Most Americans know the economy is in bad shape even if a majority voted to reelect the man most responsible for making a bad economy worse. And, no, it was not George W. Bush who is responsible for the 2008 financial crash. It was the government with its housing programs that encouraged giving mortgage loans to those who could not afford them and then bundling those “toxic assets”, and selling them to banks who then found themselves in trouble for investing in them.
Another partner in the nation’s financial woes has been the Federal Reserve, a banking cartel given the right to literally print money. The Fed recently released the fact that its holdings in U.S. government debt has increased by 257 percent since President Obama took office! Those holdings are at an all-time record of $1,696,691,000,000 at the close of business on Wednesday, January 23. The other major holder of our debt is China at $1,170,100,000.000.
It’s worth taking a few minutes to see how the policies of President Obama, whether a deliberate effort to ruin the economy or just the result a lack of understanding of how the U.S. economy works, has put the U.S. on the precipice of failure comparable to what is occurring in Europe. It is a global, as well as national problem as the central banks of the EU desperately transfer billions among themselves to stave off a catastrophe that will destroy the wealth of their citizens.
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February 6th – For the next 10 years the CBO forecasts anemic GDP growth, continual huge deficits and Obamacare costing more than previously estimated. Big surprise. NOT! Even the O-loving WA Post admits: “But if the CBO’s projections turn out to be right, our economy has a huge problem, and it’s getting worse, not better.” Don’t worry WA Post, the CBO is seldom right, it’s usually too ROSY! In 2003, the CBO projected a $5.6T budget SURPLUS over the next decade! And get this. Agencies are required by fed law to estimate the paperwork burden caused by new fed rules/regulations. Based on these estimates, a new report shows Obamacare will require 127,602,371 in additional labor hours/year! That’s 63,801 full-time (40 hours/week) employees. Apple has only 47,000 US workers, but creates 10 times that in indirect jobs. And Apple makes something. Obamacare makes paperwork, misery and loss of freedom. The feds are killing America, and sorry media, no DC “compromises” or “moderate proposals” are going to save it…..Now looking close to home, in Venango County we can see were bonds are issued and then rather than paying the bond off we refinance this bond claiming to save money by refinancing. A careful review of county finances will show that when you float bonds and refinance them; and you couple this with the school board floating bonds for athletic fields this in the long term results in one thing…..HIGHER TAXES!…It is all about cash flows, not current but future as well. When the state promises money and they are 2-3 years late paying the county this money that is not a good sign.