Of course it isn’t a problem for Nancy. She ‘s a multimillionaire who has no problem spending our money. The politicians in Washington DC on both sides of the aisle see no problem spending our money today and committing the money of unborn generations for whatever suits their agenda, whether it be illegal foreign wars or inflicting “free” government healthcare upon the masses. Nancy and Obama know that if you just change the word from spending to investment then their followers will nod approvingly and their liberal MSM mouthpieces will bow down and support them 150%. Our government is a gluttonous slob eating at the Heart Attack Grille. I wonder what will happen next.
National debt burdens U.S. today, tomorrow
Monday, February 18,2013
Fiscal conservatives unwittingly sabotage themselves by warning that the $16.5 trillion national debt will impoverish America’s children and deliver unborn grandkids directly into Chinese slavery. While these dire predictions may come true, calling America’s massive indebtedness a challenge for future generations triggers relaxation about an immediate priority: curtailing federal spending and borrowing. By defending “the children,” budget hawks let big spenders invoke Scarlett O’Hara to justify their profligacy, at least until the tykes mature. “Cut the budget later,” spendthrifts propose. “Tomorrow is another day.”
Unfortunately, annual deficits and the accumulated national debt are harming American adults right now.
Uncle Sam is a morbidly obese glutton with a bottomless appetite. Once he has waddled away from the buffet table, little remains for everyone else but breadsticks and several drops of soup.
David Malpass, a New York-based economist with Encima Global LLC and a former Reagan administration Treasury official, understands how Washington crowds out private-sector borrowers in order to finance reckless spending and service yesterday’s debt.
Back in December 2009, Malpass explained in The Wall Street Journal how the Federal Reserve’s purchases of Treasury bonds and mortgage-backed securities caused capital to be “rationed not on price but on availability and connections. The government gets the most, foreigners second, Wall Street and big companies third, with not much left over.” Consequently, Malpass added, “for small businesses and new workers, capital rationing is devastating, spelling business failures and painful layoffs. Thousands of startups won’t launch due to credit shortages, in part because the government and corporations took more credit than they needed. …”
Three years hence, the conditions that Malpass lamented linger like an unshakable low-grade flu. Between the end of September 2011 and the same date in 2012, total outstanding federal debt grew 12.3 percent, while corporate debt expanded by 5.9 percent. Among non-corporate businesses, it fell 1.2 percent. For households, it dropped 1.9 percent. This is anomalous, Malpass notes, since “small-business credit has usually expanded at a faster rate than corporate credit.”
This is a stunning plunge in lending to entrepreneurs and small businesses — the twin engines of job creation. “Credit markets once provided $300 billion to $550 billion net new credit per quarter to the non-financial private sector,” Malpass recently observed. “This helped fund new investment, inventories and other working capital needs. … Private-sector credit increased only a net $66 billion in the third quarter of 2012.”
Why should banks risk capital on innovative new companies with brilliant ideas when Washington dutifully repays interest and principle on those boring old savings bonds — albeit with freshly printed cash?
And what happens when Uncle Sam devours most of the smorgasbord?
Unemployment reaches 7.9 percent while the economy contracts 0.1 percent in the fourth quarter of 2012. Rather than hire people and expand operations, business managers bite their nails and fret that paying off the debt will unleash a stampede of new taxes.
Touchingly oblivious to all of this, House Democratic leader Nancy Pelosi of California last weekend told “Fox News Sunday”: “It is almost a false argument to say we have a spending problem.”
If only Washington had a spending problem; it has a spending addiction. Congress and the White House should go cold turkey and terminate antiquated and destructive programs and agencies (e.g., depart the housing sector). From environmentally mundane Western acreage to empty office buildings, federal assets should be privatized. Social Security and Medicare beneficiaries should face affluence tests. Also, the eligibility age of 65 to 67 should acknowledge that life expectancy is not 62 (as in 1935, when Social Security began) nor 70 (as in 1965, when Medicare commenced). Americans now typically stick around for 79 years.
With all due affection for the children and grandchildren, they eventually will feel the wrath of Obama’s (so far) 55.5 percent national debt hike. Meanwhile, trillion-dollar annual deficits, rampant borrowing and the $16.5 trillion national debt are punishing American individuals, families and businesses today.
Deroy Murdock is a Fox News contributor and a media fellow with Stanford University’s Hoover Institution on War, Revolution and Peace.
bluestem says:
“Tommorrow” comes next week, should be interesting. John
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19th February 2013 at 10:22 am
Stucky says:
Do we the people still fly that ugly wrinkled cuntface around in a “big fat 200 seat jet” (HER words!!!)?
John Denver-Leaving On a Jet Plane (Nancy Pelosi Parody) —- pretty good
http://www.youtube.com/watch?v=4wnRDDfyxAE
Somebody (AWD?), fuck her for Old Glory before she fucks us, again.
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19th February 2013 at 10:43 am
Administrator says:
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19th February 2013 at 10:51 am
flash says:
The Dim-tards spend the country into third world heel,while the party of suck -ass effeminate bitches just want to be noticed.
GOP senators waiting for President Obama’s outreach
By REID J. EPSTEIN | 2/18/13 5:50 PM EST
President Barack Obama will need Republican senators to pass his ambitious agenda — and the White House has even identified the top prospects.
But after months of buildup and a week since his State of the Union address, key aides on the Hill and at the White House acknowledge that even GOP senators who fit Obama’s vision of bipartisanship — Sens. Mark Kirk of Illinois, Rob Portman of Ohio, Lamar Alexander of Tennessee and Tom Coburn of Oklahoma — are all waiting to hear anything from the president.
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19th February 2013 at 11:03 am
DaveL says:
Heard on CNN last night during a discussion about the optics of Obama playing golf with Tiger Woods, the CEO of Haliburton, and some other 1%ers.
“Erin, you have to understand that TODAY’S TOP LEVEL POLITICIANS CAN’T AFFORD TO HANG AROUND WITH PEOPLE WHO DON’T HAVE MONEY.”
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19th February 2013 at 11:10 am
AWD says:
Only San Francisco could produce a freak like Pelosi. And the other Sodom and Gomorrah (Vegas) produces the demon, Harry Reid. I hope these two live long enough to be hung by piano wire by the kids that are going to have their lives and country destroyed by these criminals.
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19th February 2013 at 11:26 am
Hope@ZeroKelvin says:
@AWD: You beat me to it.
I was going to say: THE BOTOX GOES RIGHT TO THE BRAIN.
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19th February 2013 at 11:43 am
AWD says:
The last days of any country or republic are always characterized by complete immoral idiots and criminals running the show. So it is today. Nancy Pelosi, ten pounds of shit packed into a five pound botox bag.
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19th February 2013 at 11:47 am
KaD says:
I only wonder if she actually believes the shit that is coming out of her mouth.
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19th February 2013 at 11:49 am
IndenturedServant says:
It doesn’t matter if SHE believes it. The people listening to her believe it.
I_S
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19th February 2013 at 2:13 pm
IndenturedServant says:
AWD, hanging is far too quick and easy for these assholes. I’d prefer to make them watch as we give away the money and possessions to Republicans and then march them into the nearest ocean naked and shoot them if they so much as look back towards our shores. Let them suffer…..and struggle……A LOT!
I_S
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19th February 2013 at 2:18 pm
Stucky says:
I prefer the Concentration Camp form of death for these scum. I must still have 1% Nazi genes.
Feed them 500 calories per day. Mostly empty calories, nothing nutricious. Give them shitty water … stuff that gives them extreme, but not to extreme, pains. The goal is a slow painful death over 3 or 4 months. Gives them time to think about their putrid lives while knowing they’ll be in hell soon. Yeah, that’s the ticket.
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19th February 2013 at 2:44 pm
Robmu1 says:
Democrats have so little respect for their own constituents that they feel free to lie to them every day – of course, they know that most of them are dimwits who want to be lied to, so, onward with the bullshit.
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19th February 2013 at 3:42 pm
marissa says:
Didn’t she just get re-elected?
Who votes for this woman??
Stop it California, just stop it!
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19th February 2013 at 5:21 pm
Eddie says:
Never trust a rich person who pretends to speak for the poor and disenfranchised. They always have their hand in the cookie jar. Each and every time.
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19th February 2013 at 7:52 pm
eugend66 says:
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19th February 2013 at 2:54 am