Posted on 02/07/2010 8:18:26 AM PST by EternalVigilance
Piercing Obama's Echo Chamber
In analyzing the contribution to our National Debt (Debt) by President (chart 1), my initial idea was to determine the actual cost of each annual budget deficit over time by utilizing the rule of 72 along with current and future interest rates. Since our debt has traditionally never been repaid, the future value of each deficit doubles roughly every 18 years using an average interest rate of 4.0%. Although I found this to be sickening enough, what's even more striking is the progressive pattern of reckless spending under the last five administrations.
What's striking is the fact that only a total of $740.5 billion was added to the Debt between fiscal years 1951 through 1981 (chart 2). Contrast that with the following:
Although I consider myself to be a Reagan conservative, his record on deficit spending was horrible. During his two terms in office, Ronald Reagan is partly responsible for adding $1.86 trillion to the Debt.
George H. W. Bush, as a one-term president, was partially responsible for adding $1.55 trillion to our Debt. H.W. nearly surpassed Reagan in half the time.
Bill Clinton is often touted as having run budget surpluses during his second term in office, however, this is mostly attributable to a Republican lead Congress. But even Bill Clinton overspent, and in the end would run up the Debt by $1.39 trillion during his eight year term.
George W. Bush exploded the Debt by $5.31 trillion over 8 years. Although I would come to trust GWB with my life, I wouldn't trust him with my wallet. To be fair, I have deducted Obama's fiscal year 2009 addition of $787 billion for his failed Stimulus program, and I added it to Obama's 2010 deficit. I would also attribute $2.1 trillion of Bush's $5.31 trillion in red ink to Nancy Pelosi, and the majority Democrat Congress.
Then we come to Barack Obama. Obama is projected to advance the National Debt by $5.15 trillion in his first (and last) term in office. Obama will go down in history as the most fiscally reckless president of all time, adding as much to the Debt in 4 years as Bush did in eight. Why would anyone even consider a 2nd term for Obama?
Barack Obama represents not only 'more of the same', but Obama has earned the nickname, 'Double Bush'. That's right, in fiscal matters Obama is twice as reckless as George W. Bush, not to mention twice as dangerous in terms of national security. The American people are too smart and too unforgiving to ever consider giving Obama a second chance. Sorry Barry, you blew it.
What really irks me about chart 1 is the addition of $5.72 trillion to the Debt between the fiscal period beginning October 1, 2007 and ending September 30, 2011 (highlighted in white). This can be mostly attributed to the current Democrat Congress led by Nancy Pelosi. Sorry Nancy but you're gone. And sorry to most of you coming up for re-election in 2010, but you're done too. Those who realized the error of their ways have wisely dropped out of the race. To those of you who are complicit, and still trying to hang around for another term, my only advice is to spare yourself the embarrassment.
Where was it that the buck stops again? So there you have it, I have pierced Obama's 'echo chamber' once again, in hopes of exposing his insular 'death spiral'. My goal is to inspire you to elect more responsible politicians in all of the upcoming races.
Sources:
http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm
www.whitehouse.gov/omb/budget/fy2011/assets/hist01z2.xls
President Obama is just following one of the chapters in the ‘progressive playbook’:
Cloward and Piven.
Watch the movie I.O.U.S.A. at
http://video.google.com/videoplay?docid=270867650600562607&ei=l-9uS4aXD6a6qgLPvNjoBg&q=iousa&hl=en#
HE WILL BE HELD ACCOUNTABLE!
Remember Reagan had a 'Rat Congress to work with. He desperately needed to build up the military, and the only way he could get the 'Rats to do that was to also sign off on their "social" spending.
I have been thinking about what Pres. Palin and a conservative Congress can do to FIX the country when they take power. Here are a few ideas:
1. The USA is BANKRUPT. Therefore, we need to declare CHAPTER 13. All contracts, promises, and ENTITLEMENTS are on the table. Create a National Bankruptcy Trustee Council that will dictate the changes just like a bankruptcy judge would. That way we only have to pass ONE BILL to make all of the painful changes.
2. Lay off 80-90% of all federal workers. Eliminate departments, agencies, and commissions. Examples include Dept. of Education, most of the Small Business Administration, most of the EPA, HUD, National Public Radio, National Endowment of the Arts, et al.
3. Privatize every function possible. Fire the union TSA and hire a contractor with a free hand to “profile” terrorists.
4. Sell off assets. SELL, don’t lease, mineral rights offshore. Why the hell does the federal government have to own 50% of the land West of the Mississippi? Sell the BLM and most National Forests. Sell federal office buildings and lease back the ones truly needed. Sell off every technology that is not classified. Sell off dams and powerplants. Sell Amtrack.
5. Reduce all Congressional pensions to ZERO. Both the Republicans and Democrats bear responsibility for the mess they got us in. They can go back and work for a living. Cut civil service pensions to a minimum. Regardless of rank, pensions should be what the lowest civil servant gets.
6. Invalidate all federal union contracts and their right to represent federal workers.
7. Eliminate farm price supports, dairy cartels, etc. Let the free market drive down prices.
8. Obviously, eliminate earmarks, aid to cities and states, and other pork barrel spending.
9. Allow elderly people to have HMO coveerage or catastrophic insurance instead of Medicare.
10. Raise the retirement age for Social Security gradually. We are living longer, healthier lives.
11. SEND THE ILLEGALS HOME.
12. CUT TAXES AND REGUALATION TO RE-START ECONOMIC GROWTH.
13. PAY DOWN THE NATIONAL DEBT.
I’ll think of a few more areas to cut later. How are the above for a start?
The year is still young, but FWIW, this is my favorite post of this year so far.
Many thanks for actually setting down in writing real solutions for our all too real debt death spiral.
Yes, I’d love to see more of your ideas!
Thanks!
I get tired of the defeatist attitude that says that our problems cannot be fixed. The defeatists are WRONG!
The best way to deal a deadly blow to Socialism is to demonstrate that Capitalism and Free Markets WORK.
Joe Six Pack understands that we need economic GROWTH in order for his standard of living to rise. Conservatives need to drive home the message that the Left and the Greens are ANTI-GROWTH,i.e., anti-prosperity, anti-business, and, therefore, ANTI-WORKER.
To your list I would add:
In keeping with the Tenth Amendment, transfer to the States all powers and responsibilities including regulatory bodies and agencies that can reasonably be assumed at the state level.
I forgot an important part of bankruptcy proceedings.
COLLECT ALL DEBTS OWED. Audit all foundations and non-profits to see if they are doing political activism not in their charters. If they are, freeze their asseta and bill them for back taxes. Investigate and PROSECUTE all the Wall Street scam artists and SEIZE ALL OF THEIR ASSETS. (Rudy Giuliani for Attorney General!)
Audit the unions for illegal political contributions. Prosecute and SEIZE THEIR ASSSETS.
Just recovering the assets ripped off by white collar criminals could repay a good chunk of the national debt.
Could not agree more. Let the states handle issues such as education.
In defense of Reagan I would say that he dealt with a RAT Congress for most of his Presidency. In fact, he dealt with a RAT House for all 8 years and, as every schoolchild knows, spending originates in The House.
Reagan's budgets were declared DOA by House Speaker Tip (short for Tipsy) O'Neill.
Further, Reagan vetoed so many bills that the newsholes created a word for it, "gridlock".
Long Live Ronald Reagan.
Fair enough on Reagan. I was waiting for someone to make this point.
I wouldn’t have the government sell off the mineral rights, leasing is a gift that keeps on giving in terms of money. If the government sells, then they get a quick injection of money, but like a drug addict... it’ll be looking for more later. And without the added revenue from the leases, then it’ll be coming even harder for you and me.
Selling the mineral rights means that drilling/mining can take place. We should only sell off such rights if the money is used to PAY OFF the national debt.
We cannot keep future politicians from starting the whole bread and circus routine, but we MUST pay down the debt.
If the interest rates climb then the entire federal tax haul WILL NOT EVEN PAY THE INTEREST.
The pols have spent us into NATIONAL BANKRUPTCY. Conservatives need to save the Republic.
See my tagline.
Nam Vet
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