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The PJ Tatler

by
Bryan Preston

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March 18, 2013 - 9:07 am

If John Boehner and Paul Ryan were to play chess against Barack Obama, both would find a way to give away the queen on the opening move.

The nation does not have an “immediate” debt crisis, but a “looming” one which requires attention from lawmakers right now, House Speaker John Boehner (R-Ohio) said in an interview broadcast Sunday.

“We do not have an immediate debt crisis,” Boehner said on ABC News’s “This Week With George Stephanopoulos.” “But we all know that we have one looming.  And we have — one looming — because we have entitlement programs that are not sustainable in their current form. They’re gonna go bankrupt.”

Boehner wasn’t alone. Paul Ryan disappoints just as much.

Rep. Paul Ryan (R-Wis.), the chairman of the House Budget Committee, echoed Boehner’s position on the nation’s debt on Sunday.

“We do not have a debt crisis right now, but we see it coming,” Ryan said on CBS News’s “Face The Nation.”

Our credit has been downgraded once already, and may be downgraded again.

We have piled up half a trillion in new debt just since the political parties held their conventions last year.

We’re borrowing about 46 cents out of every dollar our government spends. And we haven’t even had a national budget for more than 1400 days now.

If this isn’t a crisis, what is?

Boehner and Ryan need to rip a page from the Democrats, but they won’t.

The Democrats have made an art of turning everything into a crisis. They and their allied advocacy groups build a case that something is a crisis that demands action. Then once the case is built, with ample assists from the media, they get the action they’re pushing. ObamaCare is only the most recent example. Democrats sold America that our health care system, the best in the world, was in a state of “crisis” for decades. It wasn’t. It is now, though, thanks to ObamaCare.

We have an actual spending crisis, right now. Excessive government spending is not only building up too much debt now, it’s robbing the economy of the future. It’s weakening us economically, which weakens us militarily. But the president and the Democrats only want to keep taxing and spending more and more money, building up more and more debt. They’re turning a 2% cut in the rate of growth of government spending into a crisis right now. Democrats will not cut spending. They have to be called out for this.

It’s not difficult to paint this picture in the bold colors that the current media environment demands: If we continue down the path we’re on, or accelerate on it as the Democrats want, we will go bankrupt. China will overtake us economically and the world will become a much more violent and dangerous place as the US cedes leadership. The government will begin confiscating Americans’ savings, 401ks and other assets to pay its debts. What’s happening in Europe now can and will happen here. The Democrats have already signaled their belief that tax cuts amount to government spending. That means they believe that your property is really theirs. Once the notes on their debt come due, they’re going to hit up average Americans to pay them. Where else will they go?

Current Republican leaders who either can’t or won’t make the case that the Obama-Democrat spending addiction is a massive threat to our country need to step aside.

 

 

Bryan Preston has been a leading conservative blogger and opinionator since founding his first blog in 2001. Bryan is a military veteran, worked for NASA, was a founding blogger and producer at Hot Air, was producer of the Laura Ingraham Show and, most recently before joining PJM, was Communications Director of the Republican Party of Texas.

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The debt crisis is much worse than people realize. A while back articles appeared that stated federal spending was not $3.7 trillion in 2012 but was between $5 and $10 trillion, the exact number being hard to pin down.

Why was this? Because of the shell game being played between the Treasury and Federal Reserve. In order to make the cost of borrowing seem less, for some time the Treasury has been issuing short term notes, notes with durations of less than 1 years to 2 years. Trouble is that they come due very quickly. Also bear in mind that the Federal Reserve is now the largest lender to the government.

So, those two have been playing a game with these shorts terms notes, mainly rolling them over in one fashion or another. This rotating pile of cash, additional debt, and the percentage the Fed takes off the top of each transaction, adds up to trillions more spending and debt piled on top of the official spending. Just how much isn't known because those books are arcane and not open for public inspection.

There really is no telling just how massive the government debt actually is because there is no one set of books nor does government use business accounting. I would say it is more than fair to place the number at far above the currently estimated $75 trillion shortfall over the coming years, and that's not counting the higher interested rates coming once the US gets downgraded yet again.
1 year ago
1 year ago Link To Comment
This administration has as its foundation not America's Founding Fathers and their hard fought, hard thought economic/social philosophical underpinnings but a Western European (yes, Marx studied philosophy in Londons libraries) system of "dialetical materialism" (whatever in the world that is)! In other words, things emanate from government, are controlled by government and exist for government. Today, all one has to do is look around to see food banks, charities, social networks feeding the poor, increased levels of misery. 7.7% (levels of unemployment-stuck there), more factories closing,yard sales, estate sales consignments and rising layoffs, then:
1) education- 25th in the world;
2) religion under daily attacks;
3)government by We The Elite People of cuture of corruption in all of Washington DC and for these very same people and lastly;
4)financial sector for the "too big to fail" crowd. 1980's LBO's are back in vogue (look at increasing stock-buy-backs, dividends, tax havens, etc.).
America is so far off track it will take one generation to right two terms of "Obamanation!" This is exactly like FDR's "New Deal!" It's economic socialism, period! His administrations gave the USA 3,466 Executive Orders! And after ten years, when none of this worked, he finagled a World War to get his policies working...Truman didn't fare any better.
http://patdollard.com/2013/03/gop-congressman-blasts-obamas-hypocrisy/
God Save America. Vigilence is the key. Prepare for when the time is ripe, We The People are ready to take back our beloved USofA. Tea Party and Teavangelicals unite. Pray.Amen.
1 year ago
1 year ago Link To Comment
We just have to wait until the Congress declares that it tax savings because it is "future income".
1 year ago
1 year ago Link To Comment
Well, here's an idea. The president can declare a national bank holiday and confiscate ten percent of all depositor's money to pay off the senior sovereign bond holders by paying off the Feds three trillion dollar balance sheet. Just make sure to define it as a temporary one off exorcise in fiscal prudence and equity by calling it a wealth tax.
1 year ago
1 year ago Link To Comment
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