How the Debt was really accumulated

[700UW]

http://www.upworthy.com/the-complete-guide-of-what-to-blame-for-our-debt-problem-brought-to-you-by-math?c=la3

 

[Ms Tree]

Call me old fashioned but I refuse to watch a video unless it's a music or something visual that cannot be explained in text.

Is there a text version of this?

 

[SparrowHawk]

Call me old fashioned but I refuse to watch a video unless it's a music or something visual that cannot be explained in text.

Is there a text version of this?

OK then I guess we are both old fashioned. Text please

 

[eolesen]

I'm sure it just blames Bush. Forward clearly means blame your predecessor.

 

[SparrowHawk]

I'm sure it just blames Bush. Forward clearly means blame your predecessor.

I broke down and listened. Mostly for a good laugh as it is more Keynesian Bullshite delivered in heaping helpings. Of course it blames Bush, afterall it's his fault for EVERYTHING since the Anglo-Boer Wars in South Africa. I'm surprised there isn't a statue of him at the Vortrekker Monument.

The "analyssis" Ignores the impact of the Federal Reserve and how the currency manipulations under Bush & Obama robbed the working people of large portions of their wealth as a result of the Ponzi scheme that is the world wide currency market.

It's a nice partisan piece but has no basis in reality.

 

[delldude]

Center for American Progress.....John Podesta/Hillary/GeorgeSoros/Moveon.org wonks....oh, forgot Think Progress....

Podesta's most lasting contribution to the leftist cause came through his promotion of a strategy that White House aides dubbed "Project Podesta." This was a system that enabled the Clintons to push through unpopular policies that neither Congress nor the American people wanted. Its implementation marked a dramatic tilt in the balance of power, giving the executive branch an unprecedented ability to force its will on the legislative branch.

Project Podesta enabled the President to bypass Congress through the use of executive orders, presidential decision directives, White-House-sponsored lawsuits, vacancy appointments to high federal office, selective regulatory actions against targeted corporations, and a host of other extra-constitutional tactics.

Notice any parallels to the sitting Prez?

 

[SparrowHawk]

The Noose tightens and Obama and Congress continue theircircles jerk.

Argentina could less than a month away from defaulting on approximately $24 billion worth of debt

New York district judge Thomas Griesa ruled that Buenos Aires had a responsibility to pay off every single bondholder, even the minority – mainly hedge funds – who had ignored two exchanges of defaulted debt back in 2005 and 2010.

Griesa also upheld his own ruling of last month, ordering Argentina to pay over $1.3 billion to these hedge funds by December 15, claiming “Argentina owes this and owes it now."

http://www.economywa...debt.23-11.html

Please note this isn't an article or video from some group with an agenda. It's actual reportage.

 

[KCFlyer]

I'm sure it just blames Bush. Forward clearly means blame your predecessor.

Thank for typifying the right....I most likely is liberal so I'm not going to watch it. You should.

All things start somewhere. And shortly after taking office, our beloved war president, Geroge "bring 'em on" Bush (especially revered in the secessionist state of Texas) gave us a big tax cut. "It's your money...we're giving it back to you". We were sitting on a surplus. Just a few short months after giving us our money back, two jetliners brought down the World Trade Center....another one slammed into the Pentagon and another augered into a Pennsylvania field. At the time, we still had a surplus. And at that precise moment...we were at war. And on 9/12/2001, W should have gone on television...apologized to us for having to do what he was about to do, but we were at war....and then rescind those tax cuts we hadn't even had time to get used to.

But...he didn't. And we went to war. And if one war wasn't enough...he decided that we needed to be in TWO wars. And he STILL didn't come to the American people and tell us that ridding the world of this evildoer was going to take money...money we didn't have. ANd he was going to have to take back that tax cut.

And as the country bled...through our servicemen and economy...he gave us all ANOTHER tax cut in 2005. Then the housing market tanked....the right likes to blame this one on Jimmy Carter for letting all those po folks get home loans...and he bailed them out. Oh yes...he also bailed out GM and Chrysler.

All told, by the time he turned over the country to Obama, our debt exceeded a trillion dollars. But all that gets conveniently overlooked by the right.

 

[700UW]

That would have been $4 Trillion that he left for Obama to deal with.

 

[SparrowHawk]

The debt crisis started in 1913 under then Progressive Democrat Woodrow Wilson who was quoted after leaving office as saying:

I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.
~ Woodrow Wilson



The Federal Reserve is widely blamed for causing the Great Depression. We have been on a collision course with economic collapse since 1913. Since capitalism is more flexible then the Socialism that was the USSR. we've been able to delay the same day of reckoning that the Soviets faced and collapsed under the weight of their crushing debt.

 

[KCFlyer]

The debt crisis started in 1913 under then Progressive Democrat Woodrow Wilson who was quoted after leaving office as saying:

I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.
~ Woodrow Wilson



The Federal Reserve is widely blamed for causing the Great Depression. We have been on a collision course with economic collapse since 1913. Since capitalism is more flexible then the Socialism that was the USSR. we've been able to delay the same day of reckoning that the Soviets faced and collapsed under the weight of their crushing debt.

Nice citation there sparrow...kind of reminds me of the logic that the democrats ran with in 2004..."anybody but Bush". As in..."we will blame anybody but Bush"

 

[700UW]

So Sparrow, explain how a surplus was in effect when Clinton left office and handed it over to Bush, and when Bush left office he had a deficit of $4 Trillion that he handed over to Obama?

 

[delldude]

That would have been $4 Trillion that he left for Obama to deal with.

So then it was cool for Lord Obama to double down on Bushies debt......LOL

 

[southwind]

http://www.upworthy....u-by-math?c=la3

Fantastic video ! Now where did the other "8 TRILLION" in debt come from !
And your not allowed to use the Stimulus as an excuse ! It was shown as 6% of the debt, in the previous 8 trillion !
http://www.usdebtclock.org/

 

[delldude]

(CBS News) The National Debt has now increased more during President Obama's three years and two months in office than it did during 8 years of the George W. Bush presidency.
The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.
The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush's last day in office, which coincided with President Obama's first day.
The National Debt also now exceeds 100% of the nation's Gross Domestic Product, the total value of goods and services.
Mr. Obama has been quick to blame his predecessor for the soaring Debt, saying Mr. Bush paid for two wars and a Medicare prescription drug program with borrowed funds.
The federal budget sent to Congress last month by Mr. Obama, projects the National Debt will continue to rise as far as the eye can see. The budget shows the Debt hitting $16.3 trillion in 2012, $17.5 trillion in 2013 and $25.9 trillion in 2022.
Federal budget records show the National Debt once topped 121% of GDP at the end of World War II. The Debt that year, 1946, was, by today's standards, a mere $270 billion dollars.
Mr. Obama doesn't mention the National Debt much, though he does want to be seen trying to reduce the annual budget deficit, though it's topped a trillion dollars for four years now.
As part of his "Win the Future" program, Mr. Obama called for "taking responsibility for our deficits, by cutting wasteful, excessive spending wherever we find it."
His latest budget projects a $1.3 trillion deficit this year declining to $901 billion in 2012, and then annual deficits in the range of $500 billion to $700 billion in the 10 years to come.
If Mr. Obama wins re-election, and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.