Thursday, July 7, 2011

GOP and the Deficit/National Debt

The GOP is refusing to pay the debt the GOP incurred!  
Attached is a chart showing the growth of the National Debt. The debt doubled while George W. Bush was President. As can be seen it went from $ 5.7 Trillion to $ 11.9 Trillion.

*09/30/2010 13,561,623,030,891.79* (See end notes)
09/30/2009  11,909,829,003,511.75
09/30/2008  10,024,724,896,912.49
09/30/2007  9,007,653,372,262.48
09/30/2006  8,506,973,899,215.23
09/30/2005  7,932,709,661,723.50
09/30/2004  7,379,052,696,330.32
09/30/2003  6,783,231,062,743.62
09/30/2002  6,228,235,965,597.16
09/30/2001  5,807,463,412,200.06
09/30/2000  5,674,178,209,886.86
      From Wikipedia

The current argument over “raising the debt ceiling” is to pay for debts already incurred and is not an authorization to spend more.  The spending determinations were made in the past. Most of the determinations were made during the Bush administration.  However, the Tea Party GOP is refusing to pay current debt unless future spending on Medicare and other beneficial programs are reduced or in the case of Medicare – eliminated.  

Although it seems illogical, the republicans, including our own Congressman, are against reducing subsidies for Oil Companies because the GOP views these reductions as tax increases.  The fact that Seniors will have to pay more than $ 6,000.00 more per year for a Medicare-substitue is not considered by the GOP as tax increases. Logically, how can that be?

The meaness of the above position is the culmination of a right wing swing in our government traced to the election of President Reagan.  Please look at the attached chart which shows the diminished working class earnings over the recent past.

                            From  (<image003.png>)

What can be done?  Help restore the American Dream. Several organizations including are organizing those who desire to restore the American Dream.  Join the movement.

*         End notes:
1.  President Obama was elected in 2008 and took office in 2009.  However, because of the Federal Fiscal year, the 2009 budget ran from October 2008 to September 2009 and was the work of the Bush administration. President Obama inherited TARP, the Troubled Assets Recovery Program, which had not been budgeted and provided Banks with nearly a Trillion dollars.
2.  Please note that President Bush incurred the first trillion dollar deficits.
3.  When President Bush took office, there was a surplus in the budget and had been for the prior year – so the national debt was decreasing. Tax cuts, mostly for high earners, two wars and unbudgeted programs changed surpluses to deficits.

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