President Obama’s Conflicting Debt Positions

The Quote of the Decade:  “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Increasing America ‘s debt weakens us domestically and internationally. Leadership means that, ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” ~ Senator Barack H. Obama, March 2006 As President Obama, he has:

Who’s Really To Blame For Our Financial Crisis?

The answer is BOTH parties. The democrats, particularly Clinton’s Administration, caused the most harm. Here is the history:

1977:  Under Carter the Administration the Community Reinvestment Act (CRA) was enacted that encouraged banks to provide home mortgages in their low-income neighborhoods where low-income customers had deposits — a good and noble goal.

1995:  The Clinton Administration rewrote the CRA rules to REQUIRE loans be made to low credit quality borrowers and these new rules became effective in January 31, 1995. This was the start of subprime mortgages — where borrowers did not meet the historic standards of the homeowner of the past.

Politicians: Sociopaths or Pathological Liars

Most citizens consider a partly true or a “bent” story intended to scare, seduce or mislead others a lie. For sure career politicians bend the truth about everything, large and small. Thus, a career politician’s rhetoric is mostly a lie. We citizens have come to accept this as rather than demand the whole truth. Why?

A large percentage of U.S. career politicians are lawyers. Lawyers as part of the “adversary truth” process are trained to bend the truth and lie to benefit their client. It is up to the lawyer’s adversary to do the same and expose any lies. While this is a reasonable process in a legal setting it is not in the best interest of our Nation, but unfortunately, all career politician now practice the adversary truth process.

Career Politicians: Irrational and Greedy

Career politicians’ are our Nation’s most irrational and greediest citizens! Yet they have convinced many of us it is those who disagree with them, big corporations, and the wealthy who are greedy. Consider the irrational and greedy actions of our politicians.

To stimulate the economy politicians irrationally:

  1. Indebt future generations. It’s done nothing. So they stimulate with more debt and quantitative easing (money printing) again and again. Money printing ultimately devalues existing money and raises inflation.
  2. Cut interest rates. It’s done nothing. So they cut rates again and again.

Obama’s “Tax The Rich” Mantra

President Obama’s stump speech to “tax the rich” is more rhetoric than fact. Let’s look at his statements and the facts before we all jump to the conclusion these taxes will fix our deficits/debt problems. He proposes to let expire the (Bush) tax cuts for those making over $250,000 per year. He claims these tax reductions:

  1. Have been a “major” contributor to our deficits
  2. Will raise $1 trillion over ten years for debt reduction
  3. Will not hurt businesses
  4. Will make the rich pay their fair share.

The facts are:

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