Posted on 12/08/2014 5:25:01 AM PST by Robert DeLong
In the great fiscal scheme of things, October 22, 1981 seems like only yesterday. That’s the day the US public debt crossed the $1 trillion mark for the first time. It had taken the nation 74,984 days to get there (205 years). What prompts this reflection is that just a few days ago the national debt breached the $18 trillion mark; and the last trillion was added in hardly 365 days.
(Excerpt) Read more at davidstockmanscontracorner.com ...
If they had to pay a normal 5% on this debt it would wipe out discretionary spending.
“The economy is doing fine. My portfolio has increased in value for the last 3 years.”
The most commonly used argument by a Leftie on a motorcycle forum I was a member of.
A world of hurt is just around the corner for this place.
The politicians lie everywhere.
George Osborne, the Chancellor of the UK treasury, made a deceitful speech last week in the face of massive (5.2 percent of GDP defecit) overspending to fake people out ahead of next May’s election.
The UK is over two trillion US dollars in debt and will have to cut spending on police, fire and military big time after next year’s election to meet its fiscal austerity targets since Cameron has put things like health care and foreign aid off the table for spending cuts.
Here in the US we are in the austerity age. Paul Ryan already agreed to higher taxes called “airline fees” in this session of Congress. Military pensions were also cut in that deal.
The D’s and R’s will come up with more such tricks in the years ahead as they try to bandaid a failing financial situation in this country.
The government doing what it does best…writing hot checks to buy votes to stay in power so it can write more hot checks. Generations yet unborn will suffer mightily for these criminal acts, but those committing them will be long gone. This is no way to run a country.
OMG. We’ll have to raise taxes.
Welfare.
The Welfare State. The programs that caused the debt to skyrocket built up over 80 years. In that sense, every president since Roosevelt is responsible for the debt. The only one in that time who actually tried to cut the Welfare State back was Reagan and even he was not that successful (as he admitted). That is a sad thought — in 80 years, only one president — one — tried to cut the Welfare State. The others either left it alone or added another layer of entitlements on it. That is why we are where we are. Only a civil war or economic collapse will stop it.
Candidate Obama said it was “irresponsible and unpatriotic” for Bush to add 4 trillion to the national debt. President Obama has added 7.3 trillion, so he’s now hoisted on his own petard.
And about 5 trillion of that debt is from the federal government “borrowing” from Social Security and Medicare.
The federal government never met a credit card offer it didn’t like. The rest of us manage to live within our means, but Uncle Sam as “Diamond Jim Brady” cannot.
Clintons indistinguishable from Bushes; Republican policy consonant with Democrats. And Speaker Bonehead and Twitch McConnell (two untrustworthy pols with the only positive recommendation: ‘not democrats’) start running a ‘united’ Congress next month.
After they give their (embarrassing) conservative base the finger over amnesty, fiscal responsibility, social issues and the Imperial presidency for two years, two jaw-dropping results: another radical Democrat in the White House (?) and the GOP goes the way of the Whigs.
This is their last chance. What do you think the Stupid Party will do? The GOP will run JEB. And for the third time in 12 years they will have chosen the candidate before we even have a chance to vote for a presidential primary candidate.
On the bright side, this holiday season is when Demoblicans like to railroad wildly unpopular legislation and spending bills, e.g. Obamacare, Christmas Eve, 2010.
Merry Christmas!
Thank the Federal Reserve for all of this. It’s the foundation of the progressive nanny state
Bush was the one who originally appointed Bernanke to the Fed chairmanship, and he (Bush) did next to nothing to control government spending. In this regard, Bush is just as guilty as the rest of them.
Much of Europe, and other allies, have come to rely on expenditures of the American taxpayer, whose government has promised will support/protect them in the event of a war. The result is a lower than needed defense structure in countries allied with the U.S., permitting them to luxuriate in fanciful socialist experiments that make our homegrown socialists salivate. The end result is that our socialists bemoan that we aren’t as generous as European counterparts, who have the benefit of another country picking up the tab for unanticipated extrodinary defense expenditures.
Project Prophecy
predicts imminent $100 trillion U.S. collapse
http://pro.moneymappress.com/MMRBSSH39PPM2/PMMRQB88/?iris=267040&h=true
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