Yesterday, Wall Street reported the highest stock market value in modern history. A true testament to what happens when the FED pumps $40 Billion per month into the market with artificially low interest rates and is completely detached from Congress’s or Capitalism’s laws… laws which sooner or later will exact their flesh with the wrath of a holocaust. America might not survive this time.
Flashback to 2007:
The Congressional Budget Office estimated Friday that the U.S. federal budget deficit for fiscal year 2007, which ended Sunday, was about $161 billion, or 1.2% of gross domestic product. That’s down from the $248 billion shortfall recorded in fiscal 2006, which translated into 1.9% of GDP. The Treasury Department will report the official tally later this month.
Those are George Bush’s real numbers using the WAAP accounting approach. Numbers that President Obama had the audacity to call “unpatriotic.” $161 Billion… CNN argued at the time it was more likely 2.5 times that amount, which still only comes to $402 Billion, and the $161 billion figure is from the accepted CBO calculations for that year.
Now consider this year’s $1.33 Trillion Obama deficit. Using the WAAP numbers from Bush, that means that Obama’s deficit is 8.3 times larger than Bush’s was. 8.3 times larger! An absolute outrage, and where are ABC, CBS, NBC, CNN, MSNBC, and NPR media organizations to report this? Gas was $1.84 per gallon at the time, too. Now it is well over $4.00 per gallon.
Obama’s hollow and incompetent words from 2007:
“today I’m pledging to cut the deficit we inherited in half by the end of my first term in office.” – B. Obama 2007
The stock market’s irrational climb against nonsensical energy, fiscal, and foreign policies can only end in tragedy, in spite of liberal economists penguin-clapping that is detached from reality. Interest rates are too low, the markets and unemployment are too high, China is on the verge of collapse, and the Middle-East is war-torn. All the ingredients needed for another world financial apocalypse. All we are missing is an amateurish leader, and he was just reelected.
Both Bush and Obama have been massive financial failures as Presidents, but to not acknowledge that Obama has dangerously increased the debt at a time revenues are higher than ever is just disingenuous, precarious, and, yes, unpatriotic. America is truly in harm’s way.