I continue to be amazed how Rand Paul and the Tea Party nuts try to pin the deficit problems on President Obama. The entire mess we see was created by CONSERVATIVES not LIBERALS. In 2001, George Bush inherited a Budget Surplus, No Wars, and a Reagan Deficit which had been cut in half by President Bill Clinton. Instead of Bush using the surplus to shore up Social Security and middle class income growth he emptied the Treasury and handed it to the wealthy and Wall Street in tax cuts. That was ground zero of the economic disaster we see today. Then came the lie for War in Iraq which was kept off the books and cost a trillion+ let alone lives. Next came Medicare Part D which was ready made for the pharmaceutials huge profits but was pile on debt. Finally the bomb exploded in the credit markets with the housing and mortgage finance industries. All this led by a CONSERVATIVE controlled Congress from 2001 to 2006. Then comes the Great Recession with no credit to be found as well as six banks controlling 40% of US wealth getting ready to close their doors. The only way out without total disaster was a government bailout (actual happen on the Bush watch) and a stimulus which is why the surge of the US spending to levels we see today. Had Obama not done this the nation would have seen an unemployment of over 25% with pensions and investments destroyed for millions. Thank God for President Obama in doing what he did to save this nation.
The Tea Party is a hoax of ignorance. Where were they when Bush started putting us in this mess. They did not exist. Most of their membership is over 50, uneducated, and 19th century ideologues. They are focused on Obama not solutions. Most of them are Southern bigots, rural rednecks, and John Birchers who can not handle an African American being the President. Their brains are locked into the 19th century. Rand Paul fits this profile to a T. Their numbers are dwindling day by day as people see how extreme they are.
Go watch some documentaries on the housing crisis. The mortgage securities crises was in response to a false bubble which actually started under President Clinton. He signed a law (don't recall it's name off the top of my head) which mandated that banks sell mortgages to people who couldn't afford them.
The problem that the Tea Party has is that Obama is saving the nation by spending ourselves into prosperity. Obama is borrowing so much money that it only gives us the appearance of making us Rich. When in fact it's merely digging our graves deeper and deeper. And now every man woman and child in the US will have to pay something like $55,000 to pay it back: Which isn't going to happen. And you have the gall to say that is saving our country? If so you are not fully informed, or merely dishonest.
But since you are saying that everything is conservatives fault, perhaps you want to blame the one trillion dollars / year budget deficit on Bush too? If so, that is also dishonest. Actually Obama (And Harry Reid who should be charged with breaking the law) has busted the budget 4 years in a row by over one trillion dollars per year and has expanded the debt by 6 trillion dollars. That is dwarfs the original 'stimulas' package which was supposed to save America. If this is the type of saving you offer, I don't want any part of it.
The one fact you mentioned that I agree with is that the Tea Party didn't exist back in 2005. However it is the height of dishonesty to blame the Tea party for all these economic decisions before they were even around. DUH???? If you apply that logic to others, perhaps we should condemn you now for the divorce you will have in 8 years? (For I don't know how a spouse could put up with such wrong judgmental prejudice and still want to stay married to you).
Your whole second paragraph was mostly a mass of name calling. Just like a child on a calling others names. How childish. And to think that I'd expect grownups to post comments here that were informative. But perhaps you are not a grown up? Calling other's southern bigots, rednecks and Birchers is just wrong. And it's mean too. I mean think of it: Are you a god that you can read all the millions of tea-partiers minds, hearts and souls? Are you omniscient that you can read the thoughts, intents and desires of their minds? Of course not, no matter how much you pretend otherwise. Though you can't read the thoughts of millions of souls, it is easy to read the intent of one person: Yours!
So go ahead and read my mind and tell me what I do for a living, how much I make, where I'm from, who I voted for etc... We will see how good your mind reading powers are.
19th century ideologues? You do realize a nation did exactly what Obama is doing now in the early 20th century based on ideas from the 19th century. It was the Weimar Republic and it didn't end well. Seems to me you're just a stuck up northerner with a high opinion of your own opinion. But I try not to judge.
Obviously you were not cogent enough to supply an intelligent response to this article. He cited facts and figure and other truths that are well known to people who study diligently after these matters.
You on the other hand copped out with mere name calling like any old child on a school yard play ground.
Grow up and converse with adults here, and don't act like a child.
Rand Paul was correct about the deadly cost of inflation. In 1970 my parents bought their home for $30000 for a 3200 Sq. Ft. home. Today homes that size are now $300000 and up. So the cost of housing went up by 1000% in just 43 years.
There is no way that any money stuck in a banks savings account could have matched that rate of return. So people who wisely save their money could pull their money out 43 years later and find their money can't even buy a loaf of bread which probably used to cost $0.20 as well: now $3.00 a loaf.
I was talking to some construction workers yesterday. They told me prices of all construction materials has increased by 10% just in the last year alone. And with a home being the single biggest purchase a family will ever make, that will probably amount to a home that is $30K-$40K more expensive than it should be. All thanks to inflation.
The continued policy of ramming the printing presses in high gear and chanting "print baby print" and sucking the nation down into a mindless spiral of debt is a sure way to destroy this nation. For surely the nation could split as states secede and the federal government can't do anything about it because they will be dead broke, and no one will lend them any money except at a 15% interest rate.
As Friedman said something to the effect that inflation is the real cost of government services that the citizens want, but don't want to raise taxes for.
So with the rising cost of inflation making the poor poorer: You get what you deserve by ignoring true fiscal responsibility.
Inflation is at historically low levels...When it does start to rise again, which it will, we will have to manage it through the fed, probably by raising interest rates. Interest rates are at historic lows, so we have plenty of room to use this tool.
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The Tea Party is a hoax of ignorance. Where were they when Bush started putting us in this mess. They did not exist. Most of their membership is over 50, uneducated, and 19th century ideologues. They are focused on Obama not solutions. Most of them are Southern bigots, rural rednecks, and John Birchers who can not handle an African American being the President. Their brains are locked into the 19th century. Rand Paul fits this profile to a T. Their numbers are dwindling day by day as people see how extreme they are.
The problem that the Tea Party has is that Obama is saving the nation by spending ourselves into prosperity. Obama is borrowing so much money that it only gives us the appearance of making us Rich. When in fact it's merely digging our graves deeper and deeper. And now every man woman and child in the US will have to pay something like $55,000 to pay it back: Which isn't going to happen. And you have the gall to say that is saving our country? If so you are not fully informed, or merely dishonest.
But since you are saying that everything is conservatives fault, perhaps you want to blame the one trillion dollars / year budget deficit on Bush too? If so, that is also dishonest. Actually Obama (And Harry Reid who should be charged with breaking the law) has busted the budget 4 years in a row by over one trillion dollars per year and has expanded the debt by 6 trillion dollars. That is dwarfs the original 'stimulas' package which was supposed to save America. If this is the type of saving you offer, I don't want any part of it.
The one fact you mentioned that I agree with is that the Tea Party didn't exist back in 2005.
However it is the height of dishonesty to blame the Tea party for all these economic decisions before they were even around. DUH????
If you apply that logic to others, perhaps we should condemn you now for the divorce you will have in 8 years? (For I don't know how a spouse could put up with such wrong judgmental prejudice and still want to stay married to you).
Your whole second paragraph was mostly a mass of name calling. Just like a child on a calling others names. How childish. And to think that I'd expect grownups to post comments here that were informative. But perhaps you are not a grown up?
Calling other's southern bigots, rednecks and Birchers is just wrong. And it's mean too. I mean think of it: Are you a god that you can read all the millions of tea-partiers minds, hearts and souls? Are you omniscient that you can read the thoughts, intents and desires of their minds? Of course not, no matter how much you pretend otherwise.
Though you can't read the thoughts of millions of souls, it is easy to read the intent of one person: Yours!
So go ahead and read my mind and tell me what I do for a living, how much I make, where I'm from, who I voted for etc... We will see how good your mind reading powers are.
You on the other hand copped out with mere name calling like any old child on a school yard play ground.
Grow up and converse with adults here, and don't act like a child.
There is no way that any money stuck in a banks savings account could have matched that rate of return. So people who wisely save their money could pull their money out 43 years later and find their money can't even buy a loaf of bread which probably used to cost $0.20 as well: now $3.00 a loaf.
I was talking to some construction workers yesterday. They told me prices of all construction materials has increased by 10% just in the last year alone. And with a home being the single biggest purchase a family will ever make, that will probably amount to a home that is $30K-$40K more expensive than it should be. All thanks to inflation.
The continued policy of ramming the printing presses in high gear and chanting "print baby print" and sucking the nation down into a mindless spiral of debt is a sure way to destroy this nation. For surely the nation could split as states secede and the federal government can't do anything about it because they will be dead broke, and no one will lend them any money except at a 15% interest rate.
As Friedman said something to the effect that inflation is the real cost of government services that the citizens want, but don't want to raise taxes for.
So with the rising cost of inflation making the poor poorer: You get what you deserve by ignoring true fiscal responsibility.