Fifteen Trillion In The Hole And Counting

Everybody knew we were going to have to increase our debt, you can’t solve a problem this big overnight or turn around this much government spending on a dime. However, the inexplicable and incredibly shameful reality is, the Washington criminal enterprise gang that is Congress and Obama still haven’t cut anything yet. In fact, they’re still increasing spending.

Debt Clock Strikes $15 Trillion

With the deadline on the Super Committee looming, the Treasury Department said on Wednesday the U.S. national debt crept over the $15 trillion threshold this week, providing a fresh reminder of the unsustainable amount of borrowing on the government’s bloated balance sheet.

See also:
Federal debt tops $15 trillion
National debt crosses $15 trillion mark
U.S. debt passes $15 trillion milestone… and it just keeps getting worse
National Debt Hits $15 Trillion Mark as Super Committee Flounders
US debt hits £15 trillion as cut-off looms
The $15 Trillion Super Circus
Deficit committee locked in budget stalemate
At $15 trillion in debt
GOP pounces as national debt tops $15 trillion
IN HIS OWN WORDS: Republicans SLAM Obama For Allowing The National Debt To Break $15 Trillion
U.S. National Debt Clock

Th primary obstacle to getting our fiscal house in order is that Democrats flatly refuse to cut anything. They’re bizarre notion of “cutting spending” is to cut the rate of future spending increases. How insane is that? It’s a grim milestone and if Democrats don’t accept the obvious financial reality, and soon, our creditors and the markets will force draconian austerity on all of us. This isn’t Greece, is this Greece?

/vote Republican in 2012, adult swim, get the Democrat children out of the pool

Classless Warrior Without A Clue

Unless you’ve been living under a rock for the last few years, you know that the U.S. economy isn’t in good shape. Some doomsayers are even predicting that we’re headed for or already in another recession. What’s the proper tax policy when dealing with a fragile economy? Let’s see what Obama had to say on the subject two years ago.

That’s right, the last thing you want to do is raise taxes in a recessionary environment, because it would suck demand out of the economy and put businesses further in a hole. So, what did cynical Captain Clueless announce today?

Obama proposes new taxes on wealthy for half of debt plan

President Obama made a defiant call on Monday for $1.5 trillion in new taxes as part of a plan to find $3.2 trillion in budget savings over the next decade, issuing his most detailed proposal yet to tame the soaring federal debt.

Abandoning earlier compromises, Obama adopted a posture that cedes far less ground in cutting the nation’s social safety net and demands much more in terms of new levies on millionaires, other wealthy Americans and some industries.

See also:
Obama says raise taxes for the rich to help cut huge deficits; GOP says that’s class warfare
Boehner on Obama deficit plans: Tells Fox Business, “I don’t think I would describe class warfare as leadership”
Old debate over raising rich’s taxes plays out on new landscape
Tax the rich, Obama says; class warfare, says GOP
Analysis: Deficit plan not class warfare, Obama insists
Obama: “This is not class warfare — It’s math”
Obama campaign takes on ‘class warfare’
Obama Yokes Benefit Cuts to New Taxes
Obama links entitlement cuts to tax changes
Obama proposes tax hike on wealthy to close deficit
Higher taxes for the mega-rich
Obama’s deficit proposal marks a move away from compromise

What a brilliant idea, let’s tax the [expletive deleted] out of the rich, you know, the same people who spend and invest money and create the jobs that we need to grow the economy out of the hole we’re in now. Of course, Obama knows damn well that his proposed tax increases will never pass through Congress. Even most Democrats aren’t stupid enough to vote to raise taxes in the face of a weak economy.

But Obama still proposed the tax increases anyway, even though he knows they’ll never see the light of day, why? Because it’s a cynical political ploy to shore up his lefty base in a futile attempt to salvage his ever decreasing chances of winning reelection. When Obama says it’s not about class warfare, you can be damn sure it’s all about class warfare. Hey Obama, you want everybody to pay their “fair share”, how about the 50% of Americans that don’t pay any taxes at all?

Obama doesn’t give a [expletive deleted] about the economy and whether his words and actions make a recovery harder to achieve. The only “job” he cares about is his own. He’s basically abdicated from the last 14 months of his first term as President to campaign full time for a second term, the rest of the country be damned.

Obama is like a $4 trillion ton drag, jumping up and down on the back of the economy. I can guarantee you that the second it’s a done deal that Obama’s on his way out, the country will breathe a huge, collective sigh of relief and the economy will take off like gangbusters again.

/until the elections, I think it’s best that we just ignore Obama and practice a policy of fiscal and regulatory containment

Not Helpful

What a buffoon, how pathetic was this? The markets sure didn’t like it.

In Debt Downgrade Aftermath, Obama Serves Up a Silly Speech

First, do no harm. That is a useful injunction for doctors, lawyers, and, it turns out, U.S. presidents.

But President Obama’s useless speech Monday about the basic soundness of the American economy managed to reinforce all the concerns Americans on the left and right have about his stewardship of the country.

The speech did at least temporary harm. As soon as he finished speaking, the already jittery financial markets plunged.

. . .

His calm, passionless, “voice of reason” message, without a single new proposal except his pledge to make specific proposals in the future and work with the Congressionally designated super-committee to address the deficit and debt crises – “leading from behind again” – actually panicked the markets. And no wonder. Americans were looking for a leader, and what we got was the professor again.

See also:
Dow plunges as Obama says US A-OK
Presidential Failure
Matt Gurney: Obama’s speech writers should have their salaries downgraded
Obama’s jobs-message problem
Obama’s Jobs Message Isn’t Catching On
The Washington-Wall Street Disconnect Grows Even Wider
The most powerful man on Earth?
World’s Most Powerful Man Seems … Powerless
Republicans pan Obama’s speech
Democratic logic downgraded

If Obama can’t lead the economy out of the wilderness, he needs to at least call off his regulatory zealots and generally get out of the way. I’m guessing his resignation would be too much to expect from someone so obsessed with himself.

/Obama wouldn’t know sound economic policy if you tattooed it on his forehead backward, so he could read it in the mirror

Budget Hero 2.0

Find out how hard it really is to get us out of the economic mess we’re in. Do you have a better fiscal plan than Paul Ryan’s road map, can you destroy the country as quickly as Obama’s reckless spending spree?

Computer game gives people shot at managing budget

Think you might do better than President Barack Obama and congressional leaders in picking and choosing what government spending to cut — or taxes to raise — to stave off a debt showdown that could wreck the economy? A new computer game gives you, too, the chance to play “Budget Hero.”

“Budget Hero 2.0” is an update of an original version that came out in 2008. It shows players just how difficult it might be to carry out their grand policy objectives — universal health care, extending the Bush tax cuts or ending foreign aid — and still keep the government from either becoming irrelevant, or going broke.

“Our timing turns out to be perfect,” said former Rep. Jane Harman, D-Calif., who resigned this year to head the Woodrow Wilson Center, a nonpartisan think tank that developed the game with American Public Media.

Play the game:

Budget Hero 2.0

See also:
Budget Hero 2.0: Fun with debt ceilings!
Get Ready To Get Your Game On And Save The Country! (Civic Duty Meets Casual Gaming)
Computer Game Lets You Be a ‘Budget Hero’
Computer game gives people shot at managing budget
New Game Allows Users to Take a Crack at the Debt Ceiling
Computer game offers a chance to solve fiscal crisis
Woodrow Wilson International Center for Scholars
Woodrow Wilson International Center for Scholars
American Public Media
American Public Media

Okay, okay, so the game was developed by Lefties, as disclosed above. It’s still somewhat amusing, factual, and pertinent to our current predicament.

/give it a whirl, be a Budget Hero

Next Time They Shoot To Kill

Isn’t having Obama as President awesome? Because Obama still insists on raising taxes in a slow economy, something everybody knows would never pass the House of Representatives, the United States is in danger of losing its AAA credit rating. No one can say we haven’t had an impossible to miss or misinterpret warning shot fired across our bow.

U.S. Debt Rating Placed on Review for Downgrade by Moody’s as Talks Stall

Moody’s Investors Service raised the pressure on U.S. lawmakers to increase the government’s $14.3 trillion debt limit by placing the nation’s credit rating under review for a downgrade.

The U.S., rated Aaa since 1917, was put on review for the first time since 1996 on concern the debt threshold won’t be raised in time to prevent a missed interest or principal payment on outstanding bonds and notes, even though the risk remains low, Moody’s said in a statement yesterday. The rating may be reduced to the Aa range, and there is no assurance Moody’s would restore its top rating, even if a default is quickly “cured.”

See also:
Moody’s May Downgrade U.S. Debt, If Crisis Isn’t Resolved
Moody’s: If U.S. Misses Debt Payment, Rating Could Be Cut Next Day
Moody’s moves on US credit rating
Moody’s puts debt rating on review
Moody’s downgrade threat adds to US woes
Moody’s considers downgrading U.S. credit rating
Moody’s Puts U.S. AAA Credit Rating at Risk of Downgrade
US debt crunch: A nation taken to the limit
Reports: S&P Says U.S. Rating Could Be Downgraded If It Misses Any Payments
Cost of Protecting U.S. Debt Rises on Moody’s Action

Boy oh boy, you think we have a debt problem now? Just watch what happens if our debt rating gets cut. It will immediately become more expensive to borrow money, thus compounding our already beyond serious debt woes, a self inflicted wound, like tasering ourselves in the neck. Obama needs to drop his, non starter in the House, tax increase obsession and get on with increasing the debt ceiling. You know, if Obama wanted to intentionally destroy the U.S. economy, he couldn’t be doing a better job. Is he the President or an enemy of the United States?

/if you’re ever wondering what Obama might be thinking of regarding U.S. economic policy, just ask yourself, what would Vladimir Putin do (WWVPD)?

A Line In The Sand?

Does he mean it this time or will he cave to the out of control spending Democrats yet again?

Boehner says ‘trillions’ in cuts loom on debt vote

The top Republican in Congress wants trillions of dollars in spending cuts as part of must-pass legislation permitting the government to continue to borrow to fund its operations and meet obligations to investors.

House Speaker John Boehner, in a speech prepared for delivery Monday night, says it would be irresponsible to raise the so-called debt limit beyond its $14.3 trillion cap without a major effort to curb the spiraling deficit. He says the cuts should be larger than the amount of the permitted increase in the debt.

See also:
John Boehner’s tough talk on debt limit: a departure from history
Wonkbook: Boehner’s debt-ceiling demands
Boehner: Spending cuts should be greater than debt limit increase
Boehner really isn’t asking for that much to raise debt ceiling
Wall Street Takes Boehner Debt-Limit Speech In Stride
Speaker Boehner: Tax hikes are ‘off the table’
Speaker Boehner: Tax Hikes Are ‘Off The Table’
Republicans Rule Out Tax Increases in Battle With Democrats Over Debt Cap
John Boehner’s debt pitch has risks for GOP
Boehner’s debt-limit speech: Reactions from the Hill
Democrats and Republicans Spar Over US Debt Ceiling
Boehner reiterates GOP’s ransom demands
Obama aide: Boehner shouldn’t hold debt limit ‘hostage’ to spending cuts

So, have Boehner and the Republicans finally grown a spine? They talk the talk, but can they walk the walk? They’re on the right side of fiscal reality and American public opinion in this all the marbles battle for the country’s very economic survival. The stakes for our future literally couldn’t be any higher.

/hopefully, they won’t chicken out again, the last time they promised to stand their ground on spending cuts, it ended in a humiliating disaster for Republicans

Do We Have Your Attention Now?

This is a clear warning shot across this country’s economic bow and definitely not a good development.

U.S. Warned on Debt Load

A blunt warning Monday from a credit rating firm about the U.S. government’s mounting debt pushed stock markets lower and intensified political divisions in Washington about how best to tackle growing deficits.

Both the Obama administration and House Republicans scrambled to gain leverage from Standard & Poor’s changing its outlook on U.S. Treasury securities to “negative” from “stable.”

S&P didn’t lower its top-notch AAA-bond rating for U.S. government Treasury securities, and their prices initially fell but later rebounded amid optimism that the report could serve as a catalyst to force both sides in Washington to compromise.

See also:
US faces credit downgrade if debt not cut
UPDATE 3-White House, Congress under pressure from S&P move
S&P’s warning to Uncle Sam
Stocks sink after S&P downgrades US outlook
S&P Downgrade Of U.S. Debt Says Nothing New
Outlook change stokes political battle over US debt
JP Morgan’s Comments on the SP Downgrade…. “fiscal issues are serious”
Analysis: Obama plays down S&P outlook change
White House calls S&P downgrade political judgment
House Dems insist S&P warning means Congress should raise debt ceiling, no strings attached

Boy, all I can say is that Obama and Congress had better get off their asses and do something substantial to get our national debt problem under control. And they need to do it soon.

/and if you think we have serious fiscal problems now, just wait and see what happens if we ever lose our AAA rating, it will not be pretty

Bogus Obama Math Busted

It’s bad enough that Obama had the gall to release a farcically irresponsible 2012 budget that kicks the fiscal sanity can down the road and shoves the United States well down the path to third world status, but then he and his clown posse minions have the further, cynical audacity to lie about it to the American public.

CBO: W. House Lowballs Debt

The president’s budget plan would double the debt over 10 years to $20.8 tril, the CBO estimated, $2.3 tril more than the White House had projected. Interest on the debt would top 18% of federal revenue in 2018, a level that Moody’s has said could trigger a downgrade of America’s AAA rating.

Read the Congressional Budget Office report:

Preliminary Analysis of the President’s Budget for 2012

See also:

Report says Obama budget underestimates deficit
CBO Claims Obama Budget Underestimates Future Deficits by $2 Trillion
CBO: Obama budget underestimates deficits by $2.3 trillion over upcoming decade
CBO: Obama understates deficits by $2.3 trillion
Obama Budget Underestimates Deficits by $2 Trillion
CBO: Obama FY12 Budget Would Result In $9.5T In Deficits Over Next Decade
CBO: Obama policies would require deficits of $9.5 trillion through 2021
CBO: Obama budget worse than projected on 10-year deficit
Congressional Budget Office projects higher Obama deficits
CBO Analysis: Obama’s 2012 Budget Increases Deficit
US budget to worsen deficits: CBO
UPDATE 2-Obama budget would worsen deficits – CBO report
Oooops! CBO says Obama’s budget understates deficits
To Bull[expletive deleted] . . . And Beyond!

Paul Ryan and the Republicans will soon unveil their 2012 budget which will address the looming entitlements disaster, make the hard choices, and put America back on the road to fiscal solvency. And, of course, Obama and the Democrats, in control of the Presidency and the Senate, will fight tooth and nail to sabotage and undermine any attempt to walk America back from the edge of the financial abyss which they seem hell bent on flinging us into.

/I can’t emphasize just how important the 2012 elections are, without a new President and Republican control of the Senate, the United States economy will continue to recklessly stagger towards economic collapse under Obama’s crushing, unsustainable debt load

,

To Bull[expletive deleted] . . . And Beyond!

The budget Obama released today is a joke, a farce, a massive, steaming pile of bull[expletive deleted]. It’s hard to believe they wasted even more taxpayer money having it printed. It’s a non-serious document from a non-serious politician. It’s painfully obvious that Obama cares more about getting reelected than he does about the country he’s supposed to be leading.

Obama Budget Doubles National Debt to $26.3 Trillion in 10 Years

If the federal budget released by President Barack Obama today is implemented, it will double the national debt over the next 10 years. The current national debt is $13.56 trillion (end of FY 2010). By the end of 2021, that debt would rise to $26.3 trillion under the White House budget.

The figures reflect the effects of Obama’s fiscal year 2012 budget priorities, particularly a federal deficit that never falls below $500 billion in any year between 2010 and 2021.

Read it and weep for the future of America:

THE BUDGET FOR FISCAL YEAR 2012

See also:
Boehner, GOP pan Obama budget as ‘spending the future’
McConnell: Obama budget ‘unserious’ and ‘irresponsible’
Democratic senators slow to embrace Obama’s budget
Business community blasts Obama’s budget proposal
Obama Budget 2012: Harsh Reactions to the President’s Latest Budget Proposal
Obama budget small down payment on very big debt
Obama’s budget shies away from tough choices
Rejected Tax Increases Make a Return in Obama Administration Budget Plan
Obama Budget Doubles National Debt to $26.3 Trillion in 10 Years
Obama’s budget is more political guide than spending plan
Deficit Would Stay High for Years to Come
Big Role for Tax Increases Fuels Criticism From Business Groups
GOP Denounces Absence of Entitlements Overhaul
Notably Absent from Obama’s Budget: Deficit Commission Recommendations
In his new budget, Obama kicks the can one more time
Despite promise to fix hole in budget, Obama fails to address huge deficits
‘Debt on Arrival’
“Debt On Arrival”: GOP’s Ryan Rips Obama’s Budget, Says “It’d Be Better If We Did Nothing”
Obama’s Pathetic Budget
Editorial: Obama’s Gutless Budget Proposal

Of course, we’ll default on our national debt long before it ever reaches $26 trillion. Welcome to the Third World.

/hello, are their any adults with a spine in Washington?

All Great Wars Must Come To An End

No one can accuse Germany of not finishing the wars they start.

Germany Closes Book on World War I With Final Reparations Payment

Germany will make its last reparations payment for World War I on Oct. 3, settling its outstanding debt from the 1919 Versailles Treaty and quietly closing the final chapter of the conflict that shaped the 20th century.

Oct. 3, the 20th anniversary of German unification, will also mark the completion of the final chapter of World War I with the end of reparations payments 92 years after the country’s defeat.

The German government will pay the last instalment of interest on foreign bonds it issued in 1924 and 1930 to raise cash to fulfil the enormous reparations demands the victorious Allies made after World War I.

The reparations bankrupted Germany in the 1920s and the fledgling Nazi party seized on the resulting public resentment against the terms of the Versailles Treaty.

The sum was initially set at 269 billion gold marks, around 96,000 tons of gold, before being reduced to 112 billion gold marks by 1929, payable over a period of 59 years.

Germany suspended annual payments in 1931 during the global financial crisis and Adolf Hitler unsurprisingly declined to resume them when he came to power in 1933.

But in 1953, West Germany agreed at an international conference in London to service its international bond obligations from before World War II. In the years that followed it repaid the principal on the bonds, which had been issued to private and institutional investors in countries including the United States.

Under the terms of the London accord, Germany was allowed to wait until it unified before paying some €125 million in outstanding interest that had accrued on its foreign debt in the years 1945 to 1952. After the Berlin Wall fell and West and East Germany united in 1990, the country dutifully paid that interest off in annual instalments, the last of which comes due on Oct. 3.

See also:
Germany to pay off its WWI reparations debt Oct. 3
Germany finishes paying WWI reparations, ending century of ‘guilt’
Germany finishes paying WWI reparations, ending century of ‘guilt’
‘Germany makes final payment for WWI reparations’
Germany to settle last World War One debt
Germany pays off WWI debt
Germany set to pay off last WW1 reparations
Germany to finally clear WW-I reparations
Why has Germany taken so long to pay off its WWI debt?
World War I reparations

It’s king of ironic that Germany, the loser of two world wars, can afford to pay off it’s 100 year old debt in full, while the United States, the winner of those two world wars, continues to dig a bottomless debt hole that we may never be able to climb out of.

/think maybe Germany can spare $14 trillion?