Posts Tagged ‘national debt’

US Federal Reserve Handed Out More In Bailouts ($16 TRILLION!) Than The ENTIRE OFFICIAL US DEBT

December 31, 2011

If you like socialism and you don’t like socialism for the rich, YOU ARE A STUPID SOCIALIST.

Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts
Posted by AD on July 21st, 2011

The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke(pictured to the left), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning: http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious — the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.

To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.

In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.

“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.” – Bernie Sanders(I-VT)

When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.

Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses will eventually plunder the world economy.

The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places

View the 266-page GAO audit of the Federal Reserve(July 21st, 2011): http://www.scribd.com/doc/60553686/GAO-Fed-Investigation

Source: http://www.gao.gov/products/GAO-11-696
FULL PDF on GAO server: http://www.gao.gov/new.items/d11696.pdf
Senator Sander’s Article: http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

I have to laugh at the chutzpah of openly socialist Bernie Sanders in his quote, “This is a clear case of socialism for the rich…”  I mean, I thought the guy LIKED his socialism.  The idea that only socialism for the poor is okay is as idiotic as it is false.  You can go to any socialist country at any time in history to see how false it is: Kim Jong Il of “The Peoples” Republic of North Korea made sure that he had his fill of nothing but the very finest in food and drink and blong Swedish prostitutes while the rest of his starving people were digging out their own feces to burn in order to survive the winter.

But the other little factoid being revealed here is the sheer extent of our totally-out-of-control debt.

Consider the following NPR story:

A National Debt Of $14 Trillion? Try $211 Trillion
by NPR Staff
August 6, 2011

Note that the story was written in August of 2011, you know, way, way back in history when our official debt was only $14 trillion.

Obama zoomed it to more than FIFTEEN TRILLION just three months later in November.  And now the same fool-in-chief is demanding that we hike our debt ceiling again by yet another $1.2 trillion.

While Bush was rightly criticized for exploding the national debt by $4 trillion in eight years, Barack Obama has supermassively exploded the national debt by $6 trillion in only three years.

And we’re talking about our debt being a tiny,tiny fraction of what it truly is: try more than $211 TRILLION, if we use all the debt that we’ve REALLY racked up.

We are so doomed.

Which is why the beast is coming.

Get ready to worship him and take his mark, Democrats.  Your entire lives up to this point has prepared you for that moment.

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Obama Says Bush Increasing Debt $4 Trillion In 8 Years Was Irresponsible And Unpatriotic. So Obama Increasing Debt By $6 Trillion In 3 Years Is WHAT?

December 29, 2011

Here are Obama’s own demagogic and frankly demonic words:

“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.”

Why doesn’t Obama resign?  Because in his own words “Americans deserve better” than him.

$30,000 for every man, woman and child?  Boy, that would seem really bad.  Unless the worst president in the history of the human race didn’t come along and make it over $50,000 for every man, woman and child.

Under Obama, the debt is nearly $15.2 trillion.  But that aint nothing: because Barry Hussein is demanding yet another debt ceiling hike for yet another $1.2 trillion:

WASHINGTON (Reuters) – The White House plans to ask Congress by the end of the week for an increase in the government’s debt ceiling to allow the United States to pay its bills on time, according to a senior Treasury Department official on Tuesday.

[…]

The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.

Hmm.  $9 trillion…. $16 trillion.  Which one is a more irresponsible, unpatriotic failure of leadership???  Gosh, I vote Democrat so I’m just too…. insane … and stupid… to know…

Feeling…. weak…  Must… blame… Bush…

And there: now we Democrats – having healed ourselves – feel much better now.  Because that “blame Bush” pill cures everything.  Except reality.  But why should we care about that?

If there was so much as a shred of honesty or decency in Barack Obama, in the Democrat Party, or in anyone who votes for the Democrat Party, they would do the only honorable thing and just go away and leave decent Americans alone.

I hear North Korea is real nice.  And it’s a “People’s republic,” too.  With a brand spanking new dear leader messiah.  You libs will like it just fine.

Someone commenting on the latest debt ceiling hike (which now makes Obama responsible for the THREE highest debt celing hikes in the history of the entire human race) asked a question.  And then he answered it:

“Where does this end? When does this stop? I guess when there is no more money to take from us and then the riots start.”

Looking at the vile crap that went on in Wisconsin and then the even MORE vile crap that took place all over the country in the Occupy riots, it looks like we’re already there…

Another made an even sadder observation:

Greece. Italy. Spain. America. Pathetic.

We voted to collapse when we voted for Obama; and we are getting EXACTLY what we voted for.

On December 31 of this year, Democrats will demonstrate that they are the Party of genuine depravity and utterly reckless stupidity in America having gone 975 days without bothering to pass ANY budget WHATSOEVER.

Debt To Shoot Over $15 TRILLION Today Under Obama (Thanks For Bankrupting Us, Barry Hussein!)

November 16, 2011

Obama promised he would cut spending.  Obama promised he would “cut our deficit in half by the end of my first term.”

Here’s the thing.  Obama not only lies; he lies knowing full damn well he’s lying.  He promises to cut spending when at the very same time he keeps calling for more and more spending than not only this nation but THE ENTIRE PLANET AND HUMAN RACE have ever seen.  Obama rammed through an $862 billion stimulus that the CBO said would actually cost the American people $3.27 TRILLION.  And then if that wasn’t enough he recently set out to demonize Republicans for not doing the same insane thing AGAIN with his jobs bill that not even DEMOCRATS will pass (and see here).

And under Obama, the projected future deficits easily top a trillion a year for as far into the future as the eye can see.  Not that America will make it that long before it implodes.

This guy is genuinely evil.  He is a liar without shame.  And he is leading us to complete economic collapse.

US Debt Hits 15 Trillion Today – First Time In History

On November 16th the U.S. National Debt is set to soared above the $15 trillion mark for the first time in history. As this staggering figure is digested by the nation; politicians seem to be oblivious to the ramifications of their uncontrolled spending and resulting debt burden as it continues to climb with no end in sight.

While the global financial system remains transfixed by the problems of Greece and several other European countries risking default over their massive debts, the real threat is whether the credit standing and currency stability of the world’s biggest borrower, the United States, will be jeopardized by its disastrous outlook on deficits and debt.

That’s the fear raised in a penetrating Op-Ed found on the Financial Times website written by Roger Altman, a former deputy U.S. Treasury secretary under President Clinton who is now chairman of Evercore Partner, a leading global advisory and investment firm.

“America’s fiscal picture is even worse than it looks,” Altman writes. “The non-partisan Congressional Budget Office just projected that over 10 years, cumulative deficits will reach $9.7 trillion and federal debt 90 percent of gross domestic product – nearly equal to Italy’s.

While President Obama is preparing for a difficult re-election fight next year; Republican candidates from Mitt Romney to Herman Cain have pounced on the country’s economic woes in their bids to win the GOP nomination and the chance to oppose Obama.

Neither party seems open to fully embracing the Simpson and Bowles Committee recommendations that many citizens would agree are the most common-sense and comprehensive solutions to the nation’s revenue and debt problems.

The Occupy Wall Street protests directed at the nation’s financial inequalities continue to rage across the country; but one has to question if these protest wouldn’t be more accurate if consolidated in Washington D.C. where each citizen is being punished for the unconscionable purchase of votes by entitlement politicians.

It took nearly 200 years for the United States to rack up $1 trillion, but the federal government has certainly made up for lost time by increasing the debt by another $14 trillion in just the past 40 years.

Passing this significant milestone may mean that President Barack Obama will have to request another debt ceiling increase before next years election.

And while neither party seems committed to cutting the national debt, Republicans in Congress have showed some backbone in opposing further borrowing by the government. And some may argue that the acrimonious debate on Capitol Hill a few months ago about raising the national debt ceiling illustrates that politicians are finally hearing outrage from the citizenry.

The “Super Committee” is having trouble coming up with a mere 1.2 trillion in cuts for the next 10 years (a pittance of the amount needed to reduce the debt) and no better luck than Congress did as a whole in tackling the overall problem of spending.

No one can argue that President George W. Bush bears a great deal of responsibility for this mess and it was evident that the growing debt and lack of conservative fiscal policies cost the Republicans in the 2008 elections.

What is unclear is whether Obama’s big-government liberal tendencies that have increased spending by more than $4 trillion in just three years will cause his defeat in 2012 and the reversal of the growing debt trend by installing a new administration with debt reducing policies.

View: US Debt Clock

Under Obama’s “leadership,” the United States will pay nearly $700 billion in interest alone each year to service our debt.

This nation is almost certainly doomed because the American people were foolish enough at a critical point in our history to elect a fool to lead them.

God damn America is about to come crashing down.

Obama Proven To Be An Unpatriotic Traitor By His Own Lying And Demagogic Rhetoric

August 25, 2011

It’s past time to demonize a genuine demon.

It’s past time to demagogue a true hypocrite demagogue.

It’s past time to call out an unpatriotic fool for the traitor that he is.

It’s past time the American people got to see their president for the ugliness of his 2008 campaign and the ugliness of his soul right now.

The title of the CBS news story dated August 23rd tells us that Barack Hussein just passed a milestone:

22, 2011 6:34 PM
National debt has increased $4 trillion under Obama
By Mark Knoller

The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama’s watch.

The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion.

It’s the most rapid increase in the debt under any U.S. president.

The national debt increased $4.9 trillion during the eight-year presidency of George W. Bush. The debt now is rising at a pace to surpass that amount during Mr. Obama’s four-year term.

Barack Obama is a national disgrace.  He became president by cynically making completely false promises during a time when Americans naively believed his hollow rhetoric.

Here’s what this Liar in Chief said in 2008 when he demonized George Bush:

Here is the transcript of his words:

“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.”

Well, tune in today when Obama has spent $4 trillion not in two terms, but in just 2 1/2 years.  Tune in to a man who is now a documented traitor by his own demagogic rhetoric.

What is UNPATRIOTIC is Barack Hussein Obama.

Hot Air points out the abject hypocrisy that is quintessential to Barack Obama’s cockroach character:

And what exactly has Obama done as President? Despite claiming that he has known that deficit reduction has been needed since the first day he took office, Obama has offered no deficit reduction proposals in his term as President. In fact, he has submitted budget proposals that have massively expanded deficit spending.

Just how patriotic is that? After all, if Obama can use the increase in the national debt to question Bush’s patriotism, doesn’t it follow that increasing deficit spending by 152% per month makes Obama 152% more “unpatriotic” than Bush?

And there is more to say, of course.  Because Barack Obama is a demagogue and a cynical liar to his core.

What did this lying fearmongering demagogue say of George Bush when Bush needed to increase the debt ceiling?

“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.”

Obama is a completely failed leader.  And part of that failed leadership is a pathological inability to accept responsibility for his own presidency.  He is trying as we speak to blame Republicans for the debt ceiling fiasco when HE IS NEARLY COMPLETELY RESPONSIBLE FOR IT.

Replay the core promise of Obama’s presidency in the words of the New York Times in your mind and in your heart:

WASHINGTON — At the core of Senator Barack Obama’s presidential campaign is a promise that he can transcend the starkly red-and-blue politics of the last 15 years, end the partisan and ideological wars and build a new governing majority.

To achieve the change the country wants, he says, “we need a leader who can finally move beyond the divisive politics of Washington and bring Democrats, independents and Republicans together to get things done.”

But this promise leads, inevitably, to a question: Can such a majority be built and led by Mr. Obama, whose voting record was, by one ranking, the most liberal in the Senate last year?

You need to finally understand the truth: the mainstream media is nothing more than leftist propaganda.  They lied to you from the start about Barack Obama.  Unless calling George Bush unpatriotic because he did something that Obama has now done three times worse is “finally moving beyond the divisive politics of Washington” and “bringing Democrats and Republicans together” and “ending the partisan and ideological wars.”

Maybe your soul is so diseased that you think that Joe Biden was doing those things when he demonized the Tea Party Republicans by saying, “They have acted like terrorists.”   Maybe your soul has become so cockroach like that you still believe those lies when Democrat Rep. Maxine Waters said “The Tea Party can go straight to hell.  And I intend to help them get there.”  Maybe you are so genuinely depraved that you think Democrats are trying to reach out for the common good when Frederica Wilson says:

Let us all remember who the real enemy is. The real enemy is the Tea Party,” Rep. Frederica Wilson, D-Fla., said at a Miami town hall, according to The Hill. “The Tea Party holds the Congress hostage. They have one goal in mind, and that’s to make President Obama a one-term president.”

Maybe you are so diseased in your soul – and so ideologically rabid – that you believe the talking point that somehow the Republicans who stood by the values that saw them win massively in 2010 are “terrorists who are holding America hostage.”    Instead of revealing in every way imaginable that Barack Obama and the modern Democrat Party are the most divisive and polarizing instruments in our national history.

Please regain your capacity to actually think and morally reason.  Republicans were demonized during the debt ceiling negotiations for holding positions that were virtually identical to the demagogic lies that Obama told.  When Obama said reckless spending was a “failure of leadership,” what he meant as a cynical talking point is actually a conservative article of faith: it IS a failure of leadership to do what Obama swore he wouldn’t do but has in fact done three times worse than the man he demonized.  When Obama disingenuously said that it was “unpatriotic” to borrow trillions of dollars from China on a credit card our children will have to pay off, what he said cynically to get elected is something that conservatives believe to be true.  And essentially what Obama and the Democrats are saying to Republicans now is, “You guys are traitors for believing the same stuff we cynically said to manipulate the American people to vote for us in 2008.

Republicans openly admit they spent too much when they ran things prior to 2006.  Republican House leader Eric Cantor said:

“And basically, the sense of the ‘Pledge to America’ is this: Republicans understand when we were in charge, we got fired in ’06. We spent too much money. We defied the trust that the people had put in us. And we know that there is a better way.”

House Majority leader John Boehner admitted, “For the last decade, we’ve spent more money than we take in.”  Many of those years were years that Republicans were in control.  And Republicans admit they made mistakes even as they vow they will not make those same mistakes AGAIN.

Having admitted that it is a fact that Republicans spent too much when they ran Congress before January 2007 (when Democrats took over and proceeded to systematically run America into the ground), let’s also point out the FACT that Republicans didn’t spend ANYTHING LIKE DEMOCRATS’ INSANE SPENDING.  And The Republican-controlled Congress’ last budget had a deficit of $162 billion.  Compared to the $1.65 TRILLION deficit this year, the  2010 budget that had a $1.6 TRILLION deficit, the 2009 budget that had a $1.42 TRILLION deficit.

Another way to put it is this: Republicans are demanding that Democrats be what they falsely promised the American people they would be and do what they falsely promised the American people they would do.

If you want a proven liar and a proven demagogue, vote for Obama.  Because that is all you’re going to get.

Obama Says ‘We Don’t Need A Balanced Budget Amendment.’ What We Don’t Need Is This Fool-In-Chief

July 16, 2011

Barack Obama is on the record saying, “We don’t need a balanced budget amendment,” he said. “We simply need to make these tough choices and be willing to take on our bases.”  Obama says, “I think it’s important for everybody to understand all of us believe we need to get to the point where we can balance the budget,” Mr. Obama said at a White House press conference. “We don’t need a constitutional amendment to do that.”

We desperately need a balanced budget amendment.  What we DON’T need is Barack Hussein Obama and his endless rhetorical posturing.

The national debt that is acknowledged is currently more than $14.5 trillion.

Let’s take a brief trip down national debt memory lane.  Now, let’s see.  When Ronald Reagan left office, the national debt was $2.6 trillion.  By the time Bush I left office, the national debt was $ trillion.  By the time Bill Clinton left office, the national debt was $5.6 trillion (which is quite strange, given the constant claim that Clinton balanced the budget).  By the time Bush II left office, the national debt was $10.6 trillion.  It is currently at over $14.5 trillion, and Obama is not even through his first term yet.  He wants it increased to more than $16 trillion now.  Again, before the end of his first term.

And, of course that’s actually NOTHING.  $14.5 trillion, or even $16 trillion, is actually really chump change to how much the United States REALLY owes.  Read this figure published in a peer reviewed International Monetary Fund publication article that provides the grim reality:

News from globeandmail.com
The scary real U.S. government debt
Wednesday, October 27, 2010
NEIL REYNOLDS
Ottawa — reynolds.globe@gmail.com

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.”

He cites earlier calculations by the Congressional Budget Office (CBO) that concluded that the United States would need to increase tax revenue by 12 percentage points of GDP to bring revenue into line with spending commitments. But the CBO calculations assumed that the growth of government programs (including Medicare) would be cut by one-third in the short term and by two-thirds in the long term. This assumption, Prof. Kotlikoff notes, is politically implausible – if not politically impossible.

One way or another, the fiscal gap must be closed. If not, the country’s spending will forever exceed its revenue growth, and no one’s real debt can increase faster than his real income forever.

Prof. Kotlikoff uses “fiscal gap,” not the accumulation of deficits, to define public debt. The fiscal gap is the difference between a government’s projected revenue (expressed in today’s dollar value) and its projected spending (also expressed in today’s dollar value). By this measure, the United States is in worse shape than Greece.

Prof. Kotlikoff is a noted economist. He is a research associate at the U.S. National Bureau of Economic Research. He is a former senior economist with then-president Ronald Reagan’s Council of Economic Advisers. He has served as a consultant with governments around the world. He is the author (or co-author) of 14 books: Jimmy Stewart Is Dead (2010), his most recent book, explains his recommendations for reform.

He says the U.S. cannot end its fiscal crisis by increasing taxes. He opposes further stimulus spending because it will simply increase the debt. But he does suggest reforms that would help – most of which would require a significant withering away of the state. He proposes that the government give every person an annual voucher for health care, provided that the total cost not exceed 10 per cent of GDP. (U.S. health care now consumes 16 per cent of GDP.) He suggests the replacement of all current federal taxes with a single consumption tax of 18 per cent. He calls for government-sponsored personal retirement accounts, with the government making contributions only for the poor, the unemployed and people with disabilities.

Without drastic reform, Prof. Kotlikoff says, the only alternative would be a massive printing of money by the U.S. Treasury – and hyperinflation.

As former president Bill Clinton once prematurely said, the era of big government is over. In the coming years, the U.S. will almost certainly be compelled to deconstruct its welfare state.

Prof. Kotlikoff doesn’t trust government accounting, or government regulation. The official vocabulary (deficit, debt, transfer payment, tax, borrowing), he says, is vulnerable to official manipulation and off-the-books deceit. He calls it “Enron accounting.” He also calls it a lie. Here is an economist who speaks plainly, as the legendary straight-shooting film star Jimmy Stewart did for an earlier generation.

But Prof. Kotlikoff’s economic genre isn’t the Western. It’s the horror story – “and scarier,” one reviewer of his book suggests, than Stephen King.

And what’s Obama’s response to all of this?

 

We are so screwed it is absolutely unreal.

And that’s just what the UNITED STATES government owes.  Let’s consider the leftist People’s Republic of Californication and see what IT’S actual debt is:

California’s $500-billion pension time bomb
April 06, 2010|By David Crane

The staggering amount of unfunded debt stands to crowd out funding for many popular programs. Reform will take something sadly lacking in the Legislature: political courage.

The state of California’s real unfunded pension debt clocks in at more than $500 billion, nearly eight times greater than officially reported.

That’s the finding from a study released Monday by Stanford University’s public policy program, confirming a recent report with similar, stunning findings from Northwestern University and the University of Chicago.

Most other states are facing catastrophic implosion due to government union workers massive unfunded pension liabilities.  Take Obama’s own state of Illinois, for instance.

Yeah, you’re right, Mr. Fool-in-Chief.  We don’t need a balanced budget amendment.  Let’s go with your plan instead.  Let’s dig our own graves, slit our own throats, and then fall into a hole never again to crawl out.  Let’s sacrifice our children’s children’s children’s children and put the weight of a debt they will never be able to possibly repay as we continue to selfishly and wickedly vote ourselves benefits at their expense.  Let’s guarantee that the United States becomes a banana republic in the next fifteen years.

We’re going to collapse soon.  When it happens, it will seem to come out of the blue, but we will have been working steadily toward our own doom for generations.

Obama’s Keynesian approach has utterly and completely failed.  And only fools refuse to see that by now.

The beast is coming.  And Barack Obama, the Democrat Party and every single fool who votes for these fools, will be his useful idiots.

Audacity Of Indifference: Obama Believes American People Too Ignorant, Selfish To Understand Truth About His Path To Economic Disaster

July 9, 2011

The average American does not view the economy through the prism of GDP or unemployment rates or even monthly jobs numbers,” Obama top political advisor David Plouffe said.

That’s good for Obama, given that Obama promised the American people that if his $3.27 TRILLION stimulus porker was passed, unemployment would go down to 7.1% by now, and instead it just rose to 9.2%.

Plouffe’s comment was brought up to White House press secretary Jay Carney, who had even more to say about just how profoundly stupid Obama believes the American people are:

Earlier this week David Plouffe, one of Obama’s senior advisers and an architect of his 2008 campaign, was panned for saying “the average American does not view the economy through the prism of GDP or unemployment rates or even monthly jobs numbers.”

In a condescending way, White House press secretary Jay Carney basically told the press corps  the same thing. Carney told ABC News’ Jake Tapper that Americans talk to each other about their feelings of the economic situation rather than “analyze the numbers.”

“I don’t know where, you know, the voters that some other folks might be talking to — but — or — but most people do not sit around their kitchen table and analyze GDP and unemployment numbers,” Carney said. “They do not sit around analyzing The Wall Street Journal or other — or Bloomberg to look at the — you know, analyze the numbers.”

It’s too darn bad we don’t know how to read, analyze or think, or we’d know what a total abject failure Jay Carney’s boss truly is.  If we could just learn to read or count, we’d fix Barry Hussein good in 2012.

Carney began this dissertation on the ignorance of the American people by first saying,

“Well, I understand that we’re engaged in the – or rather, the Republicans are engaged in a primary campaign, trying to get some media attention.”

As though that should somehow insulate Obama to whatever they say (we know that Obama has NEVER campaigned, and transcends politics the way the gods transcend humanity, after all).

I came across someone who did a good chunk of the assessment of Obama’s latest job figures and the reality of the pain that increasing numbers of Americans feel as a result of Obama’s economy for me:

You’re a just bunch of dullards who don’t care about unemployment, or the deplorable state of the U.S. economy, or the out of control spending by a socialist kleptocracy.

Here’s the numbers:

The GDP is the measure of a country’s output at any given time. The nation’s $14 trillion+ debt now equals the TOTAL  U.S. GDP, and exceeds the world’s economic output.

The official unemployment estimate is 9.2%, but when you figure in all of the people who simply stopped looking for work or have run out of unemployment benefits that percentage increases.

According to the Bureau of Labor Statistics: Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force, now stands at 16.2%.

I analyze Obama’s abject, deliberate destruction of America’s economy, every day.    Jobs, along with businesses are leaving America thanks to the idiotic regulations, high taxes, the trade deficit, government spending, and unions that price their people and jobs right out of the country.  Tens of thousands of jobs have moved to communist China, which means we’re propping up an enemy of the United States with capitalist dollars.

But the American people are too damn stupid to understand all of that.  How can the ignorant dirty masses possibly understand?  It is better that Obama TELL THEM what to think, is it not?  And no one should listen to Republicans, after all; they’re campaigning, you know.  And Obama would never do anything so crass as that.

Still, Carney’s hand-waving dismissal of the Republicans’ points make it somewhat interesting to find out what those points actually ARE:

Tim Pawlenty pointed out that Obama is “dangerously detached.”  That whole “I feel your pain” thing is simply absent from Obama.  He stands far too far above us to feel or understand our mortal pain.  Our duty is to worship our messiah and have faith in him and in his Marxist ideology come what may.

But Mitt Romney probably most hit the nail on the head:

“Today’s abysmal jobs report confirms what we all know – that President Obama has failed to get this economy moving again. Just this week, President Obama’s closest White House adviser said that ‘unemployment rates or even monthly jobs numbers’ do not matter to the average American.

“If David Plouffe were working for me, I would fire him and then he could experience firsthand the pain of unemployment. His comments are an insult to the more than 20 million people who are out of work, underemployed or who have simply stopped looking for jobs. With their cavalier attitude about the economy, the White House has turned the audacity of hope into the audacity of indifference.”

That opens the door to another thing Obama assumes you are: too selfish to care about other people.

If you have a job, or are getting your welfare check from the government that the government has redistributed from someone who IS lucky enough to have a job, you clearly don’t give a damn about how much millions of Americans are suffering.  That was at the heart of both David Plouffe’s and Jay Carney’s point.  Let me provide the full David Plouffe (did I mention he’s Obama’s TOP political advisor?) statement:

“The average American does not view the economy through the prism of GDP or unemployment rates or even monthly jobs numbers,” Mr. Plouffe said. “People won’t vote based on the unemployment rate; they’re going to vote based on: ‘How do I feel about my own situation? Do I believe the president makes decisions based on me and my family?’

That’s right: if I’m doing okay, or at least if my family’s getting enough of the welfare pie, screw America.  Who gives a damn if everybody’s out of work?  I’m a DEMOCRAT; I’m getting MINE.  Barry Hussein took somebody else’s money and gave it to me so I’d vote for him.  Screw America, screw the American people and screw the unemployment rate.

Amity Schlaes made a good point about the Great Depression in her book The Forgotten Man: “The Great Depression wasn’t that bad if you had a job.”  And that was true; particularly if you didn’t give a damn how much other people were suffering as a result of FDR’s terribly failed and immoral policies that kept America suffering for seven full years longer than was necessary.

Obama assumes that a majority of American voters are as selfish and self-centered as he himself has proven to be in his personal life before running for president.  Did you know, for instance, this about Barack Obama?

Prior to his run for President, Barack and Michelle Obama were in the top 2% of income earners, but actually gave less than the average American in charitable giving.

Obama gave .4% of his income.  In spite of being rich, and being in the top richest 2% of Americans, Obama gave only $1,050 to charity.  When the average American household (that’s mostly us in the bottom 98%) gave $1,872, which was 2.2% of their incomes.

For the record, Barack Obama was 450% more selfish, more stingy, more greedy and more self-centered than the average American.  Even though the average American had nowhere NEAR Obama’s wealth.  And that is a documented fact.  And let’s also consider how much Michelle Obama earned by receiving lavish political patronage because of her husband’s career.

And then you find that as cheap and chintzy and stingy and selfish as the redistribution of wealth president (a.k.a. Barry Hussein) was before he decided to run for president, his vice president was even STINGIER.  Because Joe Biden gave less than one-eighth of one percent of his wealth to charity.

And, of course, Democrats who lecture us on “paying our fair share” while they either welch on their debts, refuse to contribute to charity, cheat on their taxes, or all damn three are a dime a dozen.  Let’s have a few prominent examples: Bill and Hillary Clinton, who have largely welched on Hillary’s campaign debts.  There’s Charlie Rangel, the man who chaired the committee that wrote the tax laws while not bothering to pay his own damn taxes.  There’s “Turbo Tax” Timothy Geithner, the man in charge of the Treasury and I.R.S. who didn’t bother to pay his own taxes.  There’s former Democrat candidate for president John Kerry, a millionaire, who tried to wriggle away like the worm he is from paying the taxes he should have paid on his yacht.  There’s Kerry’s wife and fellow Democrat Teresa Heinz-Kerry, who in spite of inheriting the Heinz fortune actually pays less in taxes than the median American family.  And then there’s a bunch of more garden variety cockroach Democrats such as Eric Holder, Tom Daschle, Bill Richardson, and Claire McCaskill.  And the vile putrid bunch of Democrats running Bell, California.

And let me throw in “San Fran Nan” Nancy Pelosi into the mix.  Here’s an already filthy rich woman who increased her wealth by 62% last year while millions of Americans are suffering.  She’d certainly be one who would say, “Screw America, screw the American people and screw the unemployment rate; I’m getting MINE.

These are the hypocrite vermin who constantly lecture us about how “the rich should pay their fair share.”  And these slime certainly should.  But of course, while they screech the Marxist screed of class warfare, they know that they’ve written the tax laws to benefit themselves and their supporters – to the extent they even bother to follow those tax laws that they demand everybody else follow to begin with.

“The audacity of indifference.”

Barack Obama and the Democrat Party don’t care if millions of Americans are out of work and suffering as the result of their policies.  All they frankly cynically care about is whether they can exploit that suffering to their own political advantage.  And whether the American people are ignorant enough and selfish enough to fall for their lies.

After Two Terrible Years Of Obama, Here’s Our ‘Change’

May 20, 2011

From an email I received (and liked):

AFTER TWO YEARS OF OBAMA, HERE’S YOUR “CHANGE”: 

January 2009

TODAY

%
chg

Source

Avg.. Retail price/gallon gas in
U.S.

$1.83

$3.94

84%

1

Crude oil, European Brent (barrel)

$43..48

$99..02

127.7%

2

Crude oil, West TX Inter.
(barrel)

$38..74

$91..38

135.9%

2

Gold: London (per troy oz.)

$853.25

$1,369.50

60.5%

2

Corn, No.2 yellow, Central
IL

$3.56

$6.33

78.1%

2

Soybeans, No. 1 yellow, IL

$9.66

$13..75

42.3%

2

Sugar, cane, raw, world, lb.
Fob

$13..37

$35..39

164.7%

2

Unemployment rate, non-farm, overall

7.6%

9.4%

23.7%

3

Unemployment rate, blacks

12.6%

15.8%

25.4%

3

Number of unemployed

11,616,000

14,485,000

24.7%

3

Number of fed. Employees

2,779,000

2,840,000

2.2%

3

Real median household income

$50,112

$49,777

-0.7%

4

Number of food stamp recipients

31,983,716

43,200,878

35.1%

5

Number of unemployment benefit
recipients

7,526,598

9,193,838

22.2%

6

Number of long-term
unemployed

2,600,000

6,400,000

146.2%

3

Poverty rate, individuals

13.2%

14.3%

8.3%

4

People in poverty in U.S.

39,800,000

43,600,000

9.5%

4

U.S.. Rank in Economic Freedom World
Rankings

5

9

N/a

10

Present Situation Index

29.9

23.5

-21.4%

11

Failed banks

140

164

17.1%

12

U.S.. Dollar versus Japanese yen exchange rate

89.76

82.03

-8.6%

2

U.S.. Money supply, M1, in billions

1,575.1

1,865.7

18.4%

13

U.S.. Money supply, M2, in
billions

8,310.9

8,852.3

6.5%

13

National debt, in trillions

$10..627

$14..052

32.2%

14

Just take this last item: In the last
two years we have accumulated national debt at a rate more than 27 times as
fast
as during the rest of our entire nation’s history.Over 27 times as
fast. Metaphorically speaking, if you are driving in the right lane doing 65 MPH
and a car rockets past you in the left lane. 27 times faster, it would be doing
7,555 MPH!

Sources:(1) U.S. Energy Information
Administration; (2) Wall Street Journal; (3) Bureau of Labor Statistics; (4) Census Bureau; (5) USDA; (6) U.S.
Dept. Of Labor; (7) FHFA; (8) Standard & Poor’s/Case-Shiller; (9)
RealtyTrac; (10) Heritage Foundation and WSJ; (11) The Conference Board;
(12) FDIC; (13) Federal Reserve; (14) U.S. Treasury

It has only taken Obama two years to do this much damage to America.

Imagine how much more he can do in two more years.

Imagine how much more he would do with a second four-year term.

How’s that socialism workin’ out for ya?

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, How Have You Failed America? Let Me Count The Ways

June 2, 2010

I can’t get away from Obama’s arrogant boast from last year.  It has just been thoroughly destroyed too many times, in too many ways:

“I am absolutely certain that generations from now, we will be able to look back and tell our children that this was the moment when we began to provide care for the sick and good jobs to the jobless; this was the moment when the rise of the oceans began to slow and our planet began to heal; this was the moment when we ended a war and secured our nation and restored our image as the last, best hope on earth.”

Let’s examine this on a clause-by-clause basis and see how Obama has fared:

This was the moment when we began to provide care for the sick? Another way to put it is “This was the moment companies dropped their health care coverage so every sick person could one day lay helplessly in their own filth on Medicaid.”

(Fortune) — The great mystery surrounding the historic health care bill is how the corporations that provide coverage for most Americans — coverage they know and prize — will react to the new law’s radically different regime of subsidies, penalties, and taxes. Now, we’re getting a remarkable inside look at the options AT&T, Deere, and other big companies are weighing to deal with the new legislation.

Internal documents recently reviewed by Fortune, originally requested by Congress, show what the bill’s critics predicted, and what its champions dreaded: many large companies are examining a course that was heretofore unthinkable, dumping the health care coverage they provide to their workers in exchange for paying penalty fees to the government.

That to go along with ObamaCare now acknowledged to cost FAR more than Democrats falsely said, and along with the fact that this boondoggle has forced businesses to write down billions of profits that could have been used to create jobs.

Good jobs for the jobless? How about any jobs whatsoever for the jobless?  Unemployment was 7.6% when Bush left office.  Obama promised it wouldn’t get over 8% because of his stimulus, but he lied.  And now it’s 9.9% and unlikely to get much lower for a long time to come.

When the rise of the oceans began to slow and our planet began to heal? Let me just say three words: Gulf of Mexico.  The oceans are rising due to millions and millions of gallons of oil that Obama has done nothing to even slow down.  I mean, my God: it took him like six weeks to even tell us that he was responsible.

This was the moment when we ended a war? How about this was the moment when we tried to take credit for George Bush ending a war? Just what war has Obama ended?  The general in command in Afghanistan says its a “bleeding ulcer” over there, and that “nobody’s winning.”  So it’s probably not that war.  And it’s hard to imagine he’s talking about North and South Korea, given the fact that those countries are on the verge of total war in a situation that has gone to hell during his misrule.  Nor is it likely he’s talking about Iran, given the fact that his fool policy that even his own Secretary of State once openly mocked as “irresponsible and frankly naive” has completely fallen apart, and now Iran can build nuclear weapons any time it wants to.

And secured our nation? Oh, yeah.  You’ve done a hell of a good job on that one, Barry Hussein:

Washington (CNN) — For the first time in nearly four years, a majority of Americans think that a terrorist attack is likely to occur somewhere in the United States in the next few weeks, according to a new national poll. . . .

Fifty-five percent of people questioned say an act of terrorism in the U.S. over the next few weeks is likely, up 21 points from last August. Forty-three percent said such an attack is not likely, down 21 points from August. . . .

The survey’s release comes one day after the Obama administration released its first National Security Strategy, a 52-page outline of the president’s strategic approach and priorities on battling terrorism.

And now here’s the very last one, tumbling into the toilet like the turd-in-chief is tumbling in the polls:

And restored our image as the last, best hope on earth.  Here’s what Obama’s “restoration of America’s image” actually looks like:

Japan’s prime minister resigns over Okinawa base
By Mari Yamaguchi The Associated Press
Posted: 06/01/2010 07:52:12 PM PDT

TOKYO – Embattled Japanese Prime Minister Yukio Hatoyama said Wednesday he was resigning over his broken campaign promise to move a U.S. Marine base off the southern island of Okinawa.

The prime minister had faced growing pressure from within his own party to resign ahead of July’s upper house elections. His approval ratings had plummeted over his bungled handling of the relocation of the Marine Air Station Futenma, reinforcing his public image as an indecisive leader.

Or let me put it this way: “You have restored America’s image, Mister President Obama-san.  We now revere your country as never before due to your most wonderful greatness.  Now will you please take all your American crap and your American prestige and get the hell out of our country?  It is only because we honor YOU so much, Obama-san, that we want America the hell out of Okinawa after being here for 65 years.”

“We had so much contempt for Bush – you see, we don’t even call him Bush-san – that we allowed America to remain during his presidency.  It is only because of our profound and deep admiration of you that we are kicking your ass to the curb now, Obama-san.  You are last, best, greatest hope on earth, Obama-san.  Now please not to let door hit your skinny ass on way out.”

So let’s tally up: fail until we die of socialist health care, fail big time until our unemployment benefits run out, fail all over the Gulf of Mexico and likely all over Florida and then the East Coast, fail until we cut and run, fail while getting ready for the next massive terrorist attack, and, finally, fail ingloriously all over the world.

I know, I know: I didn’t tell the truth.  I’m nowhere NEAR through with the list of all the ways that Obama has completely failed America.  Obama has failed to control spending as our deficit soars like a rocket ship.  Obama has failed to secure our financial system as our banks have closed at MORE THAN DOUBLE THE RATE OF LAST YEAR.  Obama has failed to act on illegal immigration.  Etcetera.  Etcetera.  Obama has failed his own rhetoricObama has just failed, period.  Obama has even failed to kick his smoking habit.

Let me try to paraphrase Obama’s speech above in a way that properly corrects the record:

I am absolutely certain that generations from now, we will be able to look back and tell our children that this was the moment when we began to realize that we had the absolute suckiest president in our nation’s entire history at the very time we needed a good one the most.

.

Why Have Republicans Jumped Out To Largest Lead EVER Over Democrats?

June 2, 2010

Something is building and growing.  And it is in response to the total failure of Democrat control.

June 1st, 2010
Republicans Jump Out To Historic Lead In Gallup Generic Ballot
Posted by Sean Trende

Gallup’s generic polling shows the number of voters saying that they would vote for Republicans rising three points from last week, while the number saying they will vote for Democrats dropped four pointsThe 49%-43% lead for the Republicans is the largest that the pollster has ever recorded for the partyMoreover, Democratic enthusiasm for voting this fall fell a point, while enthusiasm among Republicans stayed about fifteen points higher.  This indicates an even wider lead for Republicans once Gallup imposes a likely voter screen this fall.

There’s any number of reasons for this:  the public’s perception of Obama’s response to the oil spill, the shaky stock market performance last week, continued concern about the economy and spending.  The bottom line is that, despite what is perceived as an underperformance for the Republicans in PA-12 a couple of weeks ago, there are still plenty of Democrats in trouble for this November.

Keep up the good work, Democrats.

At the rate you’re going, there may not even BE any Democrats soon.  Because you suck, and people are starting to figure that out.

In addition to the fact that oil is pouring into the ocean at a rate that defies comprehension (we’re up to four times the calamity that the Exxon Valdez created with no end in sight), our banks that anchor our economy are bleeding out nearly as badly:

May 24, 2010
What recovery? Bank failures double this year compared to 2009

Although the federal bailout stabilized the banking system, bank failures are continuing at at rapid clip. Check out the latest federal tally. More than twice as many banks and savings and loans have been seized by regulators this year as in the same period last year: 73 in 2010, and 33 in 2009.

Banking analysts have long been warning us to expect a bumper crop of failures among small- to medium-sized community and regional banks this year. Many of the big banks that teetered on the edge of collapse had made bad bets on exotic mortgage securities. But most of the smaller banks are feeling the effects of residential mortgage foreclosures (such at the one pictured here) and, increasingly, commercial property loans going bad.

The Associated Press sums it up thus:

With 78 closures nationwide so far this year, the pace of bank failures is more than double that of 2009, which was already a brisk year for shutdowns. By this time last year, regulators had closed 36 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.

Now, remember that the first half of last year was the DEPTHS of the recession.  And it’s more than twice as bad this year as it was during those depths of the recession.

The only thing worse than having Republicans run things is having Democrats run things.  Only Democrats run things so much worse that America compares to a Swiss watch under Republicans.

Democrats do one thing well: they demagogue better than anybody in the world.  But lest we forget, during the period when the economy truly went into the crapper, between 2006 and 2008, it was under the total domination of Congress by Democrats.  Add that to the fact that it was Fannie Mae and Freddie Mac that created the becoming disaster for the very reasons that banks are still struggling (idiotic mortgage policies) that the Democrats owned lock, stock and barrel.

Meredith Whitney accurately predicted the economic meltdown when a lot of other “experts” were saying buy, buy, buy.

Here’s what she said in July of last year:

Unemployment is likely to rise to 13 percent or higher and will weigh on the economy for several years, countering government efforts to stabilize the banking industry, analyst Meredith Whitney told CNBC.

And a year later, does it appear that the government has stabilized the banking industry?  NOT EVEN FREAKING CLOSE!!! The factors that Whitney cited in predicting 13% unemployment are happening before your very eyes.

Looking at 13% unemployment coming up, all I can think of is Al Pacino in Scarface: “Say hello to my little friend!

As bad a year as Bush had (thanks to Democrats who refused to do anything about the mortgage security crisis created and sustained by Fannie and Freddie), unemployment was 7.6% when Bush left office.

What was it the last month statistics were available, under Obama’s, Pelosi’s, and Reid’s terrible misrule?  9.9%.  And that after a massive failed stimulus that Obama promised would keep unemployment under 8%.  Obviously, it did nothing of the sort, but our children’s children’s children’s children will still be paying off a $3.27 TRILLION black hole of debt anyway.

Did somebody say “debt”?

Tyler Durden at ZeroHedge wrote on May 25:

This means that as of this moment, assuming the new debt were to settle today, the US has $13,031,095 billion in debt: congratulation America – you have now passed lucky $13 trillion in total debt. But don’t worry, we won’t stay here for long. At the current rate of issuance, $14 trillion will be passed in 8 months, and $15 trillion in another 7. By the end of 2011, we estimate total US sovereign debt to be about $15.5 trillion.

Democrats tore into Bush tooth and nail over his increase of the national debt.  That said, it took George Bush eight full years to increase the debt by $4.89 trillion.

Right now, under Barry Hussein, it is $13.o28 trillion.  Which is to say that Obama increased the debt by more than $2.4 trillion in only fifteen months.  That will be more than $3.4 trillion in just over two years in office.  By the end of 2011, after less than three full years in office, Obama’s share of the debt will be $4.9 trillion.

Which is to say that Obama will have racked up as much debt as Bush did in eight years in only three.  Obama is increasing the debt at nearly three times the rate that Bush did.

Which goes back to what I said about Republicans being bad – unless you compare them against Democrats.

Over the past thirty years, Democrat Congresses have increased the debt 2.4 times as much as have Republican Congresses.  Another way to put it is that Democrat Congresses have spent 137.7% more than Republican Congresses.

We are hurtling toward a disaster that will create a collapse that will ultimately make the Great Depression look like a walk in the park.  The United States of America is going to completely implode – and no one will bail us out when it happens.

You want to watch your kids starve to death before your eyes?  Elect Democrats.  Because that would be the kind of “change” you can truly “hope” for.