Even as the national debt hits record levels Obama and his fellow Democrats continue to act like there’s no problem. There is so much waste, fraud and redundancy in the federal budget it’s mind-numbing that these idiots can’t find a few dollars to cut. Obama and his fellow Democrats are so tied to liberal big government special interested they are incapable of addressing the problem. Entire agencies should be axed, the Dept of Education is a prime example. Every City,County and State has dept’s of education why in hell do we need another layer of meddling burreaucrats? Another waste of taxpayer money is H.U.D, this program is so riddled with fraud it’s unfixable. HUD housing units are nothing but tax shelters for slum lords, and guess who most of these slum lords are, fat cat supporters of the Democrats.
The media is giving little attention to this Standard and Poors downgrade but this is a big deal, it’s basically saying where close to becoming deadbeats unable to pay our bills. If major corrections are not taken soon we will start too see major effects on our economy. The Obama administration has proposed almost nothing rationale and has failed to even support the findings of his own debt commission. And to be honest I don’t have much faith in the GOP either. Until we clamp down on lobbyist and special interest I see little hope that meaningfull reform will be enacted. Another needed change is term limits, the current system allows long serving Senate and Congressmen to build powerfull kingdom’s where they have major impact on what is spent and who gets to spend it. These guys have been in Washington so long they lose touch with how the average American struggles to get by. There are hundreds of billions of dollars that could be slashed with little or no effect on the average taxpayer.
Even though the White House has publicly downplayed the credit warning issued Monday from a leading agency, Obama administration officials were privately trying in recent weeks to convince Standard & Poor’s not to lower its outlook for U.S. debt from “stable” to “negative,” Fox News has confirmed.
But after a series of meetings between the Treasury Department and S&P, the ratings agency ignored the pressure and told administration officials late Friday that the U.S. government was at risk of losing its sterling credit rating, a senior administration official told Fox News.
The Washington Post first reported on the private meetings in which Treasury officials argued to S&P analysts that a ratings change was unnecessary because the nation’s $14.3 trillion debt was under control and the administration had a feasible plan in the offing. Treasury officials also contended to S&P analysts that they were overlooking the ability of U.S. lawmakers to reach a compromise to tame deficits.
But the argument failed. The agency based its assessment on the sentiment that a budget agreement addressing the country’s long-term deficit and debt problem might not be reached until after the 2012 election.
The White House has been on the defensive ever since. Treasury Secretary Tim Geithner, in an interview with Fox Business Network Tuesday morning, said there is no risk the country will lose its AAA credit rating.
White House chief spokesman Jay Carney said Monday that the political atmosphere for consensus is better than S&P predicts.
“We think that the political process will outperform S&P expectations,” Carey said, adding that both parties agree on a long-term deficit-reduction target of about $4 trillion — is looking to achieve that in 12 years, while Republicans are shooting for a little bit more than that in 10 years — and that they can find common ground on how to reach it.
Republicans, though, do not appear to share that optimism, absent an agreement that ties big spending cuts to a looming vote on whether to raise the country’s $14.3 trillion debt ceiling. The White House does not want the debt-ceiling vote contingent on a spending agreement, but Republicans are pushing to link the two.
For all those Obama Kool-Aid drinkers your family is almost $30,000 poorer thanks to the Democrats disastrous stimulus boondoggle. Once again the proof that government does more harm then good to the economy proves true. Of course the Obama, Pelosi and Reid so called stimulus was never about creating job’s it was all payback to far-left special interest and big labor. Nothing in the Obama stimulus worked, clash for clunkers was a disaster and all the borrowed money from China did was benefit Chinese workers. Unemployment show’s no real sign of improvement, the GDP is stagnant what did all this spending achieve? All the job’s created where government sector, which long term are the worst for the taxpayer. Government workers are the least productive, most overpaid workers around. Start adding in long term cost of benefits and perks and you really give the taxpayer the shaft. All this debt has drastic short and long term effects that will degrade the quality of life of every American. This debt lowers the value of the dollar, in turn drastically driving down our purchasing power. When debt rises, the cost of capital for consumers can rise thereafter due to either decreased value of currency and/or limited government funding through monetary policy. When monetary policy limits money supply the cost of capital rises for consumers through higher interest rates as is the case with lower currency values. The effects of this rising debt are all negative, there are ZERO upsides to this situation we can hurt a bit now or hurt a lot later. The sad part is we know Barrack Hussein Obama refuses to accept reality, time will only tell if the Republicans do.
Gov’t Has Borrowed an Additional $29,660 Per Household Since Obama Signed Stimulus
Thursday, February 17, 2011
By Terence P. Jeffrey
President Barack Obama
President Barack Obama speaks at the U.S. Chamber of Commerce in Washington, Monday, Feb. 7, 2011. (AP Photo/Charles Dharapak)
(CNSNews.com) – The federal government has borrowed an additional $29,660 per household in the United States since President Barack Obama signed his economic stimulus law two years ago.
That brings the total national debt to $125,475.18 per household.
At the close of business on Feb. 17, 2009, the day Obama signed the $787-billion law, the national debt stood at $10.79 trillion ($10,789,783,760,341.41), according the Bureau of the Public Debt. At the close of business on Feb. 16, 2011, the national debt stood at $14.13 trillion ($14,129,889,690,377.50)—an increase of $3.34 trillion (3,340,105,930,036.09)
The U.S. Census Bureau estimates that there are a total of 112,611,029 households in the United States, which average about 2.6 people per household. That means that the new debt accumulated in the two years since Feb. 17, 2009, when President Obama signed his economic stimulus law, equals about $29,660.55 per household.
The current total national debt of $14.13 trillion can be divided into equal portions of $125,475.18 for each of the 112,611,029 households in the country.