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Obama Oversees The Most Rapid Increase Of Debt Under Any U.S. President

August 25, 2011 by  

Obama Oversees The Most Rapid Increase Of Debt Under Any U.S. President

President Barack Obama has often noted that when he took office he inherited a huge national debt as a result of President George W. Bush’s two wars, his tax cuts and a prescription drug program that the country did not pay for, according to CBS News White House correspondent Mark Knoller.

Despite the President’s claims, Knoller writes, the most recent numbers from the U.S. Treasury show that the Obama Administration will surpass in just one term the spending of Bush’s two terms.

“The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion,” wrote Knoller in a recent CBS News Political Hotsheet report. “The national debt increased $4.9 trillion during the eight-year presidency of George W. Bush. The debt now is rising at a pace to surpass that amount during Mr. Obama’s four-year term.”

As the President and Congress continue with attempts to revive the suffocating economy with “super committees” and Federal Reserve money pumps, many believe that there is no end in sight to over-the-top government spending. The debt ceiling crises and subsequent credit downgrade over the past month prompted some to question the rhetorical caps on spending that do not actually stop Congress from spending money, according to a recent Fox News article.

“It is nothing but grandstanding for members of both parties to vote routinely for legislation that they know will create deficits and then profess shock and horror that the debt limit must be increased as a consequence,” Bruce Bartlett, an economic policy adviser to Presidents Ronald Reagan and George H.W. Bush, recently wrote in response to Representative Jerrold Nadler’s (D-NY) proposal that the debt ceiling be done away with completely. Many Republicans agree with the idea that the ceiling is worthless if it does not serve the purpose of actually regulating spending, but have called for the definite need of a comprehensive plan if it were to be removed.

One thing remains constant in all media reports, the economy is not getting better any time soon. The “super committee” has been directed to make a plan for $1.2 trillion in debt reduction over the next 10 years, but many say the plan is too little too late in a time where nearly $5 trillion in debt can be incurred in a little more than two years.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • sandrabowers

    “Free Tax Settlement” or “IRS Settlement” can work to make sure your payments are applied to your tax debt, and limit the interest and penalties you end up paying. Lowering the principle will also lower the interest and penalties.

  • http://www.chandostransport@eastlink.ca Graeme B

    Of course conveniently ommitted was the $4.9 trillion that Georgie put on the national debt during unprecedented growth (bubble) and the horrendous meltdown that was propped up with the $700billion bailout that Paulsen added to the debt. We are in a massive mess caused by reckless spending by georgie (Cheney) and now the “super committee” is going to solve the debacle. Won’t happen as long as you have the “no tax twits” making the decisions. Default and therefore bankruptcy are just a matter of WHEN, not IF. And the whole world looks on in dismay at the fools in Congress playing political games while Washington burns. Quite a spectacle.

    • danny

      Graeme B,
      again, I’ll keep asking everyone who offers their “taxation” cure for the current deficit “spending” by DC that more than doubled since 1/2009 or Obama’s inauguration date the same two questions until one finally respondes with facts vs personal attacks as is usually the case from such posters.
      (1) How much taxation (% of income)is “fair” by your quoted tax them solution? The 50+% most taxpayers are now burdened with that actually PAY TAXES?
      (2) Why or when do the over 50+% of taxpayers NOT paying any Federal taxes begin paying their “fair” share as noted above?
      NOTE: if we taxed all fortune 500 companies at 100% corp rate, and all individual taxpayers earning above $200K single / $250K family at 100% taxation rate, WE WOULD STILL HAVE AT LEAST $800B DEFICIT IN EACH OF THE PAST THREE YEARS (2009,2010,2011)! Thus, what do you believe that we should do to solve that “spending” problem after taking 100% of all the corporations and individuals earnings for the past three taxable years?

      • http://www.chandostransport@eastlink.ca Graeme B

        Danny: You stop the tax break to the top 5% that is presently costing $800billion a year in borrowed money. That’s all that needed to be done last December and that is all Warren Buffett suggests.

        • Capitalist at Birth

          It is actually $ 80B.

        • Dennis48e

          Warren Buffett is free to pay as much in taxes as he wants. There is nothing stopping him from ignoring some or even all of his deductions so that he will pay more in taxes. He can also pay extra that is dedicated specificaly to reducing the national debt. Buffett is doing neither so one has to conclude he is only interested in making others pay more while he conducts business as usual.

        • Dale on the left coast

          Graeme . . . in 2006 . . . Unemployment was 4.6% and the deficit that year was about $400 Billion.
          Today . . . with your hero in charge . . . unemployment is in deep double digits and the deficit is 1.5 Trillion. The tax levels are the same. The reality is . . . THERE IS A SPENDING PROBLEM!!!
          Imagine . . . taking a 10% reduction in the amount that You Are Going To Borrow in the Future . . . and call it a Saving!!! That is the definition of INSANITY!!!

      • Kinetic1

        Danny,
        What is “fair”? Some like to argue that the bottom 50% pay nothing, and that’s not fair. Others note that the top 1% account for most of the taxes paid, and that’s not fair. It’s all a numbers game. Take, for example the fact that in 2007 the top 1% held more than 42% of the nation’s financial wealth while the bottom 80% held only 7%. When you see headlines that shout “Top 1% Paid More in Federal Income Taxes Than Bottom 95% in ‘07″ is it really so surprising? They control 42% of the wealth and paid 40% of the taxes. These numbers also fail to point out that most of the bottom 50% (90% or better) still pay out quite a bit of their meager earnings in Social Security, sales and other taxes. It’s not as if they get off tax free. So what’s fair?

        • Jana

          Talking about being fair, I was watching a show on TV Judge Judy actually, where this guy was fussing about not getting his income tax check. He only made about $800 during the year and his refund was $5,000. Of course Judge Judy had a few choice words about fraud etc as the man had been paid mostly in cash for his uhhhh work during the year and had claimed the $800. Since he was cheating the Gov’t because he borrowed some children to claim on his tax return the Judge was turning it back into the IRS.
          How many times does this go on?
          I have never had a refund of any money that I have not put in first.
          These people know how to get around the system. These loopholes needs to be abolished and we will see a huge savings right there.

          Putting more money into a broken system is NOT the answer.
          Fix the system and then see what still needs to be done, not just keep rewarding fraud.

          • Kinetic1

            Jana,
            No doubt, a system that gives “refunds” to those who payed nothing makes no sense. We have systems to provide aid to the poor, so there is no reason to turn the tax system into another. On the other hand, consider these numbers: in 2011 those filing jointly with an adjusted income under $69,000 (lower middle to middle class) will pay 15% tax. If you have the nerve to push your way into the upper middle class and earn over $69,000 your tax burden will jump to 25%! And if you make your way up to $137,000? Well then it’s just a little jump to 28%. And as your income increases along with the ability to take advantage of more tax shelters and right offs your tax rate continues to jump only 3 to 5 points at a time, topping out at 35%. So what’s all this screaming about how unfair it is to raise the taxes on the wealthy? Clearly the middle class is the hardest hit

          • Jana

            Kinectic,
            I agree, It is sad. Any suggestions?

          • Cawmun Cents

            I believe the wise man once stated,”I’d love to change the world.Bit I don’t know what to do…..so I leave it up to you!”
            Seems to be the congressional mantra doesnt it?
            -CC.

          • Ellen

            Kinetic, Clearly you don’t understand that once you get over $150,000 in income, you lose almost all tax write offs. The whole ‘tax breaks for the rich’ is a fallacy.

          • Kinetic1

            Ellen,
            While it’s true that most of the “tax breaks” that you and I enjoy are not available to those with earnings over $150,000, a good accountant can help achieve things that most people can’t imagine. Much depends on where you live, as $150,000 is not a lot of money in New York or San Francisco, but then who ever said that that amount of money makes you a “rich” person? It’s a struggle to break into the top tier and I believe that is the way the wealthy want it.

            Note that Reagan’s great plan for “simplifying” the tax code gave the wealthiest a big break (about 40%) while forcing people in the middle class into higher brackets. For example, a single person earning $17,000 in 1986 ($34,000 in today’s dollars) paid 23%, and 2 years later they were up to 28%, the top bracket. Those making over $88,500 ($178,000) dropped from 50% down to 28% during that same period.

            For those in the top 1% (over $350,000) the breaks come in through investments, capitol gains rates and other shelters that the lower class can’t begin to afford. Why do you think Warren Buffet pays less as a percentage of income than his secretary? Again, it depends on where you live, but it all comes down to being able to afford to play with the big boys.

          • big wyo

            The biggest problem with your logic is this ( I see your point and agree) is that you give the feds a inch and they take 10 miles) They will never stop with tax the rich. It will then be tax semi rich, almost rich middle income and etc.
            Did you happen to see what Buffet paid, less than his secretary.
            Without a fair flat tax the rich will always find the loopholes and pass it down. Buffet may be respectable but the rich dont get that way giving it all away. Did you notice Buffet is having a 38k fundraiser for Obummmer. something is fishy???????

        • http://none becky

          Hi I want to say until we help stop these people that make say one thousand dollars a year have a bunch of kids for the tax write off and then get back four thousand dollars year after year we will never get anywere. I am ashamed to say but we have a 36 year old daughter that knows how to work the system. She has done it for years. I don’t and have not had any contact with her for 8 years and we took her child away from her, but she goes and has 2 more. But the goverment pays for her for everything food, clothing anything you can think of. Does anybody have any idea how many millions of women are out there doing the same thing???? To many to count. So until the goverment stops some of this and the terrible spending we will never be the country we used to be. Like Michelle Obama said when her husband got elected this was the first time she could say she was proud to be a American. Wow imagine that her man in the white house an us tax payers flip the bill for everything they do, including her flying to Chicago to have lunch on her b-day. Do anybody know how much that costs?? Most people would fall over dead if they knew. Ok Washington cut your spending we Americans had to. Come and live in our shoes for awhile and see what it is like. Signed a sad american

    • yank

      The 4.9 wasn’t ommitted… Read the article… But you can keep on blaming Bush and Chaney if it makes you feel better about what this pres. is doing to jobs and the economy… 27,000 NEW business regulations in 2.5yrs should really help people to want to start building business’ and hiring! Better get clue quick!

      • Charlie

        I have a question. Why do we have to pay all these benefits to all the illegals? that has to have a impact on our economy>

        • http://none becky

          Hey Charlie I want to know the same thing? yet Obama wants to let every illegal her to be able to stay here. ( we all know thats only for the votes) My husband and I both in out late 50′s lost our health ins. because after Obama did his health care crap & promised nobodys health ins. would go up ours went from $350.00 to $700.00 and my husband never goes to the doctor. But you bet if I was here illegal I would get free care. Go figure that one. What is gonna end this stuff is to get Obama out of the white house & I truly belive that god has a plan and he will not get another term. Everyone keep the faith they will never take that away from me.

    • Fed up

      Let me tell you something Graeme, Washington needs to burn and ever lowlife liberal needs to burn with it. Then maybe we the people can get on with our lives and prosper again you commie bastard. Tell that to your congressman and maybe they’ll send you a $200 check to make you feel all tingly. Come on Graeme cry a little louder, I can’t hear you

    • Capitalist at Birth

      Henry was a Democrat from Goldman Sachs, what did you expect. G.W. is, like his father, a Rockefeller Republican (RINO.) $ 2T of the $ 4,9T that was added to our National Debt were added during the last two years of G.W.’s Presidency when the Democrats controlled Congress and the Senate, and includes the TARP bill and loans to G.M. and Chrysler, none of which I was in favor of. Higher Taxes will lead to a decline in economic activity as it did under Hoover and Roosevelt. Look up the history and read what F.D.R.’s Secretary of the Treasury Morgenthau had to say about everything they had done. Then come back and make an intelligent and informed comment. I doubt that you will.

    • budlight

      Spoken like a true liberal and very socialist person.

    • budlight

      I WILL TRY AGAIN! Spoken like a true liberal and socialist.

    • http://yahoo skyraider 6

      Remember how georgie had to rebuild the armed forces after billy boy took all there budget to balance the so called surplus we never saw

      • Dave from Ohio

        There never was a surplus during the Clinton era; the national debt has increased EVERY year since the Eisenhower presidency.

        • USAF VET

          Hey Dave, FDR did the samd kind of spending that Obumski is doing and Truman did a lot too, so don’t say it started with Eisenhower.

    • LittleFartBert

      But let’s not forget that czarbama wants to give work visas to illegals from mexico. So that means less jobs for AMERICAN CITIZENS. czarbama created czarbamacare, which illegals were not suppose to be getting, but they will be getting it anyway. Bush did not take all of his friends on vacation at taxpayers expense. mrs czarbama went to Europe with a bunch of her friends, spent over $15,000 A DAY, and it was charged to the taxpayers. czarbama is constantly going on vacations. He does not listen to what the American Citizens are telling him. I hope that you lose your job, if you have one, to one of his illegal buddies.

    • JC

      “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 the national debt from 5 trillion for the first 42 presidents — number 43 added $4 trillion by his lonesome,so that we now have $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.”

      Barack Hussein Obama

      http://patriotupdate.com/11334/obama-admits-he-is-unpatriotic

  • http://aol.com sean murrey ILLInio

    We cant pay our bills since obummer got in.

    • http://www.chandostransport@eastlink.ca Graeme B

      I have witnessed where a small business owner has tried “to find himself” by doing crazy things that have added to the company debt in a very short time. The result is a long and protracted period of austerity before the added debt can be controlled and paid off.
      Everyone expects the President to have things under control whilst we have a congress that will agree to nothing but distructive remedies. And we then expect the patient to get out of bed, healthy, in short order. It’s not going to happen and cannot happen with the present bunch of fools now in Congress.

      • Capitalist at Birth

        Why don’t you go back to the Daily Kos, or wherever it is you have come from.

      • KAB

        “I have witnessed where a small business owner has tried “to find himself” by doing crazy things that have added to the company debt in a very short time. The result is a long and protracted period of austerity before the added debt can be controlled and paid off.”
        Replace “small business” with “government” and then think about the austerity part… That’s what those of us that believe in reduced government and reduced spending are talking about. As in your example, borrowing more will only exacerbate the problem, charging more for the product (more taxes) will only reduce the customer base and make people look for ways to avoid buying the product (tax evasion) and make the business look for more ways to force the purchase of their products (socialized medicine, food stamps, regulations, energy costs, etc.).

      • Forrest Gump

        I may not be very SMART Graeme B., but I do know what socialism is.

        Listen! Comparing our current “president” to a small business owner is like comparing a terrorist to a soccer mom. The last thing we need is Obama or any other socialist trying to “find themself” while holding our checkbook. A small business owner does what he or she can to make their business succeed. Obama is doing the opposite for our country. Is he doing it out of ignorance? I’d like to say yes, but it apppears he’s doing it by design.

        It’s very obvious to me, furthermore, that almost $7 trillion (almost half our national debt)has been added to our nation’s balance ledgers during the past 5 years, 4 of which were under a “progressive” Democrat majority congress. Unfortunately, this country is said to be indivisible in our Pledge of Allegiance, and therefore we can’t divorce the liberals, hippies,environmentalists, atheists, gays, antigun people and peaceniks, let them take those agendas, taxes, debts and glaringly obvious absences of provision and protection that they support, and take the guns, police, military, oil companies, Wall Street, and our Constitution and government (minus them) for ourselves. It doesn’t work that way. We’re going to have to find a way to work together as a whole.
        It’s also not ging to work with two diametrically opposed ideaologies fighting over the reigns of our government every two to four years. We take one step forward and two steps back. What we need is to look at the founding documents our country began with and acknowledge the wisdom of the men who wrote them.
        After all, those principals did form a country that has lasted over 200 years. They also formed a system of government that allowed everyone, no matter how backward or harmful their ideaologies, to speak their mind. They formed a country and system of government where you, Graeme, (even though you appear to be opposed to their principals), are able to openly speak against the wisdom they fostered. If their wisdom was sound enough to form this type of government, one you and countless others have benefitted from while opposing for two centuries, then maybe we need to study that wisdom and try to apply it. All of us.

      • Dave from Ohio

        According to the US Treasury:

        Carter increased the national debt by $ 1.462 Trillion in 4 years ($365 Billion per year)
        Reagan increased the national debt by $1.672 Trillion in 8 years ($209 Billion per year)
        GHWBush increased the national debt by $ 1.462 Trillion in 4 years ($365 Billion per year)
        Clinton increased the national debt by $1.610 Trillion in 8 years ($201 Billion per year)
        GWBush increased the national debt by $4.351 Trillion in 8 years ($544 Billion per year)
        Obama increased the national debt by $3.537 Trillion in 2 years ($1,678 Billion per year)

        • Kinetic1

          Dave,
          Go back and check those charts. Carter did not increase the debt at the exact same level as G.H.W. Bush. In fact, his increase was less than a quarter of Bush’s. Your numbers also fail to consider the more relevant debt as a percentage of GDP.
          Carter increased the national debt by $ 288 Billion in 4 years, a reduction of 3.3% of GDP
          Reagan increased the national debt by $1.672 Trillion in 8 years, an increase of 20% of GDP
          GHWBush increased the national debt by $ 1.462 Trillion in 4 years, an increase of 13% of GDP
          Clinton increased the national debt by $1.610 Trillion in 8 years, an reduction of 10% of GDP
          GWBush increased the national debt by $4.351 Trillion in 8 years, an increase of 28% of GDP
          Obama increased the national debt by $3.537 Trillion in 2 years, an increase of 18% of GDP

          Now consider this: in his first term, Roosevelt increased the debt to over 117% of GDP to pay for WWII, but in the years that followed every President but Nixon was able to reduce the that number until Carter finished up with a debt to GDP level of just 32.5%. Was it the build up of or nation’s infrastructure that allowed for this? Could we possibly have done so well when the top tax rate was between 70% and 92%? It wasn’t until 1982 that the top rate fell to 50% and coincidentally, that’s when the debt began to get out of control again. Imagine that. In fact, before 1980 there were as many as 25 tax brackets so that your burden would never increase too much as your wages increased. Under Reagan that number dropped to just 3! Imagine the shock when your income rose from $14,875 to $15,000 and your tax burden jumped from 15% to 28%! Perhaps instead of whining about higher taxes we should take a long look at the past when things worked.

          • Matt Newell

            I think you better re-look at your facts. FDR was a four term president (the only one) and the first three terms where used to install all of the socialist programs we have currently. WW2 was after he had already done the damage the the country.

      • Dale on the left coast

        From 2007 till the end of 2010 . . . the Congress was Demmocraps, after 2009 when the 0 took office he had a 61 vote super-maj in the Senate . . . so he Spent, Spent, Regulated and Spent some more. Now we are paying the price . . . If the direction is not changed Graeme . . . I can see Greece from here . . . LOL

      • http://peronalliberty Kevin

        Gramie: once again you make no sence, and have no idea what you are talking about! you have your head so far up you _ss you can see the granola you had for breakfast! take all you progressive buddies and take a long walk off a short pier!

  • JUKEBOX

    People continue to believe the $4 trillion dollar lie that Obama has laid on Bush, when it was actually $2 trillion over eight years. The super intellect of Obama cannot figure simple math He has actually managed to create a $4 trillion increase in debt in only two years, which is eight times faster than George Bush. I wonder if things like his wife spending $10 million of taxpayer money on vacations in the last year might have contributed to some of that debt, in addition to the money he has spent on trips around the world.
    His duplicity is glaring, when you review his speeches about the growing debt in 2006, and his vote AGAINST increasing the debt as a part time Senator.

    • home boy

      what’s the difference what the number is. the number is going higher and at a faster pace. `since obama does not want to help the economy where will this number really go. and even more important where will the dollars value end up. a lot of people believe gold is the place to be but be careful because the rise in gold tells you what the economy is doing and if the consumer looses any more confidence it will all explode and it won’t matter if you have gold or silver. it will all become worthless.

  • chuckb

    barry and michelle are more interested in the lavish lifestyle than the
    concerns of the country. they have spent more on vacations and luxury than any other occupant of the white house, (don’t you know bill and hillary are cringing).
    the constant barrage of blaming bush gives them hope people will not pay attention to what they are doing.
    these two should be given a termination notice and shipped back to kenya.
    then the entire fiefdom he has created should be disbanded including his supreme court nominations.
    then we should vote out half the republican congress, three quarters of the bolsheviks. audit the federal reserve and demand all future congressmen be audited every year. place strict term limits on both houses and shut down all federal agencies with the exception of our national defense and justice dept.

  • http://www.easyinvest.co.za peter

    An opinion of the incompetent member of the White HOuse. He was not elected to cry and moan about what happened before he took office. Based on his campaign he was elected to fix things ( as he promised ) and the excuses for not having done so prove two things; one that he is evasive and has no self respect, and two that he is not capable of fixing things. Better get his next campaign rhetoric going, that would be the only thing that he can do fairly well and perhaps the American people are actually stupid enough to elect him again, a serious miscalculation for which they will pay dearly…..again!

    • Matt Newell

      He is kind of like Clinton. I remember he was one who kept saying things were worse than he had originally thought when he became president. I also remember he came up with a retroactive tax increase. I’ve been waiting for something like that from Obama too.

  • http://none Bill

    This country enjoyed a faily robust economy during Reagan years thru Bush Sr, thru Clinton, thru 1st 6 years of Bush Jr. Then came Harry Reid, Nancy Pelosi, a democratic congress including Senator Barak Obama voting “present” most of the time. Since then the “Bus” was heading for the ditch. After Mr. Obama became president, the “Bus” continued into the ditch where it turned upside down and it remains there today. Yes he did inherit a terible mess, but he inherited it from himself and his “buds”. Still today, instead of working on job building, to support all those illegas sneaking in here & taking the jobs Americans could be doing, he rams thru Obamacare, which will stifle even more jobs. On top of that, instead of getting our border secured, he sues the State of Arizona for trying to protect their citizens (and us) from rampant lawlessness.

    • bob wire

      No Sir, the country did not enjoy a robust economy during Reagan years or H. ~ Wall Street did. It was junk bond, leveraged take overs and sell off, insider trading, Labor lost much ground, senior labor was denied completing their retirement time. ~ Labor was rotated before their vested time. ~ Full time jobs were reduced to part time to avoid paying benefits. There was of host of things that you seem most willing to ignore that American LABOR still struggles with today.

      Reagan sold the American worker down river and started the beginning of today’s downfall. ~ It’s all about the power of the dollar anymore and little else. The appreciation for hard work and dedication is no more.

      It’s who has the biggest pile of cash ~ regardless how it was acquired. It doesn’t matter as long as you can avoid “bad press”

      It’s sad ~ but that the way it went down and how we got to where we are today.

      I don’t expect things to improve regardless who is President. It’s beyond one persons ability to change at this point.

      Maybe you are like some of my friend that work at Bell Helicopter or Lockheed. They did good during the years you mention and many of them are still doing well today compared to the rest of us.

      • Matt Newell

        I have to disagree. That was the time of my life when I had a choice of jobs, got the biggest pay increases, and managed to raise four children. It has been getting worse and worse faster and faster every since then.

  • Adepoju Adeniyi

    Liberals should learn that Reagan worked to improve the Economy and did not bother himself with talking about the mess that Jimmy carter created. Let Obadman do the talking with economic policies(which i am sure he does not have a working one expecially after three years of failure)that work or else leave with his tails in between his legs

    • Kinetic1

      AA,
      Yes, Reagan only concentrated on “improving” the economy. He increased our debt to GDB ratio from Carter’s 32% to over 50% and restructured the tax code to increase the burden on the middle class. His administration was the beginning of the mess we have today and Dubbya’s model for running the economy, but sure he was great. Like Reagan’s supporters used to say, the debt is unimportant since it’s just money we owe it to ourselves.

    • bob wire

      “Adepoju Adeniyi says:
      August 25, 2011 at 9:20 am

      Liberals should learn that Reagan worked to improve the Economy”

      Oh! we learned Sir. The “point of contention” is for whom? As it wasn’t for the middle class American but the top 5% and what little that tinkled down to butt boys, yes men and anyone that was on some government payroll directly or by proxy via contracting or mandated compliance.

      If you are old enough to know of such things it’s clear who’s trench you’ve been working in.

  • john schifano

    what a bunch of crap!!! when bush took over, he was given full employment and 250 billion surpluss. he vowed after the tax cuts that he would eliminate the federal debt!!! ho, ho, ho. we are told that the tax cut would create jobs. in 8 years, they created 3 million jobs( WSJ 1-9-09) clinton raised taxes on the top 1% and created 23 million jobs. when obama took over, we were losing 750,000 jobs a month. what does that mean in federal income??? obama had to spend 750 billion on stimulus. most economist agree that we would have dropped into depression without it. it also saved 2.3 million jobs of teachers, police, and firemen, who are now being laid off by governers. the tax cuts are still in place, where are the job providers???obama has created or saved more jobs(3.4 million) in 2.5 years during a recession and slow recovery, than bush created in 8 years!!! in order to balance the budget, we have to let the bush tax cuts on the wealthy expire!! these are facts, not opinion.

    • Capitalist at Birth

      Your facts are skewed by your opinion. You are simply repeating Communist Totalitarian talking points. What do you classify as full employment? Screw the unionized teachers, fireman, and policeman. If you are for taxing the private sector into disaster, where are you going to get the money to pay for your socialist ideas?

    • Capitalist at Birth

      Who are these so called economists? Have you heard of Thomas Sowell or Walter Williams, who sill dispute this contention?

      • independant thinker

        Now Capitalist, you know Sowell and Williams don’t know squat because a liberal poster said so a week or two ago.

    • Buster the Anatolian

      john schifano…….Your first line describes the rest of your post perfectly.

    • Forrest Gump

      Which everybody knows is a lie but Mama says it’s just a little one so it don’t really count.
      Dude, you are obviously trying to cloud the issues. Obama is attempting to sabotage our country in the biggest way and you support him. You have nothing to say in this discussion. Go comment on an ACLU website or something.
      The first thing we need to do is get rid of Obama. After that we need to seriously audit the vetting for future presidential candidates. The Republicans don’t have a monopoly on wisdom, but at least they have SOME wisdom. The Democrat party, as it stands today, exists to support every “special” interest and alternative agenda, every undeserving charity case in our country. There is absolutely no wisdom there. Legalize gay weddings? What can that possibly contribute to the security or prosperity of our country? You can learn alot by studying nature and there’s not a single case in nature of sodomy becoming a sustainable, productive lifestyle. Paint whatever roses you want to on it, it’s unnatural.
      This is just one example of the STUPID agendas the Democrat party supports. Another good example is abortion on demand, or maybe we should look at the idea of more government programs and hand-outs. There is not much the Democrat party has to contribute to our country that won’t eventually bring it down.
      Having said that, we are all Americans. You have the right to DO whatever you want to do just as long as it doesn’t take away from SOMEONE ELSE’s freedom to do the same. So do what you want to with your same sex buddy. Just keep it private. It’s nobody else’s business. Give, if you want to, to any cause you wish. Just don’t try to tax me or my fellow Americans in order to give OUR money.
      We cannot continue to support all the idiotic spending this country has been doing since FDR’s time. There’s a place for welfare, but it shouldn’t be systemized to where a whole race or class of people are born and raised knowing the rules to follow to benefit from it. There’s a need for some government spending and programs, but the government should not be given the responsibility to improve our economy or stabilize it. Their true, constitutional responsibility in our economy is to hold the capital on which our currency is based and to issue that currency themselves instead of farming it out to a private banking cartel such as the Federal Reserve.
      We have to work together to end the idiocy coming from Washington. Obama supporters not withstanding.

  • Carol

    Does this surprise me not really all he knows is to spend and spend because he hasn’t a clue about anything he does because of henchmen does his bidding.

  • No fool

    We wouldn’t be having this problem if the he just stop stealing it and spending it. I’d be rich if I just had 1% of what he spends on vacations alone.

  • Rick

    Allways the blame game to take the eyes off the ball. The facts are there the damn guys a Kenyan piece of crap who needs to be shipped back there and his bitch also. Well the only thing I can see that will fox this is new gun laws lol laugh of you want too that’s what they are working on. I see the point they are getting at with new laws and taking away of guns nobody will complain anymore be UAE they can shoot and well the complainers can’t. I see it this way new banning of guns will cause a civil war and we won’t have to worry about any of this crap anymore when u.n. Has to send foreign troops in here to stop all of btw killings of people then we will be a non factor and Russia and china can move in and take it all to repay the debt we owe china. That’s about right I’d say or we the people are victorious on a matter if hours and Obama bombs us as he runs away in our jet with 590 freinds and family and the corporate people but they would need about 30 jets and all be social security fund to lay for that vacation sound abou right lol oh and screw all u liberal idiots and were done were finished as a country all that’s left os the war to end us and the dying part. Keep voting for the idiot obullsheet or obama or oboner abomination is closer too the truth he’s a loser as he was when he was born in Kenya can’t even fake a birth certificate and sequntially number it like he has a brain what dumb n word

    • Forrest Gump

      I guess sometimes there just aren’t enough rocks.

      There won’t be a civil war. There will be 4 AM clandestine “arrests” nationwide before they let that happen. People are too wrapped up in their internet and their TV programs, their Playstations and X-Boxes to actually mobilie and fight back. The only chance we have is this next election and then the constant vigilance Thomas Jefferson warned us would be necessary.

      Bubba, I sure hope we don’t let him down.

    • Kinetic1

      Rick,
      Your inability to communicate your thoughts says a lot about the person behind them. Time to turn off FOX and Rush and do some serious reading. You might just learn something, as long as you don’t limit yourself to Glen Beck’s reading list.

  • Dave

    A complete lack and failure of leadership; in BOTH parties; is going to be the demise of this country as a society and nation. There is NO Lincoln; Washington; Adams; Jefferson; Jackson; Eisenhower; Truman; or Kennedy that is going to pull the United States out of its own stupidity; or self-destructive course. A once exceedingly great and mighty country done in by its own self absorbed cancer. Seriously.

  • Earl, QUEENS, NY

    Likewise, BHO will not accept responsibility for his blunders. I read a similar article yesterday on CNSnews. Of course BHO was lying, and presumably reading something off of a teleprompter. How nice it would’ve been had his teleprompter fallen to the ground and shattered when he gave this speech during his campaign 3 years ago. Then he would’ve said something like: “….we now have ….uh, uh, uh …. over $9 trillion dollars ….uh, uh, uh …. of debt ….uh, uh, uh …. that we are going to have to pay back — ….uh, uh, uh …. $30,000 for every man, woman and child ….uh, uh, uh …. …. That’s ….uh, uh, uh …. irresponsible. It’s ….uh, uh, uh …. unpatriotic,” LOL!! And of course he was blaming Bush when in fact BHO nearly quadrupled Bush’s largest deficit in his first year alone!!

  • Dave from Ohio

    The article states “The “super committee” has been directed to make a plan for $1.2 trillion in debt reduction over the next 10 years” This is false.

    The super committee is to reduce the deficit instead of the debt.

    The USA needs a plan that does not just reduce the deficit over 10 years, but also reduces the National Debt over 3 years and over 10 years.

    The plan should reduce the National Debt to $10.7 Trillion, the amount of the National Debt at the start of 2009.

  • Patriot

    Bottom line, the economy is a mess, housing marketing, unemployment; the only thing that is expanding is our Federal Gov’t and Obama’s vacation schedule! Now there is an earth quake, another possible national disaster off the coast and Libya; where is our President, off on another vacation on our dime! Here is a great stat 50 plus days of vacation for the Obama’s with a $10 million price tag for these holidays.

    Here’s an idea for saving tax dollars, give this guy a Permanent Vacation!

  • Baba

    I don’t care how you cut it. If I had inheritated such a deficit, I would not be flying off to seaside resorts or dinner out with wifey using jet to get to and from, buying two gas guzzling million dollar vehichles from Canada [made in Canada!]to ride softly from one voting place to another, Having dinner parties at the tax payer’s expense, loaning? Brazil millions of dollars for their off-shore drilling while stopping all off-shore drilling in the United States,flying off to England to visit the Queen with an entourage that looked like the Saudi King traveling the desert (Queen must have thought Obama was nuts!), promoting Illegals to stay in the United States while the U.S. citizens suffer through unemployment and house foreclosures…$$$$$$ Spend, Spend, Spend $$$$$$$$ while serfs tighten their belts? Is that how we get back to some kind of normalcy? Well, Not In My Book! Lest we forget who was one of the Senators during the Bush administration…ah-ha, Obama! He voted to spend just like the rest of the idiots and now blames it on Bush Administration and over-spends to raise the deficit even higher!

  • Mike

    Ron Paul 2012
    stop the spending, stop printing money, end the fed

  • http://peronalliberty Kevin

    how dare obumer blame gwb!!! GWB was a rino to begin with, it was the dem. control that goaded gwb all along, and he went along to get along and to be “civil” with the dems. when will these idiot wake up! no lert them keep it up!, then we the people WILL take it back one way or the other!! May God Bless The United States Of America!

    • bob wire

      How dare? ~~ you sounds like a girl ~

      43 ran the country into the ground. ~

      His wars was off the books, ~ both his numbers and motives Bush attempted to hide.

      Except for Boston’s “Big Dug” project. Few things of an size was achieved during 43′s administration tenure. The tribute to Crazy Horse is privately funded. We have some 5000 substandard highway bridges, the Statue of Liberty was closed to the public. While the top 2 % lined their pockets the nation went to hell in a hand basket, jobs were outsourced and few spoke of it. ~ It wasn’t popular to express “sour grates. ~ 8 frigging years.

      You have only endured 3 years of this current administration and it’s been sour grates from day one.

      This makes it very difficult to take you serious went you say “How dare him”

      I could say, “How dare” YOU ! or how dare the Bush Administration but it sounds a little limp wrist to speak such words.

      It’s “do” or “do not” ~ there is no dare involved.

      We all stand accountable for both.

  • chuckb

    we are walking a tight rope with this economy, it won’t take much to slide into a full blown depression. the buffoon in the white house has a plan come september. it wouldn’t surprise me that he will come up with a civilian conservation corps, one like the ccc during the depression, targeted for the inner city blacks, this will pacify maxine, we had the job corp in the late sixties, that program was a waste of money. at the same time he will try to intimidate the wimps in congress to drop the tax cuts, don’t be surprised weeper of the house boehner may go along with it. most likely he will go after another stimulus package, i hope the wimps ask where the last stimulus money went, somewhere i read or heard he still had a large amount of that in reserve to help out his campaign next year. it would be interesting to find out for sure, i doubt if the wimps in congress would have enough courage to ask. i called my rep. today to confirm what happened to the stimulus money, his office has to send to washington to get the info, this should be interesting.

    • bob wire

      Most of us has been walking a economic tight rope for many years now and learned to get by. ~ If you are new at it , I bid you “welcome” it’s about time it finally reached your door.

  • bob wire

    “Obama Oversees The Most Rapid Increase Of Debt Under Any U.S. President

    August 25, 2011 by Sam Rolley ”

    Right ! and unlike the last president, It’s all on the books to where everyone can see it.

    And Forrest says, “the first thing we gotta do is get rid of Obama”. ~

    well, what’s the second thing Forrest?

    Sound to me that you need to get rid of more then just Obama, you need to get rid of about half of the American population.

    I suspect the Tea Party is the best thing that ever happen to Obama with such wild polarizing talk.

  • chuckb

    not like this tight rope you bolsheviks have hung us with. two and one half years has to be some kind of record, of course barry sat in the senate for two previous years and voted for all the bills that helped sink us, so he had a head start. no matter how you little commies want to twist the figures, you lose. barry has beat bush for the increase in the deficit something like 4.3 trillion just in a little over two/half years.
    the tea party wins again.

    • bob wire

      2 1/2 years the GOP has fought like a 2 years boy refusing to let mom put his pants on, kicking and crying all the way.

      I hold no illusions of changing your mind at this point. But if you continue to blame the fireman for all the fire damage I’ve little choice but to oppose your thinking.

      30 years it has taken to get to this sorry state of affairs and it won’t be corrected in two or 6 even years regardless who’s in power.

      The top 5% fight with everything they can bring to bare to resist any and all “equitable” economic reform. It stands to reason that they should as they have now managed to publicize their losses and privatized their gain. A sweet setup if they can keep it. The GOP is working hard to see that is possible. The GOP enjoys Status Quo and enjoys having someone handy to blame their failures on.

      Your little Tea Party is just being used as a tool to help make it possible. While you come forward flying a conservative banner it’s only a ruse, it’s your notions of Christianity that you wish to “install” into American government and what dominates the bulk of your reform. Which might be fine if it addressed the economic problems we face today. ~ BUT IT DOESN’T” !

      And this why I say to to you, that you are being “USED”

      The top 5% have you attacking anything they wish if it serves their purpose and you gladly obey with the zeal of a Christian Crusader.

      I would hope that someday you understand what we are fighting, we are fighting people that are much brighter then we are. You don’t get to where they are at by accident. ~ and they plan on staying in control with whatever it takes. The cheaper they can buy your allegiance , all the better.

      Conquest! divide the masses with God matters, with race, with skin tones ~ it’s affordable, it works, it ensures their position and status.

      Civil War is not out of the question and may well be the final decision maker in this debacle. But at this point, I do everything that I can to avoid it. For it won’t be a pretty sight regardless on which side you stand.

  • chuckb

    bobw, don’t think for one moment i believe in any political party 100%.
    least of all the bolshevik party. having dropped the republican party years ago i presently connect with the tea party along with a couple of ex bolshevik friends, although i generally vote for the repub candidate.
    the corporate elite don’t bother me and i don’t envy people who make it big, some people are tinted by money and feel they are above others and join the snob class. i don’t have that problem, good for them.
    so what do you consider fair and equitable reform? does that mean you want to enjoy someone else’s fortune, you want some of the profits of their labor?. most people i know that you might call rich have earned their money by hard work and applying themselves to their occupation.
    they pay their employees well and have few problems, that is until the unions get involved.
    we have in this country today a multicultured society, we have allowed immigrants legally and illegal to come en mass, they have brought their culture with them and want to set up their own fiefdom
    and abide by their belief and ignore our laws, the bolsheviks want their vote so they allow no resistance and restrain our law officials from stopping this advance or invasion, now if you want to call some one greedy look no further than your friend barry. he’s greedy for power and will stop at nothing to get it.
    you say the conservative point of view is a ruse, as a tea party supporter i don’t use any term to describe my actions, i am an american citizen, i appreciate this country and respect it for what it stands. i do not respect barry soetoro, the man is a liar, he hides his identification, he can only read a transcript, he has shown no ability to do anything except play golf or basketball, he without any doubt is nothing but a puppet for the communist masters that pull his strings. if you can’t see through his ignorance, then take a refresher course in psychology. i would never vote for either clintons, however, hillary, as much as i dislike her would have made a far better president.

    that top 5% you say is leading me, you have it wrong bob, they are leading you as well, they also are the ones pulling barry’s strings.
    george soros has lots of company, he’s visible so it makes an easy target.
    i do not believe this country can survive as a multicultured society, we will have war, the nation of islam has been calling for a country of their own, part of the u.s., for a number of years and with the muslim emigration adding to their ranks you may see a civil was in the near future. it will be touched off by another depression, you can hear maxine stirring the pot now.
    i blame the bolsheviks for allowing this immigration problem even though republicans enjoyed the cheap labor. they have sold their country for a few shekels, in todays translation means votes. have you seen any country with such a diverse population survive? not unless one of the cultures have a distinct rule over all the others.
    that’s why we should leave these foreign despots alone, they can only rule by force and fear controls the mass.
    people gain by their own initiative, not by accepting welfare as a way of life.

  • Disgruntled Gun Toter

    The GOP made it clear they will make the American people suffer, because they want to make him (Obama) a one-term president. Gov. Perry talks about treason and Bernicke. Treason is destroying a country from within. That’s what the GOP is doing to the working American and the country, destroying the economy from within. Just remember what happened to tyranny in France with Louis the XIV and Marie Antoinette and in Texas during the battle for the Alamo and at San Jacinto and what happened to Santa Anna.

  • Mike

    Enough with the “rich” vs. “poor” talk.

    Right now, the top 5% of the income earners in the US pay 49% of the Federal income tax collected. At what point can you consider that the “rich” have paid their fair share? Just how much do the “rich” owe? It may make us all feel good to lash out at people that we believe have more than we do, but it is important to consider the facts.

    We do not have a taxation problem. We have a spending problem.

    Last year, the total revenues taken in by the Federal Government totaled approximately 2.2 trillion dollars. Of that figure, 900 billion dollars was the total take of Federal Income Tax. In 2010, we ran a budget deficit of 1.4 trillion dollars. In other words, we have overspent out total Federal Income tax haul by 500 billion dollars. If you doubled the taxes that the “rich” must pay, it still wouldn’t be enough. Increasing taxes on the “rich” will not work, it won’t help.

    The United States is like a family of 4 with an annual income of $48,000, annual expenses of $78,000 and $275,000 in credit card debt. The path we are headed down is simply not sustainable. All the stuff we are doing that seems nice and would be great to have; we just can’t afford anymore.

    I repeat; we do not have a taxation problem. We have a spending problem. It is up to us to own up to it and fix it.

    My own personal opinion is that by continuing to push for spending more and more money that we do not have, either Obama is incredibly stupid or he and his minions are purposely trying to crash the US economy.

    My feelings about him have nothing to do with the color of his skin or his birth certificate. The US debt has increased by over 45% since Obama took office. It is his distructive spending policies that I am in disagreement with. Just because I disagree with the direction his policies are taking our country does not make me a racist or a bigot.

    I believe that we are truly at the tipping point in the history of the United States. Within the next 3 – 5 years, decisions we make about our leadership will determine the future of this country.

    Everyone must understand:

    The Government cannot give you anything that you cannot get for yourself.
    The Government has no money; every dollar that shows up in the Treasury comes from taxpayers.
    Anything that the Government does “give” you, it must take, by force, from your neighbor – likewise, anything that the Government “gives” to your neighbor, it must take, by force, from you.

    God bless you all. Please choose wisely………….Our future depends on it.

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