10 who led us to the fiscal cliff

They fed our greed and guilt and told us we could have all the spending and tax cuts, too. While practically all of us had a role in this mess, these 10 stand out.

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403Comments
Dec 8, 2012 4:04PM
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We're going over the cliff----have no choice. Congress will not relinquish the power of the purse. It would be one step closer to making our country a dictatorship. It's been reported that since Jan., 2011 BO has issued 40 executive orders, some, directly to skirt around congress. Let's face it. You submit 1 budget and it gets voted down 435-0; well, that's not too good. The Dems want an extension of the 99 weeks of unemployment. Why not stay on unemployment and go straight to SS? Unemployment, welfare, food stamps, medicaid----why work? Obama is simply killing all incentives for someone to get a job. For the sake of taxing the rich, BO will run the risk of financial collapse and try to blame the Republicans for it.

Dec 8, 2012 3:58PM
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In January 2001, when Bush/Cheney came into office, we had a Federal debt of about $5.6 Trillion.  when they left office in January 2009 it was about $10 Trillion (eight years later). They did increase the debt through funding the War on Terror and increases in social entitlement spending (particularly with the idea everyone deserved their own house (or two/three) whether they could afford it or not).

 

President Obama and his administration has added another $6.4 Trillion to the debt in the last 4 years. The only thing that has allowed President Obama to get away with it is the fact that the cost of interest has been kept way below historical averages. If it went to historical averages we would be paying almost $1 Trillion in interest payments. When you only bring in $2.4 Trillion a year in revenues and spend $1.85 Trillion on social entitlements we're $400 Billion in the hole before we enen consider defense spending or the other costs of Government (courts, law enforcement, federal prisons, Congress/White house, Senate, EPA, other Admin offices, parks, NASA, etc.) . How are we going to affort that? By the way, additional reveues are only suppose to be $60-80 Billion. We are now way beyond blame and must now get to fixing the problem.

 

Let's start with debating a clean slate of $2.5 trillion in Revenue. What are our national values of how we spend it? Do we pay our interest payments? Do we defend ourselves from the rest of the world who would take what we have? Do we police or or build up the rest of the world with public money?  Do we provide justice to our citizens? Do we protect private property rights? Do we invest in our power/transportation grids? Do we encouage innovation and economic growth? Do we encouage competitive advantage development? Do we honor our commitments to those currently dependent on us? Do we embrace efficiency and effectiveness in how we carry out these values? Do we give special advantages to protected classes?  What is the role of Government?  What is the role of charities and non/not-for-profit organizations?  What is the role of business?  What is the role of banks?  What is the role of the individual with regard to themselves, immediate family, parents, community, Governments, etc.?

Dec 8, 2012 3:17PM
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Dear God, If there is a God. Please find some asteroid out there somewhere and steer it directly  towards planet earth to put this retarded human race out of their misery.
Hopefully, the next inhabitants will have a glimmer of intelligence.

Dec 8, 2012 2:34PM
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I disagree with Pete Peterson and Grover Norquist and agree with David Lereah.  I'd add Lyndon B. Johnson, who put us on the road to paying for both guns and butter with social programs, Viet Nam, and the space race.  I'd also add Ronald Reagan, who while cut taxes and gave us increased revenues, over spent the increases with the arms race in order to bring down the USSR and Chrysler bail-out.  Charles Keating should also get an honorable mention in triggering the savings and loan crisis.  Since we still haven't paid off the WWI loans, took out more loans for the Great Depression and WWII, and added whole new entitlements during the Great Depression that FDR knew would ultimately bankrupt the nation we should also throw him and the whole progressive movement (including ) on the list for laying down the foundation.  Still, the crisis is a result of where the Federal Government has spend more than it brings in (as a percentage of GNP).  The gap has just happens to equal the increases in social spending since 1964.
Dec 8, 2012 1:41PM
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I have 100 % faith in the leaders of our country that they will go over the fiscal cliff and no matter what deal they eventually make will ruin our country and the economics of the world.
Dec 8, 2012 12:20PM
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You forgot Acorn, with Obama as attorney forced banks to make loans to people who could not pay them back

Dec 8, 2012 12:18PM
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Absolutely the most biased, one-sided, simple-mined thing I've read in a LONG, LONG time. I showed up on MSN today looking for some additional news sources and to give it another try. Now I remember why this is a forgotten site. See ya!
Dec 8, 2012 11:42AM
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The Partisan Ideaology and the finger pointing is what helped or led us to this point,

First, we and the Politcians need to act like Americans...I see that as a major stumbling block.

 

We are Matured as a Country, but as Citizens we are reversing the direction... 

Dec 8, 2012 11:33AM
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No Doubt there are/were many others that were driving the Bus, but to let any of these culprits off before the last stop...Would be excusing them of what they did or didn't do.

 

So still I believe that the list is pretty good and probably would have went back and included a couple of others that supposedly had been In-Charge with their tenures...

 

The demise of our Country has been a long time coming and several have put a Stamp of Approval on the scenario or allowed their Henchmen too much leeway.

It can be reversed in a lenghty process....But we have to be very careful of WHICH fox we put in charge of the Henhouse. 

Dec 8, 2012 11:26AM
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No question---last two years of the Bush administration,congress was democratic. duh!

Barney Frank,Christopher Dodd &Fannie.

Preplanned to destroy our economy====No Doc loans duh! Whydo you think they both left congress.

Dec 8, 2012 10:58AM
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There are thousands who led us to this cliff, starting with Woodrow Wilson and Theodore Roosevelt. They started this whole Nanny state  concept.

Every other member of congress that ever voted for Federal programs outside of the direct Constitutional Requirements (Article 1, Section 8) is part of the problem also.
Dec 8, 2012 8:29AM
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It is articles like this that destroy a writer's credibility.

When you only site the "facts" that support your argument and deliberately leave out the "facts" that counter it, you are  a fool (bufoon), and probably think the public are stupid.

Congress knows that the way to get reelcted is to give the constituents something for nothing, or at a great bargain price.  It is NOT the "fault" of any one (or ten) people, but the lack of leadership in our elected officials.  Neither party has true (if any) manager/leader.

There are no more Moynihans out there.

 

 

Dec 8, 2012 6:55AM
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I'll  go back even further.  When LBJ took SS out of the lockbox and placed it in with the general revenue that was the start of that program's demise. Also when Clinton used the then SS excess monies to fund his budgets that was another big nail in it's coffin. The easiest way to save this program is remove the $106,700 wage cap and let it go where it goes. Raising revenue without sufficient spending cuts is disaster for now and the future. It's a flat out admission that we can't control our spending or simply won't. How we got here is good discussion material, but what should be more consuming is how we get out of this mess. Also if the issue is equal tax rates, a flat tax is the answer. 
Dec 8, 2012 6:46AM
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What are the people getting freebies entitlements from the government going to do when Sh!t hits the fan,.I know riot in the streets, that is why DHS bought all those bullets.
Dec 8, 2012 5:31AM
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Final consumption sales tax only - no item or person exempt – When a family goes into a grocery store and buys $100 in groceries and the clerk adds $5 for local tax, $7 for county, $15 for state tax, $35 for federal tax and $45 to pay off the federal debt, the crap will come out of the American peoples head about the cost of government. 

Then give the American people the right to directly decide what they are willing to buy through government, (by pass congress). Socialism, liberalism, high government spending will end. In 4 years the American people will reduce government spending by 35% and increase the productivity of our tax dollars by 400%.

Final consumption tax would make America made products and services more competitive. Taking taxes off business will bring business, their money and jobs back to America. Also, if the fed were to make the (real) inflation rate between a deflationary .5% and 0% inflation foreign money would move to America and keep interest rates low in a free market.
Dec 8, 2012 5:20AM
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I was glad to see Arthur Laffer leading off the list. It is still unclear to me why anybody ever listened to a thing he said. Under cross-examination he could not identify where on his curve the economy was at any given time. You will always end up in the ditch when you have no steering wheel yet Republicans still peddle his crap. And thanks too for naming Dick Cheney for his two unfunded wars. And to think, Larry Lindsey was fired for saying the Iraq war would cost $200 billion. Well, he was off by a factor of 6. In hindsight he should have been fired but for being so wildly low in his estimate rather than being too high. While Greenspan was listed he was spared his empowerment of the stock bubble when he failed to increase the margin for borrowing on those overpriced stocks which would have made the bubble much smaller by removing the readily avail borrowed money chasing stock prices up that slippery slope.  Lastly, perhaps the biggest player in all of this is not even listed and that is the compliant press (MSM) that never pressed these snake oil salesmen for many of us saw the problems but had no voice. It was indeed a real team effort.
Dec 8, 2012 12:56AM
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the writer missed the most guilty one of all--ronald----trickle down regan

Dec 8, 2012 12:10AM
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The article effectively named the obvious and the motives and Old Geezer 727 named the others ...US! But what has been failed to get mentioned is how Nixon removed us from the gold standard in 1971, which regulated and limited how much we could spend, and placed us on a Fiat system that allowed leaders to spend as much as the Fed could print and sell as bonds. In effect a Ponzi scheme was created that, while allowing increased spending,requires more  and more bond sales with higher and higher interest payouts. that become increasingly difficult to pay back, with increased inflation. It's like using a credit card to pay off credit cards - The American way.   
Dec 7, 2012 11:44PM
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This is not about lazy americans and if you think that your a fool...and the media has you right were they want you...Stop drinking the water from the watering hole. and your comment about education is an insult to the great USA... if people like you keep thinking that way all your tech.. is going to be from another country. We are being surpassed in education.. Haven't you seen a increase in doctors from India? public schools are soo under funded that many of the activity i had in school are now gone... Do you have kids in school must not, but im sure your a grandma or grandpa right and your welling to let them just get by.... no music, no art, no after school programs to keep kids off the streets while both parents are working.. When i was in school sports started at 5th grade now they start at 7th/8th meaning there combined. Education is power have you ever seen a rich country with without education. Change subject you also believe china owns the USA too lol...

 

Its all about GREED!!! DOC3333 all a read from your post mine mine mine.. no community 

Dec 7, 2012 11:30PM
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There have been some bad articles on MSN  Money, but this is the worst yet.  The author obviously has an agenda and plays loose with the facts.

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