the dollar and the more incentive people will have to do this diversification.”

The first thing I couldn’t help but notice is how communist China’s demagoguery sounds almost exactly like Obama’s demagoguery.  They’re both talking down America hoping that the worst will happen to this country because each (i.e, China and Obama) believes their political goals will be attained through America’s demise.  But moving on…

I don’t know whether the Los Angeles Times – which is staffed by liberal ideologue propagandists as opposed to actual “journalists” is simply being incompetent in this story or being the propagandists that they are (i.e., the backstory is that the “default” is the Republicans’ fault, and ergo sum the global meltdown over the “default” will be all the Republicans’ fault, too).  But here’s a fact that kind of pees all over some of the main assertions in this story:

From November 24, 2010 (the money quote is boldfaced at the end):

China and Russia have agreed to allow their currencies to trade against each other in spot inter-bank markets.

The motive is to promote the bilateral trade between China and Russia, facilitate the cross-border trade settlement of [the yuan], and meet the needs of economic entities to reduce the conversion cost, according to Chinese officials.

This latest move — a continuation in a series of efforts by both countries to move away from  U.S. dollar usage in international trade — further threatens the dollar’s reserve currency status.

The dollar has this status because it is currently the currency of international trade.

For example, when Malaysia and Germany exchange goods, the transaction is often denominated in dollars.  In particular, oil — something that all modern economies need — is denominated in U.S. dollars, so the currency is almost as indispensable as oil itself.

The dollar reserve currency status allows the U.S. to run up high deficits and have its debt be denominated in the U.S. dollar, which in turn enables it to print unlimited dollars and inflate its way out of debt. America, understandably, wants to protect these privileges. […]

Meanwhile, China and Russia are gradually revolting against the U.S. dollar. This latest move to shift bilateral trade away from it is significant in itself because China-Russian trade — previously denominated in dollars — is currently around $40 billion per year. For Russia, trade with China is larger than trade with the U.S.

Moreover, as this policy extends to Russian exports of oil and natural gas to China, it threatens the global petro-currency status of the U.S. dollar.

According to the International Energy Agency, China is already the largest consumer of energy,  although the U.S. is still the largest consumer of oil. However, China, now the largest automobile market in the world, is expected to rapidly increase oil consumption.

Russia is already the second biggest oil exporter and the biggest natural gas exporter in the world.

In other words, the growing importance of Russia and China in the global energy picture — and their phasing out of dollar usage for trading energy commodities — would marginalize the status of the dollar.

Russian ambitions against the dollar for energy exports go back to 2006. That year, former President Vladimir Putin made plans to set up a ruble-denominated oil and natural gas stock exchange in Russia.

So, in fact and contrary to the Los Angeles Times “reporting,” the movement away from the U.S. dollar as the reserve currency in fact PREDATES the financial crisis – and goes back to at least 2006 (I would argue it goes back even further than that, but I’ve proven my point: the financial crisis happened in late 2008).  So the LA Times is simply wrong in its thesis that the debt ceiling issue – which they over and over again hype as a “default” – is just plain bogus.

When we consider that Barack Obama demonized George Bush and ostentatiously voted against his debt ceiling (and didn’t bother to even show up and vote when the debt ceiling was raised other times during the Bush years – such that HE NEVER DID VOTE FOR A BUSH DEBT CEILING INCREASE other than when he voted for TARP – you also see the deceitful and dishonest propaganda that is going on.  It’s always “that was then” with these people; it’s always “It’s only fascist when THEY do what we did” with them.  Such as the fact that Obama did a press conference demonizing the GOP for not voting for his debt ceiling hike without ever bothering to so much as mention the fact that Obama did the exact same damn thing and how could the Republicans be anything but just as evil as the man who was now demonizing them???

Nor will that same blatantly dishonest media point out that Democrats shut down the government over the debt ceiling EIGHT TIMES during the Reagan presidency.  Because that would prove the lie to Obama’s “this has never happened before” and “no party has ever been this bent on destroying America” load of garbage.

Nor will they point out that it has largely – if not exclusively – been OBAMA who has fearmongered the debt ceiling rather than the Republicans.

The dishonesty of the mainstream media is simply breathtaking.

Having said that, let’s continue and examine this “default.”  Because it, too, is just a lie of propaganda:

Black’s law dictionary has this to say about “default”: The omission or failure to fulfill a duty, observe a promise, discharge an obligation, or perform an agreement [or observe a promise or discharge an obligation (e.g. to pay interest or principal on a debt when due ].

Come October 17 if our dysfunctional Washington hacks do not raise our debt ceiling, ominous forecasting of imminent default on our $17 trillion burden pound the airwaves. Prevarications foisted by the progressive press-corps regarding the United States becoming delinquent on its Treasury debt are as preposterous as they are disingenuous.  Whether premeditated lying or, equally likely, out of a stark darkness of matters economic the result is the usual fear mongering we have come to expect from their rumor mills.

Inconvenient as they may be, some facts are in order. The fiscal 2013 debt service for the twelve months ending September 30 will be somewhere around $420 billion. (Per the Bureau of Fiscal Service the actual figure of 11 months through August was just under $396 billion). IRS revenues for the calendar 2012 tax year will probably be around $2.3 trillion. That equates to over a five and a half times debt service coverage. So having enough money is not even close to the issue. There has been some discussion of what some are naming “prioritization of payments”.

Democrats are truly evil to fearmonger a “default” to falsely demonize and slander their opponents at the expense of the U.S. economy.  And Barack Obama is the most recklessly irresponsible president in the entirety of American history to join them in their lies.

To wit, we could easily pay our debt and NOT default.  And we could do that for not months but for years to come, if necessary.

If that isn’t enough, Republicans have already done the leg work to prevent any kind of “default”:

Sen. Pat Toomey and more than 30 Senate colleagues will introduce the “Ensuring the Full Faith and Credit of the United States and Protecting America’s Soldiers and Seniors Act.”

The bill is meant to offer a stop-gap if Congress refuses to raise the debt ceiling and the Treasury Department thus falls short of having enough cash to pay all the government’s bills in full and on time.

Toomey’s proposal would require that revenue going to Treasury first be used to pay interest on U.S. debt, Social Security benefits and active-duty military pay.

If there’s not enough revenue available to cover those payments when they’re due, the bill would also give limited authority to Treasury to raise the debt ceiling just enough to borrow the difference between revenue on hand and what’s owed on the priority payments.

I’ve pointed out the fact: if there IS a “default,” it will be because Barack Hussein refused to allow the Treasury to make the interest payment that the United States could in fact make.  He has already demonstrated that he is a genuinely evil man who is trying to make the political impasse as harsh and as painful as he possibly can in order to falsely demonize Republicans.

There is one and only one genuine fact in the Los Angeles Times piece: that of China’s demand that the United States be replaced as the reserve currency of planet earth.

That WILL happen soon.  Because Democrats WILL NEVER REIGN IN THEIR DEMONIC SPENDING.

The true debt of the United States is not the “paltry” $17 trillion that we keep hearing about; it is actually well WELL over $222 TRILLION.  Our actual debt, our “fiscal gap” between our debts and our ability to actually pay for all the crap Democrats keep imposing on America, is going up about one trillion dollars every single MONTH.  Because politicians are liars who paper over debts with more debts and then cover those debts up with still more debts.

Democrats are the worst addicts who ever existed.  Heroin, coke, crank, meth, crack addicts got NOTHIN’ on Democrats.  Because Democrats are addicted to money and the power that their money buys them – and they are addicted to it TRILLIONS OF DOLLARS AT A TIME.

The only reason Democrats can keep this insane game of insane spending going is because America is the world’s reserve currency.  The fact that all commodities such as oil are bought and sold in U.S. dollars has given us an unprecedented ability to basically just print money and keep escaping the consequences.

We have been just plain flat-out DEPRAVED in our spending.

As an example, do you know what triggered to insanely-titled-by liberals “Arab Spring” in which Arab regimes fell to be replaced again and again by terrorist-sponsored governments?  Food riots induced by Obama’s Fed as they kept printing more and more money and basically just adding more and more zeroes to the Federal Reserve computers.  As we printed more money, the Arab states that depended on the stability of the dollar saw massive inflation (because THEY can’t print more dollars their dollars became worth less = worthless).

Well, as Obama’s reverend once said, the chickens are about to come home to roost.  And they will roost on a collapsed, doomed, dead former United States of America.  And very soon.

One day, soon, the world will have had enough.  One day, soon, our stint as being the reserve currency and maximally exploiting that status with reckless and immoral spending that we can’t possibly afford will be ended FOR us.

And China will step in and take ownership.  And kick you and our family out of your home in the cold if you can’t pay their “damned American imperialist” rent surcharge.

Our time is coming.  We’ll get ours.  We’ll get what we deserve as a nation for being wicked enough to elect and then re-elect Obama: we’ll get Dodo bird extinction just like we deserve.

The United States is nowhere mentioned in Bible prophecy; that’s because America will have collapsed and simply be irrelevant as we enter these last days just before the beast of the Book of Revelation comes to impose his mark and doom the world to suffering and hell.

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If Nation Defaults, It Is ENTIRELY Obama’s Fault

October 7, 2013

Today Obama went to FEMA to thank them for working without pay.  That was his pretense, anyway.  Actually, he went to get in front of a microphone and demonize Republicans some more.

Here’s a short article that sums up the situation quite nicely:

Obama thanks FEMA for work during shutdown
Posted: Oct 07, 2013 9:51 AM PDT Updated: Oct 07, 2013 9:52 AM PDT
By JOSH LEDERMAN
Associated Press

WASHINGTON (AP) – President Barack Obama is thanking workers at the Federal Emergency Management Agency for doing their jobs under “less than optimal circumstances” during the government shutdown.

Obama made an unannounced visit to FEMA Monday as the shutdown neared the one-week mark. Some furloughed employees at the agency were recalled last week and worked without pay to help prepare for Tropical Storm Karen.

The president said FEMA employees remain ready to respond when needed, but their jobs have been “made more difficult.” He says the shutdown may actually end up costing taxpayers more money.

Funding for FEMA was among the series of piecemeal spending bills passed by the House last week. The White House has threatened to veto the measures, saying the government should not be reopened one agency at a time.

Do you get that, stupid universe?  FEMA isn’t shut down because Republicans shut them down; because REPUBLICANS FUNDED FEMA and a lot of the rest of the government.  No, FEMA is shut down because Democrats who control the Senate won’t allow the House-passed bill to go forward, and because if anybody tries to fund FEMA and pay those workers, BARACK OBAMA WILL VETO IT.

THAT’S why FEMA is on furlough.

But we live in an age just before Obama implodes America, sends the world into depression and the beast of the Book of Revelation comes.  And so the truth has largely been replaced by demon-possessed lies.

Here’s another reason that Obama rabidly refuses to negotiate or compromise in any way, any shape or any form as we approach a debt default:

Said a senior administration official: “We are winning…It doesn’t really matter to us” how long the shutdown lasts “because what matters is the end result.”

Obama and Charlie Sheen have something in common: they’re not bi-polar; they are BI-WINNING.

That and the fact that they are both demonic people who have a truly psychotic worldview.

Obama has been shutting down things left and right for the sole purpose of making the shutdown as painful for as many people as he can.  He’s shut down WWII memorials and things like the Lincoln Memorial that have NEVER been closed during ANY of our previous government shutdowns:

The Park Service appears to be closing  streets on mere whim and caprice. The rangers even closed the parking lot at Mount Vernon, where the plantation home of George Washington is a favorite tourist  destination. That was after they barred the new World War II Memorial on the Mall to veterans of World War II. But the government does not own Mount Vernon; it is privately owned by the Mount Vernon Ladies’  Association. The ladies bought it years ago to preserve it as a national  memorial. The feds closed access to the parking lots this week, even though the  lots are jointly owned with the Mount Vernon ladies. The rangers are from the government, and they’re only here to help.

“It’s a cheap way to deal with the situation,” an angry Park  Service ranger in Washington says  of the harassment. “We’ve been told to make life as difficult for people as we  can. It’s disgusting.”

“We’ve been told – by OBAMA through his federal government demon-possessed bureaucrats – to make life as difficult for people as they possibly can.”  Quote.  And you’re damn right it’s absolutely disgusting.

Do you know that at all of these memorials that Obama has shut down for no other reason that to be petty and vindictive is that he’s using more security guards to keep the American people OUT of their monuments than were being used to just keep them open???

That was what Sen Rand Paul was mocking when he tweeted:

@BarackObama sent 7 security guards to this AM to keep out our vets. Sadly, that is 2 more than were present in Benghazi.

Obama tried to shut down the Army-Navy football game – again, for the first time EVER during one of our many government shutdowns – just because he’s a petty tyrant and that’s the kind of cheap trick that a petty tyrant does:

ANNAPOLIS, Md. —  On a beautiful fall day, the parking lot at Navy-Marine Corps Memorial Stadium was filled with fans and tailgate parties. A record crowd of 38,225 showed up Saturday for the football game between Navy and Air Force.

Navy athletic director Chet Gladchuk looked at the activity around him and smiled. After tumultuous week, he was right where he was supposed to be Saturday.

The Air Force-Navy game was in serious jeopardy on Tuesday, when the Department of Defense suspended athletic competition at the nation’s service academies because of the U.S. government shutdown. At that point, Gladchuk took action to convince the DOD that the game should be played because it was funded by non-appropriated money.

His effort paid off. Late Wednesday night, the DOD relented. […]

“There was some concern, but I was hopeful it would happen because they’ve never canceled a Navy football game during a government shutdown,” Lang said.

“Navy athletics is privately funded,” Miles said. “The idea of them trying to cancel a game between two service academies is appalling.”

There’s another word to use to describe Obama’s thug tactics in addition to “disgusting”: “appalling.”

Obama the thug has his White House thugs and federal government thugs frantically trying to close down absolutely everything they can possibly close down just to hurt as many people as they can.  EVEN WHEN FEDERAL FUNDS AREN’T EVEN BEING USED.  Just so Obama can falsely blame Republicans even though the only part of government they basically HAVEN’T funded is demonic ObamaCare fiasco.

I recently pointed out a few other examples of just how positively VILE Obama and his Democrat stooge-thugs have been during this period.

But here’s another one that is just so utterly beyond “appalling” or “disgusting” that “vile” hardly is enough to describe it: Obama closed down the Amber alert system created to find kidnapped children before a pedophile can rape them.

And if it comes to it, believe me, Obama is thug enough and petty enough to order this, too, joke or no joke.  He’s just that demonic.

But you still haven’t grasped the true, genuine evil that is Barack Obama.  He’s actively trying to sabotage our economy just so he can blame the other party for what HE did.  Democrats are accusing Republicans of being “economic terrorists.”  But let’s take a look at our “Economic Terrorist-in-CHIEF”:

Washington (AFP) – President Barack Obama sent Wall Street a blunt warning Wednesday that it should be very worried about a political crisis that has shut down the government and could trigger a US debt default.

Obama said he was “exasperated” by the budget impasse in Congress, in an interview with CNBC apparently designed to pressure Republicans by targeting the financial community moments after markets closed.

The president then met Republican and Democratic leaders for their first talks since the US government money’s ran out and it slumped into a shutdown now well into its second day.

But few informed observers held out much hope for a sudden breakthrough.

Obama was asked in the interview whether Washington was simply gripped by just the latest in a series of political and fiscal crises which reliably get solved at the last minute.

In unusually frank comments on issues that could sway markets, Obama warned that investors should be worried.

“This time’s different. I think they should be concerned,” Obama said, in comments which may roil global markets.

“When you have a situation in which a faction is willing potentially to default on US government obligations, then we are in trouble,” Obama said.

Obama said he would not negotiate with Republicans on budget matters until House lawmakers pass a temporary financing bill to reopen federal operations and raised the $16.7 trillion dollar debt ceiling.

This is the bottom line: in a couple of weeks, America faces a debt ceiling issue.

Keep in mind that if Republicans act like Obama, they will vote against EVER raising the damn debt ceiling.  Remember what Obama said when he was a Senator to demonize George W. Bush???

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.”

And:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”

That was when it was $9 trillion.  IT’S VERY NEARLY DOUBLE THAT NOW, THANKS TO OBAMA’S UTTER DEPRAVITY.

HOW WAS IT “IRRESPONSIBLE” AND “UNPATRIOTIC” TO INCREASE THE DEBT CEILING WHEN IT WAS $9 TRILLION BUT NOT SO NOW WHEN THE DEBT IS 17 TRILLION???  Other than that it isn’t fascist when Obama does it???

You need to realize something: the real crisis of this debt ceiling impasse is that America could find itself unable to make the interest payments on the debt – which would be a default on America’s perfect credit.

Do you know why that could happen?  Do you know who would be entirely to blame if that does happen?

Barack Hussein Obama, thug, liar and traitor, that’s who.

Our interest payments on the debt amount to about $25 billion a month.  That sounds like a lot, but during any shutdown or debt ceiling impasse, the United States still raises far more in taxes every single month.  And it would just be a matter of arranging to prioritize the payments on the debt and to assure the credit markets that we will be doing so in order to maintain confidence.

But Obama doesn’t want that.  He wants to create as much pain and misery and destruction as he can.  Because he wants to trot out to every single dishonest propagandist mainstream media microphone and slander the Republican Party for doing what OBAMA DID.

There is absolutely no chance of a true default if Obama does what any leader who isn’t completely morally insane would do.  It is entirely under Obama’s authority to make those interest payments.  And to complete the picture, the Republicans have already approved this and other payments.  Absolutely nobody but Obama would be to blame.

If the United States defaults on its interest payments and creates a market meltdown, it is because Obama – who could easily avoid that merely by making the interest payments that are his authority to make – wants to create a market meltdown.

And the fact of the matter is that Barack Obama is an evil enough man to make that happen.

Barack Obama has rabidly refused to negotiate.  Literally, he is the first president in the history of the republic to refuse to negotiate – in spite of his many lies to the contrary.  In fact, the debt ceiling has been raised 63 times since 1979 – and fully 27 of those times, the debt ceiling was directly linked to other issues.  For instance, in 1973, Ted Kennedy and Walter Mondale – both top national Democrats – attempted to link the debt ceiling to campaign finance reform.

And in every single case up to now, the president was enough of a grown-up to NEGOTIATE AND BE WILLING TO COMPROMISE.

I am so sick of Obama’s and his administration’s constant spewing of outright lies.

If the Republicans follow the example set by the president, they will likewise refuse to negotiate and allow the country to slide off a cliff.

Obama Says Economy A Lot Worse Than He Thought When He Took Office. Which Is To Say He’s Incompetent And Clueless And Shouldn’t Be Trusted Now.

October 3, 2012

That’s a central part of Obama’s case now.

Back then, he said that if his $862 billion stimulus (which is actually a $3.27 trillion boondoggle) was passed, unemployment would never exceed 8 percent and we’d have 5.4 percent unemployment by now.  It became obvious very quickly even to he lefties at CBS News that the Obama administration had made completely bogus claims.  Which is a polite way of saying they either completely lied out of their asses or that they were incompetent beyond belief.  Obama also said back then that he had three years to fix the economy and he wouldn’t deserve to be reelected and his presidency would therefore be a one-term proposition if he couldn’t get it done.

Of course, history now records that Obama didn’t actually make the economy better; he simply changed his bullcrap to a slightly different brand of bullcrap in the hopes you won’t be able to smell the bullcrap.

Four years of bogus promises later, Obama is now saying that the economy was far worse than he thought it was and of course you therefore can’t hold him responsible for what he said back then.  Let’s put aside that when Obama took office, he kept saying this was the worst situation since the Great Depression, which would imply he understood it was pretty much REALLY, REALLY BAD given the obvious rhetorical question, “And what the hell is worse than the Great Depression?”  Let’s also put aside the fact that the economy would have come ROARING back if an incompetent bureaucrat hadn’t kept throwing monkey wrenches into it while claiming he was fixing it.

Okay.  So how are we going to be able to EVER hold him responsible?  I mean, he’s saying he’s made the economy better now and he’s on the right track to fix everything.  Maybe he’s just as wrong as he was back then when he was also wrong, wrong, wrong.  Obama by his own lame excuse didn’t know jack squat back then and he still doesn’t know jack squat now.  So the world’s squirmiest political weasel says the only thing that a squirmy political weasel can say now that four years of his policies have failed: namely that it wasn’t his policies that failed; it was the rest of the world around him.  So how can you hold a liberal president responsible for not understanding the real world???

We just found out that our spending is actually escalating.

October 2, 2012
Congratulations Barry: 2012 budget deficit exceeds 2011 shortfall
Rick Moran

It  was close. A lot of us didn’t think he could do it. But we should have realized by now that when it comes to spending money we don’t have, Barrack H. Obama is the  champion.

CNS  News:

According to the U.S.  Treasury, the debt of the U.S.  government climbed by a total of $1,275,901,078,828.74 in fiscal 2012, which  ended yesterday.

That means  the federal government borrowed approximately an  additional $10,855  for each household in the United States just over the  past twelve  months.

The  total debt of the United States now equals approximately $136,690 per  household.

In  fiscal 2011, the debt increased by about $10,454 per household–$401  less than the $10,855 per household increase of 2012.

The  $1.2758 trillion that the debt increased in fiscal 2012 was about  $47.18  billion more than the $1.2287 trillion that the debt increased  in fiscal  2011.

The  federal fiscal year begins on Oct. 1 and ends on Sept. 30.

At  the close of business on Sept. 30, 2011, the total debt of the  U.S. government  was $14,790,340,328,557.15, according to the Treasury.  At the close of business  on Sept. 28, the last business day of fiscal  2012, it was  $16,066,241,407,385.89

That  meant the debt increased in fiscal 2012 by  $1,275,901,078,828.74.

At  the close of business on Sept. 30, 2010, the debt had stood at   $13,561,623,030,891.79.  Over the course of fiscal 2011, it increased by   $1,228,717,297,665.36 before closing at 14,790,340,328,557.15 on Sept.  30,  2011.

The  fiscal 2012 increase of $1,275,901,078,828.74 exceeded the fiscal 2011 increase  $1,228,717,297,665.36 by $47,183,781,163.38

Excuse  me, math is not one of my strong subjects but shouldn’t the budget deficit be,  like, you know, going down every year instead of going  up?

Sorry  – my bad. For a minute, I thought we were living in an alternate reality where  people actually took things like trillion dollar deficits seriously. I will now  return to La-La Land and make happy faces because President Obama has the  situation well in hand.

Obama – the man who demonized George Bush for adding $4 trillion in debt over eight years – has run up $6 trillion in four.  A full third of the entire US debt accumulated over the nation’s entire history has come under Obama’s presidency.

We’re like Europe now for the first time in American history under Obama: our economy is smaller than our debt and while our economy keeps shrinking because of the fool-in-chief’s stupid policies, our debt keeps heading straight up into space like a rocket.

We’re paying $9 billion a damn WEEK in interest servicing our debt – and most of that is going to China.  Just imagine that: if you had just one lousy day’s worth of America’s INTEREST payment, you’d be a billionaire and one of the richest people on the planet.  And even Obama’s own budget states that the interest on the national debt is about to quadruple.

CNN had an interesting article on how Obama has “fundamentally transformed America” into a deadbeat debtor nation way back in late 2009 after Obama’s spending rampage:

$4.8 trillion – Interest on U.S. debt
By Jeanne Sahadi, CNNMoney.com senior writerDecember 20, 2009: 7:37 AM ET

NEW YORK (CNNMoney.com) — Here’s a new way to think about the U.S. government’s epic borrowing: More than half of the $9 trillion in debt that Uncle Sam is expected to build up over the next decade will be interest.

More than half. In fact, $4.8 trillion.

If that’s hard to grasp, here’s another way to look at why that’s a problem.

In 2015 alone, the estimated interest due – $533 billion – is equal to a third of the federal income taxes expected to be paid that year, said Charles Konigsberg, chief budget counsel of the Concord Coalition, a deficit watchdog group.

[…]

Let’s go over Obama’s spending in 2009: there was the $862 billion stimulus (which again will ultimately cost America $3.27 TRILLION); there was the $410 billion Omnibus he passed a couple of months later; there was the $79 billion GM auto bailout which broke contract law and robbed the guaranteed secured bondholders to give the farm to Obama’s union allies; oh, and there was the $350 billion in TARP money that Obama voted for and requested that Bush leave for him that he spent.  And of course Obama spent that entire year fighting to pass his $2.6 trillion ObamaCare debacle that he promised would cut insurance premiums by $2,500 a year but instead raised them by $3,000 a year.

The stimulus that was sold on the promise of “shovel-ready jobs” ended up, even in Obama’s own words, being “not as shovel-ready as we thought” as it completely and utterly failed to do anything but bankrupt America and transform this nation into debt-slaves.

Obama has been wrong about absolutely everything he ever said.  Now he’s implicitly arguing, “I was wrong about the lies I told you back then, but why don’t you trust my current lies now?”

Fearmongering Obama Holding Gun To Seniors’ Heads With Social Securty Threat. The FACT Is He Is A Lying Demagogue

July 18, 2011

The words of Barack Hussein Obama, our fearmonger-in-chief:

Obama in an interview with CBS said he couldn’t guarantee Social Security checks would be sent out on Aug. 3 if Congress did not raise the debt ceiling by Aug. 2, when the Treasury Department has said it will no longer have the money to pay all of the U.S. bills

Republican Allan West is entirely right in saying, “That’s fear mongering that’s not leadership, that’s sad and pathetic.”

Allow me to point out first of all that this fearmongering from Obama is nothing new.  Allow me to quote a Wall Street Journal article from almost immediately after Obama was sworn in as president:

“President Barack Obama has turned fearmongering into an art form. He has repeatedly raised the specter of another Great Depression. First, he did so to win votes in the November election. He has done so again recently to sway congressional votes for his stimulus package.”

Obama’s fearmongering then resulted in our undertaking a suicidal $3.27 TRILLION pork-laden “stimulus” that has massively failed to do what Obama promised it would do at a giantic cost to our children.  But he is an evil, cynical loathsome man who has experience in the fact that the lowest common denominator often wins.

Let’s move on to a demonstration of a man who is A) a liar; B) a fearmonger; and C) the worst kind of demagogue.  Let me begin by citing the Bipartisan Policy Center:

Bipartisan Policy Center: U.S. Won’t Default on Debt If Congress Fails to Raise Debt Ceiling
Posted in Weekly Standard – 8 July 2011 – No comments

With under a month left until the U.S. hits its statutory limit to borrow more money, Republicans and Democrats continue to disagree about what exactly would happen if Congress and the president fail to reach an agreement that raises the debt ceiling.

“Failure to raise the limit would precipitate a default by the United States,” wrote Treasury Secretary Timothy Geithner earlier this year. No, that’s not true, say Republicans. There’s enough federal revenue to pay the interest on the debt as well as fund the troops and entitlement programs.

According to a study by the Bipartisan Policy Center (BPC), Treasury could indeed avoid a debt default by prioritizing payments, but failure to raise the debt ceiling would mean deep and immediate cuts.

Which is to say that Democrats are lying and fearmongering, and Republicans are telling the truth.  But seriously what else is new???

And, with that, a piece of an article from Market Watch that provides the numbers to support what the Republicans are saying and to factually disprove what lying Obama is saying:

Q: What is a default?

A: In this case, a default would be the failure by the U.S. Treasury to make payments of principal or interest on its debt in a timely manner.

Q: In a given month how much does the Treasury owe as interest on its debt?

A: Roughly about $15–20 billion (more on this in a moment).

Q: How much revenue does the Treasury take in on average in a month?

A: Roughly about $200 billion.

Q: Are you saying the Treasury could pay interest on its debt 10 times over (or more) from monthly income?

A: Yes.  Therefore the likelihood of not paying interest on its debt is zero.

Q: But, what about redeeming bonds that come due?

A: As bonds come due, the Treasury would again use monthly income to pay them off. This would lower the debt owed beneath the so-called debt ceiling.  Then, the Treasury could turn around and issue debt in that amount up to the debt ceiling.

Q: Why then do Treasury Secretary Geithner and others in government make such apocalyptic statement about the horrors of default.

A: I’m afraid Secretary Geithner and others in government are doing the moral equivalent of yelling “Fire!” in a crowded theater and they are doing so for political reasons rather than financial reasons.  They simply do not want any interruptions in the bloated spending underway in Washington and they want to scare Americans into thinking the end of the world is nigh unless the gravy train keeps chugging along.

Math is hard for politicians

Now, let’s do the math to flesh out some of these points.  I know that for many politicians and pundits math is hard, but I’ll try to make it as simple as possible. If we do not raise the debt ceiling by August 2nd, we will not default on Treasury obligations.  Nor, will we have trouble making Social Security payments.  However, there would be a big drop — roughly 44% — in government spending because that percentage represents the difference between government revenues which would be about $200 billion for the full month of August and $172 billion for August if we start counting after the first week when the deadline hits.  Spending is slated to be over $300 billion that month.

Here are the numbers from an excellent and highly detailed study by the Bipartisan Policy Center (BPC) quoted in this piece [emphasis added]:

…The BPC study found that the United States is likely to hit the debt limit sometime between August 2 and August 9. “It’s a 44 percent overnight cut in federal spending” if Congress hits the debt limit, [BPC’s Jay] Powell said. The BPC study projects there will be $172 billion in federal revenues in August and $307 billion in authorized expenditures. That means there’s enough money to pay for, say, interest on the debt ($29 billion), Social Security ($49.2 billion), Medicare and Medicaid ($50 billion), active duty troop pay ($2.9 billion), veterans affairs programs ($2.9 billion).

That leaves you with about $39 billion to fund (or not fund) the following:

Defense vendors ($31.7 billion)

IRS refunds ($3.9 billion)

Food stamps and welfare ($9.3 billion)

Unemployment insurance benefits ($12.8 billion)

Department of Education ($20.2 billion)

Housing and Urban Development ($6.7 billion)

Other spending, such as Departments of Justice, Labor, Commerce, EPA, HHS ($73.6 billion)

The decision to prioritize payments would fall on the Treasury department, and Powell points out it would be chaotic picking and choosing who gets paid (in full or partially) and who doesn’t…

No doubt picking and choosing who gets paid and who doesn’t would be chaotic.  And, lots of programs would not get their funding and that would lead to plenty of screaming.  Nonetheless, it should be clear from this exactly how much we are spending in excess of government revenues.  And, that could and should lead to a sober assessment of what government can and cannot do.

We can easily make all of our debt payments (both interest and principal), our Social Security payments, our contributions to Medicare and Medicaid, our payments to our active duty soldiers and provide funding to the VA system.  With room to spare.  Barack Obama and Timothy Geithner (a lying weasel who didn’t pay his own taxes) are lying weasels.

They are treacherous and un-American.  They are the very worst kind of cockroaches.  They represent everything that is wrong with this country’s political system.  What Obama is doing is low and loathsome beneath contemptible.  The only way that we wouldn’t send out Social Security checks is if Obama decides to fund demonic ACORN instead of sending out those checks (see here and then see here and here).  And the scumbag might actually do that because he’s simply that wicked and depraved and uncaring about the American people or their suffering.

Obama – the liar, the demagogue, the fearmonger – falsely demonized Republicans by claiming that they were using the debt ceiling as a gun to the American people’s headsHE’S THE ONE USING THIS ISSUE LIKE A GUN.

This is what happens in God damn America.

The beast is coming.  And with Obama’s help imploding America, he is coming soon.

Obama Says ‘Rich’ Really WANT To Pay More In Taxes – So Let’s Make It Voluntary

April 14, 2011

Obama said one of those things that Big Brother-style totalitarian demagogues always say in his speech yesterday:

Of course, there will be those who disagree with my approach.  Some will argue we shouldn’t even consider raising taxes, even if only on the wealthiest Americans.  It’s just an article of faith for them.  I say that at a time when the tax burden on the wealthy is at its lowest level in half a century, the most fortunate among us can afford to pay a little more.  I don’t need another tax cut.  Warren Buffett doesn’t need another tax cut.  Not if we have to pay for it by making seniors pay more for Medicare.  Or by cutting kids from Head Start.  Or by taking away college scholarships that I wouldn’t be here without.  That some of you wouldn’t be here without.  And I believe that most wealthy Americans would agree with me.  They want to give back to the country that’s done so much for them.  Washington just hasn’t asked them to.

These fascist rodents are always the same.  I think of Joe Biden a few years ago:

“We want to take money and put it back in the pocket of middle-class people,” Biden said in an interview on ABC’s “Good Morning America.”

Noting that wealthier Americans would indeed pay more, Biden said: “It’s time to be patriotic … time to jump in, time to be part of the deal, time to help get America out of the rut.”

It’s the patriotic thing to do to help your Führer make your country an even better Utopia.  Of course, you WANT to help your Führer make your country a better Utopia, he tells you.

Just try not doing what the Führer wants and see how long it takes Dear Leader to come after you.  The correct answer is “not very.”

It’s your patriotic duty to pay your “fair share” of taxes, all ye rich people.

“Patriotic doodie,” more like.

Allow me to quote from my article yesterday to point out a little itty bitty problem with that colossal load of crap:

We need to balance our insane budget deficit, Democrats say.  And it’s time the rich paid their fair share.

All the top 10% of earners paid is 73 percent of the income taxes collected by the federal government.  That’s nothing.  It’s those poor poor who suffer the most.  The bottom 50% have to pay a whole bunch of nothing.  It’s just brutal for them every April.  They want to write a check to the government, but only the rich get to do stuff like that.  And the bottom 40% are so screwed by our federal income tax system that they actually are forced to accept free money in addition to paying a whole bunch of nothing.  Unless the Associated Press is lying about it.

The bottom fifty percent aren’t paying any federal income taxes at all.  Damn traitors, every single rat bastard one of them, by Joe Biden’s view.  And then think of the stinkhole useless treasonous cockroaches who constitute the even more bottom forty percent who not only don’t pay federal income taxes, but actually get money redistributed to them from the taxes of those “patriotic” rich people who are paying their fair share and yours as well.

This wagon train full of fecal matter riding around and around in a dusty circle is like Hitler ranting that every good Nazi had a patriotic duty to go to the Russian front to fight to the death, because no “patriotic” Nazi would ever surrender.  Or that Jews really like going to Auschwitz because, after all, it’s a camp, and who doesn’t like going to camp?

You’ve got to be stark raving mad to believe idiocy like this.  Or a tyrant bureaucrat from hell, which is the same thing except it pays a lot better and provides much better benefits.

This is just another example of Obama being a cynical, manipulative liar without shame.

But let’s give Obama the benefit of the doubt.  Let’s give him a chance to demonstrate that he actually believes his own bullturd statements.  All Obama has to do, given that he believes the rich want to pay more in taxes – “want to give back to the country that’s done so much for them” – is to make paying taxes voluntary for them.

You can pay as much as you want to the government for how wonderful they’ve been to you, as a matter of fact.  It’s called a “Gift To Reduce Debt Held by the Public.”  Liberals can write the government a check for as much as they want on their tax forms.  And the fact that they DON’T pay more in taxes when they easily COULD if they really wanted to is the proof in the pudding that liberals are hypocrites.  But since Obama truly believes – because he’s not a cynical lying weasel at all – that the rich really, truly want to pay more and more and more in taxes if they’re only asked, let him make taxes voluntary for the rich.

I’m sure Republicans would agree to that.

And think of what a bonanza we’ll get.

Obama’s got poisonous fangs.  Don’t believe him when he folds them up and tells you that you really like getting screwed just before he rapes you.

Then there’s another little thing Obama said at least twice in his speech that should set your “fascist alert” antenna twitching:

Worst of all, this is a vision that says even though America can’t afford to invest in education or clean energy; even though we can’t afford to care for seniors and poor children, we can somehow afford more than $1 trillion in new tax breaks for the wealthy Think about it.

and

In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans.  But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society.  And I refuse to renew them again.

I am thinking about it, Barry Hussein.  And it seems to me as though you are telling me that you think you own all our money, and are just letting us keep as much as you can “afford” to let us keep.

Brit Hume knocked this one out of the park when Obama was demagoguing taxes last year:

But the very language used in discussing these issues tells you something as well. In Washington, letting people keep more of their own money is considered a cost. As if all the money really belongs to the government in the first place in which what you get to keep is an expenditure.

This sense of the primacy of government is reflected in the high percentage of stimulus funds used to bail out broke localities and protect the jobs of government workers. Democrats are proving once again that they are indeed the party of government.

Understand that when Obama says the kind of crap that he’s saying, it comes from a thoroughly Marxist view that you and everything you produce is in reality government property, and he can simply decide to take it as “the people” need it.

Another way to put this is to simply demand that a liberal show you the part of the Constitution that allows the government to demand that 5 percent of the population be compelled to pay for half of a massive out-of-control federal bureaucracy whether or not they like the party that’s running it or the way it’s being run, while 50 percent of the population (that tends to vote overwhelmingly for the party that is redistributing the wealth) doesn’t have to bear any costs in running that government at all.

And not caring if the rich are forced to pay even more just because you’re not rich has the stink of not caring about what happened to the Jews just because you weren’t a Jew.  Which is all the more appropriate to point out given that the Nazis confiscated the Jews’ wealth after demagoguing them, too.

Progressivism is just another dangerous radical “ism,” just like Nazism or facism or Marxism or socialism or communism.

Obama’s central premise in his incredibly demagogic speech was that, for America to be America, we need to make one group of people pay more so that another group of people can keep on avoiding responsibility.  That’s a lie.

America doesn’t need more taxes to remain America; it desperately needs less out-of-control federal spending.

The Fiscal Year 2000 federal budget was $1.9 trillion.  It was Bill Clinton’s budget.  Was America an evil place when Bill Clinton ran it, liberals?  So just why is it that Obama needs $3.8 trillion to make America a good place now?  How does trillion upon trillion upon trillions of dollars in deficit spending make America a good place?  How is it that cursing our children with staggering, back-breaking interest payments on the debt we racked up for them ends up being defined as “caring for our children’s future”?

Do you know that the interest payment alone on our debt is exected to be $800 billion a year by 2020?  That’s just over eight years away.  As you consider Obama’s speech, ask yourself if that’s showing your kids love.  I would argue that it is the most hateful and cynical thing imaginable.

Our founding fathers understood this.  That’s why Thomas Jefferson said that, “It is incumbent on every generation to pay its own debts as it goes.”  That’s why Benjamin Franklin – who also said “Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote” – warned us that “When the people find that they can vote themselves money, that will herald the end of the republic.”

And, with $3.8 trillion budgets with more than forty cents of every dollar of it adding to our deficit, adding to the $200 trillion in debt that we’ve already accumulated, the end of the republic is very much at hand.

GOP Or Democrats: Who’s To Blame For the Budget, Spending And Shutdown Mess We’re Now In?

April 8, 2011

As we face an impending government shutdown, it becomes an interesting question to ask, “How did we get here?”  And why are the Democrats literally scheming to shut down the government over the Republicans’ demand to cut just 2% of our massive deficit?  Why do Democrats want to hurt our troops and their families by denying the pay of soldiers who barely make it month to month?  Especially when Republicans have passed a stopgap measure that would fund the troops for the year and keep them out of any budget squabbles?

First, let’s get one fact on the table: this entire “shutdown” mess is the result of Democrats’ pathetic failure to pass a budget when they controlled the White House, the U.S. Senate and the House of Representatives last year.

What is being fought over is the FY-2011 budget.  We are now SIX MONTHS into that fiscal year thanks to Democrat incompetence.  And the reason Democrats didn’t bother to pass a budget when they were in total control of the government was because it was an election year, and Democrats didn’t want the American people to see how morally and fiscally insane they truly were.  Bottom line: if Democrats had passed the kind of reckless budget that Democrats invariably pass, the election would have gone even worse for them than it did.

You need to understand the magnitude of the Democrats’ failure last year.  It marked the FIRST TIME in the history of our republic that the party in power failed to pass a budget.  And Democrats were in TOTAL control of all three branches of government at the time.

Furthermore, as soon as the new Republican House took over, they immediately went to work on the budget for this year that Democrats had refused to bother with last year when they were supposed to do so as the most basic part of their duties.  They sent that budget to the Democrat-controlled Senate.  And Harry Reid sat on it and did nothing.

And, for the record, Senate Democrats STILL don’t have any kind of a budget whatsoever.  The only thing they’ve got is a big can of deceitful demagoguery.

Those are the documented facts.

The mainstream media – as they sharpen their knives to carve up Republicans and make them the culprits – are simply lying to you.

That’s one.

Two, let’s consider the budgets passed by the last several Congresses, and then see who passed those budgets.  Let’s see which party is responsible for the shocking deficits that now plague us:

For the record, the last budget from a Republican President AND a Republican Congress – FY-2007 (passed in 2006) – resulted in a$161 billion deficit at a time when unemployment was 4.6%.  That’s what happened the last time the GOP was in control.

What happened when the Democrats took control in January 2007?  Harry Reid and Nancy Pelosi passed a FY-2008 budget that had a $459 billion deficit – nearly three times the deficit in the immediately previous Republican-passed budget.  Three times.  And this before the financial crisis that somehow “necessitated” all this massive spending.

Now, that’s a pretty crazy increase under Democrat control.  But you aint seen nothin’ yet.

The Democrats passed a FY-2009 budget with a staggering, mind-boggling, totally reckless $1.42 TRILLION deficit.

The FY-2010 budget approved by Reid and Pelosi and signed by Obama had an estimated $1.6 TRILLION deficit.

The deficit has increased from $161 billion in the last budget before Democrats took control of the Congress (FY 2007) to $1.42 trillion in the most recent fiscal year (FY 2009)—an increase of $1.26 trillion or 782%.

With three months remaining in the fiscal 2009 budget, the federal deficit just officially passed the $1 trillion mark.  Worse yet, Obama borrowed more than forty cents for every single dollar he spent.

We also suffered a budget shortfall of $94 billion in the month of June, which marks the first June in more than ten years (read, “encompassing the entire Bush presidency”).  Bush’s success in raising revenues is bookended by two Democrat presidents who failed.

And now the Democrats aren’t even bothering to pass a budget for the next fiscal year, so they can simply spend without any accountability whatsoever.

That’s your history lesson.  Anyone who wants to blame the reckless spending on Bush or Republicans is either lying, or ignorant, or an ignorant liar.

Three, we need to chop TRILLIONS of dollars in spending if we don’t want our entire nation to collapse and our children to starve in front of our eyes in a depression that will make the 1930s look like a nice day at the beach.

Consider that according to the IMF (International Monetary Fund), the United States faces an unfunded liability of $200 TRILLION dollars.

Democrats are literally fighting to the death over a few billion dollars in this FY-2011 budget that they did nothing about when they had the chance.  At the same time, they are loudly demonizing Paul Ryan’s 2012 budget (notice how, unlike the Democrats, the Republicans are actually being responsible and passing a budget?) that will save $6.2 trillion compared to Obama’s budget over the next ten years – even as it spends more than $40 trillion (as compared to Obama’s $46 trillion).  Ryan’s budget is called “The Path to Prosperity.”  Obama’s out-of-control budget is now the status quo.  Which looks better to you?

There is absolutely NO WAY the nation will do anything but collapse if Democrats are allowed to play any role whatsoever in its governance at this point.

If you vote Democrat, this is your basic posture: “I don’t care about the next generation.  I do not give one DAMN about America.  I want everything that I and my union special interests can get, and screw everybody else.”

And my response is that Democrats are a greater threat to America than al Qaeda or China.  They are a fifth column destroying America from within so our worst enemies don’t have to bother.  We must crush Democrats before they can crush America.

Four, it is an absolute LIE that Republicans are shutting down the government.  The fact is, Republicans just passed another stopgap that would fund the government for a week and fund military operations (as in Obama’s military operations that he’s now placed into three wars) for the remainder of the year.

Consider reality for a change.  From the Associated Press:

US House defy veto threat, pass stopgap spending

WASHINGTON (AFP) – Defying a White House veto threat, the Republican-led US House of Representatives on Thursday passed a stopgap spending bill to avoid a government shutdown as a deadline looms.

US President Barack Obama’s budget office had vowed to reject the measure, dubbing it “a distraction” from difficult, ongoing negotiations on funding the US government for the rest of the fiscal year that ends September 30.

And Democratic Senate Majority Leader Harry Reid had vowed to block the measure, calling it a “fantasy” and “a non-starter.”

The bill, which cleared the House by a mostly party-line 247-181 vote, would also have funded US military operations for the rest of the year.

Republicans, relying on the measure to gain leverage in the spending cut battle, used that to argue that Democrats and the White House opposed funding for US troops in harm’s way.

And, with all due respect, that is precisely what the rat bastard Democrats are doing; opposing funding for US troops in harm’s way. 

Democrats don’t want to allow the troops to be funded.  Like the terrorists whose side they routinely take, they want to hold America’s ability to defend itself hostage; they want “leverage” over Republicans.  Cave in to our demands or else we’re destroy the military.  Allah Akbar!

Obama and Democrats do not WANT to prevent a government shutdown.  Obama and Democrats are enraged that Republicans give a damn about our troops and their ability to sustain operations.

What Obama and the Democrats want is to force a government shutdown over Republican attempts to prevent one and then use the power of the most propagandist media since Goebbels ran Hitler’s “mainstream media” to blame the GOP.

Because that is the kind of vermin the Democrats have become.

Harry Reid is refusing to allow the Republicans’ stopgap to even come up for debate in the Senate – even though there is no sane alternative.  In fact, the ONLY alternative Reid proposes is a Senate measure that would require a unanimous vote of all 100 Senators.  Which is to say that Harry Reid is forcing a government shutdown.  Period.

Go back and look at the past.  Consider that, under Democrats’ leadership, the federal budget has gone from $161 billion to $1.6 trillion a year with no end in sight until we get these bloated Democrat leeches off our backs.  Understand that a “trillion” is a thousand billion.  That makes the Democrats’ $1.6 trillion deficit a hundred times worse than what the Republicans left us with the last time they controlled Congress.

Consider our present situation.  Deficits skytocketing out of control.  Two hundred trillion dollars in unfunded liabilities that we can never possibly repay.  Interest payments alone soon exceeding $700 billion a year.

And Harry Reid can’t find enough money to pay for his sacred cowboy poetry festival in a $1.6 trillion a year deficit.  And that is not a joke.  It is a dangerous mental disease called “the Democrat Party.”

And consider that Democrats are doing everything they can to shut down the government and cause as much suffering for ordinary Americans as they can with the cynical belief that their liberal mainstream media allies will report the lie every single day that the Republicans are to blame until an ingorant population believes their Big Lie.

I believe we are in the last days before the Tribulation that God forewarned us about nearly 2,000 years ago.  I believe the beast is coming – and that beast will be a big government totalitarian fascist who will be the fulfillment of everything the Democrats have been trying to push America toward for most of the last century.

God didn’t decree the coming Antichrist and the terrible hell on earth that would result from his “government as God” rule; God merely knew that in the last days of the human race we would make the kind of terrible mistakes that would cause the coming of the beast and his seven coming years of hell.  And that is precisely what we have been doing.

We COULD do the right thing and avoid the hell that awaits us.  But we won’t.  And, amazingly, America will be the nation that starts the “beast” ball rolling; when America catches a cold, they say, the rest of the world catches the flu.  And because of the morally and fiscally insane policies of Democrats, America now has flesh eating disease.  You can already see the clear “last days” signs that have resulted from Obama’s wicked and foolish policies.

The beast is coming.

Obama Confronts Tea Party About Big Government Spending With Hollow Rhetoric

September 24, 2010

The New York Simes ran a story titled, “Obama Offers Advice, and a Challenge, to Tea Partiers.”

At the CNBC town-hall-style meeting, President Obama offered a little advice for members of the Tea Party movement who argue that the federal government has grown too big and powerful.

The president said that sentiment was rooted in history, and called it a “noble tradition of being healthily skeptical of government. That’s in our DNA. … That’s a good thing.”

But he critiqued the Tea Party candidates, saying they were failing to identify actual cuts in government services that they were willing to accept to force such changes in spending.

Their message is, he said: “We’re going to control government spending. We’re going to propose $4 trillion in additional tax cuts and somehow magically this is all going to work.”

Mr. Obama said he had the following question for Tea Party candidates: Would you cut veterans benefits? Would you cut resources for Social Security and Medicare? What taxes are you willing to see go up?

“The challenge for the Tea Party movement is to identify what exactly would you do,” he said.

Two things wrong with Obama’s “challenge”:

1) I thought we had a president.  I guess we don’t, which is why Democrats have to keep blaming Bush for everything.  I mean, isn’t Obama sort of responsible for his massive deficits?  Shouldn’t maybe Obama take a look at his spending, rather than demanding that his critics fix all the problems he’s supposed to be fixing?

Maybe Obama should just resign from office, so someone else can deal with the disaster, since he clearly has no ideas as to what to do.

2) Obama asks, “Would you cut veterans benefits? Would you cut resources for Social Security and Medicare? What taxes are you willing to see go up?”  As if people are blaming him for enacting veterans benefits, Social Security, and Medicare.  That’s just the kind of empty, sounds-smart-if-you’re-really-stupid rhetoric I’ve come to expect from my demagogue-in-chief.

How about if Obama had asked, “Would you cut my $3.27 trillion stimulus porker? Would you cut resources for my ObamaCare boondoggle (see also here)?  Which one of MY out-of-control spending packages would you like to cut?”

And, of course, the answer, in terms of the Tea Party movement “identifying what exactly would you do,” would be to say:

“WE’D START OUT BY UNDOING EVERYTHING YOU DID, AND THEN CONTINUE BY DOING EVERYTHING THE EXACT OPPOSITE OF YOU!!!”

If Obama were halfway honest, rather than the disingenuous liar he has proven himself to be, he’d ask about what we would do about HIS socialist welfare spending, rather than FDR’s and LBJ’s.

For the record:

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.

For the record:

[F]rom 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.

Mr. Obama’s spending plan approved by Congress last February calls for doubling the national debt in five years and nearly tripling it in 10.

For the record:

President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.”

The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. The amount owed will surpass GDP in 2012, based on forecasts by the International Monetary Fund. […]

Gross, who runs the world’s largest mutual fund at Pacific Investment Management Co. in Newport Beach, California, said in his June outlook report that “the debt super cycle trend” suggests U.S. economic growth won’t be enough to support the borrowings “if real interest rates were ever to go up instead of down.”

For the record:

Serious consequences associated with deficit spending have long seemed like far-off problems, but they are now likely to hit the country with considerable force within the next several years.

One is servicing the debt itself. Most people don’t pay much attention to the interest payments the federal government makes every year. They haven’t had to. Debt service has been manageable, thanks to low interest rates and consistent economic growth.

But, according to the Congressional Budget Office, annual debt payments — currently about $200 billion — are set to skyrocket. CBO estimates that interest payments on the federal debt will total $916 billion by the year 2020.

“Interest rates are going to rise and at the same time, we’re going to have a substantial increase in the size of the debt,” says Roberton Williams, a senior fellow with the Urban-Brookings Tax Policy Center. “We’ll be paying five times as much in dollar terms by 2020 than we did last year.”

Think of what our lives will be like as we have to pay off the equivalent of Obama’s massive 2009 stimulus plans every single year.

And Obama weasels out of his overwhelming role of imploding our country by pointing to policies that were enacted generations ago?  He tacitly argues that any support for Social Security and Medicare means that people somehow MUST therefore support his asinine stimulus and his ObamaCare boondoggle?

3) When Obama says, “What taxes are you willing to see go up?” he is relying on a fundamental fallacy of liberal progressivism, namely that ever higher tax rates collect ever higher tax revenue.  I debunked this error of thinking in an article entitled, “Tax Cuts INCREASE Revenues; They Have ALWAYS Increased Revenues.”

At the ultimate level, the progressive myth clearly breaks down: just make the income tax rate 100% on everyone, and see how long it takes for everybody in the country to quit their jobs.  To put it in a nutshell, when the income and capital tax rate is kept low (certainly not at zero, but low), there is more incentive for people to work, and invest, and risk their time and their capital, with the result that the economy grows.  And then the tax revenues actually increase, because taxes are collected from a much larger base.

And more people have jobs, too.

Fortunately, one gets the point that the American people are either not even bothering to listen to Obama anymore, or else they’ve finally seen through his nonsense.  Even DEMOCRATS are tuning Obama out in droves now.

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.

Failed President Alert: Economists Say Stimulus Did NOT Help

April 28, 2010

You wouldn’t mind if I took $862 billion dollars of your money – actually $3.27 TRILLION if truth be told – and totally pissed it away, would you?

No, you don’t mind?  Good.  That’s a relief.  I mean, a lot of people would be a little upset that I’d bankrupted the country and ended up with absolutely nothing to show for it.

Obama, the White House, and the Democrats told massive and outrageous lie after massive outrageous lie to sell their load of porkulus crap.  But the American people didn’t believe it: a poll by the New York Times and CBS revealed that only 6% of Americans believed that the Obama stimulus created any jobs at all.

And now the economists are figuring out what the people understood all along:

Economists: The stimulus didn’t help
By Hibah Yousuf, staff reporterApril 26, 2010: 3:56 AM ET

NEW YORK (CNNMoney.com) — The recovery is picking up steam as employers boost payrolls, but economists think the government’s stimulus package and jobs bill had little to do with the rebound, according to a survey released Monday.

In latest quarterly survey by the National Association for Business Economics, the index that measures employment showed job growth for the first time in two years — but a majority of respondents felt the fiscal stimulus had no impact.

NABE conducted the study by polling 68 of its members who work in economic roles at private-sector firms. About 73% of those surveyed said employment at their company is neither higher nor lower as a result of the $787 billion Recovery Act, which the White House’s Council of Economic Advisers says is on track to create or save 3.5 million jobs by the end of the year.

That sentiment is shared for the recently passed $17.7 billion jobs bill that calls for tax breaks for businesses that hire and additional infrastructure spending. More than two-thirds of those polled believe the measure won’t affect payrolls, while 30% expect it to boost hiring “moderately.”

But the economists see conditions improving. More than half of respondents — 57% — say industrial demand is rising, while just 6% see it declining. A growing number also said their firms are increasing spending and profit margins are widening.

Nearly a quarter of those surveyed forecast that gross domestic product, the broadest measure of economic activity, will grow more than 3% in 2010, and 70% of NABE’s respondents expect it to grow more than 2%.

Still, the survey suggested that tight lending conditions remain a concern. Almost half of those polled said the credit crunch hurts their business. To top of page

The Democrat argument is that the economy is doing better; ergo sum the stimulus worked.  The problem is that that’s rather like saying that the economy is doing better; ergo sum the fact that I had a good bowel movement worked.  There’s simply no reason to correlate the one thing with the other.

I would also ask this: name the recession that lasted forever.  The closest we can come is the Great Depression under FDR.  His failed policies prolonged the depression and a lot of needless suffering for seven years.

The other thing I would say is that we are by no means out of the recession that we are in.  There is still abundant evidence to believe that we may very well be headed into a double dip recessionwith Obama’s failed policies being completely responsible for that second dip.

Long term, I believe that Obama has doomed this country.  If we can’t undo the damage caused by his ObamaCare boondoggle before it begins to seriously take effect, I think it will amount to the anvil that broke the camel’s back.  And even if we CAN undo ObamaCare, the massive debt this president has imposed on us due to his now demonstrably failed policies will be like a cancer that will eat away at our way of life.

It is possible that there may be a jobless recovery.  But Obama slit the hamstrings of the recovery we COULD have had when he pissed away what will ultimately cost us more than three trillion dollars.  That money – which didn’t create any jobs – is going to consume jobs by way of opportunity costs.  Businesses COULD have used that money to grow and hire; but instead Obama seized it, and poured it down the drain.  And now we get to experience the joys of the gift that keeps on giving as we pay billions of dollars in interest payments, which is money that again COULD have been used to create jobs but never will.

Whether the economy looks a little better or a lot worse than it did, we will not even possibly be able to grow under the massive debt load that Obama has forced upon us with his massively failed stimulus.

We need to hold him accountable for his failure, or he will continue to stockpile one disaster on top of another.

Obama Sets Record With Biggest Deficit In History

March 11, 2010

The left told us that Obama’s was a historic presidency.  And they were right: he just smashed his own record for massive and totally unsustainable deficits.

Budget deficit sets record in February
By MARTIN CRUTSINGER (AP)

WASHINGTON — The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year’s record for the full year.

The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.

The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.

The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year’s $1.4 trillion total. The administration is forecasting that the deficit will remain above $1 trillion in 2011, giving the country three straight years of $1 trillion-plus deficits.

The administration says the huge deficits are necessary to get the country out of the deepest recession since the 1930s. But Republicans have attacked the stimulus spending as wasteful and a failure at the primary objective of lowering unemployment[Editorial note: The Republicans are right, and the American people know it.  The stimulus is a gigantic porker which was recently upgraded as costing a massive $862 billion from the previous estimate of $787 billion.  But the real cost is actually $3.27 TRILLION!!! And contrary to Obama’s utterly false claims, only SIX PERCENT of Americans believe that the stimulus has created any jobs at all].

The administration defends the economic stimulus bill that Congress passed in February 2009 with a pricetag at the time of $787 billion as the right medicine to get the economy back on its feet. President Barack Obama has said even more is needed to battle an unemployment rate that remained stuck in February at 9.7 percent.  [Editorial note: When Obama was elected, unemployment was at 6.6%.  He promised that his stimulus would prevent unemployment from reaching 8%.  The stimulus failed by Obama’s own standard.  To try to explain away the failure of his policy, Obama created the nonexistent category of “saved jobs.”  But economists point out the following: “One can search economic textbooks forever without finding a concept called `jobs saved.’ It doesn’t exist…”]

The White House says that job creation will remain a top priority, hoping to convince voters that Obama did not spend too much time during his first year in office trying to get Congress to pass health care reform[Allow me to editorially interrupt this spin to point out that ObamaCare is the top priority, with Obama hoping to convince liberals that they need to pass this incredibly unpopular bill no matter how many Democrats lose their seats in order to “maintain a strong presidency.”  And in point of fact, they have done little else this entire year].

The government’s monthly budget report showed the record $220.9 billion deficit for February reflected outlays of $328.4 billion and revenues of $107.5 billion. The February receipts marked the first time that revenues are up compared with the same month a year ago since April 2008. Revenues had fallen for 21 straight months as the recession cut into both individual and corporate income tax payments.  [Editorials note: And yet Obama is selling his healthcare takeover as “deficit neutral” on the incredibly risky assumption that tax revenues will miraculously massively increase.  So Obama is explaining away his deficits by pointing to the frighteningly low revenues even as he bases his health care on the assumption that those same revenues will massively increaseAnd if Obama is wrong, the trillions of dollars of new spending will implode our economy].

Deficits normally shoot up in February because it is a month when the government makes large refund payments to individuals and corporations as part of the tax filing process. Those payments were boosted this year by various tax credits that were expanded or added as part of the government’s stimulus efforts including the “Making Work Pay” tax credit and the first-time home buyers tax credit. [Editorial note: Which doesn’t in any way change the fact that this February’s frighteningly low revenues continues a 21-consecutive month trend.  That in addition to the fact that the stimulus is contributing to our deficit crisis].

Through the first five months of the budget year, government revenues totaled $800.5 billion, down 7 percent from a year ago, while outlays totaled $1.45 trillion, up a slight 0.1 percent from a year ago.

The deficit of $651.6 billion through February is up by 10.5 percent from the $589.8 billion deficit run up during the first five months of the 2009 budget year. The government’s budget year begins on Oct. 1.

The budget that Obama sent to Congress in February projects that the deficits over the next decade will total $8.53 trillion. But the Congressional Budget Office last week put the 10-year total even higher at $9.8 trillion. Part of the reason for the $1.2 trillion difference is that the CBO is projecting slower economic growth and thus less tax revenues than the administration over the next decade[Editorial note: Number one, this proves we can’t trust the Obama administration or the government’s cost estimates to do anything other than be lowball figures.  Number two, passing trillions in new spending via ObamaCare is hardly the thing to do given the fact that we will have LOWER revenues rather than higher ones].

The administration has maintained that the country must run large budget deficits until the economy has begun to grow at a sustainable pace that is bringing the unemployment rate down. Only then, the administration says, should the government focus on getting control of the deficits.  [Editorial note: So I’m flat broke and deeply in debt.  Clearly the thing I need to do is go on a massive spending spree on my credit card in order to get out of debt!!!].

Obama has created by executive order an 18-member fiscal reform commission that has been charged with coming up with a plan to shrink the deficit to 3 percent of the economy within five years. The plan is scheduled to be unveiled in December, after the midterm congressional elections.  [Editorial note: What Obama has in fact created is a tool to weasel out of his repeated campaign promise not to raise taxes on “95% of Americans” by so much “as one dime”].

With the economy so weak, the interest rates that the government has to finance the flood of red ink have remained low. However, economists are worried that the favorable outlook on interest rates could change quickly if investors, including foreign investors, start to worry about the government’s commitment to restraining future deficits. China is the largest foreign holder of U.S. Treasury securities [Editorial note: First of all, the Associated Press is factually wrong: Japan is now our largest holder, as China is jumping off the proverbial sinking ship.  And to make things even worse, China is preparing to abandon the dollar altogether.  Second, just to clarify, what this paragraph means is that the moment our interest rates go up – which they have to do in order to deal with our debt/deficits – we will have a double-dip recession.  And the second dip may well be worst than the first].

Through the first five months of this budget year, net interest payments totaled $86.5 billion, up 15.3 percent from a year ago[Editorial note: this is exactly what happened to Greece; and we are not far away from the same sort of implosion occurring here.  Obama’s “solution” is to borrow more money in more unsustainable spending which will ultimately push our interest payments rates up and up].

In its report last week, the CBO predicted that the government debt held by investors would climb from $7.5 trillion at the end of last year to $20.3 trillion in 2020. CBO forecast that interest payments would more than quadruple from a projected $209 billion this year to $916 billion annually by the end of the decade [Editorial note: So let’s just keep spending and spending and spending until we fly off a cliff to our deaths].

Congratulations on your historic presidency, Mr. Obama.  Congratulations on your new record as the biggest spender in the history of the human race.

Obama promised hope and change.  And he’s delivering.

A second Great Depression will be “change.”  And there are plenty on the left – who embrace the Cloward-Piven strategy – who are “hoping” for it.