The Congressional Budget Office Reports What Americans That Have Been Paying Attention Have Known For Years Now: The US Government Has Been and Will Run $1 Trillion Plus Annual Deficits For Years To Come – Only A Few Years Ago A $200 Billion Dollar Annual Deficit Was Outrageous and Now The US Government and OUR Sorry Ass “Elected Leaders” Are Piling TRILLIONS OF DOLLARS In New Debt Onto the Backs of OUR Children and Grandchildren With Little Concern About Anything But Getting Their Precious Asses Re-Elected – The TRUTH About US Government Spending and Why OUR Sorry Ass “Elected Leaders” LIE To the American People Almost Every Time They Open Their Mouths – Oh Yea…According to the CBO The Unemployment Rate In America Is At Least 10 Percent So That Is Another Case of YOUR Government LYING To You and the American People….and No Doubt The LIES Are Being Told So…These Precious Ass Politicians Can Get Re-Elected Which Is the ONLY Thing These Sorry Bastards Care About
The report by the Congressional Budget Office this morning that the United States of America will run $1 TRILLION DOLLAR deficits for years to come….
“The government faces a fourth year of trillion-plus deficits in 2012, according to new projections released Tuesday—numbers which also show little relief in the future unless Washington comes to grips with needed changes in its tax and spending policies.
Like Aunt Cassandra coming down from the attic, the Congressional Budget Office steps squarely into the 2012 campaign season with the 147-page report which might have been subtitled “It’s not just the economy stupid, it’s also the debt.”
The $1.079 trillion deficit now projected for this fiscal year ending Sept. 30 is a step backwards from what CBO had predicted in August. And to punch home its message, the non-partisan agency outlines an especially grim scenario in which Congress not only extends all the current Bush-era tax cuts but pulls the plug on the $1.2 trillion in sequester set in motion by the Budget Control Act last summer.
Under this scenario—which can’t be ruled out politically—deficits would stubbornly hover just under $1 trillion through 2017, adding another $4.7 trillion altogether to the mounting federal debt.”
….should not a surprise to any American that has been paying attention to these Sorry Excuses for American Citizens in Washington DC otherwise known as OUR “Elected Leaders” because these Bastards in both political parties have been drunk on spending not only OUR hard-earned tax money but money that the American Republic and its People do not have and will never have, but yet the Annual Deficits of $1 TRILLION DOLLARS continue to be piled up as if someone has a money printing machine that will never be turned off…
Oh, that’s right these Sorry Excuses for American Citizens known as OUR “Elected Leaders” really do believe that Uncle Ben Bernanke and the Overpaid Flunkies at the Federal Reserve will forever be able to print up their Funny Money so let the Spending and Deficits continue the Idiots scream out and keep those money printing presses running Uncle Ben!
Meanwhile back in the REAL world far from Washington DC the American People understand completely what is REALLY going on which is OUR “Elected Leaders” and Unelected Morons like Ben Bernanke are driving the American Republic towards a cliff with their only concern being the next election or trying to redeem a reputation that is in the garbage dumb in Uncle Ben Bernanke’s case because only a REAL Idiot would believe anything that comes out of the Federal Reserve after ALL of their missteps over the past decade with the No. 1 misstep being the Irresponsible Monetary Policy that Directly Caused the Real Estate Bubble to form in the first place which of course the Overpaid Flunky Morons at the Federal Reserve were laughing about back in 2006 which Glenn Garvin of the Miami Herald summed up nicely in his latest…
“Breaking news: When it came to the collapse of the bubble that touched off the 2008 meltdown of the U.S. economy, the Federal Reserve was a placid herd of clueless blockheads. Less than two years before the housing market turned kamikaze, Fed officials were gathering around conference rooms congratulating one another on what a genius job they were doing managing the economy.
“We are unlikely to see growth being derailed by the housing market,” Ben Bernanke assured the rest of the Open Market Committee, the Fed’s major policy-making group, adding that the nation could expect “a relatively soft landing in housing.” Not that anybody needed much convincing. “We just don’t see troubling signs yet of collateral damage [from housing prices] and we are not expecting much,” declared Timothy Geithner, then head of the Fed’s New York regional bank.
And Janet L. Yellen, boss at the Fed bank in San Francisco, was so pleased with the overall economic picture that she gushed to outgoing Fed chairman Alan Greenspan that “the situation you’re handing off to your successor is a lot like a tennis racket with a gigantic sweet spot.”
All these remarkably unperceptive remarks were made at Open Market Committee meetings in 2006. The reason they’re breaking news more than five years later is that the Fed has only just now made minutes of the meetings public. It’s not like they were lost or anything; the Fed always keeps records of its meetings secret for five years before letting anybody see them.”
Oh, the above is GENIUS Glenn Garvin and points out the now Irrefutable Point that Uncle Ben Bernanke and his band of Overpaid Flunky Morons at the Federal Reserve are the…
Stupidest People on Planet Earth and that includes the fools that didn’t pull their money from MF Global the minute Jon Corzine took over the firm because anyone with a lick of Common Sense wouldn’t trust Jon Corzine to watch their dogs forget about handling their hard-earned money!
Yes, the Annual $1 TRILLION DOLLARS deficits continue to be piled up, but something that was missed by most Americans last week was a story in The New Yorker magazine about some memos that then President-Elect Obama got from his economic advisors about the health of the US Economy in late 2008 – early 2009 which was in the Shitter after George W. Bush, Paulson, Bernanke and the Wall Street “Bail our Sorry Asses out or we will take down the entire American Republic” Gang had pissed all over the American People as they were leaving the stage with them getting a lot of help from the Washington-Democrats who were more than happy to spend lots of money to bail Wall Street out because that is just what Washington-Democrats do….spend lots of money whether the country has it or not.
In those memos to President-Elect Obama….
…economic advisor and All-Around Pompous Arrogant Ass that we also wouldn’t trust to watch our Dogs, Lawrence Summers, wrote in Larry’s usually forthright way that (from the above New Yorker article)….
“Summers informed Obama that the government was already spending well beyond its means. Yet in the coming months Obama would have to sign, in addition to a stimulus bill, several pieces of legislation left over from the Bush Administration: a hundred-billion-dollar funding bill for the wars in Afghanistan and Iraq; perhaps three hundred and fifty billion dollars more in funds from Bush’s TARP program, to prop up banks; and a four-hundred-and-ten-billion-dollar spending bill that was stuck in Congress. Obama would need resources to save G.M. and Chrysler, which were close to bankruptcy, and to address the collapsing housing market, which he was told would be hit with five million foreclosures during his first two years in office. Summers cautioned Obama, who had run as a fiscal conservative and attacked his Republican opponent for wanting to raise taxes, that he was about to preside over an explosion of government spending: “This could come as a considerable sticker shock to the American public and the American political system, potentially reducing your ability to pass your agenda and undermining economic confidence at a critical time.”
Obama was told that, regardless of his policies, the deficits would likely be blamed on him in the long run. The forecasts were frightening, and jeopardized his ambitious domestic agenda, which had been based on unrealistic assumptions made during the campaign. “Since January 2007 the medium-term budget deficit has deteriorated by about $250 billion annually,” the memo said. “If your campaign promises were enacted then, based on accurate scoring, the deficit would rise by another $100 billion annually. The consequence would be the largest run-up in the debt since World War II.””
What the Hell?
Did you catch THE STUNNING comment in Larry Summers’ memo to Barack Obama?
““If your campaign promises were enacted then, based on accurate scoring, the deficit would rise by another $100 billion annually. The consequence would be the largest run-up in the debt since World War II.””
The “deficits would rise by another $100 billion annually?”
How about not the $100 Billion Dollar annual increase in deficits that Pompous Arrogant Ass Larry Summers was talking about but….
$1 Trillion Dollar Deficits for as far as the Congressional Budget Office can see!
As much as the Democrats would like to blame the “Bush tax cuts” for these Massive $1 TRILLION DOLLARS Annual Deficits, after the W. Bush Administration pushed through those “Bush” tax cuts in 2001 the US Government over the next 7 years ran what we here at Mad As Hell And… thought were Completely Unacceptable Annual Deficits of around…
$200 Billion Dollars a year!
…which are detailed in the below chart from the great website usgovernmentspending.com which shows the TRUTH about what we considered the Out-of-Control spending and deficits of the George W. Bush Presidency and compare those $200 Billion Dollar Annual Deficits of the W. Bush years to what is nothing less than the Completely Irresponsible years of the Obama Presidency which has seen $1 TRILLION DOLLAR Annual Deficits become commonplace and almost part of American life:
Sorry, $1 Trillion Dollar Annual Deficits are not Acceptable and that the Obama Presidency will in only 4 years add almost…
$5 Trillion Dollars in DEBT to the National Debt
These $1 TRILLION DOLLAR Annual Deficits are Outrageous and show a complete disregard for America and the American People and no matter how bad the US Economy has been this dramatic increase in $1 TRILLION DOLLARS Annual Deficits and $5 Trillion Dollars in Debt added to the National Debt in only FOUR years will turn out to be Barack Obama’s legacy because that $5 TRILLION DOLLARS in debt will be on the books of the American Republic and on the backs of our children and grandchildren for decades to come.
Please, don’t tell us that these $1 TRILLION DOLLARS Annual Deficits are all because of the bad economy because as you can see from the below chart (also from usgovernmentspending.com) it was only five years ago in 2007 that the US Government was spending…
$2.75 Trillion Dollars Annually
…and in the current fiscal year the US Government will spend….
$3.75 Trillion Dollars
…which is a $200 Billion Dollar INCREASE in US Government Spending for EACH of the last 5 years!
That is over a 7 percent ANNUAL increase in US Government Spending with little regard by OUR Sorry Ass “Elected Leaders” in Washington DC for what the US Government was actually receiving in tax revenues and no doubt some Idiot Economist from the Federal Reserve or the news media will claim that we HAD TO HAVE all that extra US Government spending or the world would have ended which is like saying a person addicted to drugs needs more and more drugs all the time so that his high never comes down which is the exact kind of Bullshit that is setting the American Republic up for a disaster down the road when people that are stupid enough to be holding US Treasury bonds and notes realize that American People aren’t responsible for what these Sorry Ass “Elected Leaders” in Washington DC have been up to because we never gave them the authority to spend our children and grandchildren into Trillions of Dollars of debt.
Now assume for a moment that the US Government was actually run by responsible adults that gave a Damn about our children and grandchildren and future generations of Americans and the growth of the US Government had been on the same level with inflation of about 3 percent per year that…
$5 Trillion Dollars in NEW Debt
…that the Obama Administration and the US Congress have piled up over the past four years would only be about…
$1 Trillion Dollars in NEW Debt
…and the current fiscal year deficit would still be high at around $300 Billion Dollars but $800 Billion Dollars less than the $1.1 TRILLION DOLLARS Deficit that the Congressional Budget Office is projecting for this year.
That’s right if the US Government had been run by responsible adults over the past four years there would be..
Of course, there is nothing to stop these Sorry Ass “Elected Leaders” from starting to act like responsible adults right now and actually giving a Damn about the future of OUR children and grandchildren and untold Millions of yet unborn Americans because they could very easily bring the Budget for the US Government back into balance as proven by Daniel J. Mitchell at Cato@Liberty, but as Mitchell points out these Sorry Ass “Elected Leaders” would first have to quit LYING to the American People and we rather doubt that is going to happen because if OUR “Elected Leaders” in both political parties in Washington DC quit LYING they would have nothing to say!
New Congressional Budget Office Numbers Once Again Show that Modest Spending Restraint Would Eliminate Red Ink, Daniel J. Mitchell, Cato@Liberty
“Back in 2010, I crunched the numbers from the Congressional Budget Office and reported that the budget could be balanced in just 10 years if politicians exercised a modicum of fiscal discipline and limited annual spending increases to about two percent yearly.
When CBO issued new numbers early last year, I repeated the exercise and again found that the same modest level of budgetary restraint would eliminate red ink in about 10 years.
And when CBO issued their update last summer, I did the same thing and once again confirmed that deficits would disappear in a decade if politicians didn’t let the overall budget rise by faster than two percent each year.
Well, the new CBO 10-year forecast was released this morning. I’m going to give you three guesses about what I discovered when I looked at the numbers, and the first two don’t count.
Yes, you guessed it. As the chart illustrates (click to enlarge), balancing the budget doesn’t require any tax increases. Nor does it require big spending cuts (though that would be a very good idea).
Even if we assume that the 2001 and 2003 tax cuts are made permanent, all that is needed is for politicians to put government on a modest diet so that overall spending grows by about two percent each year. In other words, make sure the budget doesn’t grow faster than inflation.
Tens of millions of households and businesses manage to meet this simple test every year. Surely it’s not asking too much to get the same minimum level of fiscal restraint from the crowd in Washington, right?
At this point, you may be asking yourself whether it’s really this simple. After all, you’ve probably heard politicians and journalists say that deficits are so big that we have no choice but to accept big tax increases and “draconian” spending cuts.
But that’s because politicians use dishonest Washington budget math. They begin each fiscal year by assuming that spending automatically will increase based on factors such as inflation, demographics, and previously legislated program changes.
This creates a “baseline,” and if they enact a budget that increases spending by less than the baseline, that increase magically becomes a cut. This is what allowed some politicians to say that last year’s Ryan budget cut spending by trillions of dollars even though spending actually would have increased by an average of 2.8 percent each year.”
Thanks to Daniel J. Mitchell for Telling the TRUTH about these Sorry Excuses for American Citizens known as OUR “Elected Leaders” who do nothing but…
….all day long to the American People about US Government spending and no doubt history will have a harsh judgment of these Bastards who will be rightly seen as Very Sorry People that didn’t give a Damn about anything but getting their precious asses re-elected and the American Republic and American People be Damned!
Thanks again to Daniel J. Mitchell for spending the TRUTH to the American People and now listen and watch Daniel take apart the Idiocy of these Morons in Washington DC:
Double Amen to that Daniel!
One thing that the folks over at ZeroHedge.com noted from the Congressional Budget Office’s latest projections for US Government Spending….
….was that REAL Unemployment in America is around…
…instead of the reported 8.5 Percent which corresponds what we are seeing with our own companies and in the US economy because although we see the US Economy picking up a bit we don’t see much hiring going on and that makes in OUR opinion the reported Unemployment Rate by the Labor Department nothing less than an agency of the US Government dramatically and intentionally underestimating REAL Unemployment in America which is just YOUR Government lying to YOU and the American People again.