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« Michael Lewis On What Ireland Should Learn From Iceland | Main | Ron Paul: 'Krugman's Magic Money Tree Will Bankrupt The U.S.' »
Tuesday
Jan292013

The National Debt: A Short History Of Presidential Lies

Presidents love to lie about cutting spending.

New video produced by the non-partisan Bankrupting America on Washington’s history of inaction on cutting spending

Talk Is Cheap, Overspending Is Not

In 1986 our debt was $2.1 trillion and Washington was making promises to rein in our excessive spending.  Twenty-seven years later Washington is still making promises, but the only differences we see are a $16.5 trillion debt and better picture quality on C-SPAN.

If we’ve learned anything since then, it’s that the only thing a talking politician is good for is a distraction.  #TalkIsCheap.

---

DB here.  Dallas Fed President Richard Fisher calculated that the government's unfunded liability for Social Security and Medicare alone comes to a staggering $99.2 trillion, or $330,000 for every man, woman, and child in the United States.

It's an impossible figure, but still on the low side compared to this estimate of $222 trillion published at Bloomberg.

The national debt has grown by $6 trillion since the Spender-In-Chief took office, and four more $1 trillion deficits are on the way before Obankster leaves Washington in 2016.

Check the debt clock and decide for yourself.  Is there anything, anything at all, that appears 'under control' to you? 

---

Bonus - David Walker with Jon Stewart.

"There is no party of fiscal responsibility in Washington."

"When the statutory budget controls expired in 2002, Washington lost total control.  Unfunded tax cuts, unfunded war costs, expansion of entitlement benefits.  And we are where we are today."

 

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Reader Comments (4)

I've been away form the site the past 24 hours. I will catch up with comments given time and will resume normal publishing this evening.
Jan 31, 2013 at 5:00 PM | Registered CommenterDailyBail
Message form Michelle Obama

http://www.youtube.com/watch?v=HYT68Uii1dk
Feb 1, 2013 at 2:29 AM | Registered CommenterDailyBail
Holocaust survivors commemorate 68th anniversary of Auschwitz's liberation

http://www.youtube.com/watch?v=aKreQNFrWq4&list=UUX4py0rkBIdjUqNJCH_JQDw&index=6
Feb 1, 2013 at 3:02 AM | Registered CommenterDailyBail
A Fiscal Cliff is how it is seen from the side of the agency that has been accumulating debt. Seen from the perspective of the principals for whom the agency works, it can be seen as a near avalanche of debt-based assets that have not been collected or redeemed.

Homebuyers are persuaded that the promissory note is an obligation to pay, when, in fact, the promissory note is changed into a security by the bank and becomes the funding that pays for their house. It's the law ... but VERY few people know that. Just as the Federal Reserve creates money, out of debt, so does the bank in the Federal Reserve System. The promissory note is identical to the funny money the US Treasury prints--based on debt. Most people think the promissory note is a debt. They think it would be necessary to fulfill the obligation to repay, but that isn’t really what the note is about. The promissory note can be converted to debt money just like a Federal Reserve Note and it can be bought and sold as though it were an asset. Assets unclaimed by citizens increase the Federal National debt. Almost all homebuyers think that they owe a debt, but in reality the debt is owed to them

The note is sold many times over to investors, and a mortgage pool funds a trust. Unredeemed proceeds are escheated to the State and eventually back to the US Treasury where it becomes part of the national debt. When the investors seek repayment they are directed to the US Treasury to redeem the debt-based currency, "minusing" the "debt" (“minusing the minus money”). That is, subtracting the payment of debt-based currency from the US Treasury, the debt, a minus, is subtracted from the National Debt.

The Fiscal Cliff is nothing more than an accumulation of our uncollected assets. It's time to collect.

For more in-depth information on this process see www.urnowner.com
Feb 15, 2013 at 3:00 AM | Unregistered Commenteraaheart

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