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The Reality of America’s Finances

October 21, 2013 by Jeff (ILoveCapitalism)

That’s the title of a nice post recently from Jon Gabriel at FreedomWorks.

America’s fiscal crisis is not that our debt ceiling was too low, the fiscal crisis is that our debt is too high. When I mentioned this to left-leaning folks, they seemed indifferent…So I made this infographic…

RTWT. As a further tease, here is Mr. Gabriel’s graphic:
America's finances: deficit, revenue and debt

ADDENDUM: Gabriel notes one leftie talking point that’s been making the rounds, “Obama lowered the deficit.” Umm, not really!

First, President Obama’s annual deficits are still larger than President Bush’s were. (Count the FY2009 deficit as Obama’s because his signature is on that budget, not Bush’s. In 2008, the Democrat Congress deliberately held back the FY2009 budget from Bush’s signature, so that Obama could sign it in early 2009 with lots of so-called “stimulus” spending added. Not fair to make Bush responsible for that. Also, even aside from that, Obama’s average deficit is still vastly larger than Bush’s average.)

Second: actually, the Tea Party lowered the deficit. In 2011-13, they have dragged Obama reluctantly into the sequester budget cuts – which Democrats officially haaaaaaaate, remember? Don’t mix up your talking points, lefties! 🙂

Filed Under: Big Government Follies, Debt Crisis, Government Shutdown Tagged With: America's finances, Big Government Follies, debt, Debt Crisis, deficit, freedomworks, Government Shutdown, jon gabriel, revenue

Comments

  1. V the K says

    October 21, 2013 at 11:57 am - October 21, 2013

    The result of five decades of pragmatism and good governance, no doubt.

  2. Ted B. (Charging Rhino) says

    October 21, 2013 at 1:21 pm - October 21, 2013

    Excellent graphic. How do you pay-off a debt that 6-times revenue??
    A true iceberg…most of it hidden beneath the waterline.

  3. mixitup says

    October 21, 2013 at 3:58 pm - October 21, 2013

    Great visual ILC. When one looks at that graph and contemplates, as Ted B. points out, that to pay off the “credit card” debt, which is over 6-times income, coupled with an UNFUNDED U.S. liability of over $126 trillion dollars, that our economic system(if you can call it that) is mortally doomed to implode at some future date. There is no republican, conservative or democrat alive or dead that can stop the inevitable. Short of wholesale confiscation of all personal assets held in the hands of U.S citizens, this unsolvable predicament will lead to the demise of the Great American Experiment:

    http://www.heritage.org/research/commentary/2007/07/the-american-experiment

    There are other solutions though. The hyperinflation method practiced by the Weimar Repulic to pay for the large debt of World War I is an example of one alternative method. Alas, we all know how that one ended!!!!

    My guess is that some future generation will actually combine the two. I can see some liberal/progressive entity esposing confiscation of all 401K/retirement assets, coupled with a wild money printing scheme to bring on a “manageable” hyperinflation. Oh $hit, my-bad, I forgot, they are already trying that.

    Oh well, back to the drawing board.

  4. KCRob says

    October 21, 2013 at 5:44 pm - October 21, 2013

    I alluded to this the other day with a graph I spent seconds and seconds creating:

    http://research.stlouisfed.org/fredgraph.png?g=nx1

    Like this excellent visual, it shows near vertical increase in the rate of debt accumulation. Doom.

    Like it or not, only on Bill Clinton’s watch was there any pause in the rate of growth (I think Monicagate had something to do with that).

  5. ILoveCapitalism says

    October 21, 2013 at 6:14 pm - October 21, 2013

    KCR – Yeah, yours is good and I almost used it. Thanks for posting!

    As to whose watch these things happened on… It is wrong of everyone, really, to tie it to the President. By the Constitution, Congress has the budget power. And Clinton was held in check by GOP Congresses. Bush’s deficits only got big (by today’s standards, at least) at the end, when a Democrat Congress got to work. And, to the extent that “Obama has lowered the deficit” today, it’s partly because of the Tea Party who forced budget cuts on him.

  6. mixitup says

    October 21, 2013 at 6:24 pm - October 21, 2013

    KCRob, not wanting to get into a serious Clinton vs. Bush vs. anyone debate – but the ONLY reason Clinton showed any ‘Pause in the rate of growth” was because Newt and the Republican congress elected in 1994 as a result of his wife’s attempt at socialized medicine backfired and he was dragged kicking and screaming(along with his oval orifice hi-jinks) into a more “balanced” approach. He did squat.

    The real proof was in the stock market. After the 1994 election the market went from just over 3,000 to over 11,000 by March 2000 – then the bubble burst. He likes to take credit for the Dot Com market of the late 1990’s, but the REAL spark was the Republican congress.

  7. KCRob (SoCalRobert) says

    October 22, 2013 at 12:34 pm - October 22, 2013

    @6: I suspect Monicagate had something to do with conservative success at slowing the growth in spending. Whatever it was , it demonstrated that it’s possible.

  8. KCRob (SoCalRobert) says

    October 22, 2013 at 12:34 pm - October 22, 2013

    @6: I suspect Monicagate had something to do with conservative success at slowing the growth in spending. Whatever it was , it demonstrated that it’s possible.

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