Saturday, September 25, 2010

Barack Don't Know Didley

President Obama
Speaking in a radio address Friday, President Barack Hussein Obama offered a few insights:
"The Republicans who want to take over Congress offered their own ideas the other day. Many were the very same policies that led to the economic crisis in the first place, which isn't surprising, since many of their leaders were among the architects of that failed policy 
The current recession is a result of the collapse of the financial industry in 2007-2008, which resulted from the government's intrusions into the banking industry by their pressuring banks into making high risk loans and then backing those low to no collateral, unsupportable loans with guarantees from Fanny Mae and Freddie Mac.  It was a financial disaster brewed in the minds of Barney Frank and Christopher Dodd.  The republicans in government attempted to ward off the disaster, but were unable to break through the dense fog in Barney Frank's head.  It cost the nation billions and destabilized the world economy.  

Tax policies had nothing to do with it.
"It is grounded in same worn-out philosophy: cut taxes for millionaires and billionaires; cut the rules for Wall Street and the special interests; and cut the middle class loose to fend for itself. That's not a prescription for a better future."
What would you know about plans for a better future?  What did the government take over of GM and Chrysler have to say about a better future?  How did strong arming those that had invested in those companies and handing control over to the auto-unions work toward creating a better future?
Republicans responded:
"The new agenda embodies Americans' rejection of the notion that we can simply tax, borrow and spend our way to prosperity," said one of its authors, California Rep. Kevin McCarthy. "It offers a new way forward that hasn't been tried in Washington — an approach focused on cutting spending — which is sadly a new idea for a Congress accustomed to always accelerating it."
Damn straight.
Then the AP author ventured into the deep end of the pool:
"Perhaps the biggest difference was on taxes, where Republicans want to extend all of George W. Bush's income tax cuts permanently — at a cost of some $4 trillion over 10 years."
Taxes are not a cost to the government, professor.  
Taxes are best described as a cost to the taxpayers.  President Obama would like taxes to go up in January, at a cost of so many billions to taxpayers.  Taxes are imposed upon a citizenry.  The funds are the earnings of the citizens.  Taxes, whether they rise or fall, are never a cost to the government.


  1. Darrell, the Republicans want to get rid of your social security. Just keep repeating that.

  2. The Dems are thinking if they say it enough times it not only will make it true, but it will get you to forget the 1.5 trillion Obama blew, and the strangulation hold and stagnation his policies have inflicted on our economy.

  3. It has worked for them before; (from their perspective) why shouldn't they expect it to work for them again?

  4. This has got to fail. Really, it's got to fail. I don't see how he can keep using the same recycled pot shots ad nauseam. "Cut the middle class loose"? Oh please.

    I am going to cross-post this on my blog, if you don't mind. Ciao!

  5. The official US debt (some $13.4 Trillion) doesn't include unfunded future liabilities (like SS and Medicare/Medicaid). The real debt including those is on the order of $60-$200 Trillion. Since our GDP is on the order of $16.5 Trillion, the only thing a professional economist can say is "We're screwed."

    The next bomb that's going to detonate is all of those unfunded public pensions--you know where people retire after as little as twenty years of service and get 90%-100% of their last salary until they croak. In Illinois, we have some minor district superintendent of education qualifying for a $1 million+ annual payout and he's in his early fifties. The Federal Gov't is going to have to give every major city $1 Trillion or so to cover these, or we're going to have to walk away from those contracts or reduce them unilaterally to something reasonable--like $2000/mo. You will hear wailing and gnashing of teeth like at no time in modern history.

  6. That which cannot stand (or last) shall not.

    One way or another, the socialistic course the US has been on for the past century will come to an end, because it cannot last, it "eats its seed-corn."

  7. Is it Bo or Squat he don't know?

  8. I was going for didley, but any of the above will work.

  9. Love that caption!

    The caption feature is a new item. In this case it's so stupid... it's perfection itself.

  10. There is a Didley Didley?

    I guess I don't know Didley, either? ;-)