Tuesday, July 26, 2011

Intellectual Dishonesty & Framing Debate


http://www.theatlantic.com/politics/archive/2011/07/the-chart-that-should-accompany-all-discussions-of-the-debt-ceiling/242484/


I attached a chart which shows the alleged contribution of costs to the budget deficit by presidents Bush and Obama. This chart was printed in the New York Times. The first major glaring issue which defends Obama is the lack of accounting for Obama with regards to the continuation of the middle eastern wars which Bush started. As commander and chief you have the power to end our involvement in wars. Therefore, the continuation of the wars during the Obama presidency should count as a deficit contribution by Obama. Especially considering Obama has won a Nobel Peace Prize. What a joke! Another item that jumps out at me from the graph is the 711 billion in stimulus spending which is accounted for under Obama. During the campaign of 2008, John McCain, George W. Bush, and Barrack Obama rushed to Washington D.C. to help "save the world's financial system from collapse". Lets just end this discussion by saying that the budget deficits are a bipartisan achievement, none of which helped the common United States taxpayer. I also attached the GAO's report on the Federal Reserve System. Look on page 144 and see who got the loans or back door bailouts of 16 Trillion in total. Yes, 16 Trillion! Over 1 trillion went to Bear Sterns and Lehman Brothers which were two companies who went bankrupt. Chase bought Bear Sterns but the company was trading at $2 a share and heading to zero. For all intents and purposes the company was bankrupt. The most redeeming quality of capitalism is failure. Companies that make bad decisions must be able to fail.
http://www.gao.gov/new.items/d11696.pdf

3 comments:

Palestinian Chicken said...

Good post. I would also point out that in the current "debate" over the debt ceiling, neither party has discussed ending the wars or significantly cutting the defense budget. They are arguing over entitlements that are, in the big picture, a drop in the bucket.

Anonymous said...

Andy aka Palestinian Chicken, the entitlements are going to bankrupt the country. Medicare has an unfunded liability of 50 trillion and social security another 10 trillion. I agree with you that war spending could be better put to use by paying for healthcare at home.

Social Assassin said...

Medicare is not going to be cut as a part of this deal, but funding to NPR will. Those are the entitlements I was referring to. For all intensive purposes, you are an idiot.