"A man younger than 30 who's not a liberal has no heart and a man older than 30 who's not a conservative has no brain" - Winston Churchill.
Spending his formative years in Paris and then returning to complete college and graduate school at the American University of Paris, my son became deeply steeped in French cradle-to -grave socialism, never failing to extol its virtues. A self proclaimed "caviar socialist", my caviar - his socialism, lamented how hardened we fiscally conservative "old people" had become to the wishes of the "people". The mean spirited American ideal of education, hard work and opportunity for all was just a bromide invented by the American bourgeoisie in a nefarious plot to stifle the true wishes of the "people".
"Ah, for those carefree days, when my…
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The road to insolvency is paved with
red ink. How can the United States become
insolvent? Easy, just add the Obamanomics deficits, as laid out in the President's ten-year plan, to the existing $11 trillion
national debt and it will not be long before the US is unable to meet its financial obligations. Presently, debt held by the Social Security Trust Fund and other governmental agencies is $4.4 trillion, plus the remainder of the debt (owed to citizens or "foreign" owners) is $6.6 trillion. Approximately 50% of US debt is owed to
foreigners, up from 31% in 2000, and this debt will undoubtedly continue to climb. If China and other foreign creditors lose their appetite for US debt, the result will be catastrophic for the dollar…
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AIG paid $165 million in
bonuses, but angry lawmakers and administration officials insisted the money belonged to taxpayers and vowed to get it back. The clamor over compensation overshadowed AIG's weekend disclosure that it used more than $90 billion in federal aid to pay out to foreign and domestic banks, including some that had multibillion-dollar U.S. government bailouts of their own. The counterparty list is a veritable who's who of the world's top financial institutions, including Goldman Sachs (
GS), Bank of America (
BAC), British bank Barclays (
BCS) and Germany's Deutsche Bank (
DB). The question arises - Why did the United States Government insist on honoring these legally questionable obligations?
At the heart of this transfer of billions of taxpayer dollars to the world's leading financial institutions…
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During the Bush years, the national outlays rose from $1.9 trillion in 2001 to $3.0 trillion in 2008, and the country went from enjoying a surplus of $128 million in 2001 to suffering a deficit of $459 million in 2008. We called Bush irresponsible. Perhaps the fiscal 2009 deficit of $1.75 billion should be viewed as an anomaly since it's the direct result of the $700 billion Bush TARP plan and the $800 billion Obama Stimulus Plan, both implemented to ameliorate the effects of the financial crisis and recession. But how do we justify an average deficit of
$700 billion annually from 2010 to 20019, which according to the
Obama budget, will be boom times? GDP will be likely rise to an eye-popping $23 trillion in 2019…
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