I am having a hard time believing my eyes, but today even the Washington Post seems to have been seized with either an attack of conscience, truthfulness, or both. This piece goes straight to the jugular on the insanity of Congress for the past 12 years, starting with the Bush administration.
The bottom line is this: if you try to wage two wars for longer than it took us to defeat both Hitler, the Japanese, and Mussolini, using accounting tricks to try and keep them completely off the books, and if you slash taxes on the super wealthy and the big corporations almost to the point many don’t even pay anymore, and you choose to totally squander the $2 TRILLION DOLLAR SURPLUS you inherited from the end of Clinton’s administration, the result is simple: you drive this nation to the brink of bankruptcy.
Note that for once we have an analysis that does not try to lay the blame on Obama. He inherited this mess. The prior Republican administration managed to create it all on their on
Why ANYONE still listens to a single word that comes out of the mouths of either a Republican or a Democrat who says that if we just keep on cutting the taxes of the wealthy and the big corporations, while stripping medical care and social security from the poor, the retired, the elderly, women and orphans, is just flat out beyond me anymore.
How about we start dealing with some reality, not the manufactured fantasies being hawked by the Simpson Cat Food Commission, and Rep. Ryan of Wisconsin and his ilk, who are trying to destroy Medicare, Medicaid, Social Security, and the entire safety net for American citizens.
Here is what the Washington Post has to say today. It is not pretty. But it is about time some of the truth started appearing in the mainstream media. (Highlighting added.)
Voices of caution were swept aside in the rush to take advantage of the apparent bounty. Political leaders chose to cut taxes, jack up spending and, for the first time in U.S. history, wage two wars solely with borrowed funds. “In the end, the floodgates opened,” said former senator Pete Domenici (R-N.M.), who chaired the Senate Budget Committee when the first tax-cut bill hit Capitol Hill in early 2001.
Now, instead of tending a nest egg of more than $2 trillion, the federal government expects to owe more than $10 trillion to outside investors by the end of this year. The national debt is larger, as a percentage of the economy, than at any time in U.S. history except for the period shortly after World War II.
Polls show that a large majority of Americans blame wasteful or unnecessary federal programs for the nation’s budget problems. But routine increases in defense and domestic spending account for only about 15 percent of the financial deterioration, according to a new analysis of CBO data.
The biggest culprit, by far, has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts. Together, the economy and the tax bills enacted under former president George W. Bush, and to a lesser extent by President Obama, wiped out $6.3 trillion in anticipated revenue. That’s nearly half of the $12.7 trillion swing from projected surpluses to real debt. Federal tax collections now stand at their lowest level as a percentage of the economy in 60 years.
Big-ticket spending initiated by the Bush administration accounts for 12 percent of the shift. The Iraq and Afghanistan wars have added $1.3 trillion in new borrowing. A new prescription drug benefit for Medicare recipients contributed another $272 billion. The Troubled Assets Relief Program bank bailout, which infuriated voters and led to the defeat of several legislators in 2010, added just $16 billion — and TARP may eventually cost nothing as financial institutions repay the Treasury.
Obama’s 2009 economic stimulus, a favorite target of Republicans who blame Democrats for the mounting debt, has added $719 billion — 6 percent of the total shift, according to the new analysis of CBO data by the nonprofit Pew Fiscal Analysis Initiative. All told, Obama-era choices account for about $1.7 trillion in new debt, according to a separate Washington Post analysis of CBO data over the past decade. Bush-era policies, meanwhile, account for more than $7 trillion and are a major contributor to the trillion-dollar annual budget deficits that are dominating the political debate.
And if you missed it before, here is is again. The graphic on the source of the current deficit that says it all. The Republicans have made an art form out of repeating lies until people start to believe them. Maybe if some of us just keep repeating the truth again and again and again it will finally sink in.
And here is a the most telling graphic, that shows the true source of the current deficit and our economic situation. This graphic sums it all up.
This post has been faxed to Representative Todd Young, IN-09; Indiana Senators Dick Lugar and Daniel Coats; The White House; House Speaker John Boehner; Senate Majority Leader Harry Reid; House Minority Leader Nancy Pelosi; Rep. Paul Ryan, R-WI; and and posted on this web site, http://keepamericafree.com. The web site provides links to documents on the web supporting the statements in this letter.