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Posts Tagged ‘Debt’

Wonder what you would find if you frisked Minority Leader Nancy Pelosi’s thoughts on her party’s historic loss last November?

Answer: It’s all Bush’s fault…

:roll: Honestly, what planet does she live on? Hint: It’s not Earth.

FOX Nation has the transcript:

“We still would have lost the election because we had 9.5% unemployment. Let’s take it where that came from. The policies of George W. Bush and the Republican support for his initiatives, tax cuts are for the wealth, recklessness by some,” Minority Leader Pelosi told CNN.

Keep dreaming Minority Leader Pelosi… Although President Bush is partly responsible, it was Nancy Pelosi who clearly lacked common sense, accountability, fiscal responsibility, and constitutional principles during the last four years she was in power. After all, she was forced to relocate to a smaller office after running up a huge tab at the taxpayers’ expense:

In the 1,461 days that Rep. Nancy Pelosi (D.-Calif.) served as speaker of the House, the national debt increased by a total of $5.343 trillion ($5,343,452,800,321.37) or $3.66 billion per day ($3.657,394,113.84), according to official debt numbers published by the U.S. Treasury.

Pelosi was the 52nd speaker of the House. During her tenure, she amassed more debt than the first 49 speakers combined.

When Pelosi was sworn in on Jan. 4, 2007, the national debt stood at $8,670,596,242,973.04. At the close of business on Jan. 4, 2011, her last full day in the speakership, it stood at 14,014,049,043,294.41–an increase of $5,343,452,800,321.37.

…And this is the same lady that said a few days ago, “Deficit reduction has been a high priority for us. It is our mantra, pay-as-you-go.” Unfortunately for our country, Rep. Pelosi has been an absolutely failure.

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Wonder what you would find if you frisked the 111th United States Congress?

Answer: They added more debt during its tenure than the first 100 Congresses combined!

CNS News reports:

The federal government has accumulated more new debt–$3.22 trillion ($3,220,103,625,307.29)—during the tenure of the 111th Congress than it did during the first 100 Congresses combined, according to official debt figures published by the U.S. Treasury.

That equals $10,429.64 in new debt for each and every one of the 308,745,538 people counted in the United States by the 2010 Census.

The total national debt of $13,858,529,371,601.09 (or $13.859 trillion), as recorded by the U.S. Treasury at the close of business on Dec. 22, now equals $44,886.57 for every man, woman and child in the United States.

In fact, the 111th Congress not only has set the record as the most debt-accumulating Congress in U.S. history, but also has out-stripped its nearest competitor, the 110th, by an astounding $1.262 trillion in new debt.

[...]

Democrats controlled both the House and Senate in the 110th and 111th Congresses.

Bravo Rep. Nancy Pelosi (D-CA) and the Democrats!

It truly takes a talented bunch of Democrats to get incredibly intoxicated with power, grab the federal government credit card (paid for by the taxpayers), and spend it irresponsibly like Preston Waters in the movie Blank Check.

Exit Question: Hey Democrats, what ever happened to PAYGO? You know… The so-called budgetary tool you guys designed to stop deficit spending?

Bring in the next Congress, please.

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Wonder what you would find if you frisked President Obama’s Cash-for-Clunkers incentive program?

Answer: It was an absolute failure.

Seriously, are we really shocked by this news? If you are a conservative individual, nope. If you are a lost liberal ideologue, you are probably scratching your heading and wondering: “Hmm… What went wrong?”

Hot Air and Coyote Blog reports:

The Obama administration and the Democratic leadership in Congress offered the Cash for Clunkers program as a Keynesian stimulus for auto sales, arguing that they could stimulate the industry as a whole through the expense of several billion dollars in public funds.  Did it work? Coyote Blog parsed the retail sales data from the Census Bureau and discovered that it had no impact in the overall growth rate of sales after a collapse in 2008.

The data show that the government stimulus did increase sales — but that the following month, sales dropped in proportion to the spike.  The three-week incentive program simply moved sales from the future into the present, and did nothing to increase organic demand even in a relatively short run.  Sales had already begun to rebound in the spring, even with the Cash for Clunkers proposal moving through Congress.

Just great…

In the end, the federal government spent billions of taxpayer dollars – that we don’t have – on incentivizing people who would have bought brand new cars anyway. What else did we gain from President Obama’s Cash-for-Clunkers program? More debt stacked on top of our already massive budget deficit. Yippy!

One word: FAIL.

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Wonder what you would find if you frisked the foreign demand of United States Treasury bonds and notes?

Answer: It decreased by a record amount in December.

BBC News reports:

The Treasury said foreign holdings of US debt dropped by $53 billion, surpassing the previous record set last April.

China cut its holdings by $34.2 billion – meaning it is now the second-biggest US debt holder after Japan.

The drop in demand may mean that the US has to pay more to borrow, just as the government has to fund a record budget deficit.

In total, net purchases of long-term stocks, bonds and notes increased by $63.3 billion in December, down from $126.4 billion in the previous month, the Treasury said.

China was a net seller for a second straight month.

Its bond holdings amounted to $755.4 billion in December, down from $789.6 billion the previous month.

China has previously questioned whether the US bonds are safe and whether it can sustain its deficits. It has also questioned the US dollar’s role as the world’s reserve currency.

President Barack Obama earlier this month released a budget plan that expects the federal deficit for 2010 to be a record $1.56 trillion, surpassing last year’s record of $1.4 trillion.

Just great. This is definitely not good news and it is not shocking either, considering the fact that we are faced with two straight years of record federal deficits… Thank you President Obama.  If you think the White House plans on cutting government spending soon, you must have just escaped from a straight jacket, padded cell, and insane asylum. The 2010 and 2012 elections cannot come soon enough!

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Wonder what you would find if you frisked California and their Governor Arnold “The Terminator” Schwarzenegger?

Answer: He wants a $8 billion bailout.

Ugh… California has already received $7 billion in state grants from the failing stimulus package, but Gov. Schwarzenegger wants more:

Facing another huge deficit, the governor wants $8 billion or threatens massive cuts in social services. He also plans to renew push for offshore oil drilling.

Facing a budget deficit of more than $20 billion, Gov. Arnold Schwarzenegger is expected to call for deep reductions in already suffering local mass transit programs, renew his push to expand oil drilling off the Santa Barbara coast and appeal to Washington for billions of dollars in federal help, according to state officials and lobbyists familiar with the plan.

If Washington does not provide roughly $8 billion in new aid for the state, the governor threatens to severely cut back — if not eliminate — CalWORKS, the state’s main welfare program; the In-Home Health Care Services program for the disabled and elderly poor, and two tax breaks for large corporations recently approved by the Legislature, the officials said.

Schwarzenegger also will propose extending a cut in the state payroll that is scheduled to expire this summer. That cut has translated into 200,000 state workers being furloughed three days a month, the equivalent of a 14% pay cut. Lawmakers would have the option of extending the furloughs, imposing layoffs or some combination of the two.

Disgraceful… We all know the debt racked up by our federal government is awful, but we at least – as a country – hold states accountable to balance their own budgets. Personally, I don’t give a rat’s (you know what) if the Governor has to strap on his Edward Scissorhand blades to make drastic budget cuts that will likely upset Californians. The state has relied on liberal policies for decades which got them into this whole mess. I feel bad for you California, but as Michigan citizen – which we have our own economic problems – I am not paying for your state’s shortfalls.

IF we end up bailing them out – which liberals love to do – we should impose some serious consequences on the state of California. Ed Morrissey has an interesting idea:

Taken at face value, a bailout request is an insult to the federalist model of state sovereignty.  The basic act of governance at any level is creating a budget and determining which functions to fund and at what level.  California has failed at this for the last few years, and only stayed out of bankruptcy in 2009 because of the Porkulus cash.  Coming to Washington, hat in hand, should carry a big penalty for California and any other state demanding that citizens of other states subsidize their incompetence — say, the loss of voting rights in Congress until the money gets repaid.  After all, if they’re asking to be a federal protectorate, why should California have any more privileges in Congress than Puerto Rico or other federal protectorates?

Something needs to happen, because this type of reckless political spending is destroying our country and the American people are realizing this!

Side-Note: Notice how I didn’t mention Arnold “The Terminator” Schwarzenegger is a Republican… Yeah, I’m in embarrassed and angry. :-x

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SNL goes after Obama.

Wonder what you would find if you frisked Saturday Night Live’s portrayal of Chinese President Hu Jintao?

Answer: He sure doesn’t enjoy Obama’s spending spree.

HAHA!

Maybe Saturday Night Live is starting to get the hang of it? Lets hope so because we all know they could use some better ratings. The only thing that is missing right now is CNN’s fact check of a comedy skit, but than again… the day is not over with yet, haha.

Best quote from the skit:

I am noticing that each of your plans to save money involves spending even more money.

Yeah… It’s funny how that one works and I still find it quite baffling to this day, but I’m glad SNL pointed it out.

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