Sunday, September 9, 2012

The Debt is $16 Trillion and Rising Fast

Mr. President, what part of bankrupt don’t you understand?

You promise us more teachers, more cops, more road building, more Pell grants, more food stamps, more industry bailouts, more, more, more . . . How are we going to pay for all this? With more borrowing? Is $16,000,000,000,000 of debt not enough? Why does your budget propose spending over $10,000,000,000 a day with trillion dollar annual deficits as far as the eye can see?

You think taxing the rich will pay for everything? You could confiscate every penny of income from every person on the Forbes 400 and you still wouldn’t cover one day of expenses. You talk about cutting $4 trillion dollars over ten years but that would still leave us borrowing over a trillion dollars a year once Obamacare hits. Besides, nobody believes you’ll cut spending on anything but national defense because you haven’t.

We’re paying over $20 billion a month in interest on our existing debt and that assumes interest rates stay low because you’re unwilling to pay a bit more to lock in 30-year interest rates. What happens if interest rates creep up? Is the Federal Reserve going to keep printing money forever?

And please stop trying to sell us another stimulus plan. We’ve already had the Bush stimulus (remember those checks?), cash for clunkers, the Obama stimulus, and an explosion in federal spending. And each time we were promised it would stimulate the economy.

We blew $800 billion on the Obama stimulus. According to your projections, unemployment is higher today than it would have been without a stimulus.

We were told the Obama stimulus would save jobs in our schools and police departments, not merely postpone the day of reckoning. We were told Obamacare would create 4 million jobs including 400,000 right away. We were told food stamps would generate $1.73 of GDP growth for every dollar spent. Well, 15% of the country is now on food stamps, so where’s the GDP growth? We were promised another $1.73 for every dollar spent on benefits for the 12.5 million unemployed. Social Security Disability payments have doubled during Obama’s term. Where’s the stimulus from that?

We were told the $80 billion auto bailout saved a million jobs.  Where are they? GM and Chrysler fired tens of thousands of people when they were forced into bankruptcy. Tens of thousands more lost their jobs when profitable car dealerships were forced to close. And if you use the “jobs multiplier”, we could be talking about a quarter million jobs lost. And why did 20,000 Delphi workers have their pensions nearly wiped out just because they weren’t union members? And why is General Motors veering towards bankruptcy again? Is it because the government is forcing GM to build cars nobody wants to buy? (See Chevy Volt)

Have you seen the latest jobs report? For every one person who found a job, four people dropped out of the labor force. If we had the same labor participation today as we did in 2009, the unemployment rate would be over 11%.

Meanwhile, student loan debt has leapfrogged credit card debt while 53% of recent graduates are unemployed or underemployed and many of those who are lucky enough to find jobs aren’t working in fields related to their areas of study.

And where’s the relief from all the new financial regulations in Dodd-Frank? Debit cards stopped offering miles programs. Credit card interest rates are near 30%. And have you tried refinancing your home? Home loan rates are at an all-time low but the banks don’t want to lend money.

And what happened to all those refinancing programs that were supposed to help families whose homes are underwater? How many families are still trapped in homes they can no longer afford? And the housing market still hasn’t begun to recover. Not even a dead cat bounce.

Yes, free contraception, free prescription drugs, free healthcare, free food, free college, more teachers, more cops, bailouts for everyone and a Chevy Volt in every garage would sure be nice but we all know there ain’t no such thing as a free lunch. Somebody has to pay for it and we can’t afford the promises we’ve already made. Social Security is almost in the red. Medicare and Medicaid are heading for bankruptcy. We’re slashing military spending. (Apparently, all spending is stimulus spending unless it’s for national defense or non-union workers.)

The president must have recognized this when he cut $716,000,000,000 from Medicare to pay for Obamacare.  And please stop saying the money is being cut from providers, not beneficiaries. That’s like saying we’re firing half the teaching staff but the kids are still getting the same education.  Even Medicare’s chief actuary has testified the Medicare cuts would bankrupt nearly a sixth of all hospitals.  Maybe that’s why no physicians are allowed to serve on the Independent Payment Advisory Board (the unelected bureaucrats who will set Medicare reimbursement rates).

And even that $716 billion isn’t enough. Obamacare is expected to cost $2.6 trillion in the first decade and then go up from there. And that’s probably a low ball estimate since the CBO rarely factors changes in behavior. (I.e. there’s no expectation that people receiving free healthcare will consume more healthcare.)

Mr. President, after you declared we were in the worst recession since the great depression, you took your wife on a date night to New York City that cost the taxpayers a quarter of a million dollars. There was the time your wife didn’t want to wait three hours for you so she took a private plane, at taxpayers’ expense, to Hawaii. And there were the vacations to Europe, Martha’s Vineyard, and other exclusive getaways for the rich and famous.

You don’t feel the recession but the 23 million people looking for full-time jobs certainly do. The retirees who banked on their homes to pay for their retirement are feeling the recession. The college grads that can’t pay their college loans, can’t find jobs within their disciplines, and can’t afford to move out of their parents’ houses are feeling the recession.  The couples postponing having children for economic reasons are feeling the recession.  The unemployed who are losing the skills necessary to reenter the labor market are feeling the recession.

You can’t create prosperity by spending us into oblivion. Mr. President, what part of bankrupt don’t you understand?

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Anonymous said...

Great post Mr. Warren. I am equally frustrated by our flawed and failed governmental leadership who continue to try and borrow and spend us out existence in the name of the new democratic socialist party. Likewise I long ago stopped looking for media outlets to be true investigative reporters to bring real and substantive facts to us without opinions and party talking points to hide the collusion between the leadership and media that is so pervasive and damaging. I also despise the primped and prettied trolls on the networks who do little but espouse the democratic party line and look good doing it.

Worst of all is the sad fact that the vast majority of the electorate are unaware, unconcerned, disillusioned or too busy just trying to survive the economy and that is exactly what our present leadership wants. These socialist leaning hacks need to go but the system is so big and disillusioning to try and be the voice or voices against them. They blame Limbaugh and others. They blame Romney, Christie and others who point out the real facts and insane spending truths.

I frustratingly watch our societies media who not so recently spent so much time on the 99% hooligans who feel because they do merely exist the government is to take care of their every need, comfort and to ensure they get the latest technology to communicate with their other 99% group for free from the government.

I watch our government seek to strip wealth from those who educated themselves, worked very hard, invented something or sacrificed to succeed. Too many of our young people have no drive or determination to work much less succeed and add to the whole. This Novembers election will be the most important in our nations history or as I feel what is left of our nation.

Anonymous said...

What do you expect from a populous that cares more about the Kardashians, hip hop award shows, real housewives type shows and far worse. That is who is voting or is not voting today. America is lost with what has become of our new couch potato society. I am glad I won't live long enough to see the end come.


Anonymous said...

How many zeros is that behind the number 16?

Sorry to go off subject folks said...

Mayor Mack of Trenton was arrested today by FEDS.

Maybe the FEDS are working the alphabet in reverse?

Lets see R Q P O N M "M for Mack"

That means K is next.

Could it be K for Kauff?

We can only hope.

Keep an eye on the sky Norman K for Kauff.

Norm K for Kauff if you pick up the phone at your house tonight you might want to listen for a low volume clicking sound.

Wait I forgot there is no corruption in Aberdeen?

To quote Tony Mack the now indicted Mayor of Trenton a while back who also said "there is no corruption in Trenton".

Sound familiar Aberdeen business owners, residents and taxpayers?

We bloggers keep being told that there is no corruption in Aberdeen from the anonymous Kauff defenders.

Right Kauffkins?

So many questions with so much Kauff corruption.

Right Aberdeen?

Anonymous said...

I meant ZEROS as in politicians adding zeros.

Zeros like Norm that is.

Kauffie knows we know said...

I love the Mack alphabet post. I only hope Kauffie is next to do the political hack perp walk for the corrupt, illegal and immoral control of our town. Kauffie and all his Kauffkins should rot in hell for making our town his personal ATM machine.

Anonymous said...

Rising fast? Nothing is rising fast or even rising at all on Norm anymore. Right Mrs. Kauff? F you if you think that was too much for this blog? After what Kauff has done to all of us in Aberdeen there is nothing short of wishing Norm a slow and Painful prison death that would be too much to post on here. F Kauff and the rest of you monitoring this site to see what we post on here next. Here's a hint we are only a few days away from getting a copy of the notification of the parking lot shakedown.

Remembering 9-11-01 said...

Today I ask that we remember those who perished, were injured or lost a loved one on 9-11-01. I would ask that only such remembrances or comments be posted on here today. I thank you in advance if you can grant my suggested remembrances or comments be posted out of respect for all impacted on that day and everyday since.

Aberdeener said...

It's a reasonable request. I'll honor it.

9-11 poem said...

A beautiful day just like that fateful day today I see

A day like no other was that day at the start for all to see

We will never forget where we were when we heard

Still many of us flashback to that day we were enjoying and that was so shockingly disturbed

We will never forget what we heard or witnessed that fateful day

When the sky went from bright blue to a blinding black and then lingered for days to a dark smoky gray

Plenty of blame has gone around on what we could have done or who should have been detained

But the truth is we are the ones still so sadly chained

Our economy has suffered as an unexpected action by those who planned the attack on that fateful day

We've gone to war and kept the monsters at bey

And all I can hope is that it never occurs again

As we trust the same leaders who failed to properly plan and prepare again and again

Many say we are much safer now than before

But at what cost to all of us who paid for the war

I cry and think often for those we lost on that day

And for those sick and injured who continue to pay

Pay a price for a debt we could never repay

For their sacrifice or service on that once sunny day

Say a prayer tonight before you go to sleep

For those still serving so you can peacefully sleep

Respect those who volunteer and those we pay to keep watch and protect our country

As we all know that those who in fact hate us do so for our love of this great country

God Bless America

Never forget said...

Bless those who gave some and those who gave all.

Never forget!

USA #1

Warren Dr. said...


6:30 train said...

Remember the injured and fallen. Remember the families, friends and co-workers left to mourn. Remember that such a terrible event should never happen again.

CBeach said...

Great sentiments. Nice to know the poet can use his talent for good as well as outing the evil.

God Bless the U.S A.

Confused said...

You can't have it both ways Joey. Either you want the government involved or you don't. You can't complain about job growth, which is controlled by the private sector for most people, and then say Obama isn't creating jobs. I thought you Republicas love the free market. Well the stock market is over 13k and nobody is hiring. How come free market capitalism isn't working if these companies are now back to making money hand over fist? I have been told that when the job creators have more cash they hire more people. However, we know that is bs. They just keep more for themselves. How about you try being fair and posting a link to Matt Taibbi's article in Rolling Stone. He clearly explains how Romney put companies out of business so his investors could make hundreds of millions of dollars.

Anonymous said...

God bless Rudy Guiliani for his leadership that day. and since. As FDR said when Pearl Harbor was attacked on Dec, 7th, 1941 it was a day that will live in infamy.

Obama will lose 2012 said...

Joey got it right and here's why.

Trillions added under Obama spent by Obama!

Czars unaccountable Czars unelected and unaccountable for their leadership mistakes not vetted.

Unemployment higher than ever all under Obama.

Ethics out the window.

Obama did play a lot of golf as America fails.

Obama will lose in November.


Aberdeener said...


I'm afraid you don't understand how the free market works.

Companies don't hire people because they have money. Companies hire people to make money. And if the government raises the cost of doing business then companies will be less likely to make a profit from new hires and will therefore hire fewer employees. If the cost becomes to high, they'll fire the people they already have.

The Obama administration has consistently raised the price of doing business through taxes, regulations, the refusal to issue
permits, and outright attacks against businesses.

As for Mitt Romney and Bain Capital, I don't think you understand how private equity works.

Bain Capital is not a corporate raider, it's an investor in troubled companies and startups.

Companies that need money come to Bain Capital, not the other way around. Bain Capital gets thousands of requests every year and only accepts a tiny percentage.

For those few recipients, Bain invests millions of dollars but structures the deal to protect Bain investors.

The deals are structured and agreed upon by all parties prior to any investment. The companies take the deal because, without the Bain investment, they will likely go out of business or be unable to grow.

Think of a bank giving a home loan. You may not like the terms and if you don't pay back the money they'll take the house. But without the bank, you're not getting that house. You came to the bank asking for money. Not the other way around.

You've confused private equity with corporate raiders, which Mitt Romney was not.

Mitt Romney invested billions of dollars in struggling companies to build them up, not tear them down. Furthermore, he refused to invest in industries he didn't like, such as guns and tobacco.

If you'd like to continue this discussion, I'd welcome the opportunity. I'll also be posting several more articles related to President Obama and Governor Romney.

Best of luck to you.




Anonymous said...

Did the police get a new black jeep detective car. I saw one parked in the police only spot while I waited online at McDonald's. I thought most police cars were Fords or Chevys.

Anonymous said...

What ever happened to the train station development?

Anonymous said...

That's a Ford explorer. I hink I've seen it there and might be a cops undercover car. Look for the car a a donut shop from time to time. That's a good one I think cops and donuts is an old standby.

Anonymous said...

Aberdeens Obama is funny and so true.

Peachtree said...

Rumor has it Norm is on his way out soon. Perv 1 is set to take over for Norm except that Taggy Tags and Greggy Poo are pushing Norm out before he wants to. So us taxpayers either get a child molester or 2/3 of the 3 stooges. To bad Vinci is gone he could have been a perfect Mo.

Anonymous said...

The Ford at McD's is the owners car i think. Watch soon for the sign and spot to be taken away. Tis is Kaufferdeen people the big stuff don't mean squat its how things look not how screwed up things really are under these jokers.

Questions for our town council said...

How much will Kauff and CME steal from taxpayers today?

Why does the town council allow Kauff and CME to have the key to fleece the towns finances?

Why does the town council serve the taxpayers not merely Kauff and CME?

Why can't the town hire its own town engineer?

Why can't the town hire its own town lawyer?

So many questions with so much Kauff and CME control and corruption.

Right Aberdeen town council?

Such a disappointment you all are.

Anonymous said...

Signs are everywhere in town lately. Why are they out there when i'm told not to advertise my business unless I pay.

Anonymous said...

It's all about gouging us business owners especially if you are not on the business board or pay to be on those stupid signs. Signs for the few not the many is all that big sign is. They came into my store for the money to be on the sign then they came in for money for the little signs for in front of my store. NO THANKS

Anonymous said...

No thanks is right they did the same thing to me and I paid them zip. Political leeches is all they are on that business group thing. Over a hundred businesses in town and only the ones in the business group get on the signs? Show me the cancelled checks for the money they tried to get me to pay for being on the sign. Cancelled checks I mean from the businesses on the sign.

Anonymous said...

Prayers for Mrs Gumbs and her family, her nephew Michael was killed on rt34 last night.

Anonymous said...

Prayers go out to all for a young life taken too soon.