Even by European PIIG standards, our spending is out of control...
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| Weekly Standard |
Obama Beats Bush! Racks up same amount of debt as Bush, but in half the time!
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| CBS News |
(CBS News) The National Debt has now increased more during President Obama's three years and two months in office than it did during 8 years of the George W. Bush presidency.Obama's "recovery" is the worst on record. He is still over a million jobs short of just breaking even...
The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.
The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush's last day in office, which coincided with President Obama's first day.
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| CNN |
From the labor market's height in January 2008 to its bottom in February 2010, 8.8 million jobs were cut, and the unemployment rate soared as high as 10% in October 2009.
But only about half of those job losses -- or 4.3 million -- happened under his watch. (CNN)
The only reason unemployment isn't in double digits is because the dismal Obama economy has discouraged over 3.5 million Americans, leading them to completely abandon the job market.
The percentage of Americans 16 and older who are working or looking for work fell to 63.6 percent, the lowest since 1981. For men, the so-called "labor force participation rate" is at 70 percent. That's the lowest since the government started keeping records in 1948. (Yahoo)And for a bonus, here's a reminder of what a big loser GM was for the taxpayer. Jeffrey Dimon's got nothing on Obama. The Car Czar in Chief spent $100 billion to save a $34 Billion car company. And GM still hasn't paid us back.
Obama Pushes False GM Success Story
WSJ - The Other GM Bailout
22 comments:
Well shut up and vote for Romney and let austerity bang you up the ass.
To add to this, the year to year average unemployment rates:
2009- 9.3%
2010- 9.6%
2011- 9.0%
2012- 8.2% (to date)
Overall ave the last 3.25 years: 9%
You can't win on those numbers.
Wow Ducky that was quite a comment. Tell me why don't you go to the Liberal /Progressive blogs and speak that way, instead talking with grown ups!
You should work for the Obama Fascist regime that tries ot silence all normal inquiries. Or do you already?
Obama is president and panders to the Muslims. He was raised Muslim and he and some others refuse to recognize what is going on in Europe has already moved and taken a foothold here. Obama and his handlers have a purpose in this and it may be to use the Muslims to control the population once the elitists have taken over and we are under a one-world control.
Ducky has a disturbing preference for homosexual metaphors.
And Obama thinks the most important issues are free contraceptives for women, putting an end to bullies, and giving gays the right to marry. We are in dee, deep trouble.
With all due respect I don't believe homosexual concerns are of any importance whatsoever when it comes to economic and fiscal policy.
I'd be much more concerned about the epidemic of illegitimate children with no father claiming responsibility for their well-being, and of the massive proliferation of "Anchor Babies" which is a de facto form of invasion, than I would about a group who not only sustains themselves quite handsomely on average, but is also well-known for improving the value of property wherever they live, because of an apparently built-in penchant for making their domestic surroundings as pleasant, attractive and comfortably up-to-date as possible.
The "Gay" issue is a smelly red-herring that works against the Conservative cause, because the obsession with homosexuality makes it all too easy to target "us" as a bunch of bigots.
This is nothing more than a DISTRACTION which keeps too much time, energy and ingenuity focused AWAY from the concerns that really MATTER.
The self-righteous posturing of religious zealots does a great deal of damage to the credibility of the Conservative-Libertarian Movement as a whole.
It would be much better if all religious individuals "prayed in their closets in secret," and then went out to "let their light so shine before people that their good works may be seen to benefit others." It is the good works that glorify our Father which is in Heaven not the use of Scriptural quotations to justify deprivation and persecution of hose we deem "sinners."
Get the "beam "out of your own eye, before you start castigating someone else about the "mote" in his.
_________________________
As for the truth of unemployment statistics. Mark Twain pretty much had it right when he said, "There are lies, God-damned lies, and then there are statistics."
Statistics are like the Bible in the sense that by selecting certain passages ("facts" in the case of statistics) an individual with a prejudice or a political agenda can "prove" the validity of just about any thesis he cares to dream up.
The unemployment rate is probably much closer to 12 or even 15 percent if all factors were honestly taken into consideration.
___________________
Doing everything possible to discourage bullying is probably a good idea. Bullies are barbarians. bullying is uncivilized at best, criminal at worst.
We should recognize, however, that there is no bigger, nastier or more dangerous bully than the reeking, roaring, madly out-of-control Federal Government.
We discussed the following in some detail recently:
In the mad dash to eliminate "monopolies" through haughty government intervention, we never seemed to have realized that we ceded so much power to government that government, ITSELF, became the biggest, most powerful, most invulnerable MONOPOLY of all time.
~ FreeThinke
Still lying about GM, huh Silver? Just can never admit you're wrong? Ever?
GM still owes about 22 billion, not 66 billion, as you sleazily confer here. And that 22 billion is NOTHING compared to what GM adds to the economy, and NOTHING compared to the loss to the economy if GM had failed.
Oh, and the Bush bailout was a Bush administration idea.
And you STILL insist Obama is to blame for what the sleazy, moral-vacuum cons did to the nation.
Stop lying, Silver.
JMJ
In one respect you are partially right, Jersey, because over $40 billion was a free gift, from us to them. Don't you feel magnanimous?
Read the links it's all there.
As for the rest of your asinine comments... all supposition. You have no data to back it up.
So prove where I'm lying or STFU and cram it where the sun don't shine.
See folks, all you gotta do to spin up the lefties is lay out the facts.
You know you have already won the argument when the first response is an insult and a nasty one at that.
GM will never pay back the money and wouldn't be surprised if they asked for me.
and NOTHING compared to the loss to the economy if GM had failed.
lol! The only difference would be that a more profitable and efficient car company...Ford... would have made all the cars GM sold since the bailout... w/o a penny being added to the National Debt.
interesting how few comments there are on this; every time I don't get my leftwing insulters, I know I hit a nerve, too, SF. Good post.
Sad, but good.
Convenient of you to ignore GMAC there Jersey, there's another 13.75 Billion left Outstanding.
GM actually owes 23.39 Billion, you might accuse me of quibbling, but the difference between 22 Billion and 23.39 Billion is more than the actual net loss of JP Morgan (800 Million).
What Jersey also overlooks is some of the TARP money was paid back in the form of common and preferred stock, the sale of which also netted the government a 4.44 Billion dollar loss.
So courtesy of Government Motors we are still out 41.58 Billion overall.
Of course all those figures are evil conservative propaganda foisted upon us by Obama's Treasury Department:
http://www.treasury.gov/initiatives/financial-stability/briefing-room/reports/tarp-daily-summary-report/TARP%20Cash%20Summary/Daily%20TARP%20Update%20-%2005.17.2012.pdf
This doesn't even include the billions in equity stolen in the government's shell game, transferring equity from old GM to new GM and the UAW while leaving the old creditors and investors holding the bag.
Don't worry though, all those folks investing in GM, enabling Obama's million autoworkers to remain employed for all those years will still get their due:
Currently $0.0422/share
So Ducky, as far as getting banged up the ass by Obama or Romney... not to foster stereotypes, but how did ole Joe Biden put it? Oh yeah “I promise you, the president has a big stick. I promise you.”
Well that explains big O's shift in support for gay marriage... so who's the real first lady? Michelle or Joe?
Cheers!
The dems are balls to the wall trying to destroy America-stealing more than anyone ever has-and the obama administration itself is being raped by people working in government and recognize how incompetent and dis-interested this administration really is to theft and fraud.
It is a feeding frenzy.
Finntann: "So courtesy of Government Motors we are still out 41.58 Billion overall."
Not to mention the future lost revenue incurred as they write down their past losses from their future tax liability.
LOL, yeah I saw that too, that the fed simply declared themselves exempt from the legal requirements regarding NOL and change of ownership in order to allow New GM to carry them over. Figured it would be a bit too obtuse for Jersey to comprehend.
Since he fails to comprehend or even acknowledge that the government did anything wrong at all vis a vis GM and MTLQQ, that they set aside existing law to steal whatever equity that was left from the existing investors and creditors and hand it on a silver platter to his beloved UAW.
After all we all know the government has every right to steal your shit in order to keep it's political supporters employed.
Me, I never owned one red cent of GM stock, and didn't lose a penny, but I can assure you, I'll never own one of their cars now!
I'm still undecided on Chrysler and the rest of the UAW.
Here's something ironic... I bet the people at:
http://www.overthehillcarpeople.com/foreignowned.htm
Never expected anyone to use their website to find non-union made cars.
Cheers!
Finntann: "I'm still undecided on Chrysler and the rest of the UAW."
I'm not. Excerpt from the article I linked to yesterday's post.
"Of the two proceedings, Chrysler's was clearly the more egregious. ... Secured debt takes first priority in payment; it is also typically preserved during bankruptcy under what is referred to as the "absolute priority" rule — since the lender of secured debt offers a loan to a troubled borrower only because he is guaranteed first repayment when the loan is up. In the Chrysler case, however, creditors who held the company's secured bonds were steamrolled into accepting 29 cents on the dollar for their loans. Meanwhile, the underfunded pension plans of the United Auto Workers — unsecured creditors, but possessed of better political connections — received more than 40 cents on the dollar.
http://www.nationalaffairs.com/publications/detail/the-auto-bailout-and-the-rule-of-law
Is that for real, more than Europe! As it is the world is panicking and falling to pieces because Greece can't pay, just imagine what'll happen when America stumbles.
I was thinking that Bush kept the cost of the war out of the budget by getting the money seperately and Obama included in the budget.
RedneckRon
Redneck Ron: "On budget" or "Off budget" is a red herring, especially since we haven't had one since Obama took office.
It all gets racked up as government debt.
I agree but to quote budgets when goverment intentionallies hides the facts even thou the outcome is same-debt. It just depends out you use the numbers!!
RedneckRon
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