Drowning in debt: Obama's spending and borrowing leaves U.S. gasping for air

The New York Daily News ^ | August 9th 2009 | Mort Zuckerman

[GeronL]

Money in savings fueled the economy too. It was loaned to business which created jobs. Now business are scared to expand, they don’t want to become targeted.

[GeronL]

The government is buying its own debt. staggering. Inflation will come, if deflation comes first people better stock up

[rodguy911]

You gotta wonder what it will take to get an audit of the Fed.

[Soul of the South]

Until the 20th Century the Federal government was adequately funded on tariffs and fees. It wasn’t until the constitution was amended to institutionalize the income tax that revenue was sufficient to support big government programs and constituencies demanding more federal dollars.

Tariffs also provided protection from foreign competition for emerging US manufacturing. If we want to rebuild our manufacturing base, and pay down the debt, we need to seriously look at higher tariffs. Our population is large enough to support our manufacturing. No matter what the globalists say, higher tariffs will benefit US manufacturing and permit more jobs to be created in America.

[Miss Didi]

Daily News - Zuckerman - amazing.

Mort Z. always endorsed W.

[VRWC For Truth]

Laws will have to be changed to achieve real cuts in spending.

Cold turkey. Like I say, I wouldn't want to live near anywhere near DC. A big federal gov't is passe. The DC Berlin Wall wall is going to fall. Not going to be pretty.

[goodnesswins]

HMMMMmmmm.....more like the WELFARE WALL......we should start promoting it’s fall....

[RayChuang88]

Mr. Zuckerman, care to explain why American citizens and businesses have taken somewhere between US$14 and US$19 TRILLION (not a misprint!) in liquidity out of the US economy because of our confiscatory income tax laws? And done by participating in the underground economy and the legal "offshoring" of assets to the Bahamas, Bermuda, Cayman Islands, Panama, Singapore, Switzerland, etc? And why so many American corporate headquarter and manufacturing operations are done outside the USA?

Fix or just kibosh our failed income tax system so we have a system that encourages personal savings and capital investment in the USA and our economy would turn around faster than an F-16 fighter doing a 9-G turn.

[Vince Ferrer]

It’s a question of how. Interest on the debt can’t be controlled and a lot of entitlement spending is mandatory. Laws will have to be changed to achieve real cuts in spending.

When push comes to shove the Supremes can cut spending, just all of a sudden realize that most of it is in fact unconstitutional.

[Vince Ferrer]

Down Size the Federal Government to only a military and strategic function.

Downsize the government to its constitutional limit.

[Candor7]

Agreed. We will have to eventually go to higher tariffs on imports, as inflation destroys us,and the economy goes south. We will have to rebuild, and that means higher tariffs on imports for 20 years or more.

[Iron Munro]

[neverdem]

Thanks for the pings. Last I posted from them, you didn’t have to excerpt the NY Daily News or The Hill.

[VeniVidiVici]

Chicago Tribune 1934

[SunkenCiv]

thanks Clintonfatigued.

DRUDGE: Pelosi/Hoyer op-ed in Monday USATODAY
calls townhall protesters ‘un-American’
http://www.drudgereport.com/
Posted on 08/09/2009 3:02:30 PM PDT by RatsDawg
http://www.freerepublic.com/focus/news/2312122/posts

[Deo volente]

That 1934 cartoon describes today's situation to a tee. All you have to do is change the names. One of the names is familiar, though. “Ickes” was Harold L. Ickes, father of Clintonista Harold M. Ickes, who was senior adviser to Hillary's first Senate campaign.

History is repeating itself. Obama’s socialism is just like FDR's, only on steroids this time around.

[Impy]

"The American people are becoming more savings and thrift oriented now. Ironically, this is one of the reasons the economy has been slow, as credit-based spending has been a fuel of economic growth in the past."

Apt observation.

[ModelBreaker]

“Because a decent chunk of our T-bills are now short-term instead of long term. There appears to be a lot of “waiting and watching” going on by those buying our debt.”

That’s all I’m holding. Anyone holding long term t bills right now is a fool. Interest rates are going up up up. When they do, the price of long term t bills goes down down down.

[Clintonfatigued]

Thanks very much!

: )

[jwalsh07]

Zuckerman just figured this all out? LOL.