Federal government has accumulated debt exceeding all debt under presidents from Washington through Reagan
December 12, 2013
Ohio Republican and Speaker of the House, John Boehner, has unleashed a tirade on the tea party faction in the lower chamber. On Wednesday, he said opposition to the budget sell-out cooked up between Democrats and Republicans suspending the sequester for two years is “ridiculous.”
Boehner went on to accuse the tea party of “misleading their followers, they’re pushing our members in places where they don’t want to be, and frankly I think they’ve lost all credibility.”
“It just comes to a point where some people step over the line,” the establishment party speaker said. “When you criticize something and you have no idea what you’re criticizing, it undermines your credibility.”
In other words, for Boehner and the Republicans, the effort to roll back the deficit and cut an astronomical federal budget is “over the line” and Americans who find the fiscal insanity of out of control government spending and debt creation dangerous don’t know what they are talking about.
The deal trouncing sequester limits on spending was shepherded by tea party favorite and former vice presidential candidate Paul Ryan.
“By having a budget agreement that does not raise taxes, that does reduce the deficit and produces some certainty and prevents government shutdowns — we think is a good agreement,” Ryan said following a closed door meeting with fellow Republicans. “We feel very good at where we are with our members.”
Ryan, who is the House Budget Committee Chairman, on Thursday said he was surprised by the reaction to the deal he brokered with Democrat Senator Patty Murray.
“We were a little caught off guard that they came out against the agreement before we even reached an agreement,” Ryan said. “One would like to think that you’ll get criticized after people know what it is you’re doing, not before they know what you’re doing.”
“Ninety-two percent of the sequester is left in place in this agreement,” Ryan told CBS News. He said the deal that will basically ignore the previous budget deal “frees up more money for the Pentagon, so we can meet our readiness needs,” in other words, will allow the globalists to continue their military adventures, the cost of which will be passed on to future generations of Americans.
The federal government under Boehner, Ryan and Obama has jacked up a national debt that exceeds all the debt accumulated under all American presidents from George Washington through Ronald Reagan.
The official debt, as of March 4, 2011, was $14,182,627,184,881.03, according to the U.S. Treasury. On December 10, 2013, it was an astounding $17,234,005,998,603.93.
In August, a San Diego economics professor pegged the real amount at $70 trillion. In 2008, Boston economists Laurence Kotlikoff and Scott Burns warned that a mega-disaster is in the works if the government does not curb spending and debt.
“The earthquake will come via a collapse in the market for U.S. government bonds as domestic and foreign investors realize that the only way Uncle Sam can meet his future spending obligations is to print massive quantities of money,” they said. “The result will be sky-high inflation and interest rates and, most surely, a prolonged reduction in output and employment. This could happen today. It could happen tomorrow. But it will happen here just as it has happened in every other country that tried to spend far beyond its ability to pay.”
In fact, this process is well underway as the Federal Reserve bankster cartel expands the money supply and creates portentous asset bubbles under QE Infinity.