| The Gross National Debt |
| This page is very lengthy: If you will be patient and read this page to the very end, you will understand why debt and jobs have been my first priority. 03-03-2010 Debt Dynamite Dominoes: The Coming Financial Catastrophe Assessing the Illusion of Recovery By Andrew Gavin Marshall Global Research, February 22, 2010 02-18-2010 Dear Friends: We are very fortunate to have the following from The Center On Budget and Policy Priorities: WHERE TODAY'S LARGE DEFICITS COME FROM Economic Down Turn, Financial Rescues, and Bush-Era Policies Drive The Numbers By Kathy A. Ruffing and James R. Horney SOME EXCERPTS: "If not for the tax cuts enacted during the presidency of George W. Bush that Congress did not pay for, the cost of the wars in Iraq and Afghanistan that were initiated during that period, and the effects of the worst economic slump since the Great Depression (including the cost of steps necessary to combat it), we would not be facing these huge deficits in the near term." "Bush Tax Cuts, War Costs Do Lasting Harm to Budget Outlook" "Just two policies dating from the Bush Administration — tax cuts and the wars in Iraq and Afghanistan — accounted for over $500 billion of the deficit in 2009 and will account for almost $7 trillion in deficits in 2009 through 2019," "Without the economic downturn and the fiscal policies of the previous Administration, the budget would be roughly in balance over the next decade. That would have put the nation on a much sounder footing to address the demographic challenges and the cost pressures in health care that darken the long-run fiscal outlook." POLICY BASICS THE 2001 AND 2003 TAX CUTS "Who has benefited the most from the Pence-Bush tax cuts?"gth Will the USS Budget Go Down? A Titanic Budget in an Ocean of Icebergs by Jo Comerford, Published on Monday, March 1, 2010 by TomDispatch. com Reproduced from CommonDreams.org The Great American Bank Robbery by Joseph Stiglitz Folks: Stiglitz's article is a "must read." gth The Economy Debt. Debt and more Debt. Dear Friends: For those who can remember; I was the Democratic Congressional nominee against Rep. Dan Burton in 1988. That was 22 years ago. At that time, the Theme of my campaign was "Putting America First! The two major issues of my campaign were (1) Jobs and (2) the national debt. At that time, I warned of "the economic destruction" of our great country via the deficit spending of President Reagan and Rep. Burton. Conservative Republicans; Reagan, The Bushes, Boehner, Burton, Pence, etc., and the Democrats; Bayh, Pelosi, have clothed themselves in the cloak of being "fiscal conservatives." These pseudo conservatives like to proclaim they are against raising your taxes,; and that is good. However these hypocrites have no problem with increasing the national debt which has now placed an insurmountable debt load upon all of us especially our children and grandchildren. In 1980, our great country had survived for nearly two hundred years and the national (federal) debt had not gone over 980 billion dollars. Mr. Reagan promised to reduce this debt, (as did George W. Bush) by way of the most massive tax cuts in history, at that time. His premise was that "tax cuts"create jobs. Rep. Pence has been a big believer in this lie also! At the end of Reagan's eight years as president, the federal debt had climbed to 2.9 trillion dollars. In other words, Reagan, a "fiscal conservative" had tripled the national debt in only eight years. Here's the proof: In 1981, Reagan's "Program for Economic Recovery" which highlighted the Kemp-Roth tax cuts, which promised to cut income taxes by 30% over three years. By end of fiscal 1982, with a deficit of $ 120 billion, the national debt was $ 1.13 trillion. Fiscal 1983, a deficit of $208 billion raises the nat'l debt to $1.4 trillion. Fiscal 1984, a deficit of $186 billion raised the nat'l debt to $1.56 trillion Reagan is easily re-elected for a second term. Fiscal 1985, a deficit of $222 billion raises the nat'l debt to $1.82 trillion. Fiscal 1986, a deficit of $238 billion raises nat'l debt to $2.12 trillion. Fiscal 1987, a deficit of $ 169 billion raises nat'l debt to $2.35 trillion. Fiscal 1988, a deficit of $ 194 billion raises nat'l debt to $2.6 trillion. Fiscal 1989,(Reagan's last budget) a deficit of $205 billion raises nat'l debt to $2.87 trillion. Americans, apparently wanting more "tax cuts" with more massive deficits and more "free trade" elected George H.W. Bush as President in 1988. Bush, who had once described "Reaganomics" as "voodoo" economics proceeded to create even more debt. At the end of George H. W. Bush's last fiscal year, 1993, the national debt had increased by $1.48 trillion to $4.35 trillion. President Clinton, elected in 1992, did try to control deficit spending. I do fault Clinton as much, if not more than, The Republican presidents, the "free traders" in supporting NAFTA, the WTO and destroying American manufacturing jobs. Thus, after eight years, President Clinton's last fiscal budget year, Sept. 30, 2001, the national (federal) debt was $5,807,463,412,206. An increase in the national debt of $1.65 trillion in eight years. Then in 2000, George W. Bush was elected President and set into motion the most massive tax cuts for the wealthy ever. Public debt end Fiscal year 2002, (Bush II 1st budget) $ 6.228 trillion ($421 billion deficit added to federal debt) Public debt end Fiscal year 2003, (Bush II 2nd budget) $ 6.783 trillion ($555 billion deficit added to federal debt) Public debt end Fiscal year 2004, (Bush II 3rd budget) $7.379 trillion ($596 billion deficit added to federal debt) Public debt end Fiscal year 2005, (Bush II 4th budget) $7.932 trillion ($553 billion deficit added to federal debt) Public debt end Fiscal year 2006, (Bush II 5th budget) $8.506 trillion ($574 billion deficit added to federal debt) Public debt end Fiscal year 2007, (Bush II 6th budget) $9.062 trillion ($501 billion deficit added to federal debt) Public debt YTD Fiscal year 2008, (Bush II 7th Budget) $10.024724 trillion ($ 962 billion, 172million, 496 thousand,556 dollars deficit , added to federal debt) For The Fiscal year 2009,(Bush II 8th Budget) Bush and Congress increased the national debt from Oct. 1, 2008 to Sept. 30, 2009 by 1.887 trillion (End of fiscal year, 2009_to 11.898 trillion That's eleven trillion and 898 billion dollars. Please note George W. Bush consistently ran budget deficits of over one half trillion dollars each year. The fiscal years of 2008 and 2009 were particularly devastating on adding more debt on tghe back of the taxpayer! This national debt increase of $ six trillion over Bush's and Pence's 8 years averages out to $ 750 billion per year! The "fiscal conservatives," George Bush and Rep. Mike Pence are now responsible for fiscal year 2009's budget deficit of 1.887 trillion dollars. The "fiscal conservatives," Bush and Pence actually doubled our national debt from $5.087 trillion to 11.898 trillion in these eight years. That's doubling the debt inherited from Clinton by $ 6.8 trillion! THINK ABOUT THAT! Shame, shame on you, the voter for remaining apathetic and indifferent about this debt legacy to our children, grandchildren and great grandchildren. This debt can never be paid! Your children, grandchildren and great grand-children will never forgive you! Once and for always, I hope this slays the myth that "Reaganomics" aka "supply-side economics" (tax cuts for the wealthy) creates jobs and increases federal revenues! Shame, shame on you, the voter for remaining apathetic and indifferent about this debt legacy to our children, grandchildren and great grandchildren. This debt can never be paid! Your children, grandchildren and great grand-children will never forgive you! As a child of a working class family, I learned very early to stay out of debt. If you don't have the money , don't go out and borrow it; and that is exactly what our elected officials. like Pence, have done. I became well aware of how "Reaganomics" with its "tax cuts" for the rich and corporations created massive wealth for the wealthy but tragically, began to create massive, massive debt for the taxpayer. If you will read this entire page , I have documented how each successive president, especially George W. Bush has contributed to the deficits which today, our national (federal) debt is over twelve trillion dollars. George W. Bush's massive tax cuts for the rich did nothing to create jobs as he and Rep. Pence promised! This has also created a massive disparity of wealth among Americans. Over two hundred American economists warned against The Bush - Pence tax cuts for the rich. Well over half of the increase in our federal debt, 7 trillion dollars, is due to the lost revenue on these "tax cuts." EVEN TODAY, REP. PENCE IS CALLING FOR MORE "TAX CUTS" FOR THE RICH! WHY? BECAUSE THESE TAX CUTS CREATE MORE AND MORE WEALTH FOR THE WEALTHY! See * Who will pay this debt and how? Our children and grandchildren are now faced with paying off this insurmountable debt. President Obama's "stimulus plans," his and Congress' bailing out the banks and Wall Street have committed at least another fifteen trillion dollars of federal debt to 27 trillion dollars. President Obama is a "Bilderberger, " as are The Clintons, and Senator Bayh. I believe this massive debt and the endless wars have been deliberately created to impoverish our great nation as part of "The New World Order!" We are now a "banana" Republic. Instead of having the American taxpayers pay for the massive bailout of the banks and Wall Street, Geithner and Obama and Congress should have made those responsible for this financial fiasco pay up. If elected to Congress, I intend to submit legislation to place this financial burden on the rich! Please read: Why Billionaires Should Pay for the Jobless Recovery Les Leopold Author of "The Looting of America" Posted: October 24, 2009 06:18 PM Huffington Post XXXXXXXXXXXXXXXXXXXXXXXX Thomas Jefferson stated: "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and the corporations that will grow up around them will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. The modern theory of the perpetuation of debt has drenched the earth with blood, and crushed its inhabitants under burdens ever accumulating." A financial system which has almost exclusively benefited the wealthy Market Review By Bob Chapman Global Research, November 14, 2009 The International Forecaster - 2009-11-11 "The American journey that began on 8/15/71 is going to end over the next several years. The problems that have manifested themselves over the past few years signal the final stages of a destructive process that has stifled production and innovation and encouraged fraud in Wall Street and banking. The injection of money and credit into the financial system via the Fed and the Treasury has almost exclusively benefited the wealthy financial sector and has spread only crumbs to American citizens." No Armistice In War on Poor "The proof of no peace is in the fact that the president and congress keep talking about recovery and jobs bouncing back...but there's no real structural change on the table, no new economic tools, no regulation -- certainly no reparations -- in sight. The losers are weak and the winners are stronger than ever. The US economy has lost some 10 million jobs since the recession began. Do you really think those 10 million jobs are coming back? It seems to me, the war is far from over and the spoils are just beginning to mount." by Laura Flanders Published on Thursday, November 12, 2009 by The Nation Bill Moyers: Was the Financial Bailout Just a Slick, Friendly Takeover of the Federal Government? By Bill Moyers, Bill Moyers Journal Posted on October 12, 2009, Printed on October 16, 2009 http://www.alternet.org/story/143209/ an excerpt: BM: How do we get Congress back? How do we get Congress to do what it's supposed to do? Oversight. Real reform. Challenge the powers that be. MK: We have to take the money out. We have to get rid of the constant fundraising that happens inside the Congress. Before, political parties used to raise money; now, individual members are raising money through the DCCC and the RCCC. It is absolutely corrupt. It's good people -- BM: Those are the fundraising groups, both parties -- MK: Parties. BM: In the Congress. G-20: Globalization Goes Bankrupt By Chris Hedges Global Research, September 22, 2009 truthdig - 2009-09-20 "The power elite grasps, even if we do not, the massive fraud and theft being undertaken to save a criminal class on Wall Street and international speculators of the kinds who were executed in other periods of human history. They know the awful cost this plundering of state treasuries will impose on workers, who will become a permanent underclass. And they also know that once this is clear to the rest of us, rebellion will no longer be a foreign concept. " "Our global economy, like our political system, has been hijacked by a tiny oligarchy, composed mostly of wealthy white men who serve corporations. They have pledged or raised a staggering $18 trillion, looted largely from state treasuries, to prop up banks and other financial institutions that engaged in suicidal acts of speculation and ruined the world economy." Jeffrey Sachs Rails against Ex-Fed Chief Greenspan Wall Street Journal, Oct. 6, 2009 an excerpt: "Jeffrey Sachs, a prolific economist, author and professor at Columbia University, had unusually harsh words in his speech today directed at Alan Greenspan, former chairman of the Federal Reserve — placing him with much of the blame for the current financial crisis." The Permanent Destruction of Jobs in America By Washington's Blog Global Research, October 6, 200Washington's Blog - 2009-10-05 America is suffering a permanent destruction of jobs. Updated Sept. 30, 2009 Dear Friends: If you will please read the following; I hope you will understand why I believe the debt that has been created; has been created deliberately in order to impoverish our great Amerca and turn it into a banana republic. Please read: 5 Ways the Government Used Our Money to Save Big Banks and Screw Us By Nomi Prins and Christopher Hayes, The Nation Posted on September 26, 2009, Printed on October 1, 2009 http://www.alternet.org/story/142910/ Folks: Prins & Hayes write an enlightening article of understanding the "bail outs" and how only the big banks benefited and as usual, the little guy (The taxpayer) gets "screwed." Economic Duplicity: Recession and Record Profits The Real Estate Bubble is Not Over By Rev. Richard Skaff Global Research, September 18, 2009 Updated Sept. 24, 2009 Reproduced from Center on Budget and Policy Priorities Top 1 Percent of Americans Reaped Two-Thirds of Income Gains in Last Economic Expansion Income Concentration in 2007 Was at Highest Level Since 1928, New Analysis Shows By Avi Feller and Chad Stone September 9, 2009 some excerpts: "Two-thirds of the nation’s total income gains from 2002 to 2007 flowed to the top 1 percent of U.S. households, and that top 1 percent held a larger share of income in 2007 than at any time since 1928", "During those years, the Piketty-Saez data also show, the inflation- adjusted income of the top 1 percent of households grew more than ten times faster than the income of the bottom 90 percent of households." "The share of the nation’s income flowing to the top 1 percent of households increased sharply, from 16.9 percent in 2002 to 23.5 percent in 2007 — a larger share than at any point since 1928 (see Figure 2). In 2000, at the peak of the 1990s boom, the top 1 percent received 21.5 percent of total income.[3]" "Income gains have been even more pronounced among those at the very top of the income scale. The incomes of the top one-tenth of 1 percent (0.1 percent) of U.S. households have grown more rapidly than the incomes of the top 1 percent of households as a whole, rising by 94 percent — or $3.5 million per household — since 2002. The share of the nation’s income flowing to the top one-tenth of 1 percent of households increased from 7.3 percent of the total income in the nation in 2002 to 12.3 percent in 2007. This is the highest level in the Piketty-Saez data going back to 1913, surpassing even the previous peak in 1928." Please read: US poverty rate hits 11-year high By Shannon Jones 11 September 2009 Please read: US income gap widest since 1917 19 August 2009 Dear Friends: Our U.S. Treasury Department does not print our money! The printing of our currency is done by the Federal Reserve! There is nothing "Federal" about the Federal Reserve. It is a consortium of privately owned banks! Its purpose is to protect the powers and the assets of the banks! It has no oversight and answers to no one! Are Bush, Obama, Biden, Reid, McConnell, Pelosi, Franks, Dowd, Bayh, Boehner, Cantor, and Pence, the "whores in Washington" in "the whorehouse in Washington", that highly respected conservative Dr. Paul Craig Roberts describes in his article; Americans: Serfs Ruled by Oligarchs? Why is there such bi-partisan support in Congress to "bail out " these banks? If these banks would have had to declare bankruptcy, their books would be open; Americans would know where this money went! The banks could face "nationalization." Also the banks would not have the funds to continue to "legally bribe" members of Congress with campaign donations. Banks are in the business of creating debt. The problems with the banks and Wall Street are the results of the past 28 years of the de- regulator Greenspan, our presidents and Congress gutting our banking laws and regulations and thus creating more debt which benefits the major banks. Your apathy and indifference to what Clinton, Bush, Obama and Congress have done will eventually be the death knell of our economy and great country. You as the taxpayer and future generations are "in hock" for the $12.4 trillion needed to bail out these bank gangsters and allow them to continue the legal bribery of Congress and to continue robbing the American people!! Updated May 13, 2009 Dear Friends: While the title of this article is "Crony Capitalism: I would kindly suggest a more appropriate title: "How the political harlots and thieves in Congress and the Obama administration are selling out the American taxpayer. (gth) Crony Capitalism: How The Financial Industry Gets What It Wants By Thomas B. Edsall Edsall@huffingtonpost.com | HuffPost Reporting From DC Some excerpts: " The tilt of American policy in favor of the finance industry -- reflected in the policies of recent Treasury Secretaries Timothy Geithner, Henry Paulson and Robert Rubin -- cannot be attributed to any one person or institution. The industry flexes unsurpassed muscle in the political system, backed by billions of dollars invested in candidates and lobbying, a vast grassroots lobbying network of local bankers, the growing centrality of finance in the national economy, and widespread acceptance among public officials of a pro-market, deregulatory philosophy." "Both the end-stage Bush and new Obama administrations have been exceptionally fawning in their support of failed bankers," William K. Black, associate professor of Economics and Law at the University of Missouri-Kansas City School of Law, told the Huffington Post. "Crony capitalism is now common in U.S. finance." "Since 2000, the finance sector has funneled a total of $2.84 billion directly into the political system, $961 million in donations to candidates and political parties, $1.88 billion in publicly disclosed lobbying expenditures to influence Congress and the executive branch." The Obama Administration and the Bankers: 100 Days of Solicitude Some excerpts: "In most areas of public policy the Obama administration has given the country a sharp and welcome break from the policies of the prior administration. Unfortunately, this is not the case with his financial policy. To a large extent Treasury Secretary Timothy Geithner has continued the Bush-Paulson "save the banks" first approach. Geithner has continued policies initiated in the Bush administration whereby the banks received vast amounts of money from the public trough while offering relatively little in return. Most of the executives at these banks continue to earn multi-million dollar compensation packages and the shareholders and bondholders have been enriched at the taxpayers' expense. It is undoubtedly painful for the public to see their tax dollars going to reward the people who are most directly responsible for the economic crisis. The Wall Street banks played a game of high-stakes poker over most of the last quarter century. In the process, the major actors got incredibly wealthy at the expense of ordinary working people. Now this game has blown up in their face, effectively bankrupting most of the big players, and bringing the economy down in the process. But rather than leave the bankers to suffer the consequences of their own actions, Geithner and Co. are rushing to the rescue with gigantic buckets of taxpayer dollars". Posted April 28, 2009 | 10:17 PM (EST) By Dean Baker, The Huffington Post Top Senate Democrat: Bankers 'Own' the US Congress "And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place." by Glenn Greenwald, Published on Thursday, April 30, 2009 by Salon.com Thievery Under the TARP "We are being robbed big-time, but you can't say we haven't been warned. Not after the release Tuesday of a scathing report by the Treasury Department's special inspector general, who charged that the aptly named Troubled Asset Relief Fund bailout program is rife with mismanagement and potential for fraud. The IG's office already has opened 20 criminal fraud investigations into the $700 billion program, which is now well on its way to a $3 trillion obligation, and the IG predicts many more are coming." by Robert Scheer, Published on Wednesday, April 22, 2009 by TruthDig.com Please read Moyers Journal: Madoff Was A Piker -- America's Big Banks Are a Far Larger Fraudulent Ponzi Scheme. By Bill Moyers, Bill Moyers Journal Posted on April 6, 2009, Printed on April 10, 2009 http://www.alternet.org/story/135161/ Economy in Jeopardy. Barack Obama: "Financial Crime Boss" "Since taking office, Obama, wittingly or otherwise, has headed the largest criminal enterprise in history - the mass looting of national wealth to enrich his Wall Street benefactors. He assembled a rogue economic team of Clinton/Robert Rubin retreads - to fix the current crisis they engineered." By Stephen Lendman Global Research, April 18, 2009 Geithner plan will rob American taxpayers: Stiglitz HONG KONG (Reuters) - The U.S. government plan to rid banks of toxic assets will rob American taxpayers by exposing them to too much risk and is unlikely to work as long as the economy remains weak, Nobel Prize-winning economist Joseph Stiglitz said on Tuesday. "The Geithner plan is very badly flawed," Stiglitz told Reuters in an interview during a Credit Suisse Asian Investment Conference in Hong Kong. U.S. Treasury Secretary Timothy Geithner's plan to wipe up to US$1 trillion in bad debt off banks' balance sheets, unveiled on Monday, offered "perverse incentives," Stiglitz said. The U.S. government is basically using the taxpayer to guarantee against downside risk on the value of these assets, while giving the upside, or potential profits, to private investors, he said. "Quite frankly, this amounts to robbery of the American people. I don't think it's going to work because I think there'll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer." By Susan Fenton and Deborah Kan Tue Mar 24, 2009, Reuters Dear Friends: When I was the Democratic Candidate for Congress in 1988, my two main issues were the loss of jobs and an increasing federal debt. Whenever Ronald Reagan became President in 1981, our great country had gone nearly 200 years before acquiring a trillion dollars in our federal (national) debt. By the time, he left the presidency in 1989, Reagan, a "fiscal conservative" had nearly "tripled" the national debt to 2.87 trillion dollars. Four years later, George H. W. Bush left office. The national debt, ending fiscal 1993, had increased by $1.48 trillion to $4.35 trillion. By the end of Bill Clinton's last fiscal year,2001, the national debt had increased by $1.65 trillion, (in eight years) to $5.87 trillion. In his eight years as president, George W. Bush and Rep. Pence increased the national debt by over $6 trillion. At the end of fiscal 2009, the national debt was $11.898 trillion. Why is it important for you to know this? The national debt figures out to be $40,000 for every man , woman and child, or over $160,000 per family of four. Who will pay this debt? Bloomberg.com has reported, on April 9, 2009, "Financial Rescue Nears GDP as Pledges Top $12.8 Trillion." By Mark Pittman and Bob Ivry An excerpt, "The money works out to $42,105 for every man, woman and child in the U.S." Combining the current national debt of over $35,000 per individual with the above $42,105 plus Obama's deficit puts every citizen "in hock" for over $82,000 as their part of the national debt. Thus a family of four will owe over $330,000 on the national debt. The Bailout Double Standard And The Revival Of Reaganism by David Sirota Reproduced from Huffington Post 03-30-2009 How can this debt ever be repaid? President Obama's first budget projects a deficit of $1.75 trillion. Thus Americans are facing a potential debt of over $25 trillion . How can this debt ever be repaid? Who will pay this debt? It should be evident to every American, no matter what your political persuasion, that President Obama is not going to "bail out" or help the consumer but rather continue to keep the "establishment," the Wall Street and political elites in power by "bailing out" the banks, especially those with "toxic assets." Obama's, Geithner's, Rep. Pence's and Congress' current lie is that by having the taxpayer foot the bill for these toxic assets, more monies will be unfrozen for lending. This is plain and simple a case of "thievery," by Obama and Congress, intended to line the wallets of the Wall Street banksters. Dear Friends: Please read the following: These ten items will guide us through a bail out paid for by "Wall Street," not by we taxpayers as Pence, Obummer. Pelosi, Reid and Bayh have done. 10 Ways to Bail Out Wall Street (and Main Street) Without Soaking Taxpayers in Debt By Chuck Collins and Dedrick Muhammad, AlterNet Posted on September 25, 2008, Printed on September 29, 2008 http://www.alternet.org/story/100223/ An excerpt: "As Congress debates the particulars of the Bush-Paulson bailout, one key question has gone largely unexplored: Who will pay for this mess?" "The lion's share of bailout funding should come from the high-finance gamblers and the wealthy CEOs who have so profited from our casino economy.As Congress debates the particulars of the Bush-Paulson bailout, one key question has gone largely unexplored: Who will pay for this mess?" In my opinion, Obama and his fellow "harlots" in Congress are "screwing " the hell out of the little guy! The average American family, working folks and retirees will pay dearly for this thievery by Obama and Congress. Obama's Wall Street cabinet Excerpts include, "the administration, in both its personnel and policies, is a political instrument of Wall Street." "Policies that are extraordinarily favorable to the financial elite that were put in place over the past month by the Obama administration have fed a surge in share values on Wall Street." By Tom Eley and Barry Grey Global Research, April 15, 2009 Both highly respected economists and Nobel Prize Recipients, Paul Krugman and Joseph Stiglitz have spoken out against Obama and Geithner using taxpayers monies to bail out the toxic assets of these banks. Krugman describes this plan as "cash for trash" in his article, Financial Policy Despair, March 23, 2009, New York Times A must read paper, somewhat lengthy, documents why Americans should be challenging President Obama's programs and his projected budget for fiscal 2010. "America's Fiscal Collapse", "In actuality, what we are dealing with is the most drastic curtailment in public spending in American history, leading to social havoc and the potential impoverishment of millions of people." "The Obama promise largely serves the interests of Wall Street, the defence contractors and the oil conglomerates. In turn, the Bush-Obama bank "bailouts" are leading America into a spiralling public debt crisis. The economic and social dislocations are potentially devastating." This is a "War Budget". The austerity measures hit all major federal spending programs with the exception of: 1. Defence and the Middle East War: 2. the Wall Street bank bailout, 3. Interest payments on a staggering public debt. By Michel Chossudovsky Global Research, March 2, 2009 We're Still Getting Screwed: Geithner Plan Will Make the Rich Richer! By Dean Baker, AlterNet Posted on April 1, 2009, Printed on April 1, 2009 http://www.alternet.org/story/134432/ In my opinion, President Obama, like Bush, is nothing more than a "political harlot," a master of deceit and a chronic liar. Why do I call Obama a "liar?" When the news came out that the Wall Street bankers, the very ones. who because of their greed, were receiving "bonuses" from the bail out monies, Americans were pissed. Obama's feigned outrage at the payment of these "bonuses" was as phoney as could be. Obama had to be aware that the provision forbidding these bonuses had been removed at the request of Wall Street. Obama is a chronic liar! Obama has sold out the American people by appointing the likes of Wall Street harlots Geithner, Summers, Rahm Emmanuel and others to his administration. These Wall Street harlots along with Bill Clinton, Paulson, Greenspan, Ruben, Gramm and others have laid the foundation of one of the most fraudulent swindles ever; the bailing out of Wall Street's financial institutions and the major banks' "toxic assets" at the expense of the American working class taxpaying families. These bailouts, like The Pence-Bush tax cuts for the rich, have one purpose in mind; THE IMPOVERISHMENT OF AMERICA AND AMERICA'S WORKING FAMILIES VIA PERPETUAL DEBT AND ENDLESS WARS! In my opinion,this is the dream of the Zionist New World Order folks; the Rothchilds, the Rockefellers, Kissinger, Wolfowitz, the George Bushes, Obama, The Clintons, Cheney, Biden, Hoyer, Bohner, Pelosi, Rep. Pence, Senator Bayh and the rest. Another enthusiastic reporter, David Sirota's "Obama's team of zombies" is a must read! "Even under the new president, Washington is the same one-party town it always has been -- controlled not by Democrats or Republicans, but by thieves." "the White House's economic team -- a squad of corporate lackeys disguised as public servants." Matt Taibbi's excellent article, "O'Bama's Top Economic Advisor Is Greedy And Highly Compromised." is one of many exposing this "financial rot" for what it is. _What has happened is the result of nearly thirty years of "de- regulation" and laws designed specifically to enrich the rich, more "welfare for the wealthy."Reagan, along with Greenspan was a big supporter of "de-regulation." Clinton, Ruben, Summers, Geithner, Phil Gramm and Greenspan were instrumental in destroying the "Glass-Steagall Act," which kept commercial and investment banks separated. Clinton was very big on "de- regulation" as he saw it as a way of being more "business friendly," a friendliness that resulted in a windfall of campaign contributions for Democratic candidates who supported "de-regulation." George W. Bush has kept on with this program of "de-regulation" and tax cuts for the rich. In 2004, the F.B.I. warned there was an epidemic of fraud in the financial markets; but as usual nothing was done. Obama's Council of Economic Advisors, headed by multi- millionaire Larry Summers and his "Clintonistas" and Obama's selection of Timothy Geithner as Sec'y of The Treasury are powerful reminders that it's business as usual. Obama's rantings about reform are hollow when one does some research on what has really happened! Investigative journalist Glenn Greenwald has an excellent article in Salon magazine. "Larry Summers, Tim Geithner and Wall Street's ownership of government." April 5, 2009. An excerpt: "Just think about how this works. People like Rubin, Summers and Gensler shuffle back and forth from the public to the private sector and back again, repeatedly switching places with their GOP counterparts in this endless public/private sector looting. When in government, they insure that the laws and regulations are written to redound directly to the benefit of a handful of Wall St. firms, literally abolishing all safeguards and allowing them to pillage and steal. Then, when out of government, they return to those very firms and collect millions upon millions of dollars, profits made possible by the laws and regulations they implemented when in government Then when their party returns to power, they return to government, where they continue to use their influence to ensure that the oligarchical circle that rewards them so massively is protected and advanced. This corruption is so tawdry and transparent -- and it has fueled and continues to fuel a fraud so enormous and destructive as to be unprecedented in both size and audacity -- that it is mystifying that it is not provoking more mass public rage. " A better title to this excellent article should have been, The Oligarchs' Escape Plan - at the Taxpayer's Expense Reproduced from Information Clearing House Finance Capitalism Hits a Wall The Oligarchs’ Escape Plan – at the Treasury’s Expense By Prof. Michael Hudson Please remember; Rep. Mike Pence has been one of the biggest supporters of "de-regulation" and using taxpayer monies to bail out the banks and their "toxic assets. Why? Look at Pence's list of Pac contributions and notice how many financial institutions are listed. Notice especially, the Pac monies from "The Friends of Phil Gramm." In my opinion, Rep. Pence, like Barney Franks, Christopher Dowd, Obama and the others, is another "Wall Street harlot." Franks and Dowd , like many others in Congress, have received millions in campaign contributions from the financial companies. Rep. Pence has received hundreds of thousands of dollars, if not millions, from these same companies also! So American Citizen, "where is your outrage?" Updated Feb. 26, 2009 Please read: "How The U S Economy Was Lost" by Dr. Paul Craig Roberts, Feb. 24,2009 Information Clearing House +++++++++++++++++++++++++++++++++++++++++ By now, everyone is aware that President Bush and Congress gave Sec'y of The Treasury Paulson $ 700 billion of our tax moneys and made Mr. Paulson a virtual czar in making our economy right again.. My concerns are (1) there was a much better way of making those responsible for this mess; the ultra rich and their greed' pay for this mess rather than the American taxpayer. Chuck Collins and Dedrick Muhammad have written an excellent paper. "Ten Ways to Bail Out Wall Street, (And Main Street) Without Soaking Taxpayers In Debt! This paper will be my guide, if I am elected to Congress, in determining who will pay for future bailouts; those responsible; not the American taxpayer! (2) Mr. Paulson, a multi-millionaire, (worth a reported $ 700 million) is one of the culprits, along with Congress, Bush and Greenspan, responsible for this mess. Federal Reserve Chairman Bernanke and Treasury Sec'y Geitner, Congress and Pres. Obama are going to make sure the greedy banksters responsible for this mess will come out smelling like roses, while the average "little guy" gets screwed once again by the whores in Congress and the Wall Street banksters. Updated Sept.8, 2008 After four years of Daniels as Governor, Twenty years of Bayh as Sec'y of State, Governor and U.S. Senator, Eight years of Pence as Congressman, consider the following and why for real change, Indiana's Sixth District needs real choice and real change, you should vote for George Holland For Congress in 2010.. Indiana's jobless now number 200,000. That's an increase of 60,000 in just the past one year. More jobless families mean " of Indiana homeowners with a mortgage, more than 11 1/2 percent or 100,000 were either behind on their payments or in foreclosure at the end of June." Folks, times are tough and it could have been avoided. As more families lose their jobs and homes, there will be more divorces, more broken homes and more "homeless," either on the streets or living with relatives. Health care costs are soaring and forty million Americans are without health insurance. So with all these problems at home;Why are we still in quagmires of "deep doo doo' in both Iraq and Afghanistan and all of the above politicians, including Obama, wanting to invade Iran? On costs of war, if you don't object to these planned, contrived, needless, endless wars because of the human suffering; you had better understand it from the point of your wallet or purse! Already, America has troops in four middle east countries, Iraq, Iran, Afghanistan and Pakistan. The costs so far are well over three trillion dollars, all on "The Giant Credit Card" and no end in sight. The Treasury Department has announced the "bailout " of Freddie Mac and Fannie Mae. The treasury has no monies. It will either have to have the Federal Reserve print up "paper" (fiat) money or raise taxes. These irresponsible fiscal policies can be traced to both Republicans and Democrats and their support for "free markets" which is deregulation and unsupervised policies of these financial institutions! Want real change, vote George Holland For Congress in 2010! Aug. 20, 2008 "79 Million Americans Struggle To Pay Medical Bills. Folks, another sign of the times! Please read this article. This is where our tax dollars should be going! Too many of these folks remain silent and indifferent to the four wars currently going on in Iraq-Iran, Afghanistan-Pakistan. These wars, based on lies , deceit and greed are needless and were deliberately planned as part of the oligarchy's "War Party" that controls our country, in their efforts to impoverish our country. These "war costs" could have been used to help them cushion their medical bill expenses! Why aren't these citizens demanding that America address their health costs problems instead of feeding the hogs of war, the war profiteers? Updated Aug. 18, 2008 "The worst of the global financial crises is yet to come and a large U.S. bank will fail in the next few months as the world's biggest economy hits further troubles, former IMF Chief Economist Kenneth Rogoff said on Tuesday." "Large U.S. bank collapse ahead, says ex-IMF economist" Updated July 21,, 2008. Every family has received their "stimulus check." Speaker Nancy Pelosi boasted, "We didn't have to raise taxes either." That's right! This $ l65 billion "hush money" was simply added to the current debt. As was the $ 170 billion to fund the wars in Iraq and Afghanistan. The meltdown in the financial markets from the failures of the mortgage companies; Bear Stearns to now Fannie Mae and Freddie Mac are going to cause an unbelievable amount of financial suffering, but who cares? We are a "bankrupt nation!" How can any one justify the costs of war; the costs of staying in Iraq and Afghanistan? How can Congress justify "bailing out Wall Street"at the expense of "the little guy?" I wrote of this in my 2005 announcement. In June, there were 62 thousand more "lay- offs" bringing ytd lay offs to one-half million. Whenever airline pilots and flight attendants are laid off by the thousands, that says something about how bad the economy is ! It's past time to document how all this happened. The recent purchase of Anheiser Busch by a Belgian firm points out the severity of American Companies being bought by foreign ownership. Roche Laboratories buying up more of Genetech! More and more Americans are receiving their paychecks from foreign owners! Folks, this is not a good thing! Thom Hartmann's "When Americans no longer own America" is a good start. Remember, in 1988, twenty years ago, my main campaign issue was , "Where are the jobs"? By reading Hartmann you realize how this happened; it was due to Reagan's "globalization" and "free trade." Reagan's "supply side" economics also embraced "free markets" and less regulation. In 2006, I featured an article , "Economic Armageddon." I warned of the financial bondage that would be placed upon our children! Congress has sit on its thumbs, doing nothing to prevent this "meltdown." The point is this article was written in 2004; four years ago. Just as President Bush rode his bicycle and strummed his guitar for four days as Hurricane Katrina gathered strength and finally devastated New Orleans; he and Congress, including Rep. Pence, should have been aware of the dangerous of "deregulation" and the coming "real estate" and "banking" bubbles. Bush and Congress have ignored all the warnings given for the past four years! As more and more financial markets collapse, the taxpayer is going to be used to "bail out" these commercial scoundrels! Fannie Mae & Freddie Mac is not a ripple, it's a tsunami wave in our economy. Instead of letting these firms fold, the taxpayer is called upon to "bail them out'! Our dollar continues to weaken. The dollar is no longer protected by the ""gold standard" so Paulsen and Bernanke can print all the "paper money" that is needed to bail out these crooks, and our children will pay for it for decades. Please read "Where is the outrage!" [ Please note Hartmann's reference to "The New World Order" and think, McCain, Obama, Bayh, The Clintons, Daniels, Kissinger, Wolfowitz, Pence etc. This is part of the "The New World Order" which aims to impoverish America by creating more and more debt. The debt of endless, needless war, the debt caused by the "tax cuts," benefiting the ultra rich, and the never ending debt that is being foisted upon we tax payers as more and more Financial institutions go under! Why do I share this with you? Because, the people responsible for letting this happen expect you to re-elect them. Contrary to Obama's glowing promises, nothing will change for the better, only worsen!. You must change and vote for me if you want real change and want to help me save America! This financial crises did not have to happen! It should never have happened! If you want to see the cause, look in the mirror! Let's change that in 2010. *******************end of update******************* When the Comptroller General of The United States, David Waller, resigns because of his concerns about America's fiscal condition, especially the debt, Americans should listen to what this patriot has to say! Please read "How the U.S. can avoid a fiscal wreck." Dear Friends: America is now feeling the disastrous results of twenty eight plus years of Reagan, Bush I, Bush II, Bill Clinton, Cheney, Pence, and Bayh's Reaganomics; "suppy-side" economics and its "free trade" and "free market" and "deregulation" policies. This will not change with Barack Obama as president. Obama has been chosen by the ultra rich political and corporate elites which control our country so ruthlessly! George W. Bush, Senator Bayh and Rep. Pence have been the biggest boosters of "tax cuts" which they claim create more jobs, which create more tax revenue. President Bush's and Congress' rush to provide an "economic stimulus" rebate combined with the massive budget deficits, high unemployment rate and the fact that Americans aren't more prosperous, but are into a "negative savings" rate hopefully should slay this "myth" of how great tax cuts are. They are great for the top 10% of income earners especially the top 1%. However, the rest of us; the lower 90% and our children, are faced with massive tax debt burdens in the future. Congress' members lining their pockets with these "tax cuts" has to be one of the most blatant forms of "self interest." These are the valid reasons that the tax cuts have to be rescinded immediately. Not later, now! Candidate Obama promised to discontinue these tax breaks for the wealthy , but now President Elect Obama has suddenly suffered a severe case of lockjaw in speaking out against these tax breaks. To wait is really courting economic danger as America's national debt keeps ballooning. Interest alone is costing Americans over one and one/half $ billion/day. Folks, that's a lot of money! The current crisis in foreclosed and lost homes due to sub-prime mortgages and the economic meltdown of Bear-Stearns is a result of the "free market" and "deregulation" policies of President Bush and Congress letting "Corporate America" screw the American consumer ! Mr. Bernanke and the Federal Reserves "bailout" of the corporate elite, by "counterfeiting" paper money to "loan" financially troubled institutions is simply another "criminal act" by God's messenger, President Bush and his criminally complicit Congress, who are "wiping" out our savings and retirement accounts values by devaluing our dollar; a gang of "embezzlers" who also have wiped out the Social Security Surplus of $2.3 trillion in violation of federal law! By creating, (counterfeiting) more paper money, the Federal Reserve is not only bailing out "the corporate elite" but also devaluing the dollar thus lowering our standard of living and "real income" for America's working families and Senior Citizens. Already social welfare programs are being cut or eliminated in order to pay for the "tax cuts" for the rich, the wars in Iraq and Afghanistan and aid to Israel. Some of the other things that have destroyed America's Economy are (1) Ever increasing budget deficits, i.e. tax cuts for the rich, resulting in a national debt that can't be repaid but also affects the value of the dollar and depreciates the dollar more and more and lowers the value of all savings programs.. (2) Huge foreign trade deficits, (debt) year after year, importing more goods than we are exporting! This is a reflection of the huge number of manufacturing jobs which have been lost to China and other cheaper labor countries when our "tariff based economy" was destroyed by Reagan, The Bushes, McCain,Clinton, Pence, Bayh, and the 'free traders! Now, President -elect Obama will continue "free trade" and the continued loss of American manufacturing jobs . (3) An ever increasing number of failed sub-prime mortgages, resulting in foreclosures due to the "free market" advocates and the lack of financial regulations. (4) Endless wars with endless costs! The Iraq war has cost over $ 580 billion YTD and when combined with the costs of the Afghan war the costs are over $900 billion and growing. (5) A widening of the disparities of income between Americans. A destruction of the "white " and "blue" collar families and a larger and larger concentration of wealth in the hands of the rich elite. A lower standard of living with ever increasing personal (family) debt; loans, credit card debt and equity mortgages which can't be repaid! President Bush, Rep. Pence, Senator Bayh and John McCain have lied when they tell you that Bush's tax cuts; "supply-side" economics aka "Reaganomics" have created jobs and boosted the economy, thereby increasing tax revenues.. These fiscal experts want to extend and make permanent, Bush's tax cuts. I am against this and have furnished you the proof that these "tax cuts" create massive debt for you and I. As of November 21, 2009, 2009, the national (federal) debt was $12,138, 865,000,000. 00 (12 trillion, 138 billion, 865 million dollars.) The interest on this debt is costing the taxpayers over $1.5 billion per day! President Bush is the president responsible for the debt increasing to nearly eleven trillion dollars! That's right, eleven trillion dollars! How did this happen? Who will pay this debt? I am no economist or tax specialist; but common sense should show this debt has arisen primarily from two sources; (1) Exceeding the budget with deficits; that is spending taxpayers' monies that you don't have. (2) Extending tax cuts to the rich, which then causes a shortage in taxes collected. The government then makes up for these by printing more money or borrowing by issuing treasury notes and by "embezzling" the Social Security surplus. Please remember, with this massive debt, which causes a weakening of the dollar, (devaluation) many things connected to our currency begin to lose value. Investments, Savings accounts, IRAs, CDs, and especially, commodities,(oil, grains,.) We spend more to try to maintain our standard of living! V.P. Cheney has boasted, "Deficits don't matter!" But they do! Deficits are debt which has to be repaid with interest! Remember, just the interest is costing the taxpayers over $1.5 billion per day! Americans will have to understand that with the massive debt increases by more and more borrowing and by inflating the money supply, the value of the dollar, which is the international trade standard, will continue to decline. Remember, no country uses gold as their monetary standard. Our creditor nations will demand more and more interest, because of the continually weakening dollar and at some point, will demand to be paid back in a stronger, more stable currency, such as the "euro." Already the oil producing countries, OPEC, are talking about switching to and being paid in the "euro" which will become the international standard of currency for trade. When this occurs, our economy, our great country will collapse and some form of martial law will be established by the elite. Will you be ready for this? You have been warned! President Bush could have had the best reasons in the world for invading Iraq; he didn't of course, it was based on lies, deceit and greed. Due to our huge national debt and huge personal (family) debt, any wise person would have said, With all of America's debt, is this war really a smart thing to do? WARS COST MONEY! (1)TAXES HAVE TO BE RAISED OR MONIES HAVE TO BE BORROWED TO PAY FOR THESE WARS! WARS AREN'T COST FREE! If you have read The Costs of War link, you know that the Iraq war alone has cost over $ 545 billion, with a projected total cost of over $ 3 trillion. The Iraq and Afghanistan wars have cost YTD over $850 billion. Who will pay these war costs? Secretary of Defense Gates is estimating that next years war costs will be at least $170 billion or more. This is in addition to the $515.4 billion Pentagon Budget request. Folks, that's a lot of money! It could be spent on better things! Please see costs of war! Because Americans do not want more taxes, these war costs will never be paid; as our economy is collapsing, Bush, McCain, Bayh, Clinton, Obama, Pence and Congress, (Republicans and Democrats) are financing this war on the cheap", that is with monies which have been declared as "emergency funds" but which are not included in the budget, but shows up in the debt! So how much is the "true"national debt? Who cares? Who knows? The Social Security surplus of $2.42 trillion continues to be "embezzled" by Bush, Bayh, Pence and Congress in order to pay for the "tax cuts" for the very rich. This is their way of using deceit in order to deceive the American people about who really benefits from the tax cuts and about the size of the true budget deficit each year. In my opinion, these monies will never be repaid! How can Bush and Congress repay over two trillion dollars of embezzled Social Security Trust Funds, (Surplus)? It can't be done! In a blatant violation of Federal law, President Bush, Cheney, Senator Bayh, Rep. Pence and Congress, ( "Borrow, Embezzle and Spend Conservatives") have effectively "embezzeled" the Social Security Trust Surplus, in order to pay for (1) The President' s tax cut for the very rich! (2) Also, the monies from this embezzled trust have been "looted" in order to send Israel, $ 11 million/day, day in and day out, ($5 billion per year). Also the new American Embassy in The Green Zone, is now completed with a new projected cost of $ one billion. So if you support this war, don't complain that the warmongers; the Psychopaths, President Bush, Senators Obama, Bayh, McCain, Clinton, Speaker Pelosi and Zionist Rep. "Neocon Mike" Pence, have looted and embezzled your financial future. After all , "Silence is Consent." Psychopath President Bush, Senator Bayh and Israelphile Rep. "Neocon Mike" Pence use deceit when they talk about "balancing the budget," "cutting deficit spending" and creating jobs by giving permanent tax cuts to the very rich.! Please remember, The National (federal) Debt has increased over $ five trillion dollars under Psychopaths President Bush, Senator Bayh, and Israelphile Rep. "Neocon Mike" Pence and is still growing! This is the largest increase in the federal debt, by any president in the shortest period of time. President Bush has lied about a "balanced budget," just as he has lied about saving Social Security, the war and many other things! Our great country is now faced with a national debt of nearly $ 11 trillion after the debt ceiling was raised from $8.1 to $9 trillion and now to over 11.5 trillion. That's a debt limit increase of $1.72 trillion in less than one year! CONGRESS RAISES CEILING for BORROWINGby Jonathan Weisman and Shailagh Murray). That's $34,000 of debt for every man, woman and child. It will never be repaid! Rep. Pence and President Bush have called for permanent tax cuts, but who benefits? You must remember, there is a direct correlation between tax cuts for the wealthy and an ever increasing national debt. It has been reported that Mr. Bush received $28,000 more in income, after taxes, in 2005 compared to 2004! Mr. Cheney, a muti-millionaire received $ 1.1 million more income, after taxes, in 2005 than in 2004! With Zionist Rep. "Neocon Mike" Pence's six figure income, ($200,000) how many tens of thousands did he "pocket" because of the tax cut! HOW MUCH MORE DID YOU NET? With the tax cuts, the debt ceiling was raised another $900 billion, so who benefits? (Bush Budget Calls for Renewal of Tax Cutsâ€� by Andrew Taylor). Is the deficit really being reduced by Bush and Congress, or is it political B.S.? (Don't let Congress fool you with deficit reductional bill" from USA Today). Who will pay this debt and when? The national (federal) debt has increased at least $5 trillion under Psychopath President Bush and Zionist Rep. "Neocon Mike" Pence ! Only the very wealthy benefit from the Bush-Pence permanent tax cuts! V.P. Cheney may boast, Deficits donate matter, but they do! "In 2005 the average household in America was paying almost $1600 a year for this interest. By 2015, the burden will be two and a half times larger: $4300 per year." ("What the Federal Budget Deficits Will Mean to You", aol.com) A start to restore fiscal sanity and a balanced budget has to be: (1) the stopping of deficit spending! No more budget deficits! 2) The current tax rate of 15% on Capital Gains income has to be stopped and this income taxed as regular income. (3) The tax cuts for the wealthy have to be rescinded and a progressive income tax put into place immediately! (4)The Federal Reserve should be abolished and the printing of money should be under the control of the Treasury department. (5) There should be a legal limit on the amount of "new" paper money introduced into the economy each year. If the middle and working classes have to pay more than their fair share of this debt then why shouldn't the wealthy pay their fair share? The middle and lower classes are getting "screwed" by the Bush-Cheney-McCain Reid-McConnel-Pelosi-Hoyer-Boehner-Pence "tax cuts." _ (6) All corporations, especially multinationals, doing business in the U.S. should pay their fair share of taxes, before taking those profits out of the U.S. All off shore corporations, (tax havens) have to be terminated. If corporations sell here , they must pay a fair tax on that profit! The continuing scam of "supply side" economics being perpetuated by the likes of Senator John McCain and Rep. Mike Pence has to be stopped. After 25 years of "supply side Reaganomics", Americans know there are no "trickle down" benefits to the working class! "Supply side Reaganomics," via tax cuts have created more wealth for the ultra rich, placing a greater tax burden upon the middle and working classes. Reagan's 1981 "Program For Economic Recovery"featuring the Kemp- Roth tax cuts, (supply side economics) should now, after 25 years, be known as the "Program For Economic Disaster." Our government was in existence for two centuries before our national debt, under Reagan, reached one $ trillion. Within four years, the national debt had doubled to over two $ trillion. Today, twenty years later, the national debt is over eleven trillion dollars, our economy has "tanked," American families are into "negative savings"and as Thom Hartmann reminds us in his When Americans No Longer Own America, "Our nation's largest employer has gone from being the unionized General Motors to the poverty-wages Wal- Mart." On Feb. 25, 2007, Yahoo News carried the following: 'In U.S. record numbers are plunged into poverty: report.' Here are some excerpts: ----"The gulf between rich and poor in the United States is yawning wider than ever, and the number of extremely impoverished is at a three decade high, a report out Saturday found." ---"the McClatchy Newspapers analysis found that almost 16 million Americans live in 'deep poverty' defined as a family of four with two children earning less than 9,903 dollars-one half the federal poverty line figure." --- For individuals the deep poverty threshold was an income under 5, 080 dollars a year." ---"The McClatchy analysis found that the number of severely poor Americans grew by 26 percent from 2000 to 2005," ---That's 56 percent faster than the overall poverty population grew in the same period." "Worker productivity has increased dramatically since the brief recession of 2001. but wages and job growth have lagged behind. ---At the same time, the share of the national income going to corporate profits has dwarfed the amount going to wages and salaries," ---That help explains why the median household income for working class families, adjusted for inflation, has fallen for five straight years. There is an old saying that whenever your neighbor loses his job, it's a recession, but when you lose your job, it's a depression!. Home foreclosures increased 75% in 2007! Home foreclosures in 2008 have increased by 54% over 2007! Americans have no one to blame but themselves for their job losses, etc. Here in Indiana, Congress has remained in Republican hands for over twenty years! . How cautious should Americans be? ("Savings Rate at Lowest Level Since 1933" by Martin Crutsinger) which states "A negative savings rate means that Americans spent all their disposable income, the amount left over after paying taxes and dipped into their past savings to finance their purchases". In closing on this section on the economy, I have used third party material in order to document the seriousness of our economy. Rep. Mike Pence has been in office for eight years and like Mr. Bush, he has turned his back on America's working class families, being a supporter of "globalization." The Sixth District voters apparently want to stay the course and watch the "offshoring " of jobs to China and India. The Economy can be improved only by "changing course" back to a tariff based economy, by changing Congressional representation, but the voters have rejected this by re- electing Rep. Mike Pence. So to the workers at Delphi and Visteon,; you have sown the seeds of your job loss by either supporting Rep. Pence or your apathy and indifference to your job situation. Will you,the voter, help me restore good jobs for America by supporting my candidacy and voting for me? |