When historians sift through the economic destruction of America, they will likely trace it back to the early 1900′s. However, they will absolutely recoil in evaluating the past six years. In that time, government has been so reckless in both its expenditures as well as its incursions into the marketplace. The following non-exhaustive list is the poster-child for this problem and its unprecedented, and calamitous escalation.
1. The “Stimulus” ($825 billion-only 6% of which was ever assigned to the “shovel-ready” infrastructure projects promised by President Obama);
2. ObamaCare ($2.8 Trillion after its fourth re-evaluation by the Congressional Budget Office);
3. Department of Energy Subsidies ($50 billion in wind, solar and biofuel subsidies in just two years including $19 billion to companies started by Obama campaign money-bundlers most of which were defunct and bankrupt within 12 months such as $535 million to Solyndra, $1.2 billion to Sun Power, $465 million to Tesla Motor Co., $529 million to Fisker Auto and numerous others);
4. General Motors acquisition by government (approximately $68 billion in taxpayer money — according to the federal government, its recent sale left taxpayers with a $10 billion loss);
5. The purchase of $14 million in taxpayer-subsidized biofuel (i.e. algae secretions) by the United States Navy from . . . wait for it . . . the United States Government at the cost of approximately $14 per gallon (up from a few dollars a gallon for petroleum-based fuel);
6. Keystone Oil Pipeline from Canada to the United States (after being approved by the EPA) (the oil was being transported by a cargo train, but the announcement of the Pipeline severely diminished the train’s value. Fortunately, Warren Buffett then purchased it cheaply, and coincidentally, the Pipeline project was cancelled by President Obama, a friend of Mr. Buffett who now earns a huge amount of money with the train);
7. Quantitative Easing (the digitizing or printing of $85 billion per month out of thin air). This is the one that will end the dollar. No country in known history has ever survived this, but President Obama has been doing it for years. In fact, it is the third round of it. A google-search of the Weimar Republic spells out exactly how this destroys a currency.
8. Rehypothication is a word that might never have entered our vocabulary, but the circumstances of the Federal Reserve will soon make it a household word. Essentially, it means that the Federal Reserve has repeatedly borrowed against the same collateral (gold) over and over again. Realistically, there may be no gold left there anyway, but this is the one that will end our gold and anger most of the nations of Europe who have over the years deposited huge sums of gold with us. Ask Germany what we told them when they asked for their gold last year.
9. Cash For Clunkers – No that’s not a slogan from the local used car lot, that is the name of the multi-billion dollar boondoggle that added many tons of scrap to our landfills, and forced American taxpayers (and their children) to pay for their neighbors’ new cars.
10. Expansion of the Welfare state, and corporate welfare programs such as the $1.3 billion “Path To Justice Program” which pays money to female and Hispanic farmers who feel that the Department Of Agriculture has discriminated against them by denying them a loan (which requires no proof).
11. Student Loans – the outstanding student loans exceed the total of ALL credit card debt in the entire United States. It now tops $1 trillion and will likely be our next bubble to burst.
The foregoing list may seem exorbitant. It is, but there are other record highs. They are as follows:
1. Federal spending is $7 million per minute.
2. Federal deficit = $17 trillion (not including unfunded liabilities). For reference, a billion seconds ago, it was the year 1981.
3. Unemployment is at an all-time high. Although the Obama administration touts a single-digit number, it is because they stop counting you after you indicate you are no longer looking for work. You go on welfare, and “poof,” you don’t count as unemployed. Neat, huh? You should see how the administration “re-defined” the term long-term unemployment.
4. Gross Domestic Product (the measure of economic activity in America) is not a high, but it is still a new record. Last quarter, GDP contracted by 3% for the first time in America. Worse yet, the Obama administration re-defined the way GDP is calculated which economists predicted would artificially ADD 3% to GDP calculation. That’s right, even with the new fuzzy calculation, it still contracted by a record amount. This is scary.
5. Gas prices have never been this high for this long . . .EVER!
6. Poverty is at an all-time high.
7. Work Force Participation Rate is the percentage of people working in America. Statistics show this number at an all-time high, or just the highest in half a century depending upon who you ask . . . and who is re-defining how it’s measured.
8. Energy exploration on federal lands (the only places Obama actually has the power to stop it) is down dramatically. Again, the Obama administration touts the increase in production on state and private lands as though he can take any credit for that, but he has no say there. The next time you hear him take credit for any energy exploration, you will know he doesn’t think you know the difference. To illustrate how much he has reduced energy on federal lands, in 2011, the federal government received $36 million in lease money (down from $4 billion). Only 31.8 percent of domestic oil production came from federal lands/off-shore.
The foregoing is designed to be a bullet-point fact reference that illustrates federal spending like a drunken sailor, and policies that ensure economic disaster. The difference with a drunken sailor is that when he’s broke, he goes home. When the United States is broke, Obama just borrows more money from you, your children, and at this point, your grandchildren too! We’ve got one hell of a hangover coming!!!