Jan 18, 2013 2:36 PM
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The U.S. House of Representatives on Tuesday evening approved a $50 billion relief bill that will aid victims of Hurricane Sandy.
The vote came after harsh criticism by both Republicans and Democrats in the Northeast when Republican leadership in the House failed to bring a $60 billion aid package approved by the U.S. Senate to the floor for a vote earlier this month. Days later, the House approved a smaller amount of the Senate bill—$9.7 billion—on January 4.
Democratic U.S. Representative Tim Bishop lauded the passage of the $50 billion emergency funding bill in a statement released on Wednesday. The bill must now be approved by the Senate, which could vote on it as early as next week.
“I am proud to be a part of the bipartisan coalition that delivered this... more
The vote came after harsh criticism by both Republicans and Democrats in the Northeast when Republican leadership in the House failed to bring a $60 billion aid package approved by the U.S. Senate to the floor for a vote earlier this month. Days later, the House approved a smaller amount of the Senate bill—$9.7 billion—on January 4.
Democratic U.S. Representative Tim Bishop lauded the passage of the $50 billion emergency funding bill in a statement released on Wednesday. The bill must now be approved by the Senate, which could vote on it as early as next week.
“I am proud to be a part of the bipartisan coalition that delivered this... more
It would seem our current POTUS is not responsible for all five trillion dollars we're in hock since the last ten trillion.
In fact, minus the hidden debt from the Bush years, the bailout, and the interest, our current POTUS is only in hock 1.5 trillion. By comparison, in "real dollars", that amount pales by recent standards...
This is fiscally impossible and absolutely false. Some of the spending was the result of supplemental funding requests which is normal during events which require funding within the two year budget cycle, but every penny was added to the debt level at the time it was incurred.
The first full nine months of Obama's first term, was Bush spending, with no increases in revenue to back it up as usual. This included, but was not limited to increases in the GI Bill, Medicare Modernization Act costs, Midwest flood aid, "emergency" military funding above and beyond the budget, and discretionary programs.
It's also interesting how the upward curve in debt is almost identical to the massive, inflationary increase in the money supply by the Fed ...more in trillions as well. Inflate the currency, inflate the debt.
Republican pundits love to say that the national debt has increased by $5 trillion because of President Obama. Factually, that statement is simply untrue. Let's examine the evidence.
Of the alleged $5 trillion, $1.6 trillion is related to costs of the Iraq/Afghanistan Wars. These were costs George W. Bush intentionally hid from the budget, and that President Obama allowed to be calculated when he assumed office.
Note that Obama could have continued ...more to hide the bill as Bush did, passing it along to his successor.
President Bush was able to manipulate funding for the Iraq/Afghanistan wars using special emergency authorization bills. He did this because, as you recall, the Democrats were attempting to defund the war legislatively.
The overall point is simple: Obama, as president, authorized not one cent of that $1.6 trillion to be spent.
It has been previously reported by marketwatch.com that President Obama increased overall government spending by a smaller margin than any modern president, all the way to President Eisenhower.
Rex Nutting at marketwatch clarifies:
“
What people forget (or never knew) is that the first year of every presidential term starts with a budget approved by the previous administration and Congress. The president only begins to shape the budget in his second year. It takes time to develop a budget and steer it through Congress — especially in these days of congressional gridlock.
Over $1.4 trillion was spent on interest payments caused by the already standing debt.
Knowing that, let's examine the GOP's argument.
They say President Obama has spent too much, but 32% of the total amount they claim has been spent is a direct result of Republican presidential policies, and previous spending.
President Obama is stuck paying the bill for the previous GOP administrations of Reagan, H.W. Bush, and W. Bush. President Clinton left with a surplus if you recall, and added nothing to our debt. This point has been discussed constantly, and was even visited by President Obama's former Press Secretary Jay Carney during a press gaggle.
It is not disputed that the national debt was $10 trillion before President Obama took office.
The interest that is paid on the debt today was created by the very same people who now are attempting to blame the cost of that interest on the president. Do not allow yourself to be fooled, the GOP is attempting to blame the president for something they caused.
Now our journey of $5 trillion has been twiddled down to $2 trillion.
Another piece of the puzzle is that the CBO projected because of the Bush Era Tax Cuts, our government lost over $1.6 trillion in projected revenue. Of course, these unpaid taxes were supposed to create jobs for the middle class. The tax cuts have been in place for over 10 years, one would think our nation would be swimming in jobs. Yet, friends, that is not the case.
If reasonable tax rates were in place that were similar to those used while President Clinton was in office -- America's fiscal outlook would be more optimistic.
This leaves only $400 billion to be unaccounted for, and surely the fervor about reckless spending can not be over that amount because in that regard there are many instances where the GOP is equally guilty, if not more culpable. For example, our nation is still paying for the wasteful Medicare part D plan. Passed in 2003 and enacted in 2006, it has been estimated to cost a staggering $17 trillion in unfunded liabilities. Others put a more conservative price of $8 trillion, including former head of the U.S. Government Accountability Office, David Walker.
$8 - $17 trillion in spending, and yet they say President Obama is the reckless spender? No matter how you look at the numbers, the GOP is guilty of at least one-and-a-half more spending, or three times as much spending. How can they claim to be the party of fiscal responsibility?
The overall premise of the argument has now been debunked, and the truth is quite clear; 88% of the debt which the GOP blames on President Obama was not created as a consequence of his policies
Obama certainly inherited an economic mess, and that accounts for a large ...more part of the deficit. But Obama pushed for spending increases and tax cuts that also have contributed in important ways to the nation’s fiscal deterioration. He certainly could argue that these were necessary and important steps to take, but he can’t blithely suggest that 90 percent of the current deficit “is as a consequence” of his predecessor’s policies — and not his own.
As for the citing of the discredited MarketWatch column, we have repeatedly urged the administration to rely on estimates from official government agencies, such as the White House budget office. It is astonishing to see the president repeat this faulty claim once again, as if it were an established fact."
I thought lower taxes, plus less regulation led to a healthier economy, and more job creation?
SO, where are the jobs, and the ******* growth? The amount of resources has not changed. The amount of gold extracted from the Earth has increased, as well as iron, bauxite, coltan, and other minerals.
The one thing that has decreased is the value ...more of a dollar, and what assuredly has increased it the cost of everything from a bottle of milk, to a home. "Middle Class" salaries have remained stagnant, or worse been cut in thirty years. Any tax, or price increase hurts alot more when your earnings are being debauched by the people who are hoovering up the butterfly ink like a bunch of coke fiends.
Check out Daly v. Montgomery, should you get the chance...
This year my paycheck is smaller because my TAXES went up, my health insurance premium went up 10% , even my union dues went up. My employer is constantly talking about reducing the workforce, so I am in fear of being laid off.
Food prices rise every time I go to the store, and I'm ...more paying four dollars a gallon for gas and heating oil
I thought Obama and the democrats were supposed to help the middle class?? Well what happened?? I'm still waiting!!. And you all can blame Bush, Clinton, Carter, Reagan, Elmer Fudd all u want- I don't care and I don't give a dam about the national debt- I'm worried about MY debt. You can argue politics and assign blame all u want but the bottom line is the middle class is going belly up and fast, and things better change soon. Obama- 4th and goal at the one, your team is down , time running out- get your helmet on and take the ball.
Can you get Timmy to get me a fireworks permit? maybe? circle beach about 25 feet from the plover nests. Tell him i got cash. Then he wont have to worry about returning it AFTER he gets caught. haha
We need more leaders, and public servants. We need more smart people in government, not millionares who don't really care about us, and line their pockets at our expense. That's not class envy, because the truth is the average net worth of a Congressman ...more is 13 million dollars. As Bastiat so eloquently put it: "“When plunder becomes a way of life for a group of men living in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it.”
Or, as Carlin more eloquently put it: "Good honest hard-working people continue, these are people of modest means . . . continue to elect these rich c*********s who don’t give a **** about you. They don’t give a **** about you . . . they don’t give a **** about you. They don’t care about you at all . . . at all . . . at all, and nobody seems to notice. Nobody seems to care. That’s what the owners count on. The fact that Americans will probably remain willfully ignorant of the big red, white and blue d**k that’s being jammed up their a******s everyday, because the owners of this country know the truth. It’s called the American Dream cause you have to be asleep to believe it . . .”
There are some very important and incredibly significant reasons the founding fathers gave corporations no place in civic life whatsoever. That changed after the Civil War and look at the disaster we have.
Why do you think it takes so many more of them to get the job done?
You can only debauch a currency to a certain point before it collapses.
"He who has the gold makes the rule!"
From the end of Mr. Z's quote above: "It's called the American Dream 'cause you have to be asleep to believe it . . . "
A few Lifetime Achievement Awards under his belt too.