Obama called Bush unpatriotic for running up $5 Trillion in debt in 8 years.
What Obama said as a Senator: “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.” (Sen. Barack Obama, Remarks At A Campaign Event, Fargo, ND, 7/3/08)
While Obama's debt increase was to rescue the economy from the largest credit crisis in history.
In fact, the President’s own proposed budget projects federal spending to soar by 2022 to $5.820 trillion, the highest government spending in world history. Over the next 10 years, federal spending, with all of President Obama’s talk about spending cuts, will total $47 trillion!
When he was running for President in 2008, however, Obama did not say that increased government spending was the key to economic growth and his economic policies. He told us then his budget policy would involve a “net spending cut.” In fact, he said precisely that during a nationally televised Presidential debate with John McCain. Does President Obama understand the meaning of the words “net spending cut?” Or was he deceiving the American people in 2008 when he used those words?
President Obama also promised when he was running for office in 2008 that he would cut the budget deficit in half by the end of his first term. But the budget deficit projected for 2012 in the budget he just released is $1.327 trillion. The deficit in 2008 was $458.6 billion, less than half one trillion, the former all time record. As the Wall Street Journal explained yesterday, Obama’s new budget includes: “Another deficit of $1.327 trillion in 2012, also an increase from 2011, and making four years in a row above $1.29 trillion. The last time that happened? Never.”
Those four consecutive years of trillion dollar deficits under President Obama, the only trillion dollar deficits in world history, added a total of $5.33 trillion to the national debt held by the public in President Obama’s one term in office alone. Obama’s own budget projects the national debt held by the public to total $11.6 trillion for 2012, double the national debt of $5.8 trillion in 2008! Consequently, by Election Day 2012, Obama will have doubled the national debt, in just one term of office. In that one term, he added as much to the national debt as all prior Presidents, from George Washington to George Bush, combined!
By 2022, Obama’s own budget projects that national debt held by the public to total nearly $20 trillion! That would be the highest national debt in world history. The gross federal debt, which includes the money the taxpayers owe in the Social Security trust fund and similar federal debts, which will also have to be paid, is projected in Obama’s own budget to total nearly $26 trillion by 2022! That is projected to be just over 100% of GDP that year.
All of those deficits and all of that national debt Obama projects in his own budget include all of the tax increases he proposes, or has already enacted to go into effect under current law. His budget projects that federal income tax revenues will double by 2020, federal corporate tax revenues will double by 2017, and federal payroll taxes will double by 2022.
That is because already enacted under current law for 2013 are increases in the top tax rates for virtually every major federal tax. In that year, the tax increases of Obamacare go into effect, and the Bush tax cuts expire, which Obama refuses to renew for the nation’s small businesses, job creators and investors. That is the English translation of individuals making over $200,000 a year, and couples making over $250,000 per year.
As a result, if the Bush tax cuts simply expire for these higher income earners, the top 2 income tax rates will go up by nearly 20%, the capital gains tax rate will soar by nearly 60%, the tax on dividends will nearly triple, the death tax rate will rise by nearly a third, and the Medicare payroll tax will explode by 62% for these targeted taxpayers.
Obama explains these tax policies in his budget message, saying “everyone must shoulder their fair share,” and “we need an economy where everyone shoulders their fair share to put our fiscal house in order.” The taxpayers targeted for these tax increases are the top 3% of income earners. But as the Wall Street Journal noted Tuesday, those top 3% pay more in federal income taxes than the bottom 97% combined! So if that is not their fair share, what would that fair share be, Mr. Obama?
A Forbes article.
Reason above to buy more Gold and Silver
NumbersUsa, FairUs, Alipac, CapsWeb, and TeamAmericaPac
<< <i>Obama called Bush unpatriotic for running up $5 Trillion in debt in 8 years.
What Obama said as a Senator: “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.” (Sen. Barack Obama, Remarks At A Campaign Event, Fargo, ND, 7/3/08)
While Obama's debt increase was to rescue the economy from the largest credit crisis in history. >>
He also said this:
“We cannot simply spend as we please and defer the consequences to the next budget, administration or generation,” said President Obama in 2009 in promising that he would cut the nation’s budget deficit in half by the end of his first term.
The problem is that the last budget under the Bush administration had a deficit of less than $500 billion. Every budget submitted by the President so far has a budget deficit of over $1 trillion, including the budget for FY2012 which is the last year of OBama’s term.
NumbersUsa, FairUs, Alipac, CapsWeb, and TeamAmericaPac
Let's not get this thread tossed for politicing. We all know all of DC is about as fiscally responsible as a crack fiend justifying trading food money for the hit.
I truly appreciate everyones comments and I have some things to think about,BUT lets bring this thread back to a PMs theme.Does anyone believe that the current state of american politics will lead to higher or lower PM prices and why???
Frankly, I think Bush did his share of damage from gross economic mismanagement.
But that is completely different from what's been going on for 3 1/2 years, which has been an attempt to effect "fundamental change" on the US and has indeed paralyzed the economy.
The net effect of such a disproportional buildup of debt is inescapable at this time, in my opinion. The reason for keeping interest rates artificially low is to prevent the cost of the debt from exploding, which would really put a spike in the heart of the economy.
It's already bad enough for business because of the uncertainty over the newly-enacted taxes and regulations that haven't even been implemented, but as the tax base shrinks and entitlements grow it will become clear that default is the only option.
Default will either take place as a devaluation via inflation, or the creation of a new currency, or an overnight devaluation ala' FDR.
There aren't any other options.
If Glass Stegal isn't re-constituted, if they don't start prosecuting financial and banking crimes for laws that are already on the books, and if a bunch of regs don't get thrown out wholesale, it won't matter and the process will continue as soon as a devaluation occurs.
I feel that precious metals will be a reasonable asset to own in any of the possible scenarios. Cash can come in handy, but it may get blindsided at some point.
Q: Are You Printing Money? Bernanke: Not Literally
<< <i>I truly appreciate everyones comments and I have some things to think about,BUT lets bring this thread back to a PMs theme.Does anyone believe that the current state of american politics will lead to higher or lower PM prices and why??? >>
Higher PM prices.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
BST references: jdimmick;Gerard;wondercoin;claychaser;agentjim007;CCC2010;guitarwes;TAMU15;Zubie;mariner67;segoja;Smittys;kaz;CARDSANDCOINS;FadeToBlack; jrt103;tizofthe;bronze6827;mkman;Scootersdad;AllCoinsRule;coindeuce;dmarks;piecesofme; and many more
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
If the Chinese are planning on hoarding gold and taking over the reigns as an important reserve currency ...they better hurry and improve their manufacturing reputation.
I have a friend that has a company with a contract in AUSTRALIA. This company takes shipment of Chinese manufactured Locomotives being imported into Australia. When new, the entire unit is stripped and rebuilt by Australian workers because it is unusable when it arrives. Poor workmanship is rampant throughout. I asked him why Australia continues to import them. His answer, "POLITICS".
Comments
<< <i>Civility on the boards is requested if you want to stay here. No need to insult. >>
Brilliant comment comming from one who slings insults with a 360 avg. You just almost hit one out of the park on your previous post,
but JMB made a fabulous off the back fence catch that resounded with a standing ovation.
Obama called Bush unpatriotic for running up $5 Trillion in debt in 8 years.
What Obama said as a Senator: “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.” (Sen. Barack Obama, Remarks At A Campaign Event, Fargo, ND, 7/3/08)
While Obama's debt increase was to rescue the economy from the largest credit crisis in history.
When he was running for President in 2008, however, Obama did not say that increased government spending was the key to economic growth and his economic policies. He told us then his budget policy would involve a “net spending cut.” In fact, he said precisely that during a nationally televised Presidential debate with John McCain. Does President Obama understand the meaning of the words “net spending cut?” Or was he deceiving the American people in 2008 when he used those words?
President Obama also promised when he was running for office in 2008 that he would cut the budget deficit in half by the end of his first term. But the budget deficit projected for 2012 in the budget he just released is $1.327 trillion. The deficit in 2008 was $458.6 billion, less than half one trillion, the former all time record. As the Wall Street Journal explained yesterday, Obama’s new budget includes: “Another deficit of $1.327 trillion in 2012, also an increase from 2011, and making four years in a row above $1.29 trillion. The last time that happened? Never.”
Those four consecutive years of trillion dollar deficits under President Obama, the only trillion dollar deficits in world history, added a total of $5.33 trillion to the national debt held by the public in President Obama’s one term in office alone. Obama’s own budget projects the national debt held by the public to total $11.6 trillion for 2012, double the national debt of $5.8 trillion in 2008! Consequently, by Election Day 2012, Obama will have doubled the national debt, in just one term of office. In that one term, he added as much to the national debt as all prior Presidents, from George Washington to George Bush, combined!
By 2022, Obama’s own budget projects that national debt held by the public to total nearly $20 trillion! That would be the highest national debt in world history. The gross federal debt, which includes the money the taxpayers owe in the Social Security trust fund and similar federal debts, which will also have to be paid, is projected in Obama’s own budget to total nearly $26 trillion by 2022! That is projected to be just over 100% of GDP that year.
All of those deficits and all of that national debt Obama projects in his own budget include all of the tax increases he proposes, or has already enacted to go into effect under current law. His budget projects that federal income tax revenues will double by 2020, federal corporate tax revenues will double by 2017, and federal payroll taxes will double by 2022.
That is because already enacted under current law for 2013 are increases in the top tax rates for virtually every major federal tax. In that year, the tax increases of Obamacare go into effect, and the Bush tax cuts expire, which Obama refuses to renew for the nation’s small businesses, job creators and investors. That is the English translation of individuals making over $200,000 a year, and couples making over $250,000 per year.
As a result, if the Bush tax cuts simply expire for these higher income earners, the top 2 income tax rates will go up by nearly 20%, the capital gains tax rate will soar by nearly 60%, the tax on dividends will nearly triple, the death tax rate will rise by nearly a third, and the Medicare payroll tax will explode by 62% for these targeted taxpayers.
Obama explains these tax policies in his budget message, saying “everyone must shoulder their fair share,” and “we need an economy where everyone shoulders their fair share to put our fiscal house in order.” The taxpayers targeted for these tax increases are the top 3% of income earners. But as the Wall Street Journal noted Tuesday, those top 3% pay more in federal income taxes than the bottom 97% combined! So if that is not their fair share, what would that fair share be, Mr. Obama?
A Forbes article.
Reason above to buy more Gold and Silver
<< <i>Obama called Bush unpatriotic for running up $5 Trillion in debt in 8 years.
What Obama said as a Senator: “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.” (Sen. Barack Obama, Remarks At A Campaign Event, Fargo, ND, 7/3/08)
While Obama's debt increase was to rescue the economy from the largest credit crisis in history. >>
He also said this:
“We cannot simply spend as we please and defer the consequences to the next budget, administration or generation,” said President Obama in 2009 in promising that he would cut the nation’s budget deficit in half by the end of his first term.
The problem is that the last budget under the Bush administration had a deficit of less than $500 billion. Every budget submitted by the President so far has a budget deficit of over $1 trillion, including the budget for FY2012 which is the last year of OBama’s term.
I truly appreciate everyones comments and I have some things to think about,BUT lets bring this thread back to a PMs theme.Does anyone believe that the current state of american politics will lead to higher or lower PM prices and why???
But that is completely different from what's been going on for 3 1/2 years, which has been an attempt to effect "fundamental change" on the US and has indeed paralyzed the economy.
The net effect of such a disproportional buildup of debt is inescapable at this time, in my opinion. The reason for keeping interest rates artificially low is to prevent the cost of the debt from exploding, which would really put a spike in the heart of the economy.
It's already bad enough for business because of the uncertainty over the newly-enacted taxes and regulations that haven't even been implemented, but as the tax base shrinks and entitlements grow it will become clear that default is the only option.
Default will either take place as a devaluation via inflation, or the creation of a new currency, or an overnight devaluation ala' FDR.
There aren't any other options.
If Glass Stegal isn't re-constituted, if they don't start prosecuting financial and banking crimes for laws that are already on the books, and if a bunch of regs don't get thrown out wholesale, it won't matter and the process will continue as soon as a devaluation occurs.
I feel that precious metals will be a reasonable asset to own in any of the possible scenarios. Cash can come in handy, but it may get blindsided at some point.
I knew it would happen.
<< <i>I truly appreciate everyones comments and I have some things to think about,BUT lets bring this thread back to a PMs theme.Does anyone believe that the current state of american politics will lead to higher or lower PM prices and why??? >>
Higher PM prices.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>I know, but I'm not telling.
I'm going to get rich off the rest of you losers.
stop in sometime and say hello from your island
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
jdimmick;Gerard;wondercoin;claychaser;agentjim007;CCC2010;guitarwes;TAMU15;Zubie;mariner67;segoja;Smittys;kaz;CARDSANDCOINS;FadeToBlack;
jrt103;tizofthe;bronze6827;mkman;Scootersdad;AllCoinsRule;coindeuce;dmarks;piecesofme; and many more
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>2008 all over again except in slow motion. >>
or 1980? I hope you're right.
What's your confidence level? .99995?
I knew it would happen.
I have a friend that has a company with a contract in AUSTRALIA. This company takes shipment of Chinese manufactured Locomotives being imported into Australia. When new, the entire unit is stripped and rebuilt by Australian workers because it is unusable when it arrives. Poor workmanship is rampant throughout. I asked him why Australia continues to import them. His answer, "POLITICS".
1.00000 since I was using the Dec GC futures as a proxy.