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
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.
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.?
Hopefully, the next inhabitants will have a glimmer of intelligence.
You forgot Acorn, with Obama as attorney forced banks to make loans to people who could not pay them back
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...
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.
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.
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.
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.
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.
the writer missed the most guilty one of all--ronald----trickle down regan
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
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.
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] The stock market capped the trading week with losses across the major averages. The S&P 500 fell 0.5% to surrender its weekly gain, while the Dow Jones Industrial Average (-0.7%) and Russell 2000 (-0.9%) underperformed. The two indices posted respective losses of 0.8% and 0.6% for the week.
Equity indices were pressured from the get-go after several heavyweights disappointed the market with their earnings and/or guidance, which led to some broader profit-taking. After ... 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'