cjan
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Joined: 2/21/2008
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W's tax cuts, deregulation of financial institutions , appointments of asleep at the wheel regulators and spending (mostly for an ideologically driven war ) have put us in the situation the U.S. finds itself today.
quote:
The cumulative debt of the United States in the past seven completed fiscal years was approximately $4.08 trillion, or about 40.8% of the total national debt at the time of that completion of approximately $10.0 trillion.[53][54] The total surplus in FY 2001 was $128 billion. A combination of tax cuts and spending initiatives has added almost $1.7 trillion—through budget deficits—to the national debt since then (October 1, 2001 through September 30, 2007). It should be noted that yearly debt accumulation often exceeds the yearly budget deficit, because, for example, paying the interest on the debt is not planned in the budget to be paid off or because Social Security receipts run a surplus (see Fiscal policy of the United States). The total budget deficit for FY 2007 was $162 billion. [55] From the end of Fiscal Year 2001 (ending Oct. 1, 2001) to the fourth quarter of 2007, the economy has produced $6.5 trillion (in constant 2000 dollars) over and above third quarter 2001 GDP levels of $9.87 trillion per year. [56] In the same period the federal government accumulated $3.0 trillion in gross debt (in constant 2000 dollars) or a debt load of 46.5¢ per dollar of the increased production (for comparison purposes in expressing the size of the debt; that is, new debt didn't exceed new production, but growing economies of growing populations are dependent for their vitality to certain consumption levels, so the increased production isn't necessarily immediately usable in its entirety to pay for the debt). [57][58] Most debt was accumulated as a result of tax cuts and increased national security spending. According to economists Richard Kogan and Matt Fiedler, "the largest costs — $1.2 trillion over six years — resulted from the tax cuts enacted since the start of 2001. Increased spending for defense, international affairs, and homeland security — primarily for prosecuting the wars in Iraq and Afghanistan — also was quite costly, amounting to almost $800 billion to date. Together, tax cuts and the spending increases for these security programs account for 84 percent of the increases in debt racked up by Congress and the President over this period."[52]
Since we are in a recession and , perhaps, heading into depression, Obama's plans will have to be modified because the money , to a greater extent than planned for before the economic collapse, won't be there. He said so in the last tv debate. Partly due to the 700 B( and counting ) "bailout". Oh, btw, don't count on any of that 700B going to finance mortgages, college educations or car loans because, as is aleady apparent, the banks have no intention of lending it. They are spending it, with the Treasury's blessing, on aquisitions of other financial institutions. Nothing is gonna trickle down here any more than it has since George's pappy called Reagan's economic , trickle doen plan "voodoo economics". In case you haven't heard, Merc, shit rolls downhill.
http://www.nytimes.com/2008/10/25/business/25nocera.html?_r=1&scp=3&sq=J%20P%20MORGAN&st=cse&oref=slogin
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But look, I understand - if you need and want entitlement checks, and a nanny government to make sure you are housed, fed, warm, and clothed and feel that you can't manage to obtain those basic necessities as an individual; Obama should, and must be your candidate. At least be honest - you're afraid of trying and perhaps succeeding, or failing, on your own. Lacking any position or debate point to the contrary it's the conclusion I've come to regarding your or any Obama supporter.
Finally, Merc, you don't know a goddamn thing about me, so don't presume to judge. I have started and run a few businesses succesfully and, at one point, "made enough money to buy Miami". I would be willing to bet that I know more about risk, success and failure than you ever will so, fuck off.
< Message edited by cjan -- 10/30/2008 3:19:14 PM >
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"I never saw a wild thing sorry for itself. A bird will fall ,frozen , dead, from a bough without ever having felt sorry for itself."- D.H. L
" When you look into the abyss, the abyss also looks in to you"- Frank Nitti
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