An Intro to ‘The Unsustainable Trajectory of America’s Economy’


Intro By John R. Houk

Original post by Justin O. Smith

Intro © February 19, 2020

 

As a Conservative in 2016 I was a Cruzer (Ted Cruz). After Cruz’s mathematical elimination from winning the GOP nomination, only then did I support Donald Trump.

 

In my mind Trump did not fit my image of a guy that supported Christian causes such as Christian religious freedom, Pro-Life, Pro-Israel, Pro-Originalist Judges and Anti-LGBTQ (who desire the destruction of Christian morals in America. Trump early got on board with Conservative thoughts on illegal immigration and the craziness of importing American-Culture-hating Muslim refugees. That got my attention.

 

I’m a limited government, Balance the Budget, Bring down deficit spending guy too; but the above issues I listed are more important to me. Trump has delivered or at least worked hard in the face of Dem obstruction to deliver on my primary list of concerns (although Trump seems a bit wishy-washy on LGBTQ morality). Lately President is even vocally lining up behind pro-2nd Amendment issues.

 

For Conservatives that economics is a primacy, President Trump’s economic actions pertaining to Budget issues should be a huge waving red flag. Trump’s centrist perspective could produce big problems for America after a Trump second term in Office (YUP, I’m still voting Trump). Justin Smith effectively goes over those budget red flags.

JRH 2/19/20

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The Unsustainable Trajectory of America’s Economy

 

By Justin O. Smith

Sent 2/14/2020 10:38 PM

 

“The suspicions that the system is rigged in favor of the largest banks and their elites, so they play by their own set of rules to the disfavor of the taxpayers who fund their bailout, are true. It really happened. These suspicions are valid.” ~ Neil Barofsky, TARP Inspector General [Wikipedia info]

 

America is witnessing President Trump’s “I’ve abandoned free market principles to save the free market system”” moment, similar to former President George Bush on November 16th 2008 and the high-speed implementation employed by former President Obama in 2009, as Trump presented his 2021 Budget and a $4.8 trillion spending plan to the press on February 10th. It is a farce of a “budget”, since it doesn’t even balance until 2035, according to the Wall Street Journal, and it sells America a load of economic crap, that includes the same old out-of-control socialist spending, now adopted by the Republican Party too, minus the taxes, and certain to harm America; given the socialist trends in the ranks of the Millennials, the Democrats are certain to hold the White House during a few of these years and take full advantage of Trump’s lapse in judgement on this issue.

 

On January 18th 2020, the Washington Post reported: “To those who criticized his spending and the growth of the national debt, Trump said: ‘Who the hell cares about the budget? We’re going to have a country.’

 

For most of President Barack Obama’s time in office, Republicans seemed to care very much about the budget, making fears around the national debt and deficit their top talking point. They’ve backed off those concerns under Trump.”

 

President Trump’s proposal will run a near trillion dollar, $996 billion [Blog Editor: I couldn’t locate “$996 billion” figure nonetheless there are a plethora of sources predicting a near or over a Trillion dollar deficit for 2020; e.g.: fxstreet.com, MarketWatch.com, baynews9.com, cbo.gov and more], deficit next year, just as he did in the previous years of his administration, that is close to fifty-percent higher than the $666 billion deficit Trump inherited from President Obama in 2017. Federal spending will accelerate from $4.6 trillion next year to more than $6.5 trillion in 2030, and the proposed cuts to be made by Congress in this year’s budget are not significant enough to offset the recent spending increases Trump has approved since taking office.

 

And all of this with our national debt at over $23 trillion, rapidly on its way to $24 trillion.

 

Has America so soon forgotten the worse economic recession since the 1930s — the 2008 economic collapse and the collapse of fifty percent of the stock market — and the terrible risks banks and businesses took that created it? Not much has changed, because many of the financial markets proceeded, from the first day of the bailout, that followed, to the present, with the same exact risky practices. They know the government, essentially the U.S. taxpayer — the American people, will bail them out again, that is if there’s any money or credit line available for a bailout, which is going to be unlikely.

 

Midway of 2008, the United States’ national debt was approximately $9.4 trillion and right at 65 percent of the Gross Domestic Product. Consumer debt stood at $2.7 trillion, while the total credit market debt had peaked at $54 trillion. And mortgage debt was a massive $14.8 trillion, as the Federal Reserve balance sheet remained below $900 billion as it had for years.

 

Most logical minded Americans believed then and now that there is not any such thing as “too big to fail”, and they thought the regular bankruptcy laws could have handled the situation and allowed the crisis to settle itself. People understood that liquidating bad debt and expunging it from the system would reset the economy forcing corporations and consumers to live within their means and act conservatively, using debt wisely for real needs, and most of us saw that as the best road to take for America’s future.

 

AIG, Lehman Brothers, Goldman Sachs, Citicorp, Bank of America and several other “too big to fail” banks were bankrupt by September of 2008. They should have been liquidated through existing bankruptcy law, and their assets should have been sold to still reputable banks that had not undertaken fraudulent risks, that hit their investors with devastating consequences.

 

Nobody in 2007 would have ever forecast that the national debt would climb to over $23 trillion during the past twelve years, or that the national debt would be 105 percent of GDP, with consumer debt exceeding $4 trillion. The ruling class “elite” of both parties have had their propaganda machines operating at warp speed to convince Americans that somehow $1 trillion annual deficits are normal and sustainable.

 

Never underestimate the ability of this president, or any president, or any Congress and the Federal Reserve to take outrageous and reckless steps to convince America that the abnormal is really normal. One should always keep in mind the egregious $700 billion TARP bailout and the lies and threats Hank Paulson perpetrated in order to protect his billionaire pals, whenever one gives scrutiny to today’s events.

 

[Blog Editor: Articles examining Hank Paulson:

 

 

 

 

 

President Donald Trump promised to eliminate the national debt in eight years, and although I thought it was an impossible task at the time, I did think Trump might reduce spending quite a bit, along with reducing annual deficits. He was constantly haranguing the Federal Reserve’s moves to keep interest rates at an unsafe level, which created a stock market bubble and contributed to the exorbitant rise in debt; and, one would have thought that after experiencing one Federal Reserve induced market crash after another, the American people would have realized this gross rise in debt since the 1990s had to end.

 

But Trump’s relationship with the Truth is something far less than stellar, and for him, it is something to manipulate at the drop of a dime and to shift in content depending on the President’s immediate need and desired effect. And over the years, he has used this manipulation to bend Fed puppet, Jerome Powell, to do his bidding, after finding the Fed’s 2.25 percent rate increase too much to handle.

 

In July 2019, President Trump stated: “The U.S. economy would grow more quickly if monetary policy were eased. If we had a Fed that would lower interest rates, we would be like a rocket ship. We don’t have a Fed that knows what they’re doing. Our most difficult problem is not our competitors, it is the Federal Reserve. The Fed raised rates too soon, too often, and doesn’t have a clue!”

 

That’s quite contrary to what Candidate Trump was saying on the campaign trail in September 2016, when he stated: “They’re keeping the rates down so that everything else doesn’t go down. We have a very false economy (J. Smith: something I’ve stated for years now). At some point the rates are going to have to change. The only thing that is strong is the artificial stock market. The U.S. economy is in a big, fat, ugly bubble. I will get rid of the nation’s more than $19 trillion national debt over a period of eight years. I’m renegotiating all of our deals, the big trade deals that we’re doing so badly on. (J. Smith: And still are, i.e. USMCA)

 

Will the Real Donald Trump please stand up? It’s almost as though we have a president with multiple personalities, at least two at conflict with one another.

 

Trump’s proposed $4.4 trillion cuts to domestic spending, including $2 trillion in promised savings from entitlement programs, with some $844 billion cuts to Medicaid and $750 billion to Medicare spread over the next decade. With Congress unlikely to cooperate on this and Trump unwilling to spend too much political capital on it, this will probably fall by the wayside. After calling for fairly large domestic spending cuts in 2018, Trump still signed a deal in 2019 that added $320 billion in spending and demolished previous spending caps.

 

And even when Republicans controlled both the House and the Senate, they still agreed to a bipartisan budget that increased domestic discretionary spending in all government departments, especially the Pentagon. They essentially refused to cut the State Department’s and the Environmental Protection Agency’s budgets, so whether they follow through with cutting the EPA by 26 percent in this budget is anyone’s guess.

 

Ironically, on February 4th, when Pres. Trump was practicing his State of the Union Speech for twenty Republican supporters, former Congressional deficit hawk, Mick Mulvaney, head of the Office of Management and Budget, argued there wasn’t any need to mention the growing deficit, because :nobody cares” about it. That’s a one-hundred and eighty degree turnaround since he campaigned to earn his spot over the OMB and a time he made deficit reduction his “central policy concern.” Mulvaney’s change of heart seems to have coincided with the Republican Tax Cuts and Jobs Act.

 

And, on February 7th 2020, Vice-President Mike Pence told MSNBC’s audience that deficits can help boost economic growth, which proves beyond a shadow of a doubt that the Republican Party, or at least Trump’s Republican Party, has now seeming embraced socialist and Keynesian economics and notions on spending. This same argument used by Leftists across America used to drive Republicans to some great degree of anger, whenever it was stated by Obama and his staff.

 

[Blog Editor: Economics theory hurts my brain. Simplistically, choice in supply and demand good. Being told what, when, or able to buy – bad. To those of you who like to hurt your brain, here are some Mises Institute economics critical of Keynesian economics (article, audio, pdf-book & video):

 

 

 

  • The Critics of KEYNESIAN ECONOMICS; Edited with an Introduction and new Preface by HENRY HAZLITT; Published by The Foundation for Economic Education, Inc. – 439 page pdf on Mises Institute; ©1995 – Originally published 1960 by D. Van Nostrand Company, Inc.

 

 

 

Posted by misesmedia

88.4K subscribers – Jul 30, 2019

 

Recorded at the Mises Institute in Auburn, Alabama, on 18 July 2019.

 

Mises University is the world’s leading instructional program in the Austrian school of economics. Mises.org/MU19]

 

 

The federal subsidies are still flowing to the Repurchasing Markets at $100 billion a day, as they have since October, so corporations can buy back billions of their own stock, resulting in the artificially high stock market, the highest valuations since 2000. And in the meantime, the military is getting anything and everything it wants, as America continues to act as the World’s Policeman and our entitlement payouts are constant and on an unsustainable trajectory, as President Donald John Trump and all the feckless Congressmen in Washington, D.C. pretend all is well.

 

Despite boasts of the “Greatest Economy Ever”, record corporate profits, stock market the highest ever, lowest unemployment in history and the Federal Reserve balance sheet at $750 billion, approximately $150 billion lower than normal, and interest rates still at emergency levels, somehow the Federal Reserve feels compelled to cut rates and restart Quantitative Easing, although they are not using that terminology. Powell is taking Trump’s orders and acting in a way that is only ever seen during a recession or a financial crisis.

 

Several successive administrations have used every debt based solution for this debt based crisis in their attempt to avoid another 1930s style Depression, but essentially, they have merely ensured that the next collapse is going to be exponentially much worse than it has to be. And the angst and divisions in our society are only compounding the situation through a whispered promise of impending catastrophe that sweeps the existing social order away in a chaotic cataclysm of death and destruction and all-out war.

 

America’s future is being stolen and sold. The future of America’s children is being stolen and sold. America is being sold down the river, pillaged and raped, by the few at the top, the “elite” ruling class, at the expense of the American people, in an egregious manner that harms all society and America during the long journey ahead towards our eventual rise from the ashes of the coming economic chaos.

 

By Justin O. Smith

+++++++++++++++++++++++

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_______________________________

Edited by John R. Houk

Text embraced by brackets and source links are by the Editor.

 

© Justin O. Smith

 

Newbill: Thoughts on NOT Voting for Obama


BHO Burning Constitution

 

 

Here are some email musings by Tony Newbill that are excellent reasons NOT to vote for Barack Hussein Obama. Be sure to look at his links to comprehend with clarity his point.

 

JRH 10/27/12

Please Support NCCR

_____________________________

President Obamas Over Regulation is costing the Middle Class 1.75 trillion a Year!!!!

 

Tony Newbill

Sent: 10/19/2012 11:07 AM

 

Read where the Middle Class is getting screwed by Obama Regulation Policy and where we can Balance the national DEBT in 8 years without one single cut to Entitlement spending!!!!!! OMG, are we STUPID or what?  Being safe is fine but at a cost of 1.75 trillion? Hell that’s 18% of GDP with no benefit to supply expansion to lower inflation cost of Living. Come on Mr. President you have to be smarter than this???

 

Scroll down to the segment about: “Regulations” where Senator Mike Johanns Talks about an Obama regulation COST PER YEAR of 1.75 Trillion:

 

http://www.agweb.com/farmjournal/article/where_the_candidates_stand_on_agriculture/

 

___________________________

Redirect the Way Money is invested NOW!!!!

 

 

Tony Newbill

Sent: 10/19/2012 11:48 AM

 

Redirect the Way Money is invested NOW!!!! First by reversing this ANTI-growth policy ….

 

President Obama’s Over Regulation is costing the Middle Class 1.75 trillion a Year!!!!

 

Read where the Middle Class is getting screwed by Obama Regulation Policy and where we can Balance the national DEBT in 8 years without one single cut to Entitlement spending!!!!!! OMG are we STUPID or what?  Being safe is fine but at a cost of 1.75 trillion? Hell that’s 18% of GDP with no benefit to supply expansion to lower inflation cost of Living. Come on Mr. President you have to be smarter than this???

 

Scroll down to the segment about: “Regulations”   Where Senator Mike Johanns Talks about an Obama regulation COST PER YEAR of 1.75 Trillion:

 

http://www.agweb.com/farmjournal/article/where_the_candidates_stand_on_agriculture/

 

And then by enabling small and Big Business to innovate the solutions needed to stabilize this Threat to Humanity!!! The U.S. Government Warns: High Food Prices To Hit Americans Hard

 

http://moneymorning.com/ob/u-s-government-warns-high-food-prices-to-hit-americans-hard/

 

_____________________

RE: President Obamas Over Regulation is costing the Middle Class 1.75 trillion a Year!!!!

 

Tony Newbill

Sent: 10/20/2012 8:10 PM

 

It’s all about this Perception that the Policies President Obama is implementing are designed to cause destabilization. Read the last part of this article like the last paragraphs; it talks about the need for destabilization to cause a SHIFT. And it will come with the collapse of the dollar as world trade currency. Everything they relate to in this article is pointed at the economic system and that is all about the Dollar and its Representation of our system called Capitalism that supports a Free Market system that these Globalists all see as standing in the way of their ability to bring the Fundamental Change Obama wanted and told us all about in 2008.

 

Toward the end of this and actually all through it, are talks about these elites causing some kind of event to open the door for a SHIFT – check it out:

 

http://www.cnn.com/2012/04/08/opinion/gilding-earth-limits/index.html

   

________________

Paul Ryan Makes a Great debate with President Obama on Taxes and …

 

Tony Newbill

Sent: 10/21/2012 10:34 AM

 

Paul Ryan Makes a Great debate with President Obama on Taxes and How Obama says Raising taxes when the Economy is Facing major head winds is the Wrong Approach, and today is no different than 2 years ago, because we have a Food Inflation Situation on the Horizon that Obama is not even taking into Consideration and is Not doing anything about; like enabling innovative solutions to alter this lack of supply in food production. Mitt Romney’s Plan will!!!  

 

http://www.huffingtonpost.com/2010/01/29/transcript-of-president-o_n_442423.html

 

We have to Take this SERIOUS and Obama Is Not Leading this Demand with Solutions!!!!!!

 

U.S. Government Warns: High Food Prices To Hit Americans Hard

 

http://moneymorning.com/ob/u-s-government-warns-high-food-prices-to-hit-americans-hard/

 

_____________________________

Why Hasn’t President Obama placed More effort into developing this Energy???

 

Tony Newbill

Sent: 10/22/2012 8:09 AM

 

http://libertyinvestor.com/2012/10/22/energy-from-the-earths-core/

 

_______________________

I bet Romney won’t do this if he’s President

 

Tony Newbill

Sent: 10/23/2012 8:04 AM

 

I bet Romney won’t do this if he’s President.  It’s a disgrace against all those who have been defending the USA!!!!! Oh I guess it’s the Chickens coming home to roost isn’t it?!!!! 

 

http://www.investigativeproject.org/3777/a-red-carpet-for-radicals-at-the-white-house

 

You want to talk about a very serious issue regarding the way Women want to feel secure in knowing they have a President looking out for their Communities, families and children’s best security Concerns? Then this has to be the thing that needs to be stopped NOW with the elections of a President that will not BOW DOWN like this!!!! How can you consider this being a defense of U.S. Women, Men and children? We the people did not start this. Tell us – why we deserve this kind of Leadership? That’s just a salt being rubbed in the wound of a nation’s people that just want to be left alone.

____________________

Expose the Fake Transparency of the Obama Administration

 

Tony Newbill

Sent: 10/23/2012 7:52 PM

 

John this gal needs to be in an ad to expose the fake transparency of the Obama Administration???  This is so not presidential for a Sitting President to be doing this to the Journalists who are educated to seek the truth for you and me and all of we the people??? 

 

Obama is running around shutting everyone up that will say anything.  You throw this censorship into the Mix and we gotta Totalitarianism Administration on our hands Big Time. Because why censor the people when you just have to censor the ones that Inform the people? LOL Oh Yeah….. Read what this Award Winning Journalists has to say about our President:

 

http://amberlyonlive.com/amber-lyon/

 

http://amberlyonlive.com/2012/10/16/president-obama-has-turned-journalists-into-criminals/

 

Here’s the Low down on the Journalist’s plight on seeking the truth about the President’s FAILED foreign Policy in the Middle East:

  https://docs.google.com/document/pub?id=1lxXzaxIu3h6nmJnit0oHb_LEVgOdfrypn_B0VDVm1cA

 

__________________________

A little trickle down totalitarianism with the Truth?

 

Tony Newbill

Sent: 10/23/2012 9:56 PM

 

Blurred Line Between Espionage and Truth

 

http://www.nytimes.com/2012/02/27/business/media/white-house-uses-espionage-act-to-pursue-leak-cases-media-equation.html?_r=0

 

Obama’s War on Journalism:

 

http://www.huffingtonpost.com/dan-kennedy/calling-out-obama-for-his_b_1303783.html

 

Obama targets journalists:

 

http://www.salon.com/2012/04/09/journalists_casualties_in_the_war_on_whistleblowers/

 

 

___________________________

Obama Economic Plan and Inflation, Jobs and Supply Expansion

 

Tony Newbill

Sent: 10/24/2012 11:25 AM

 

This economic Plan of Obama’s does nothing to address the areas where Inflation is telling us we need Jobs and supply expansion, but instead allows Ideological Bureaucracies to DICTATE how and where the Money for investments is to be spent and create JOBS … What you have then is a Politically driven supply-side system that will run YOU OUT OF SUPPLY because LOOK at how the Environmentalists are DICTATING SUPPLY-SIDE ECONOMIC ANTI-GROWTH POLICY while they and the Obama CZARS are constantly talking about the need for ZERO Growth and Global Population Controls. Don’t you think that’s a dangerous ideology to be vesting and consolidating power into these kinds of Policy makers????

 

http://www.wnd.com/2012/09/obamas-fdr-plan-exposed/

 

You and I and everyone will become JUST Numbers in these Ideologue’s Minds, and this proves that with the exposure of how Obamacare really will assimilate your treatment. Think John; look at the Records of how the Obama CZARS think. They are the Mechanism that Operates Obama. Obama said, “Judge Me by the People I surround myself with“. For crying out loud John don’t be fooled!!! Here’s the guy that wrote the OBAMACARE Bill:

 

http://thehealthcareblog.com/blog/tag/ezekiel-emanuel/

 

Ezekiel Emanuel told CNN recently “personalized medicine is a myth,” he was fully reflecting the worldview of the authors of health reform.

___________________________

Obama and UN: Redistribution of Wealth

 

Tony Newbill

Sent: 10/25/2012 9:25 AM

 

The  Mechanism of  Redistribution of Wealth  that both Obama and the UNITED NATIONS is cited in these articles.

 

The results of this Fundamental Transformation Obama Says on the stump that, “We Have Come Too Far Now to Turn Back to the Old tired ways of the Bush Years of failed Economic policies,” will  ACTUALLY be one of Reduced supply as the Free Market driven by the Consumer Driven demand will be Controlled by the Global Governments as they substitute the Free Market Currency in their transactions with the Central Banks’ Game Plan – One World Currency called the SDR:

 

http://www.batr.org/negotium/102412.html 

 

And at the same time Obama and the United Nations Global Tax Initiative that Obama supports. See here:

 

Opinion: In Second Term, Obama Will Allow UN To Tax Americans

http://nation.foxnews.com/barack-obama/2012/10/08/opinion-second-term-obama-will-allow-un-tax-americans#ixzz2AJpfjssG    

 

[Obama-UN] Will be taking Capital Formation away from the Free Market, shrinking the supply and causing a collapse of the capital system dropping all the control over resources  into the laps of these Global Central Banks and Governments. And they will be able to squeeze societies’ rate of consumption there by reducing what they consider the Cause of the Destruction of Earths Eco System. And in the process they will also accomplish their goal silently of Depopulation through a reduction of the Supply Abundance that Directly Effects the Human Life span, while convincing everyone that it’s all good that the Eco System is Healing. As this Obama CZAR adviser talks about here: 

 

http://www.guardian.co.uk/environment/2012/apr/26/world-population-resources-paul-ehrlich

 

Obama supporter and Depopulation proponent like Obama CZARS  Ted Turner: I Think It’s “Good” U.S. Troops are Killing Themselves

 

http://www.youtube.com/watch?v=DnLdgAfX9tw

________________________

If Gas Prices Skyrocket Expect another U.S. Credit Downgrade

 

Tony Newbill

Sent: 10/25/2012 12:37 PM

 

If you want Gas Prices to SKYROCKET to mathematically stall growth to cause a further down grade of the US Credit system then ARM and work with The radicals in the Middle East to destabilize the Free market world pricing system.

  

(Goal of the  Obama Environmentalist Marxists Ideologues  to collapse Capitalism and save Earth from Consumer driven free markets) 

 

Beck: ‘Something Is Very Very Wrong Here!’ Clare Lopez – Ex-CIA Officer

 

http://beforeitsnews.com/terrorism/2012/10/beck-something-is-very-very-wrong-here-clare-lopez-ex-cia-officer-2444430.html

 

Stocks slip after downgrade rumor

 

http://money.msn.com/market-news/post.aspx?post=67e581d2-b8be-4de3-809e-955cb53f4c72

 

The Coming Global Disorder

(About the Author: Bret Stephens is the deputy editorial page editor of the Wall Street Journal and the author of the paper’s “Global View,” a weekly column.)

 

http://www.commentarymagazine.com/article/the-coming-global-disorder/#

 

Voting Against President Obama – IS ABOUT STOPPING THIS EGREGIOUS ERRONEOUS IDEALOGICAL BUREAUCRACY THAT IS RUNNING OVER THE UNITED STATES PEOPLE’S RIGHTS, THEIR LIBERTIES AND THEIR RIGHT TO HAVE A JUST GOVERNMENT OF THE PEOPLE, and has no regard as to how they are Spending the People’s MONEY!!!! This Administration has made it CLEAR they DO NOT ANSWER TO WE THE PEOPLE and therefore we need to REPLACE and RESTORE our REPRESENTATION THAT DOES THIS!!!!! 

________________________

Romney Platform for Global Peace

Use the Element of Supply and Abundance Like JFK

 

Tony Newbill

Sent: 10/27/2012 8:21 AM

 

Romney wants to use the element of Supply and Abundance as a Platform to build Peace around the world Again Like JFK did.

 

[Editor: Obama wants to use the element of Redistribution.]

 

Obama is really good at figuring out how to get something from producers for nothing or very little; hence the Grant Foundation, nonprofit world of finance. His record shows this is where he has spent most of his time making his living [Editor: i.e. living as Community Organizer]. So considering he is conflicted by most of these kinds of institutions’ policies of ANTI-growth initiatives he cannot be a Creator of supply-side economics because his philosophy is skewed.

 

Obama has No BUSINESS being a Majority interest policy maker because of this limited economic philosophy, let alone this being a major conflict on world economics being the Platform for Supply-side Abundance being the Path towards Peace Like his Predecessors like Kennedy had used in their peace policy before him.

______________________

Child Indoctrination Video Alert: Blame Your Parents if Obama Loses the Election

 

Tony Newbill

Sent: 10/27/2012 11:24 AM

 

http://vimeo.com/52195925 [Or http://youtu.be/zKAaR0tJLo4]

 

If you look in between the rhetoric you can find the plan of domination of the minds of children to bring about the fundamental transformation the elite  Environmentalist Marxist Bolsheviks want to take control of everything with ….

_______________________

Edited by John R. Houk

The Mess and how Obama inherited it


This Chain Email tells the truth that Bush is not the total blame for the economic crisis that President Barack Hussein Obama “inherited”. I have maintained that Democrat majorities in Congress refused to Republican efforts to reform Freddie and Fannie, the taxpayer supported moneylenders for housing for poor people.

 

Freddie and Fannie made loans to people that had no resources to keep the loans up. The bad loans crashed Freddie and Fannie and started the dominoes to fall on other “too big to fail” corporations.

 

Here are a couple of videos validating Chain Email:

 

VIDEO: Democrats Blocking Fannie Mae and Freddie Mac Reform

 

VIDEO: Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown

 

The next time you hear Obama blame Bush for the America’s financial mess in defense of making it worse, remember it was the Democrats that had the biggest hand in the financial crisis origination.

 

JRH 10/19/12 (Hat Tip Vicki)

Please Support NCCR

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The Mess and how Obama inherited it

 

Chain Email

Sent: Oct 14, 2012 at 4:29 PM

 

A short history lesson to set the record straight!!!

Begin forwarded message:

 

The Mess and how Obama inherited it – read it slowly and let it sink…

 

This tells the whole story, why Bush was so bad at the end of his term.

 

Don’t just skim over this, it’s not long, but read it slowly and let it sink in. If in doubt, check it out!

 

The day the democrats took over was not January 22nd 2009, it was actually January 3rd 2007, and the day democrats took over the House of Representatives and the Senate, at the very start of the 110th Congress.

 

The Democrat Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.

 

For those who are listening to the liberals propagating the fallacy that everything is “Bush’s Fault,” think about this:

 

January 3rd, 2007 was the day the Democrats took over the Senate and the Congress. At the time:

 

§  The DOW Jones closed at 12,621.77

 

§  The GDP for the previous quarter was 3.5%

 

§  The Unemployment rate was 4.6%

 

§  George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB GROWTH

 

Remember the day…

 

January 3rd, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.

 

The economic meltdown that happened 15 months later was in what part of the economy?

 

BANKING AND FINANCIAL SERVICES!

 

Unemployment… to this CRISIS by (among MANY other things) dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac FIASCOES!

 

Bush asked Congress 17 TIMES to stop Fannie & Freddie – starting in 2001 because it was financially risky for the US economy.

 

And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? OBAMA

And who fought against reform of Fannie and Freddie?

 

OBAMA and the Democrat Congress

 

So when someone tries to blame Bush…

 

REMEMBER JANUARY 3rd, 2007…. THE DAY THE DEMOCRATS TOOK OVER!”

 

Budgets do not come from the White House. They come from Congress and the party that controlled Congress since January 2007 is the Democrat Party.

 

Furthermore, the Democrats controlled the budget process for 2008 & 2009 as well as 2010 & 2011.

 

In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.

 

For 2009 though, Nancy Pelosi & Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budgets.

 

And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete 2009.

 

If the Democrats inherited any deficit, it was the 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets.

 

If Obama inherited anything, he inherited it from himself.

 

In a nutshell, what Obama is saying is I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since January 20th. 

 

There is no way this will be widely publicized, unless each of us sends it on!

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Spellcheck and I have edited the original Chain Email.

What Action will Balance the American Budget?


Dem-GOP Deficit Pig

John R. Houk

© July 4, 2011

 

Tony Newbill sent me an article but failed to include the author and the publisher. The article is about America’s budget deficit problem. The premise of the article can be summed up in this paragraph:

 

Those who have bought into the notion that cutting our deficit, especially by cutting government spending, will somehow stimulate the economy couldn’t be more wrong.  Cutting the deficit, regardless of whether it’s done by cutting spending, increasing revenue or some combination of the two, will take money out of the economy.  Collecting revenue takes money out of the economy as Republicans correctly point out.  Government spending puts money back in, as Democrats correctly claim.  Taking more out in the form of revenues or putting less back by cutting spending leaves the economy with less than it started.  While that helps the nation’s balance sheet in the long run, leaving the next generations better off, it’s bad for the economy in the short run.

 

I disagree with the criticism of Republicans to cut spending and raising revenue is an unworkable paradigm. The point is to cut wasteful government spending while enabling business owners from small to large to grow. Growing means more employed people. More employed people means an increase in taxable income. More revenue into the government means a lowering of the debt.

 

I also disagree with the affirmation that the Democrat paradigm of more government spending puts money back into the economy. How can you put something back into the economy that was taken out of the economy by taxation to finance government spending? I am not an economist but the old saying of robbing Peter to pay Paul (or is it the other way around) does not increase revenue. Rather the robbing of Peter to pay Paul only brings a temporary solution until the problem of the necessity to rob Peter is solved. The Peter-Paul paradigm is the illusion of maintaining a status quo; however the reality is the Peter-Paul paradigm stalls an inevitable outcome which Peter demands his money back. If Paul spent the money, that ain’t gonna happen. That means the robber pays the penalty for the robbery. The question then becomes: Who does the robber represent?

 

A premise touched on later in the article is that the real solution is to figure a way to reverse a trade deficit with foreign nations. When the money coming into the American economy is dependent on revenue from foreign trade that benefits the foreigner’s economy more than the American economy, the foreign nation’s economy is stimulated at the expense of American failure to produce competitive goods which would better the American economy. A trade exchange that favor’s a foreign nation’s government revenue collection while lessening American collection of revenue will harm the American economy by causing an increasing American debt.

 

Some of you who are economist minded, comment alternative solutions.

 

JRH 7/4/11

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Debt Ceiling Negotiations to End Badly

 

Sent by Tony Newbill

Sent: 7/3/2011 11:48 PM

 

By this time next month, the long-running battle over raising our nation’s debt ceiling will have come to a resolution, one way or another.  Either the U.S. will be forced to default (or not?  see below) or an agreement will have been reached to raise the ceiling in return for a cut in the projected size of the deficit.  Possible outcomes range from a catastrophic global financial melt-down at one end of the scale to a mere collapse into the 2nd dip of the recession at the other end of the scale.  There are no possible good outcomes here.  This is going to end badly.

 

Those who have bought into the notion that cutting our deficit, especially by cutting government spending, will somehow stimulate the economy couldn’t be more wrong.  Cutting the deficit, regardless of whether it’s done by cutting spending, increasing revenue or some combination of the two, will take money out of the economy.  Collecting revenue takes money out of the economy as Republicans correctly point out.  Government spending puts money back in, as Democrats correctly claim.  Taking more out in the form of revenues or putting less back by cutting spending leaves the economy with less than it started.  While that helps the nation’s balance sheet in the long run, leaving the next generations better off, it’s bad for the economy in the short run.

 

So the only possible outcomes here are either a U.S. default on its interest obligations on its bonds, which could conceivably render all U.S. bonds instantly worthless, wiping out banks and investors across the globe, or a recession-triggering pulling of the rug from under the feet of the U.S. economy, an economy barely kept above water by trillions in deficit spending by the federal government and quantitative easing by the Federal Reserve – all of which has come to an end.  No wonder the two sides are battling so bitterly.  Both know the outcome will be bad.  Each wants the other to take the blame.

 

And that’s not the half of it.  Even if a deal is reached, the deficit is cut and the debt ceiling is raised, the only thing that will have been accomplished is that the “can” will have been kicked a bit further down the road.  It’s not as though we’ll be cutting the deficit; we’ll only be cutting the projected growth in the deficit.  The deficit, projected to grow by another $15 trillion or so in the next ten years, will instead grow by only $10 or 11 trillion, a situation that will leave us in far worse shape than now.  What are the odds that it’ll be dealt with then?

 

I’m not arguing that the problem shouldn’t be addressed or that no good outcome is possible regardless of what our lawmakers do.  The problem is that nowhere in these talks is the real problem that drives the deficit spending being addressed, and that is the trade deficit.  As I said earlier, anything that takes money out of the economy, which includes taxes, cuts in deficit spending – even personal savings, is a drag on the economy.  And our trade deficit currently drains over $500 billion per year from the economy.  If that draw-down from the economy isn’t made up by deficit spending, then economic recession is absolutely unavoidable.  Furthermore, without any deficit spending, then the U.S. will not be issuing any more bonds, leaving foreign countries with trade surpluses with the U.S. no way to plow those dollars back into the American economy, throwing a big monkey wrench into the gears of the global economy.  Ultimately, that might be a good thing, forcing a rebalancing of the global economy and global trade.

 

So, without a comprehensive approach to fixing our economy that includes restoring a balance of trade (and perhaps even addressing our goofy immigration policy, but that’s a different topic), merely cutting the deficit and raising the debt ceiling is just another round in a game of economic whack-a-mole, a futile effort to deal with economic side-effects that pop up faster than Congress can swing its little economic mallet.

 

Greece is a good example of what we’re facing.  Like the U.S., Greece has a large trade deficit – about the same as the U.S. in per capita terms.  Like the U.S., Greece is heavily dependent on imported oil.  And like the U.S., its debt exceeds its GDP and has been growing rapidly.  The austerity measures imposed upon Greece by its creditors have resulted in violent civil unrest in that nation in recent weeks.  And the Euro zone has warned Greece that it faces loss of its sovereignty and the prospect of much higher unemployment as these austerity measures take hold.  (See http://www.reuters.com/article/2011/07/03/us-eurogroup-greece-idUSTRE76219J20110703.)  The U.S. will face the exact same things if we implement drastic deficit reduction programs without addressing our trade deficit.

 

Things are coming to a head soon and, regardless of how it turns out, it won’t be good.

* * * * *

Regarding the whole issue of default, there is a little-known sentence in the 14th amendment that seems to forbid the U.S. from failing to pay its obligations.  That sentence reads, “The validity of the public debt of the United States … shall not be questioned.”  The Obama administration is considering whether, in the event that the debt ceiling isn’t raised, it can invoke this statement and ignore the debt ceiling and continue paying the government’s bills.  Imagine the ramifications.  Without the limitation of the debt ceiling, there will be no rein on government spending.  It would be interesting to see just how fast an amendment to balance the budget, already being suggested by Republicans, would be introduced.  But, again, bear in mind that balancing the budget without balancing trade is a virtual (if not physical) impossibility.  At least such an amendment would pretty quickly force a re-evaluation of trade policy.

 

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What Action will Balance the American Budget?

John R. Houk

© July 4, 2011

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Debt Ceiling Negotiations to End Badly

Sent by Tony Newbill