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Posts Tagged ‘Debt Crisis’

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Pelosi lies about debt accumulation

by Phantom Ace ( 7 Comments › )
Filed under Democratic Party, Economy, Liberal Fascism, Progressives, Special Report at May 21st, 2011 - 5:20 pm

Former House Speaker Nancy Pelosi has unveiled a chart claiming Obama has increased debt only 16%. This is a total lie. She uses distorted numbers that when compared to real data that turn out to be bogus.

A reader recently pointed us to a post on the website of MoveOn.org, a liberal group. The post features a bar graph titled, “Who Increased the Debt?” that offers figures for the past five presidents:

Ronald Reagan: Up 189 percent
George H.W. Bush: Up 55 percent
Bill Clinton: Up 37 percent
George W. Bush: Up 115 percent
Barack Obama: Up 16 percent

[….]

nder Clinton: Increase of $1.54 trillion, or 37 percent
Under George W. Bush: Increase of $4.899 trillion, or 86 percent
Under Obama: Increase of $3.661 trillion, or 34 percent

So we can dispense with Clinton — in the chart, his figure is correct. But the chart is significantly off for both Bush and Obama. We found Bush to have an 86 percent increase, not 115 percent as the chart said. And we found the debt under Obama to be up by 34 percent, more than double the 16 percent cited in the chart.

We quickly discovered the source of the discrepancy: Whoever put the chart together used the date for Jan. 20, 2010 — which is exactly one year to the day after Obama was sworn in — rather than his actual inauguration date. We know this because Treasury says the debt for Jan. 20, 2010, was $12.327 trillion, which is the exact number cited on the supporting document that Pelosi’s office gave us.

[….]

Debt vs. debt as a percentage of GDP: Some economists will tell you that it’s not the size of the debt per se, but rather the size of the debt relative to the nation’s gross domestic product. This helps minimize the complicating effect of economic cycles and inflation. So how do those numbers stack up? Using OMB statistics, here’s what we came up with, using public debt figures not adjusted for the president’s time in office:

Reagan: Up 14.9 percentage points
George H.W. Bush: Up 7.1 percentage points
Clinton: Down 13.4 percentage points
George W. Bush: Up 5.6 percentage points
Obama: Up 21.9 percentage points (through December 2010 only)

As always Progressive manipulate data to create their facts. However, when one uses real calculations, Nancy Pelosi’s lie gets exposed. As a percentage of GDP, Obama’s has accumulated more debt that George W. Bush. This is an inconvenient truth.

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Posted in Democratic Party, Economy, Liberal Fascism, Progressives, Special Report | 7 Comments »

Obama Boom: Independent Agency says US should have Bond rating of C

by Phantom Ace ( 64 Comments › )
Filed under Barack Obama, Economy, Headlines, Misery Index, Progressives at May 4th, 2011 - 10:37 pm

This is really damning news. The US currently has a AAA bond rating due to its historic ability to pay back debt. However thanks to the 3rd World style economics of policies of the Obama regime, it’s now at risk. An independent agency said that because of the size of it'[s debt, the US should really have a C rating.

There have been increasing concerns about the fate of United States’ prized triple-A sovereign debt rating. While Standard and Poor’s recently downgraded its U.S. debt outlook to negative from stable, implying that a ratings cut could happen in two years, one independent ratings agency has given the U.S. sovereign rating a “C”.

“A ‘C’ is equivalent to approximately a triple-B on the S&P, Moody’s and Fitch scales. It’s two notches above junk and one notch above the equivalent of a single A,” Martin Weiss, President of Weiss Ratings, told CNBC Tuesday.

This should be a wake up call to the Obama Regime. A C rating would have disastrous consequences for this nation. Boehner and his gang need to grow a pair and stand up to Obama and Bernanke.

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Posted in Barack Obama, Economy, Headlines, Misery Index, Progressives | 64 Comments »

Obama Boom: QE3 on its way

by Phantom Ace ( 4 Comments › )
Filed under Barack Obama, Economy, Headlines, Progressives, Socialism at April 27th, 2011 - 3:19 pm

With QE2 set to end in June, Bernanke held a press conference today. He continued to lie that inflation was tame. However, he admitted the economy is not as strong as the media has been hyping. In fact, he hinted that QE3 might be in the works.

With a subtle wave of his baton, the aspiring Maestro may have started the music for another round of Federal Reserve monetary easing.

Ben Bernanke, chairman of the US central bank and keeper of the keys to stock market money flows, oversaw a tweaking of wording in the Fed’s post-meeting statement that had trading floors buzzing.

The statement, which preceded the chairman’s first-ever news conference following a Fed Open Markets Committee meeting, simply stated that the group will “ regularly review the size and composition of its securities holdings in light of incoming information and is prepared to adjust those holdings as needed to best foster maximum employment and price stability.”

So Ben Bernanke has decided to continue 3rd World style debt monetization. Destroying America’s living standards just to produce inflation related phony numbers is a crime in my opinion. Clearly he is in cahoots with the Obama regime and is pursuing a failed economic policy.  Ben Bernanke needs to be removed for his irresponsible actions.

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Posted in Barack Obama, Economy, Headlines, Progressives, Socialism | 4 Comments »

IMF warns that the age of America is nearing an end

by Phantom Ace ( 97 Comments › )
Filed under Barack Obama, China, Democratic Party, Economy, Elections 2010, Elections 2012, government, Progressives, Republican Party, Socialism at April 25th, 2011 - 2:00 pm

 

The Internationale Monetary Fund has issued a warning that Americans need to heed. America has gone through a lost decade  of job, wage and wealth creation. This has occured due to an archaic tax/regulatory structure, fiscal irresponsibility and nations taking advantage of our trade naivete. China on the other hand has pursued a mercantilist economy policy and keeping it’s currency artificially low. The result has been a transfer of wealth and jobs, from America to China. The US thanks to it’s fiscal irresponsibility, also owes China money. The IMF is now stating that China will overtake America in 2016 as the world’s largest economy.

For the first time, the international organization has set a date for the moment when the “Age of America” will end and the U.S. economy will be overtaken by that of China.

And it’s a lot closer than you may think.

According to the latest IMF official forecasts, China’s economy will surpass that of America in real terms in 2016 — just five years from now.

[….]

It provides a painful context for the budget wrangling taking place in Washington, D.C., right now. It raises enormous questions about what the international security system is going to look like in just a handful of years. And it casts a deepening cloud over both the U.S. dollar and the giant Treasury market, which have been propped up for decades by their privileged status as the liabilities of the world’s hegemonic power.

Read the rest: IMF bombshell: Age of America nears end

China’s economy surpassing America’s is not anything bad in of itself. They have 4 times the population we do, so it was a matter of time before this occurred. What is worrisome is the rate of deterioration of our economic standing. Our government is currently pursuing a weak dollar policy to devalue our debt amount. Ben Barnanke’s QE2 program of monetizing the debt has caused a spike in inflation and a further decline in our purchasing power.

We are shooting ourselves in the foot with our irresponsible fiscal and economic policies. The Obama regime has no intentions of fixing this situation. They are more focused on redistributing the diminishing wealth of this nation. The political Eunuchs called the Republican Party led by Boehner, are too scared of the Progressive machine to confront Obama. This can’t continue and we should heed the iMF’s warning as a wake up call. We need to get our fiscal and economic house in order.

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Posted in Barack Obama, China, Democratic Party, Economy, Elections 2010, Elections 2012, government, Progressives, Republican Party, Socialism | 97 Comments »

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