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US Debt: What You Need To Know

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Bloviating Zeppelin: US Debt: What You Need To Know

Bloviating Zeppelin

(in-ep-toc'-ra-cy) - a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.

Wednesday, October 14, 2009

US Debt: What You Need To Know

Mr Obama wants to spend and spend and spend. There is no end of his spending in sight. I suppose he thinks cash really does come out of a printing press. Similar to this thought: "Why do we need farms and farmers? I can get anything I want at the market."

A sense of our actual debt is difficult to grasp. I am a visual learner and relate much more readily to information that I see in combination with hearing. For this reason, I suggest you visit the US National Debt Clock web site. You can actually see what our debt looks like -- below:


This is a static screen capture photo. The debt has increased since I created this screen capture on Tuesday. Please check the debt clock website.

The spending has to stop. It simply has to stop. I would recommend you immediately visit Defeat The Debt. Everyone needs to understand the dangers posed by $11+ trillion dollars in debt. Play the video.




And yet, despite that, the Senate Finance Committee passed what some call the Sen. Max "Baucus Bill" for ObamaKare (D-Montana, chairman of the committee) on Tuesday the 13th; he declared: "We are going to get this done."

Maine RINO Olympia Snowe said, upon passage: "When history calls, history calls." She was the only Republican who checked the "okay" box in this committee, and enabled it to pass on a 14 to 9 vote.

One more step towards an assured tanking of our entire nation.

And that's not even in consideration of Cap & Tax -- which is, of course, next.

Turn your pockets inside-out, America. Then bend over, grab your ankles and cough.

BZ

10 Comments:

Anonymous HoosierArmyMom said...

The fact that Lindsey Graham went with the Crap N Tax has me steaming. You are quite correct BZ. We all need to invest in KY and Preparation H as we will be needing it by the time the morons on Capitol Hill get done destroying our economy and taxing us to death. It will be killer taxation from cradle to grave for many generations to come.

Tue Oct 13, 06:10:00 PM PDT  
Blogger Bloviating Zeppelin said...

This will burden the American taxpayer to a point that no one has yet established. Reliably.

BZ

Tue Oct 13, 06:50:00 PM PDT  
Blogger Greywolfe said...

I am losing faith BZ. When barry took over the auto industries and the Banking industries and then started pushing Cap and trade, I asked what it would take to make people take ACTION. Then came healthcare (which is still not dead. House bill has gov. option, senate doesn't. They will have to come up with a compromise bill and I bet dollars to doughnuts that it'll be in there.) I thought that if millions of Americans took to the streets and were ignored that would lead to ACTION.

Letter campaigns, phone campaigns, picket marches, MASSIVE demonstrations, you name it, and conservatives have tried it and have only slowed the socialist progress, not stopped it. They're going to push cap n trade and healthcare reform (instead of real reform, open state lines for purchasing ins. torte reform, etc. etc.) and then right after the first of the year, immigration amnesty.

At what point will Americans either pick 2 or 3 states and secede or just give up and give the guys in black hats the win?

All I see is more of the same being planned that hasn't worked over the last 8 months.

Please someone, give me something to be hopeful about!

Tue Oct 13, 09:20:00 PM PDT  
Blogger M. Rigmaiden said...

The biggest drain on our economy is the military presence in the middle east. ObamaKare and his other programmes will further exascerbate our debt. At some point we will need to leave the middle east to keep our country solvent.

GW, I lost some faith but got it back whenever I look into my son's eyes:)

Wed Oct 14, 02:33:00 AM PDT  
Anonymous Anonymous said...

Bush absolutely killed this economy and Obama is trying to fix it. You guys lost. Stfu.

Wed Oct 14, 06:34:00 AM PDT  
Blogger Randeg said...

I hear you and understand your concern about the tanking of the entire nation as you eloquently put it. But regarding what Obama is spending, at least it is for the good of the American people and not for some other countries or for someone else's pocket.

Evelyn Guzman
http://www.debtchallenges.com (If you want to visit, just click but if it doesn’t work, copy and paste it onto your browser.)

Wed Oct 14, 06:37:00 AM PDT  
Blogger Bloviating Zeppelin said...

Anonymous: I'll give you that one comment and then that is it, if you continue to configure your comments in that fashion. Yes, I'll give you the spending habits of GWB were horrible. They most definitely got us on the road. But Obama's spending is geometrically worse. It's not about winning or losing an election; you're living in the past. It's about what's happening NOW and what movements now will do to us in the FUTURE.

Randeg: first, thank you for visiting and thank you for taking the time to comment. Yes, Mr Obama is not spending those billions and billions for another country. However, I sharply disagree that it is for the "good" of our nation. You do not completely dismantle, for example, an entire Chevrolet and attempt to rebuild it into a Yugo if the turn signal doesn't work. You repair the turn signal.

BZ

Wed Oct 14, 03:11:00 PM PDT  
Blogger Tim said...

Yes, it really is Bush's fault. He tripled the debt in 8 years. I would love to once and for all pull the plug on Iraq. Pull that silly banner out of mothballs and leave. BuBye! Afgahnistan would be finished if we never set foot back in Iraq. Biggest fiasco ever.
Really we need to slash the size of our armed forces to a reasonable level. We don't need hugh numbers in Japan, S. Korea, the UK, Spain, the Balkans. Either that or we send a bill to the "host" country for the cost with a 25% profit built in. It would be a lot cheaper to actually deal with other nations thru diplomacy than try to force our will on them at gunpoint. No one will mess with us if we get out of Europe and Asia. We probably could even disengage from the Mideast over time. Ever hear of containment? It worked with the USSR.Obama is doing the right thing using the money to rebuild America instead of Iraq. We need to rebuild our own country and not everybody else's. Cutting taxes sounds great, but if we do that how do we pay off the debt? Anon is pretty much correct. He should have left out the STFU part because that's what Bush/Cheney did to liberals for 8 years, and how are liberals going to claim the moral highground by doing the same thing. Two wrongs don't make a right, Anon.
It's funny that whenever conservatives get in office the debt is never a big deal. As soon as they are on the outs they become deficet hawks. Can't have it both ways. You want to shrink government, fine! Start with the Army, Strategic Air Command, scrap a few aircraft carriers, close all off our overseas bases that we really don't need.

Wed Oct 14, 05:57:00 PM PDT  
Blogger Tim said...

H.A.M- wouldn't it be nice to have your kid home? Working 9to5 and raising a family instead of worrying about him?

Wed Oct 14, 05:58:00 PM PDT  
Blogger A Jacksonian said...

One of the major problems is Non-Performing Loans, or those loans that go beyond 90 days without payment. The US was doing pretty well on those up to 2007 or so, but those have now gone south. The money being 'pumped' by government is taken via taxation, and that makes those who have marginal incomes be put into a place where it is either pay off loans or go hungry. These are people who were encouraged to get into the loan market, particularly home loans but also other loan areas, via government initiative, like the CRA. That non-payment of loans now makes the FHA system with Freddie and Fannie insolvent. Giving out money to inflate those means increasing taxes or printing money, thus increasing inflation and making the dollar worth less over time. This gets to be a vicious cycle as government is ill-equipped to 'get an economy going' again as it lives off of those with jobs.

As loans don't get paid, items don't get purchased and the demand for durable goods, in particular, drops. That causes cut backs in hours and then staff... which lowers income and moves more at the lower margin into a place where they can't pay their loans.

I disagreed with Bush's domestic spending, the bailouts, the stimulus and all the stuff that has gone on that doesn't address the main problem of encouraging high risk borrowers to borrow. That NPL area can and will move up the business chain if this continues. About 20 of the largest banks have major problems due to NPLs. Which means the FDIC is now going insolvent and requiring payments for deposits that haven't been made yet. That from cash strapped banks, who have already laid off staff.

China has been doing this for nearly two decades and now has an economy that is built on 30% to 60% of bad loans... held by the government. That is why they invested in America: steady income to float a small industrial sector. Now China finds that its ability to hold on to rural areas is diminishing and has internal problems with people who can't find jobs, can't move back to the rural areas and, generally, are getting a bit ticked off at the government. We are heading into the 5%+ zone of NPLs... the 'Asian Tigers' had 6-9% when their economies crumbled and Japan over 10%.

Spending government money on jobs with little output and no security and that do not contribute to the economy will not refloat the US economy, but make it more insolvent. That is why you CUT TAXES in a recession: to encourage economic growth to get you out of it. You do NOT add in new government programs, raise taxes and say it is to 'help' people by making them poorer and the government insolvent. It doesn't work that way, and Japan is in an economic downward spiral due to that. Remember, it was not as bad off as China is today. And we are about to cut China's liquidity and what will be revealed is a deep debt structure unlike any other in the world. Then you won't have WalMart to cry about any more. Then things get really bad here...

Wed Oct 14, 06:06:00 PM PDT  

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