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Posts Tagged ‘Deficit’

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.

Obama downplays S&P downgrade

by Phantom Ace ( 22 Comments › )
Filed under Barack Obama, Democratic Party, Economy, Headlines, Progressives at April 18th, 2011 - 4:58 pm

As I predicted in my earlier post on this, the regime Barack Hussein Obama downplayed the S&P downgrade. Rather than try to defend their Progressive agenda, The Obama regime called the downgrade political. As always, when painted into a corner, they demagogue and attack the messengers. This is a typical 3rd World Liberation tactic and Obama is introducing this method to America.

“I don’t think that we should make too much out of that,” top White House economist Austan Goolsbee said on MSNBC, referring to the S&P downgrade.

“What the S&P is doing is making a political judgment and it is one that we don’t agree with,” he said on CNBC.

The Obama regime can’t handle the truth, even though the markets didn’t.

Obama needs to stop blaming Bush

by Phantom Ace ( 90 Comments › )
Filed under Democratic Party, Election 2008, Elections 2012, George W. Bush, Progressives, Republican Party at April 18th, 2011 - 2:00 pm

The Blame Bush Card 3rd World Liberation Ideologue Barack Hussein Obama uses has gotten old. I was no fan of the Bush administration and was one of it’s fiercest critics. I got labeled a Communist, a traitor and an enabler for Al-Qaeda because of my Conservative based criticism of Bush. I still have a bad in taste in my mouth from my clashes with the Bush fanatics and I’m glad that era in Conservative politics is over. Obama however can’t let go of that time period.

The Bush years were a golden age to Progressives. They were able to attack the administration without any response. Anything that went wrong including hurricanes, bridge collapses and earthquakes were blamed on Bush. He did nothing to combat these smears and it lead to his political destruction. The irony off all this was that Bush oversaw the greatest expansion of the US government since LBJ’s Great Society. These attacks lead to the Republican collapses of 2006 and 2008. Once in power the Progressives continued to blame Bush. Obama did inherit deficits from Bush. Instead of trying to balance the budget and be fiscally responsible, he greatly increased the deficit and vastly increased the debt in just 2 years. Rather than man up and admit his responsibly for our fiscal mess, Obama resorts to the Left’s favorite tactic. He continues to blame Bush.

Your average poorly informed lefty (but I repeat myself) will reliably tell you that our current fiscal straits are the result of three things: 1. Bush’s wars; 2. Bush’s tax cuts for the rich; 3. Bush’s bank bailouts.

That is not true, of course: The main bank bailouts (odious as they were) have been paid back, often at a profit. The money-losing parts (and the likely money-losing parts) are the ones insisted upon by Barack Obama and his Democratic colleagues: the foreclosure-prevention programs, the endless maintenance of Fannie Mae and Freddie Mac, etc.

[…]

Definitional quibbles aside, the war spending and the Bush tax cuts don’t add up to a whole lot in the context of the $1.6 trillion deficit. What does?

The Department of Health and Human Services will see more than $900 billion in outlays in FY2011. About $83 billion of that is discretionary spending on things like the Centers for Disease Control. Almost all of the rest is Medicare and Medicaid — the two programs that President Obama has vowed to shield from substantial reform of the sort envisioned by Rep. Paul Ryan. The other big driver of spending, as the president himself acknowledged yesterday, is Social Security, meaningful reform of which he also promises to resist.

Read the rest: Not Tax Cuts, Not Wars, and Not Bailouts

As someone who was no fan of Bush, Obama needs to stop blaming him for the mess he’s created. If the job is too difficult for the current President, then he should resign or not run on re-election. Instead of paying off the credit card debt Bush left him, Obama has taken out 4 additional cards and maxed them out. Clearly his Demagogue style indicates the man is in over his head. Obama needs to man up or shut up.

Obama’s Demagogue Budget Speech

by Phantom Ace ( 164 Comments › )
Filed under Barack Obama, Democratic Party, Economy, Elections 2012, Progressives, Republican Party, Socialism at April 14th, 2011 - 2:00 pm

Yesterday our 3rd world Liberation Ideologue President Barack Hussein Obama gave his budget plan. Without any specifics he claimed he was going to make cuts. The only specific he gave was cutting the Military budget. I do agree there is waste there that needs doing away with but we know that’s not what Obama will cut. The other item Obama was clear on was raising taxes on those making $250,000 and above. He claimed it would raise $1trillion in funds over 12 years. Where this figure came from Obama didn’t specify. Obama did make clear he was not really reducing government spending. He claimed that the Government needs to continue to waste money on our failing education system and on useless wind farms.

What’s worse is that Barack Hussein Obama channeled his 3rd World Liberation rhetoric and demonized Paul Ryan’s budget. He claimed that “the rich” were getting tax cuts, which is a lie since the rates have been the same for 10 years. Obama accused the Republicans of wanting to take away medical care for seniors. He lied about Paul Ryan wanting to starve people.  It was one of the most most leftists speeches I have ever seen by a President in my 35 years of life.

Did someone move the 2012 election to June 1? We ask because President Obama’s extraordinary response to Paul Ryan’s budget yesterday—with its blistering partisanship and multiple distortions—was the kind Presidents usually outsource to some junior lieutenant. Mr. Obama’s fundamentally political document would have been unusual even for a Vice President in the fervor of a campaign.

The immediate political goal was to inoculate the White House from criticism that it is not serious about the fiscal crisis, after ignoring its own deficit commission last year and tossing off a $3.73 trillion budget in February that increased spending amid a record deficit of $1.65 trillion. Mr. Obama was chased to George Washington University yesterday because Mr. Ryan and the Republicans outflanked him on fiscal discipline and are now setting the national political agenda.

Mr. Obama did not deign to propose an alternative to rival Mr. Ryan’s plan, even as he categorically rejected all its reform ideas, repeatedly vilifying them as essentially un-American. “Their vision is less about reducing the deficit than it is about changing the basic social compact in America,” he said, supposedly pitting “children with autism or Down’s syndrome” against “every millionaire and billionaire in our society.” The President was not attempting to join the debate Mr. Ryan has started, but to close it off just as it begins and banish House GOP ideas to political Siberia.

Read the rest: The Presidential Divider

Obama’s speech was not a call for Bi-Partisanship. It was a defense of the Progressive ideology. Clearly his 2012 campaign will be about him as the protector saving America from the Evil Republicans. This is rhetoric right out of the 3rd World Liberation playbook. It sounded like a speech Hugo Chavez would give. At least Hugo is funny with his singing antics. Obama is not funny and this was a very anti-American speech.

Obama is not serious about the debt crisis America is facing. He wants to use it to demagogue those who are serious. This shows Obama couldn’t care less about the economic future of America. The Republicans need to confront Obama on this issue.  Americans prefer spending cuts to tax increases and this should used as ammunition against Obama. I doubt they will since the GOP leadership is scared of Obama and will probably crumble as they usually do.