Tuesday, December 11, 2012
Yes, Let's Be Honest
"Let's be honest. We're broke."
Really? Did the US file for bankruptcy? Is it unable to borrow money on its credit worthiness? Has tax revenue completely disappeared? Did we stop printing money?
Oh, is it because of the debt we have ALWAYS had since the birth of our nation?
Except for about a year during 1835–1836, the United States has continuously held a public debt since the US Constitution legally went into effect on March 4, 1789. Debts incurred during the American Revolutionary War and under the Articles of Confederation amounted to $75,463,476.52 on January 1, 1791. From 1796 to 1811 there were 14 budget surpluses and 2 deficits. There was a sharp increase in the debt as a result of the War of 1812. In the 20 years following that war, there were 18 surpluses. The federal government actually paid off its debt entirely in January 1835, only to begin accruing debt anew by 1836 (the debt on January 1, 1836 was $37,000).
Or is it about the deficit, which Clinton eliminated, Bush recreated with wars, new unfunded liabilities and tax cuts, and Obama has reduced whilst in office?
December 11, 2012 | Permalink
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When a Republican says "let's be honest" ... check your pockets. Between their ideological obsessions with running a nation like (take your choice) a business or a household, and their absolute indifference to the economic plight of anyone not wealthy, Republicans have no choice but to lie continually. So they do.
Posted by: Steve Bates | Dec 12, 2012 4:46:24 PM