Read This If You Think the Tea Party Is EXTREMIST
- Posted by Jeff Carter
- on July 29th, 2011
Republicans, and Democrats are calling the Tea Party Congressman extremists. We have left wing pundits like Paul Krugman calling them extremists.
I agree, they need to get on board and pass the Boehner Plan-but if you haven’t read this article you ought to, it’s genius. Here are some facts to ponder,
The National Debt on the day Bush took office was $5.7 trillion. On the day he left office the National Debt was $10.6 trillion, a $4.9 trillion increase in eight years. Today, the National Debt stands at $14.4 trillion, a $3.8 trillion increase in two and a half years. That sounds bipartisan to me.
Federal government spending has risen from $1.9 trillion in 2001 to $3.8 trillion in 2011, a 100% increase. Federal government revenues grew from $2.0 trillion in 2001 to $2.5 trillion in 2008, before collapsing to $2.2 trillion today. GDP over this same time frame has grown 47%.
The annual Federal budget deficit in 2007 was $160 billion. Annual deficits between 2002 and 2008 ranged between 1% and 4% of GDP. Since 2009, annual budget deficits have exceeded $1.1 trillion and will continue to exceed $1 trillion as far as the eye can see. Annual deficits now exceed 10% of GDP.
The Federal government spends in excess of $1.2 trillion per year on the cost of present and past wars, or 55% of all tax revenues.
With a gun to their head from Wall Street banks, Congress handed over $700 billion of taxpayer money to the criminal banks that had just crashed the worldwide economic system with their casino gambling. These banks have been getting free money from the Federal Reserve since 2008 and have rewarded themselves with in excess of $70 billion in bonuses since 2008.
Obama handed $800 billion of pork to his constituents across the country in order to create 3.5 million jobs. The $800 billion is gone and we’re still waiting for the jobs.
The home buyer tax credit scheme cost Americans $22 billion, or $100,000 per additional home sold, and home prices are now 5% lower than they were before this worthless Keynesian scam. And prices continue to fall.
The Cash for Clunkers debacle cost Americans $3 billion, or $24,000 per junked car, as a payoff to Government Owned Motors and Obama’s union backers.
The taxpayer bailout of Fannie Mae and Freddie Mac has cost Americans $160 billion so far, with at least another $150 billion to go.
The Federal Reserve tripled their balance sheet to $2.7 trillion and is now leveraged 55 to 1, twice the leverage of Bear Stearns and Lehman Brothers when they failed. A 2% decline in the value of their assets wipes out their capital.
The government and Federal Reserve threatened the FASB into changing the accounting rules so the Too Big To Fail Wall Street banks could fraudulently report the value of the assets on their books, to appear solvent.
Obamacare will add 30 million people to the government controlled healthcare system, while adding mountains of new bureaucracy, and trillions of added costs.
And last but not least, the country goes $4 billion further into debt every day. Or for further perspective: $166 million per hour; $2.8 million per minute; $46,000 per second.
Go read the whole thing and look at the charts.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
Jeffrey Carter is an angel investor and independent trader. He specializes in turning concepts into profits. He co-founded Hyde Park Angels one of the most active angel groups in the United States in April of 2007. He previously served on the Chicago Mercantile Exchange Board of Directors. He has done market commentary for (More...)