It’s less than two weeks until the midterm elections, and people need to be aware of our current debt situation. It sucks. This latest adjective comes from the National Council of Economic Advisors. Actually, it comes from me. But, having studied the subject intensely, I would like to add a ‘really’ at this time. So now the national debt officially ‘really sucks’.
In only one year and ten months, President Obama, and his fellow democrats in control of congress since 2007, has amassed over three trillion dollars of debt that will be passed onto future generations. This insanity must stop!
While touting a less than expected FY 2010 deficit of just under $1.3 Trillion, the actual debt accumulated for the year was $1.65 Trillion. This is a 1 followed by enough zeros to circle the globe twice. OK, not really, but it still constitutes ‘a shitload’ by anyone’s standard. Not that the Daily Discord has any standards, but, if they got some, they would agree.
So where does this large debt discrepancy come from?
As I explained in The National Debt, Who’s Responsible, the deficit (or surplus) is a function of budgeting, not the actual debt incurred. Also, please note: I am such a stingy fiscal conservative I even left off the question mark on my link. Someone else can use it now. See? That’s how we fiscal conservative’s think—always conserving. Since Social Security receipts are added to the budgeted revenue, but Social Security disbursements are not budgeted, the actual debt is greater than the budgeted debt. And, in this case, bigger isn’t better.
It’s for this reason, the republican budget surpluses signed into law during the Clinton administration failed to actually reduce the total national debt. In fact, the national debt has not shown an annual decrease since 1957.
It is my hope that republicans will seize control of congress and put an end to this unrestrained spending. If they do win, and continue the binge spending that was present under the Bush administration and seriously accelerated under the Obama administration, their new reign in congress will be short lived.
If you go to the link, I show precisely how democrats in control of congress have incurred nearly three times the average monthly debt that republicans had incurred since January 1993. Congressional power was split from January 2001 to January 2003 with republicans controlling the House and democrats controlling the Senate.
Admittedly, this is not news to me, it was merely an exercise to lay out my argument that Obama’s claim he “inherited” the debt issue from Bush is at least disingenuous, at most an outright lie. There are some who doubt my understanding of historical and current events, and so I feel the need to show the math. If you still doubt me, do the math yourself. The figures used in this analysis were generated at TreasuryDirect.gov.
As I explained, this exercise was in no way a defense of congressional spending under republican control of congress. The fact is, federal spending has been out of control since FDR’s New Deal. Since budget rules were changed in 1974, the debt has exploded. This irresponsible spending must stop if we are to have a viable and sustainable economy for future generations.
I would also like to remind, Mr. Zano, and those other ‘elites’ that they continue to ignore the Tea Party at their own peril. I would also ask all the Discord staffers who are currently doing inappropriate things to Christine O’Donnell ads to put it back in their pants and show some dignity! Only then will I consider attending the Ghetto Shaman’s Rally on October 30th at the National Mall.
Please go to RichardPersing.com for more exciting Adventures in Fiscal Conservatisms.