Posts tagged GOP

Spin begins in earnest for Jeb Bush presidential run

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Source: http://www.againstcronycapitalism.org

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Spin begins in earnest for Jeb Bush presidential run

 

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Basically the same party.

 

As we’ve said before, the last thing this country needs is another Clinton or Bush in the White House.

With Chris Christie hobbled (for the time being) the establishment GOP has turned its gaze toward Jeb – “I never thought people would actually let my brother be president” – Bush. Chris Christie would be a good nominee in their eyes, but how much better to have a governor who already knows (and can hire) all the people who worked in the prior Bush presidencies?

Jeb is the way the establishment gives the finger to the new breed of small government people coming up in the GOP. If the establishment can nominate their guy the Tea Party and libertarians will have no choice but to fall in line behind the big government Bush.

Seriously, how is it that in a country with 315 million people 2 families have been allowed to dominate the most important office in the land for potentially a collective quarter century.?

And now the laudatory articles start.

(From The Washington Times)
 
“If you look at the Republican field minus Jeb Bush, you have some potential stars out there, but nobody knows whether they can put together the grand effort needed to win the nomination and go on to win the White House,” he said. “With Jeb, people are immediately struck by his intellectual heft. He is a serious policymaker and you get the sense that he could go all the way.”

For the sake of the country let’s hope not.

Oh, and Jeb is a key guy behind Common Core.

Click here for the article.

Image credit: http://www.againstcronycapitalism.org


Nick Sorrentino
About Nick Sorrentino

Nick Sorrentino is the co-founder and editor of AgainstCronyCapitalism.org. A political and communications consultant with clients across the political spectrum, he lives just outside of Washington DC where he can keep an eye on Leviathan.

 

Pat Caddell: The Establishment GOP wants the IRS to go after Tea Party

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Pat Caddell: The Establishment GOP wants the IRS to go after Tea Party (See, the Republicans and the Dems CAN agree on something.)

 

Believe it or not this guy worked for Jimmy Carter.

Believe it or not this guy worked for Jimmy Carter.

 

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Caddell says that’s why the issue is not being pressed by House leadership. My gut tells me that he’s right. The consulting crew  in Washington (which hires each other for gigs for top top dollar) fear the Tea Party because they know that they are toast if it takes power. All sorts of information will flood out, skeletons will come tumbling out of the closet, questionable checks written by questionable people will come to light. The establishment GOP is way more scared of the Tea Party than even the Dems, who though they won’t admit it publicly are pretty scared.

The GOP DC cronies are holding on for dear life and they want the Tea Party dead even if it means a Hillary Clinton presidency.

Below is a speech Caddell gave at CPAC after the defeat of Romney, just in case you want to know what the guy REALLY thinks.

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Image credit: http://www.againstcronycapitalism.org


Nick Sorrentino
About Nick Sorrentino

Nick Sorrentino is the co-founder and editor of AgainstCronyCapitalism.org. A political and communications consultant with clients across the political spectrum, he lives just outside of Washington DC where he can keep an eye on Leviathan.

 

 

Do We Need More Political Parties?

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Do We Need More Political Parties?

 

2-17-2014 5-32-42 PM

 

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Published by NextNewsNetwork

WASHINGTON DC | Possible presidential candidate Rand Paul can’t seem to stay out of the news lately. The Kentucky senator’s latest issue is that he sees a gloomy future for the Republican Party. In a recent interview with neo-conservative radio host Glen Beck, Paul went so far as to say that the Republican Party may never again win a presidential election if it doesn’t broaden its appeal.

That curious statement comes when many of the Republican Party’s most conservative critics have been saying for years that the GOP’s “big tent” is already too big.

These critics have pointed to the gay GOP faction known as Log Cabin Republicans and other realities to underscore their belief that the Republican Party already tolerates so much variety that clearly defining the GOP’s mission is nearly impossible.

However, Paul has a different take on the matter. As we reported in today’s newscast, Paul believes NSA surveillance abuse can help the GOP reach out to young voters who might otherwise side with Democrats. But even so, there is a split in the GOP on that issue, as some Republicans are fine with increased NSA spying in the war on terror.

But looking at the big picture, could it be that America needs more viable political parties? Wouldn’t that be better than stretching the mission of existing parties to the point where their identities collapse?

Switzerland, for example, has at least 12 fully viable political parties. Four or five of those parties are represented in the Federal Council. That executive body has seven members from which a president is annually chosen by the parliament to serve a one-year term. There is no presidential cult of personality and the people settle in whatever party best suits their beliefs.

On the other hand, on President’s Day today, let’s recall the George Washington preferred there’d be no political parties. He felt that voting on principle, on a constitutional basis, was the ideal for America to pursue. But due in part to human nature, political parties took root and have become a force unto themselves. The way money is allowed to oil the political machine is another major reason parties have prevailed over principle.

In the fall of 2012, the new group Free and Equal Elections organized the first-ever nationally televised debate featuring optional presidential candidates from the Green Party, the Constitution Party and other parties. National TV personality Larry King hosted the debate in Chicago.

The debate indicates that a desire exists to break the two-party duopoly. Refocusing the Republican Party’s mission to attract more young people may sound like a worthwhile goal. But perhaps it’s time to exit the two-party box and get more enticing options on the ballot for the voting public.

To keep choosing between Democrats and Republicans may keep the nation captive to entrenched party interests that don’t want real changes for the better.

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GOP Challenging Obama’s Executive Orders?

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GOP Challenging Obama’s Executive Orders?

 

2-3-2014 7-04-36 AM

 

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WASHINGTON DC | Congressional Republicans may be taking President Obama to court over the executive actions that Obama touted during the Jan. 28 State of the Union speech.

Obama’s overtures to sidestep Congress and pass laws by himself are adding fresh urgency to Republicans’ legal efforts. They say Obama is using his authority in ways never-before seen.

The Hill, a Washington journal, added: “[House] speaker John Boehner said Republicans would not sit idly by as Obama takes unilateral actions like raising the minimum wage for federal contractors to $10.10 an hour.”

GOP Sen. John McCain, an Arizona Republican, noted: “We can go to court. We haven’t got many more options except [to] tell the American people that we’re seeing an abuse of the intent of the Constitution.”

Republicans especially want to legally challenge the president on his Obamacare enactment. The National Security Agency’s spying programs also have made the GOP’s lawsuit list.

Speaker Boehner declared: “We’re going to watch very closely, because there’s a Constitution that we all take an oath to, including him, and following the Constitution is the basis for House Republicans.”

But what WHDT alone dares to ask is this: What’s what the GOP’s sudden ‘constitutional conscience’?

Take Obamacare: If constitutional checks and balances are paramount, then:
· Why did the GOP-led House allow Obamacare to become enshrined in law in the first place?

· And didn’t the 2010 vote to approve the Affordable Care Act lay the groundwork for Obama’s executive orders?

The Hill noted: “GOP lawmakers argue the administration’s selective enforcement of the healthcare law amounts to an unconstitutional exercise of power. They point to [Obama's] decisions to delay health insurance requirements, cap out-of-pocket costs and expand the employer mandate penalty. They are also challenging the healthcare law’s contraception mandate.”

That mandate requires healthcare providers to make contraception available. Eighty-eight lawmakers have signed an amicus brief filed by Senators Roy Blunt of Missouri and Rep. Randy Forbes of Virginia. It argues the Department of Health and Human Services violated the Religious Freedom Restoration Act in implementing the contraception mandate.

Meanwhile:
· Sen. Rand Paul of Kentucky plans to file a class action lawsuit against the NSA.
And Wisconsin Sen. Ron Johnson has sued the Office of Personnel Management for allowing lawmakers and their staffs to receive federal subsidies for their Obamacare coverage.

Democrats believe Obama is acting within his authority—which is doubtful at best. They say Republican obstruction has left Obama with little choice but to issue executive orders.

The war on terror is a major excuse for continual NSA spying in the first place. Back during the Bush administration, Republicans could have demanded that U.S. troops be brought home. And we’re left to wonder whether the apparently unwinnable wars in Iraq and Afghanistan were worthwhile at all.

Congress can de-fund nearly any program it dislikes through its normal legislative functions. If Congress wanted to de-fund the NSA tomorrow, it could. If Congress does not want Obamacare improperly applied, or doesn’t want it at all, then the GOP would have to bite the proverbial bullet and repeal it.

But instead GOP lawmakers are looking to the courts, rather than harnessing their own legislative powers, to reign in an abusive president.

The very same Constitution they say Obama is abusing was abused by both parties when they launched the war on terror without the Constitutional requirement of Congress declaring war. What followed was a trillion-dollar war which, by its very nature, converted the U.S. into a spy state at home and a perceived bully abroad.
Filing lawsuits makes big headlines. Some of the lawsuits may have merit. But this approach suggests that Congress is the weakest branch of government. The nation’s founders would have expected better. A weaker executive and stronger Congress would be their advice.
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Will GOP lawmakers do anything about the “Too Big To Fail” bank subsidy? Probably not.

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Will GOP lawmakers do anything about the “Too Big To Fail” bank subsidy? Probably not.

 

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Dave Camp in the House and David Vitter in the Senate are looking to address the implicit subsidy granted to banks designated as too big to fail. These banks are able to borrow at lower than true market rates because they are backed by the US taxpayer. Their smaller competitors who do not have this taxpayer financed guarantee must borrow at higher rates and so are at even more of a disadvantage versus the big guys. Over time this means that capital will increasingly move from small banks to large. (This is just one of the problems with Dodd-Frank.)

This undermines the very foundation of the marketplace and our economy.

Perhaps Camp and Vitter can figure something out, but it will be tough. The big banks dump piles and piles of money into the coffers of members of Congress on both sides of the aisle.

(From The Washington Post)
 
“Eliminating the megabanks federal handouts is a simple matter of common sense,” Vitter recently said. “Megabanks have been growing at a rapid pace since the financial meltdown, largely on the backs of U.S. taxpayers.”
 
Neither Vitter nor Camp could be considered liberal sympathizers. Rather, their interests in ending big bank subsidies center on a key Republican tenet of protecting the free-market economy. Subsidies create market distortions that fly in the face of that tenet.
 
Still, a vast majority of Republicans are unlikely to jump on the too-big-to-fail bandwagon. The securities and investment industry pumps millions of dollars into the party’s coffers, handing $3.5 million to the National Republican Congressional Committee this election cycle, according to Center for Responsive Politics.

Click here for the article.

Image credit: http://www.againstcronycapitalism.org


Nick Sorrentino
About Nick Sorrentino

Nick Sorrentino is the co-founder and editor of AgainstCronyCapitalism.org. A political and communications consultant with clients across the political spectrum, he lives just outside of Washington DC where he can keep an eye on Leviathan.

 

The GOP Establishment Ain’t What it Used to Be

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Source: http://www.againstcronycapitalism.org
By Nick Sorrentino

The GOP Establishment Ain’t What it Used to Be

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Tim Carney writes in the attached piece that the small government types have established beachheads in Washington DC.

We have said that the Tea Party barbarians are at the gate and are now coming over the walls.

Matt Kibbe has talked about the “hostile takeover” going on in the GOP driven by people committed to small government.

But we are all saying the same thing. Serious change is here and a lot more is coming to Washington DC.

The DC Republicans are sort of amazed by the whole phenomenon. Wasn’t it just 3 years ago that everything was normal? What happened? The GOP got defense money and farm subsidies. The Dems got social programs. We yelled at each other a little bit. But in the end everyone knew the game. Get to DC and gather power. Get to DC and gather fame. Get to DC and gather money. Then these Tea Party people showed up and started bitching about cutting spending. What’s worse is that many of them actually meant it.

“Do you know how embarrassing it is when you’ve called yourself a ‘conservative’ for your entire career and then some snot nosed new congressman from Missouri or some other God forsaken place says on TV the you aren’t. And then offers proof?”

“No, I don’t Senator.”

“Well I’ll tell you. It’s damned embarrassing.”

“We should have killed the Internet when we could have. Now everyday people actually know what’s going on. And, well, that’s damned embarrassing too.”

(From The Washington Examiner)

Floor leaders and committee chairmen have always been the GOP’s main contact point with corporations’ political action committees and lobbyists. If a member stays on the good side of party leaders, the leaders make a phone call to a lobbyist who throws the member a fundraiser.

Similarly, if a staffer always played nice with the Establishment, that brought with it job security: Even if your boss retired, you could land on your feet, as the leadership would recommend you for a job in another office, or K Street would hire you.

You can see how this would make dissenting staffers and members watch their words and actions. Sure, members were allowed to vote against the leadership – as long as the leadership didn’t need your vote. But at the end of the day, you had to play ball, otherwise you got no money for re-election, and no jobs for you or your staff.

Click here for the article.

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Wow!, Poll: 72% of Americans identify big government as the greatest threat to the country’s future

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Wow!, Poll: 72% of Americans identify big government as the greatest threat to the country’s future

 

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Boy, many thought Obamacare was going to herald some new era of big government.

Guess what? It ain’t.

 

Back in November we asked if Obama had just ushered in the first real move toward smaller government in decades. And no kidding,  It looks like he just might have.

In the history of this poll (and it goes back to the Johnson administration) never have the American people even approached this level of disaffection with government. Never. Not even close.

An amazing poll, which may reflect a massive shift in the body politic. Too soon to be sure, but it is certainly worthy of a “wow.”

The GOP establishment had better get hip to this trend. McCain and the other big government Republicans should consider whether now is the time to retire. Seriously.

And you know who’s most worried about this poll? It’s not Obama. It’s Karl Rove.

(From Politico.com)
 
The 72 percent that named big government over big business and big labor in the survey released Wednesday by Gallup is a record high in Gallup’s polling. The previous high was 65 percent in 1999 and 2000.

Click here for the article.

Image credit: http://www.againstcronycapitalism.org


Nick Sorrentino
About Nick Sorrentino

Nick Sorrentino is the co-founder and editor of AgainstCronyCapitalism.org. A political and communications consultant with clients across the political spectrum, he lives just outside of Washington DC where he can keep an eye on Leviathan.
 

Lobbyists Cheer Boehner and Ryan for Expanding Government in Deal

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Lobbyists Cheer Boehner and Ryan for Expanding Government in Deal

 

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There is a clear line which has been drawn in the dirt of Washington DC. On one side there are the lobbyists, the #oldmedia, and the establishment political machines. On the other side are the people calling for a truly smaller government.

The thought that government would shrink, even a government which is as bloated and debt ridden as our own, is beyond the pale for those whose business it is to extract wealth from taxpayers. That’s why the lobbyists in Downtown DC have cheered the budget deal.

Think about it. A large part of K Street has built a career on buying the GOP, and now the Tea Party is just going to take over the place? Who do these small government people think they are anyway? This is “our town.” This is our party, and frankly the party has been rocking for decades. So long as government grows everyone can get a piece for themselves–everyone in Washington DC anyway. Why would anyone want to stop this? Principals are great and all, but we are here to get paid! Principals are for poor people.

And that is what they think.

(From Breitbart.com)
 
Grassroots conservative groups have fired back. Club for Growth has responded by pointing out, “Corporations are some of the biggest seekers of welfare in this country.” Heritage Action for America, meanwhile, has commented, “The fact that K Street is applauding confirms that the deal was bad, and Speaker Boehner’s comments confirm conservatives’ worst suspicions about Washington — that the game is rigged.”

Click here for the article.

Image credit: http://www.againstcronycapitalism.org


Nick Sorrentino
About Nick Sorrentino

Nick Sorrentino is the co-founder and editor of AgainstCronyCapitalism.org. A political and communications consultant with clients across the political spectrum, he lives just outside of Washington DC where he can keep an eye on Leviathan.

 

Peter Schiff ~ They Bravely Chickened Out

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Source: http://www.europac.net

By Peter Schiff

Friday, December 13, 2013

Peter Schiff ~ They Bravely Chickened Out

 

Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital

Earlier this week Congress tried to show that it is capable of tackling our chronic and dangerous debt problems. Despite the great fanfare I believe they have accomplished almost nothing. Supporters say that the budget truce created by Republican Representative Paul Ryan and Democratic Senator Patty Murray will provide the economy with badly needed certainty. But I think the only surety this feeble and fictitious deal offers is that Washington will never make any real moves to change the trajectory of our finances, and that future solutions will be forced on us by calamity rather than agreement.

There can be little doubt that the deal resulted from a decision by Republicans, who may be still traumatized by the public relations drubbing they took with the government shutdown, to make the 2014 and 2016 elections a simple referendum on Obamacare. Given the ongoing failures of the President’s signature health care plan, and the likelihood that new problems and outrages will come to light in the near future, the Republicans have decided to clear the field of any obstacles that could distract voters from their anger with Obama and his defenders in Congress. The GOP smells a political winner and all other issues can wait. It is no accident the Republican press conference on the budget deal was dominated by prepared remarks focusing on the ills of Obamacare.

Although he had crafted his reputation as a hard nosed deficit hawk, Paul Ryan claimed that the agreement advances core Republican principles of deficit reduction and tax containment. While technically true, the claim is substantively hollow. In my opinion the more honest Republicans are arguing that the Party is simply making a tactical retreat in order to make a major charge in the years ahead. They argue that Republicans will need majorities in both houses in 2014, and the White House in 2016, in order to pass meaningful reforms in taxing and spending. This has convinced them to prioritize short term politics over long term goals. I believe that this strategy is wishful thinking at best. It magnifies both the GOP’s electoral prospects (especially after alienating the energetic wing of their party) and their willingness to make politically difficult decisions if they were to gain majority power (recent Bush Administration history should provide ample evidence of the party’s true colors). Their strategy suggests that Republicans (just like the Democrats) have just two priorities: hold onto their own jobs, and to make their own party a majority so as to increase their currency among lobbyists and donors. This is politics at its most meaningless.  I believe public approval ratings for Congress have fallen to single digit levels not because of the heightened partisanship, but because of blatant cowardice and dishonesty. Their dereliction of responsibility will not translate to respect or popularity. Real fiscal conservatives should continue to focus on the dangers that we continue to face and look to constructive solutions. Honesty, consistency and courage are the only real options.

In the meantime we are given yet another opportunity to bask in Washington’s naked cynicism. Congress proposes cuts in the future while eliminating cuts in the present that it promised to make in the past! The Congressional Budget Office (which many believe is too optimistic) projects that over the next 10 years the Federal government will create $6.38 trillion in new publicly held debt (intra-governmental debt is excluded from the projections). This week’s deal is projected to trim just $22 billion over that time frame, or just 3 tenths of 1 percent of this growth. This rounding error is not even as good as that. The $22 billion in savings comes from replacing $63 billion in automatic “sequestration” cuts that were slated to occur over the next two years, with $85 billion in cuts spread over 10 years. As we have seen on countless occasions, long term policies rarely occur as planned, since future legislators consistently prioritize their own political needs over the promises made by predecessors.

The lack of new taxes, which is the deal’s other apparent virtue, is merely a semantic achievement. The bill includes billions of dollars in new Federal airline passenger “user fees” (the exact difference between a “fee” and a “tax” may be just as hard to define as the difference between Obamacare “taxes” and a “penalties” that required a Supreme Court case to decide). But just like a tax, these fees will take more money directly from consumer’s wallets. The bigger issue is the trillions that the government will likely take indirectly through debt and inflation.

The good news for Washington watchers is that this deal could finally bring to an end the redundant “can-kicking” exercises that have frustrated the Beltway over the last few years. Going forward all the major players have agreed to pretend that the can just doesn’t exist. In making this leap they are similar to Wall Street investors who ignore the economy’s obvious dependence on the Federal Reserve’s Quantitative Easing program as well as the dangers that will result from any draw down of the Fed’s $4 trillion balance sheet.

The recent slew of employment and GDP reports have convinced the vast majority of market watchers that the Fed will begin tapering its $85 billion per month bond purchases either later this month or possibly by March of 2014. Many also expect that the program will be fully wound down by the end of next year. However, that has not caused any widespread concerns that the current record prices of U.S. markets are in danger. Additionally, given the Fed’s current centrality in the market for both Treasury and Mortgage bonds, I believe the market has failed to adequately allow for severe spikes in interest rates if the Fed were to reduce its purchasing activities. With little fanfare yields on the 10 year and 30 year Treasury bonds are already approaching multi-year highs. Few are sparing thoughts for yield spikes that could result if the Fed were to slow, or stop, its buying binge.

So America blissfully sails on, ignoring the obvious fiscal, monetary, and financial shoals that lay ahead in plain sight. I believe that will continue this dangerous course until powers outside the United States finally force the issue by refusing to expand their holding of U.S. debt. That will finally bring on the debt and currency crisis that we have created by our current cowardice.

Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital, best-selling author and host of syndicated Peter Schiff Show.


 

Why John Boehner And Paul Ryan Should Immediately Resign

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Source: http://endoftheamericandream.com

By Michael Snyder

Why John Boehner And Paul Ryan Should Immediately Resign

 

U.S.-Capitol-Photo-by-Lance-Cheung2-300x300Thomas Jefferson once said that “the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”  In other words, he believed that government debt was the equivalent of stealing money from future generations on a massive scale.  Right now, the U.S. government is stealing roughly $100,000,000 from future generations of Americans every single hour of every single day.  And it is being projected that the U.S. national debt will more than double during the 8 years of the Obama administration.  In other words, the federal government will pile more debt on to the backs of our children and our grandchildren during the Obama years than had been accumulated during all of the rest of U.S. history combined.  The federal government is literally destroying the future of America, and what we are doing to our children and our grandchildren is beyond criminal.  If there was one thing that the Republicans in Congress were supposed to do, it was to do something about all of this debt.  These days Republicans can’t seem to agree on much, but the one issue that virtually all “conservatives” were supposed to agree on was the national debt.  The American people gave the Republicans control of the House in 2010 and 2012 for a reason.  Unfortunately, nothing has been done.  Our debt has continued to spiral out of control and now John Boehner and Paul Ryan are pushing a “budget deal” that will essentially give the free-spending Democrats virtually everything that they want for the next 10 years.  That is why John Boehner and Paul Ryan should immediately resign.

This “budget deal” actually increases the deficit in the short-term.

Yes, you read that correctly.

Overall, it is supposed to reduce the federal budget deficit by about 20 billion dollars over the next decade.  But even if the unrealistic assumptions that those numbers are based upon end up working out (which they never do), the “savings” will average just 2 billion dollars a year over the next decade.

And considering the fact that federal budget deficits will likely average well over a trillion dollars over that time span, that is a complete and total joke.

It is kind of like spitting into Niagara Falls and thinking that it will actually make a difference.

Even Paul Ryan is admitting that “this isn’t the greatest agreement of all time”, and in interviews he is complaining that the Democrats wouldn’t allow him to do more.

As if we are supposed to feel sorry for him.

Look – according to the U.S. Constitution the federal government cannot spend a single penny without the approval of the U.S. House of Representatives.

The Democrats cannot force the Republicans to do anything.

So if the national debt more than doubles during the Obama administration it is the fault of both the Democrats and the Republicans.

Today, U.S. Senator Rand Paul called the proposed budget deal “shameful“, and he was exactly correct.

It is utterly shameful that the Republicans believe that it is just fine to steal more than 10 trillion dollars from future generations of Americans during the Obama years.

It is utterly shameful that the Republicans believe that it is just fine that the U.S. government has accumulated more than 200 trillion dollars of unfunded liabilities that will need to be paid in future years.

It is utterly shameful that the Republicans believe that it is just fine to keep running up a debt that is now more than 37 times larger than it was just 40 years ago.

But instead of doing something to fix this, House Speaker John Boehner is blasting those that are concerned about all of this debt

House Speaker John Boehner, R-Ohio, who ceded control of the budget talks to Ryan, likewise pushed back on outside groups’ attempts to influence lawmakers. “They’re using our members, and they’re using the American people for their own goals,” Boehner said, “This is ridiculous. Listen, if you’re for more deficit reduction, you’re for this agreement.”

The Democrats don’t even have to attack fiscal conservatives anymore because the Republican leadership is taking care of that job for them.

And John Boehner has got to be joking when he uses the phrase “deficit reduction” in relation to this proposed budget deal.  In fact, even CNN is admitting that it essentially does nothing to help our long-term debt problems…

It doesn’t really move the needle much on the country’s long-term debt trajectory. That’s because Ryan and Murray opted for pragmatism, explicitly ruling out wrestling over entitlement and tax reform in this round of negotiations.

Back on September 30th, 2012 our national debt was sitting at a total of 16.07 trillion dollars.

Today, it is up to 17.23 trillion dollars.

That means that we have added 1.16 trillion dollars to the national debt in a little more than 14 months.

This is a recipe for national suicide.

We were the wealthiest nation in the history of the planet, but that was never good enough for us.

We always had to spend even more.

Now we have accumulated the greatest mountain of debt the world has ever seen, and someday if our children and our grandchildren have the chance they will curse us for what we have done to them.

Anyone that has run up massive amounts of credit card debt knows that the ride up can be quite enjoyable.  At times, it can seem like the good times will go on forever and that there will never really be any consequences.

But in the end, a very painful day of reckoning always arrives.

The rest of the world is watching what is going on.  They can see us running up all this debt.  The can see the Federal Reserve wildly printing up money.

At some point the rest of the world is going to stop using our increasingly unstable currency to trade with one another and they are going to stop lending us trillions of dollars at super low interest rates.

When that time arrives, the consequences of decades of very foolish decisions will catch up to us very rapidly.

If only we had listened to our forefathers.

Thomas Jefferson once said that if he could add just one more amendment to the U.S. Constitution it would be a complete ban on all borrowing by the federal government

I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.

How much better off would we be today if we had only listened to him?

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This article first appeared here at the The American Dream.  Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here



Image credit: http://endoftheamericandream.com

 

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