Ok, I threw in the "socialist" for a few laughs. Only someone without a grip on reality--or unwilling to look at pesky facts--would call the current president a "socialist". Let's focus on the less wacky claims.
If you want to wring your hands about the bigger government deficit, don't go pointing the finger at the president or Congress. Instead, you can thank Goldman Sachs, Angelo Mozilo, Robert Rubin and the rest of the smart boys who built a financial system that was a mix of a floating casino, Ponzi scheme and fool's gold paradise--all patched together by lies, deceit and a healthy dose of massive public indoctrination of the wonders of the "free market".
What's the connection?
The collapse of the financial system--thanks to the greed and incompetence of the people running it--is the principal reason today for a larger deficit. The collapse gave us:
à ‚¬ A weaker economy so money wasn't coming into the Treasury as fast (because millions of unemployed people don't pay taxes).
à ‚¬ A weaker economy that called on us to aid our fellow citizens with more aid such as unemployment insurance and food stamps.
à ‚¬ Bailouts of Fannie Mae, Freddie Mac, AIG, and other companies that went belly-up (cost: roughly $243 billion in 2009, according to the Congressional Budget Office).
So, when you hear the crisis fanatics say we have no money because we have a "structural deficit" (meaning, we are spending too much money each year because the crisis fanatics say government is too expensive), it's just not true. It's a lie.
We have a bigger deficit now because we let a bunch of Wall Street gamblers play fast and loose with the rules.
Angry? You have a right to be. So, let's round up the ringleaders of the financial casino and throw them in jail--instead of letting them keep their jobs, earn millions more and get hired to advise the government (all of which has happened).
But, remember this fact: government "overspending" did not cause the government deficits and long-term debt we now have.
Tomorrow, just in time for the Catfood Commission's report, I'll write a bit about the forces behind the deficit-debt hysteria, followed by a discussion of how we can get money that we need, easily, irrespective of the deficit-debt hysteria.
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