Taming debt will be winning candidate's challenge

  • Article by: RICH MILLER , Bloomberg News
  • Updated: September 29, 2012 - 4:19 PM
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whallingSep. 30, 12 7:22 AM

Obama is not stupid. Therefore, we must assume he has reasons for growing our national debt to $16 trillion and higher. He must have reasons for making no plans to reduce the debt. He incurs deficits over a trillion dollars each year, with no plan to reduce the deficits ever, what are his reasons? He is a socialist and his plan is to move America to a European style socialist welfare state. During his term, he achieved 3 major socialist goals. Obama passed Obamacare that transfers ownership of 1/6 of our entire economy to government ownership. He passed the Stimulus which redistributed $800 billion of wealth. He added tens of millions of Americans to dependency on government through foodstamps, disability and other government welfare programs. All of these are socialist goals. Now America faces the most predictable economic crisis in it history and Obama does nothing, says nothing about it. Why. Well, remember his former chief of staff who said "we will never waste a good crisis". Obama, if elected, will us the financial crisis to push America over the cliff into socialism.

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hjlazniSep. 30, 1212:06 PM

The rich people have been able to convince the politicians to create a system where the rich pay less taxes so they promise, they have more money at hand to grow the economy, but will, at the rich peoples’ option, borrow money to the government to be returned plus interest to make up for lack of revenue, with the national debt, debt ceilings and deficits always increasing. During depression/recession times the nervous rich, holding questionable government paper, exchange this government paper for cash printed under the heading of "quantitative easing" supposedly conducted for the sole purpose of increasing value of this government paper and subsequent lowering of interest rates. In this way, we are investing in rich people to grow the U.S. economy that will result in increased revenue. Is this system working? No. The rich people are getting richer and the middle class is getting poorer because the politicians are allowing the rich to put small business out of business, big business is increasing productivity and globalizing manufacturing and bringing lower paid workers into the U.S. to lower wages in the U.S. and putting U.S. citizens out of a good paying jobs with less income tax revenue coming into the treasury. More and more monopoly money is going to the rich, which money is not used by the middle class to purchase stuff that may be manufactured in the U.S. which may increase economic growth and printing of "real" dollars” to add to the supply of "real" money in the monopoly game. Rich people can only buy so much stuff and horde most of this money. I expect a similar play is staged in Europe except the central Fed in Europe is not as clearly defined. At some point, the townspeople can rush the castle and take the rich people's stuff and take back the system, meaning, forcing the rich people to pay more tax unless you believe in borrowing from the rich instead of true U.S. economic growth to generate revenue. These people paid 90% tax rates during the Republican Eisenhower years. Obama may be thinking, what if we threaten not to pay the rich people back. In Europe, the rich people are willing to cut the debt in half and extend pay back at a lower interest rate.

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