Saturday, July 23, 2011

Thank You Boehner

Susan Brannon
23 July 2011
Houston, we've got a problem.  Those were the days when we were mainly concerned about the space shuttles going into space.  Today is a different story.  The attempt to come to an agreement over the U.S. debt falls into the gutter.  Republicans blame the Democrats and the Democrats blame the Republicans.  Following the news of the collapse, the FAA is wiping 4,000 people from their books,  Walter Reed Medical Hospital is closing its door while wall street and major corporations prepare for a possibility of default. Murdoch's reign collapses while scandals grow from sea to shining sea.  No one is going to Hampton this summer.

Shuffling through all the headlines it is difficult to find out who, what, where and when.  The most important words in journalism.  There are threats of cutting down with Social Security and Medicare over the course of 10 years. 1 trillion in savings that would come from the "draw-down" in the wars, in the next ten years.  I thought Obama said that he would withdrawal the troops by October of 2010? 

The Republicans want to cut Medicaid, but Obama was not comfortable with that idea. The idea of taking from those who do not have anything is a bit impossible.  If anything, if we cut down on Social Security and Medicare, we will gain in our costs of health care due to the lack of preventive care for the elderly.  Did not the elderly build our country?  Did not the elderly pay taxes and pensions all of their lives? 

They could gain 800 Billion in revenue if they eliminated the top-end-Bush tax cuts.  The Republicans did not go for that idea.  We are not left with much of a choice, but to raise the debt limit without Congress and call for a 1.5 trillion in cuts.  The Gang of Six wanted to slash 3.7 trillion over ten years, and gain 1 trillion through tax code reform.

It looks like Obama will have a difficult time getting re-elected next term, for it seems that he has been put between a rock and a hard place.

Here is the list of Public Debt by recent administrations...
Regan (1981-1988) - 1.26 trillion added to the debt (8 years)
BushSr (1989-1992) -0.81 trillion (4 years)
Bill Clinton (1993-2000) 0.13 Trillion (8 years)
GWBush - (2001-2008)- 2.48 trillion (8 years)
Obama (2009-2011)- 4.35 trillion (3 years)

The numbers for Obama do not look good here. He spent more money in the attempt to create more jobs by developing a stimulus plan.  That did not work.  Our wars continue, and the debt increases.  Our Social Security debt is the same as our war debt at 701,893,976 and adding by the minute.

However, there are some different numbers since Obama's administration:
The total federal outlays for the fiscal year 2010 was 3.456 trillion, was down 64 billion from a year earlier.
Incomes were up by 58 billion, to 2.162 trillion.
The budget gap was 177 billion less than the previous estimates in July, due to lower than forecast spending and higher than expected tax collections.

Yet, the Federal Reserve attempts to support the economy more than doubles its profits to...get this...75.8 billion.  The increase reflects income from its purchases of more than 1.75 trillion in Treasury debt and mortgage-backed securities.

Who has been benefiting from our spending and debt?  Why the Federal Reserve of course, not to mention a few defense contractors "repairing" the war damage and feeding the troops.  Oh, I forgot to mention the banks, and GE who profited from the bailouts to begin with.  GE now holds 91 billion in cash, 40 billion in short term debt, compared with 16 billion in cash and 90 billion in short term debt three years ago.

Thank you Boehner for letting America down by walking out of the meeting and not solving any problems.
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