FLSwampBoy
Maryjane. Numbers are easy. What's in the numbers require more intelligence to understand reality.
Answer
IceT and Maryjane Dark Goddess are incorrect in saying that President Obama "added $trillions$" to the deficit, which is all part of the "Republican Noise Machine" (Brock, 2004) propaganda.
Bush did not VETO one single spending bill or legislation from 2001 through to January 2007 when the voters realized the GOP's always-fail policies were taking this nation in the wrong direction and put the Democrats back into majority in Congress. The Bush administration also was discovered to have "cooked the budget books" by keeping the costs of their unfunded mandates (Medicare Part D; tax cuts for the wealthiest 1.5% and for trillionaire corporations--lost revenues AND expenditures; the failed "No Child Left Behind"), which meant a $2.7 TRILLION had to be added in January once President Obama was sworn in. In addition, the cost of BOTH WARS were kept off the books and the unemployment figure was kept lower than was true by the use of military recruits as "new hires."
To the one who claims Democrats caused the fiscal problems our GOP-damaged nation has endured (collapse of our housing/credit markets that NPR was warning about as far back as 2004; loss of our manufacturing jobs base through outsourcing; massive Grover-Norquist-endorsed deficit spending; FINANCIAL SYSTEM MELTDOWN that peaked in 2007-2008), you need to be reminded that: (a) the very first VETO used by GW came after January 2007; and (b) the final FISCAL YEAR budget of more than $1.7 TRILLION began on October 1, 2008 and carried over through the first NINE MONTHS of 2009 after President Obama had been sworn in as our president.
And here's a more accurate perspective on actual spending by President Obama, as determined by a joint analysis from "Newsweek" and "The Daily Beast" posted on Powerwall March 2012:
"So far, the Obama administration has pushed for six major, immediate spending increases that are not yet offset elsewhere in the budget: the American Reinvestment and Recovery Act (a.k.a., "the stimulus package"), which had a 2009-2010 price tag of $340 billion, according to the nonpartisan Congressional Budget Office; the GM/Chrysler bailout and other portions of the TARP, which have largely been paid back ($25 billion); unemployment-insurance extensions ($67 billion); COBRA extensions ($9 billion); Cash For Clunkers ($3 billion); and loans to automakers for energy-efficiency improvements ($8 billion). That's $452 billion. Factor in $296 billion in stimulus funds not yet spent and $136 billion in refundable tax credits that passed in December as part of Congress's bipartisan tax compromise, and you wind up with $884 billion on the spending side of the equation."
The article goes on to note: "Obama has slashed one tax dollar for every dillar he has spent on government programs."
IceT and Maryjane Dark Goddess are incorrect in saying that President Obama "added $trillions$" to the deficit, which is all part of the "Republican Noise Machine" (Brock, 2004) propaganda.
Bush did not VETO one single spending bill or legislation from 2001 through to January 2007 when the voters realized the GOP's always-fail policies were taking this nation in the wrong direction and put the Democrats back into majority in Congress. The Bush administration also was discovered to have "cooked the budget books" by keeping the costs of their unfunded mandates (Medicare Part D; tax cuts for the wealthiest 1.5% and for trillionaire corporations--lost revenues AND expenditures; the failed "No Child Left Behind"), which meant a $2.7 TRILLION had to be added in January once President Obama was sworn in. In addition, the cost of BOTH WARS were kept off the books and the unemployment figure was kept lower than was true by the use of military recruits as "new hires."
To the one who claims Democrats caused the fiscal problems our GOP-damaged nation has endured (collapse of our housing/credit markets that NPR was warning about as far back as 2004; loss of our manufacturing jobs base through outsourcing; massive Grover-Norquist-endorsed deficit spending; FINANCIAL SYSTEM MELTDOWN that peaked in 2007-2008), you need to be reminded that: (a) the very first VETO used by GW came after January 2007; and (b) the final FISCAL YEAR budget of more than $1.7 TRILLION began on October 1, 2008 and carried over through the first NINE MONTHS of 2009 after President Obama had been sworn in as our president.
And here's a more accurate perspective on actual spending by President Obama, as determined by a joint analysis from "Newsweek" and "The Daily Beast" posted on Powerwall March 2012:
"So far, the Obama administration has pushed for six major, immediate spending increases that are not yet offset elsewhere in the budget: the American Reinvestment and Recovery Act (a.k.a., "the stimulus package"), which had a 2009-2010 price tag of $340 billion, according to the nonpartisan Congressional Budget Office; the GM/Chrysler bailout and other portions of the TARP, which have largely been paid back ($25 billion); unemployment-insurance extensions ($67 billion); COBRA extensions ($9 billion); Cash For Clunkers ($3 billion); and loans to automakers for energy-efficiency improvements ($8 billion). That's $452 billion. Factor in $296 billion in stimulus funds not yet spent and $136 billion in refundable tax credits that passed in December as part of Congress's bipartisan tax compromise, and you wind up with $884 billion on the spending side of the equation."
The article goes on to note: "Obama has slashed one tax dollar for every dillar he has spent on government programs."
What can we learn from how unregulated industry can impact political, social and economic events?
Christine
PLEASSSE ANSWER
Answer
That Adam Smith was right:
"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices" - The Wealth Of Nations, Book IV Chapter VIII, p. 145, para. c27.
"It is the interest of every man to live as much at his ease as he can; and if his emoluments are to be precisely the same, whether he does, or does not perform some very laborious duty, it is certainly his interestâ¦either to neglect it altogether, orâ¦to perform it in [a] careless and slovenly a manner." - The Wealth Of Nations, Book V, Chapter I, Part III, Article II, p. 760, para. f7.
etc.
Without effective regulation, producers will:
- Cut corners wherever they can, no matter what the cost to society and the public
http://www.newyorker.com/talk/financial/2010/11/08/101108ta_talk_surowiecki
http://inversesquare.wordpress.com/2010/10/23/lest-we-forget-how-the-banks-are-really-screwing-us-in-the-foreclosure-mess/
http://www.nytimes.com/2011/04/18/business/18plane.html
http://www.npr.org/templates/story/story.php?storyId=127561853
- Cheat and steal from everyone - their customers, the government, etc.
http://en.wikipedia.org/wiki/Enron_scandal
- Destroy the economy in their desire to make profits (to the extent of creating a world-wide recession)
http://baselinescenario.com/financial-crisis-for-beginners/
http://www.nytimes.com/2011/01/26/business/economy/26inquiry.html
- Poison people
http://en.wikipedia.org/wiki/2008_Chinese_milk_scandal
http://www.nytimes.com/2007/06/02/us/02toothpaste.html
etc. So leaving industry unregulated is begging for trouble.
That Adam Smith was right:
"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices" - The Wealth Of Nations, Book IV Chapter VIII, p. 145, para. c27.
"It is the interest of every man to live as much at his ease as he can; and if his emoluments are to be precisely the same, whether he does, or does not perform some very laborious duty, it is certainly his interestâ¦either to neglect it altogether, orâ¦to perform it in [a] careless and slovenly a manner." - The Wealth Of Nations, Book V, Chapter I, Part III, Article II, p. 760, para. f7.
etc.
Without effective regulation, producers will:
- Cut corners wherever they can, no matter what the cost to society and the public
http://www.newyorker.com/talk/financial/2010/11/08/101108ta_talk_surowiecki
http://inversesquare.wordpress.com/2010/10/23/lest-we-forget-how-the-banks-are-really-screwing-us-in-the-foreclosure-mess/
http://www.nytimes.com/2011/04/18/business/18plane.html
http://www.npr.org/templates/story/story.php?storyId=127561853
- Cheat and steal from everyone - their customers, the government, etc.
http://en.wikipedia.org/wiki/Enron_scandal
- Destroy the economy in their desire to make profits (to the extent of creating a world-wide recession)
http://baselinescenario.com/financial-crisis-for-beginners/
http://www.nytimes.com/2011/01/26/business/economy/26inquiry.html
- Poison people
http://en.wikipedia.org/wiki/2008_Chinese_milk_scandal
http://www.nytimes.com/2007/06/02/us/02toothpaste.html
etc. So leaving industry unregulated is begging for trouble.
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