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.
VIDEO ON MSN MONEY
While all the aforementioned had a role, the scope and scale of contribiutors is far beyond these few.
The absence of Barney and Chris is a glaring oversight. However the core of our fiscal/economic mess is , and remains, Washington. An attitude that they are entitled by virtue of their office to squander the public wealth by enacting and protecting legislation and regulation that rewards their cronies, reardless of the costs to the countrys well being
A stark example of this surfaced today when the DOE awarded $106 million for a battery research facility near Chicago on the same day the admin is gearing up to borrow the billions needed to aid Sandy victims. In realty, there is no money for either and any shade tree mechanic knows battery technology is a losing technology when considered as a transportation power source. It is virtually unchanged from the early 1900s. The same $ distributed to MIT, Stanford, Colorado School of Mines, TX A and M, etc MIGHT discover a breakthrough, not some another Obama Rahm Emanuel criminal enterprise. I bet the Detroit councilwoman from Detroit who called for a bail out for the city yesterday is livid. Detroit is largely poor, looks like a third world country capital, and collectively has a defecit of moneyed demacrats so they dont stand a chance regardless of how many votes they turned out.
If we have a catastrophe on the scale of Japans Tsunami, or a sequence of Katrina/Sandy/earthquake, this country will necessarily default. There are NO emergency funds to cover these types of disasters.
Artificial low interest rates are now setting up another bubble with fuel from debt being accumulated from printing and borrowing money. Politicians on both sides are currently scheming to stall it with so called fiscal cliff/defecit negotians, stall it beyond their political careers so later generations will have to deal with it.
There are too many daily announcements of layoffs, pullbacks in capital spending, flight to foreign shores, continuing real unemployment at 16% etc etc for me to be optimistic that of all entities, the government, is willing or able to positively affect our mess.
Lets get some more $59/gal biofuel for our military. HA
We have been going downhill since we started shipping our jobs overseas under the mantra of global competitiveness. Since nothing was being created here the big boys contrived bubbles of fake wealth that made the populace feel good about their situations while funding runaway spending and useless wars. No thought of the millions of jobs that wouldn't ever be replaced and the billions of lost tax base.
Now all they can argue about is who will be taxed at what rate. Get a clue, if there's no income, there's no taxes to be collected, I don't care what the rate is.
Bring the jobs back. Quit supporting third world slavery.
Let's see...The national debt went from $5 trillion to $10 trillion under W in eight years.
It has gone from $10 trillion to over $16 trillion In four years under Obama.
If I project this on the current curve, I figure the national debt to be around $ 24 trillion by the end of the next term
Don't worry, none of this debt has to do with spending.
It has been proven over and over again that tax cuts stimulate economic growth which creates jobs and brings in more revenue to the government. Using the most recent example, in 2007 (six years after the Bush 2001 tax cuts, and 4 years after the 2003 Bush tax cuts) the federal government brought in the most revenue it had ever collected in the history of the republic.
For the 4 years of the Obama administration, the U.S. has experienced trillion dollar plus deficits. The national debt has increased from $10 trillion to $16 trillion and will rise to $20 trillion over the next four years under his administation. The U.S. Senate has NOT passed a budget in 4 years. SPENDING IS THE PROBLEM NOT a lack of revenue.
This writer blames the trillion $ deficits on the "housing bubble" which is non-sense. The trillion $ deficits occurred because of huge spending increases by the Democrat House, Democrat Senate, and the signed into law by the O'Bama administration. They approved an almost trillion $ stimulus package that didn't stimulate anything except his union constituencies. He wasted money on Solyndra and other alternative energy companies that FAILED miserably. The writer DOESN'T blame Barney Franks for pushing goverment policies that pushed people into homes they couldn't afford. He doesn't blame Congress at all for spending money like drunken sailors.
This whole article is garbage.
Well Mr. Nutting, glad you put it together. Very accurate.
Republicans can take about 99.9% of the blame.
The reason Demint is quitting: Tparty is dysfunctional. Literally.
The republican leadership STILL believes we can not beat them. If we are... now is the time.
I call for Obama to use his powers to tell congress to go to hell.
Wow. Shockingly biased and full of lies.
Look at the TOTAL NATIONAL DEBT. It NEVER went down under Clinton. The only thing he did was borrow money from Social Security instead of the public thus making lowering public debt but Social Security is real debt which is why it is going bankrupt. The private debt held by Social Security went UP more than public debt went down. Thus we have been in red for decades. This is one of those great liberal lies that people just can't seem to let go of.
Let me give you an example. I borrow $10,000 from my 401k to pay off my car loan. Sure, i paid off my loan without borrowing from banks but that doesn't mean I am in the black. The debt is still there. I just shifted it so I owe myself rather than a bank (bond holder). Is that anything to be prouid of? Debt is debt and still has to be paid off. It is just playing with numbers but if you look at the numbers on the Treasuries own web site, you will see TOTAL NATIONAL DEBT never went down. In an attempt to look good, Clinton put Social Security on the fast track to collapse and it hasn't gotten any better sense.
You left out the UN which will run the world one day soon. We will be raped of our money and resources to be wasted on African countries that are falling to al - qaeda by the numbers every day. They (al - qaeda) will own Africa and Western Europe in a decade using our money and treasure and their voting power. All illegal Muslim immigrants overwhelming an area like Mali and then voting in the Muslim running for President.
How many billions were just given to these African nations through the UN by this country for "green energy" under the guise of controlling global warming? All developed countries have given over 100 billion so far. Japan, Germany and the US have given over 23 Billion alone.
We have met the enemy and he is us.
We have instituted a "SUICIDE PACT". It's called universal suffrage. The founders, though wrong in deigning the vote to blacks and women, were absolutely correct in limiting the vote to responsible people such as business men and land owners.
There should be no vote for the criminals that have invaded our country, and anyone on public assistance should be denied the vote until gainfully employed.
No one in or out of government will have the courage to fix this and then cut spending in the massive way required to bring spending in line with what should be massively lower income to a corrupt government.
Then came the greed fueled housing bubble and the bubble's deflation beginning in the winter of 2006-2007 and it's burst in the summer of 2007, followed by the financial crisis and the Great Recession beginning in 2008. By January 2009 when Obama took office the national debt was more than 10.7 trillion dollars and we were just beginning to feel the effects of the Great Recession which began in 2008.
The Great Recession has now caused the loss of at least two trillions dollars in federal revenue(2008-2012). In addition at least two trillion dollars has been spent as a result of the need to counteract the effects of the Great Recession and it's aftermath. Such as the American Recovery & Reinvestment Act of 02/2009(the stimulus), unemployment insurance extensions, extension of the Bush tax cuts, payroll tax cuts & their extension, increased use of food stamps(SNAP) and so on. The above accounts for more than four trillion dollars of debt added to the national debt added since President Obama took office.
Also, we are still fighting the Afghanistan War and have been for over ten years, including the entire time that Obama has been in office. This war has also now been adding to the national debt at a rate of 40-45 billion per year.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] Equity indices have taken a step back from their best levels of the day in reaction to a Reuters report indicating European officials have reached a preliminary deal to introduce sanctions against Russia's oil and defense sectors.
While the agreement has not been made official yet, the announcement is likely to lead to speculation about a potential boomerang effect on the global economy.
According to the reports, the sanctions will be in place for three months ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'