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Liberals, after 8 years of complaining about President Bush running up the federal debt (as did I), and after 20+ years of complaining about President Reagan running up a relatively minor amount of debt (Obama ran up nearly as much debt in his first year as Reagan did in two full terms), now wholly embrace Democrats running up the debt at a pace unmatched in American history. Obama makes Bush look like an amateur debt runner-upper by comparison, but I see no outcry from liberals over this. Liberals have completely switched course, completely switched arguments. Now, they demonize Republicans for insisting additional federal spending be paid for (as demanded by the Democrats own PAYGO legislation, which liberals trumpet. Go figure). Somebody will have to explain this to me, because I can't make any sense of it whatsoever.
Liberals babble on about tax cuts for the rich or something, but that doesn't make much sense either. If the Bush tax cuts for the rich were reversed, it would only add around $50 billion per year in federal revenue (the amount is arguable. Could be less. Could be more). Reversing the Bush tax cuts would barely make a dent in our yearly trillion+ dollar deficits. Reversing the Bush tax cuts wouldn't even offset the additional federal spending and borrowing announced in the last week, not to mention that nearly all economists agree raising taxes during a recession is a really bad idea. History agrees, though Obama and his Democratic Superfriends do not. I call them Suprefriends because they have superhuman powers that normal people do not possess. For example, they can turn borrowing $1.5 trillion per year into a GOOD thing. Bush could NEVER have gotten away with that, being a mere mortal and (ick) Republican. The Superfriends can also pass PAYGO and then completely ignore it without generating so much as a peep of protest from the mainstream media. The Superfriends can even praise themselves for passing PAYGO months AFTER completely ignoring it, and the peepless media still doesn't peep. Instead, the media continues peeping about whether there might be a racist among the millions of Tea Party members. They've been peeping for, let's see, about 17 months over that one, because, you know, President Obama is black (well, half-black. Close enough, I guess). Maybe the Tea Partiers should come out with a statement saying they are only protesting Obama's white half. Maybe that would please the race-based liberal media's sensibilities.
But I digress. This post is supposed to be about spending money we don't have, which has become the preferred way of life for Obama and his Superfriends (Shazzam ! Responsibility gone !). Here are a couple weekly updates on the Superfriends Spend-a-Palooza Spectacular:
1) After decades of Congress ripping off the Social Security Trust Fund, Social Security finds itself in the red this year (I'm sure there's no connection there, lol. The Superfriends tell me there isn't, but still, I'm suspicious. I don't have superpowers, but I can add and subtract). Congress says it is going to dip into the $2.54 trillion SS Trust Fund to make up for a $41 billion SS payout shortage this year. Here's Allan Sloan of the Washington Post to explain how it will work:
This year's cash deficit, the first since the early 1980s and the biggest ever, means the government will have to borrow money to redeem some of the Treasury securities in the trust fund. Even at a time when Uncle Sam is borrowing $1.5 trillion a year to keep his checks from bouncing, $41 billion is real money.
Question: Golly gee, Mr. WaPo reporter, why would we have to borrow money to get the SS funds when there's $2.54 trillion in the Trust Fund ?
Answer: Because there isn't anything in the Trust Fund. Congress spent those funds long, long ago, you rubes. You've been swindled by your own government. Still want to hand your health care over to them ?
Thus, $41 billion is added to the deficit to coverup the SS scam.
(Note - Everyone should read and understand the information in the previous link about SS, especially those liberal folks who've been foolishly arguing with me about SS for years.)
2). A few weeks after Obama and his Superfriends passed a financial regulation reform bill that they laughably claimed would prevent future bailouts, they passed....more bailouts. This time it is $26.1 billion to bail out state workers and Medicaid. Obama said the bill will save the jobs of 300,000 teachers and other government workers, such as police officers. Unlike previous Dem bills, this bill is actually paid for (golf clap), because the Democrats didn't have enough votes in the Senate to pass it without paying for it, as they desired. Their Shazzam ! Responsibility gone ! magic didn't work this time. They needed a couple Republican votes. Thus, the Dems paid for the funding by closing tax loopholes on multinational corporations (raising taxes) and....cutting funding for food stamps ??? I have to admit, this took me by surprise. I can think of a hundred ways to cut government spending, but cutting the food stamp program never occurred to me. The Dems are taking from the poor to give to the middle class. Specifically, they are giving to the unions.
I always wonder why, instead of bailing out the public employees unions, we can't cut some of their pay and/or benefits to avoid the layoffs. After all, they work for us, the taxpayers, and public employees already earn twice as much as private sector employees. Why should we bail them out ? The entire setup is nothing more than the poorer private sector folks bailing out the wealthier public sector folks, the same as with cutting food stamps. It's perverse.
But instead of cutting public employee pay back a little to keep teachers on the job, the government plays the same old tune. They scare the hell out of the public by threatening to lay off a bunch of teachers and police officers, and then the "benevolent" government pretends they are coming to the rescue, usually by raising taxes. What they are really doing is catering to the Democratic base, the public employees unions, at the expense of other (usually poorer) taxpayers. This partially explains why American education costs are skyrocketing, without a corresponding improvement in the quality of that education. One way or another, the government still works it's Shazzam ! Responsibility gone ! magic on us...and we sit back and take it like the marks we are.
If there's any bright side...november isn't that far away.