President Obama Has Added Over $5 Trillion To The Debt And Now He Wants Unlimited Power To Add Trillions More
‘The Most Rapid Increase In Debt Under Any U.S. President’
$5.71 Trillion added to debt since January ‘09. (“The Debt To The Penny And Who Holds It,” U.S. Treasury Department, Accessed 11/7/12)
· $16.34 Trillion – The current national debt. (“The Debt To The Penny And Who Holds It,” U.S. Treasury Department, Accessed 11/7/12)
· $20+ Trillion – Debt target in President’s Budget. “CBO’s Estimate of the President’s Budget … Deficit (-) or Surplus… 2013-2022: -6,390 [billion dollars]” (“An Analysis Of The President’s 2013 Budget,” Congressional Budget Office, Table 2, P.3, 3/12)
CBS: “The most rapid increase in the debt under any U.S. President.” (“National Debt Has Increased $4 Trillion Under Obama,” CBS News, 8/22/11)
Now President Wants New ‘Unlimited’ Debt Power
“…the White House reportedly called for $1.6 trillion in new tax revenue and an unlimited debt ceiling on the table…” (“Republicans Say No To Obama’s Opening ‘Cliff’ Bid,” Marketwatch, 11/29/12)
“The Obama administration’s initial offer included a permanent, ‘unlimited’ debt limit hike with no strings — or spending cuts — attached…” (“Pelosi: Debt Ceiling Should Be Separate From Fiscal Cliff,” Politico, 12/5/12)
“The Obama administration is asking to eliminate Congress’ role in raising the debt ceiling as part of a fiscal cliff deal…” (“WH Asks for End to Debt Limit Votes, McConnell Says,” Roll Call, 11/29/12)
President Obama Once Called Debt Limit Hikes ‘A Failure Of Leadership’
THEN-SEN. BARACK OBAMA (D-IL): “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.” (Sen. Obama, Congressional Record, S.2237, 3/16/06)
· OBAMA: “Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership.” (Sen. Obama, Congressional Record, S.2238, 3/16/06)
· OBAMA: “Keep in mind, the first 42 presidents, they amassed $5 trillion worth of debt, the first 42 of them. The first couple of hundred years-plus of American history, we accumulated $5 trillion. Now we’re at $9 trillion. That’s just bad — that’s not being fiscally conservative. And so we’re going to have to change our policies. Now, it’s going to be — let me say this. It’s not going to be completely easy, because we’re in a hole. And the first thing you do when you’re in a hole is what?” (UNKNOWN): “Stop digging.” OBAMA: “Stop digging. Who got that right? There you go. You stop digging. So the first thing that we’re going to have to do is to stop adding to our deficit.” (Sen. Obama, Remarks To Campaign Event, Watertown, SD, 5/16/08)
To NFL Fans:
The Pro Football Hall of Fame’s Golden Anniversary marks a major milestone in the history of professional football and the National Football League. The Pro Football Hall of Fame opened its doors on September 7, 1963 and has achieved 50 years of excellence in honoring the legends of the game, preserving pro football’s historic documents and artifacts and educating the public regarding the origin, development and growth of this sport we love. The NFL, its players, coaches, and owners are proud to participate in many events and activities to celebrate the Pro Football Hall of Fame’s first half-century of success.The NFL has designated all the games played during weeks 14 and 15 of the 2012 season to pay tribute to the Hall of Fame. During these games, each team’s players will wear the Pro Football Hall of Fame 50 Year logo patch on their uniforms.Also, Hall of Famers will be in the broadcast booths to announce and comment about the Hall of Fame’s 50 Years and teams will use the occasion to honor their alumni and celebrate their team histories. Another very exciting element of the 50 Years celebration is the completion of the largest-ever expansion and renovation of the Pro Football Hall of Fame facilities. I strongly encourage all football fans to visit the Pro Football Hall of Fame in Canton, Ohio during its 50th year to witness, first-hand, the major enhancements that have been made to America’s premier sports museum and showplace.
In order to “bring the Hall of Fame exhibits to the fans,” the Hall of Fame has launched a 7,000 square-foot interactive, multimedia national traveling exhibition, titled, “Gridiron Glory – the Best of the Pro Football Hall of Fame.” This exhibition is currently at the Heinz History Center in Pittsburgh and will travel to the National WWII Museum in New Orleans followed by a five-year nationwide tour to major cultural institutions.
Congratulations to the Pro Football Hall of Fame for 50 years of success and thanks to the fans for helping to put the foundation in place for even greater success in the future. We appreciate your continued support of the NFL and the Pro Football Hall of Fame.
Commissioner, National Football League
Since the Republicans’ opening proposal on the fiscal cliff was rejected immediately by Obama (nobody saw that coming) Forbes advises the GOP to go on offense.
By Steve Forbes
We are losing the cliff war in terms of public opinion, but the tables can be turned. A few days ago you offered tax increases via eliminating or capping deductions. Your generous gesture won no goodwill from Democrats and the mainstream media. Moreover any tax increase now only damages the economy. Concerning deductions, why give stuff away now for no real tax reform or simplification?
Here’s what the GOP should do now:
I. The House passes a bill extending for a year or at least six months all the cliff items – current income tax rates; the Alternative Minimum Tax patch; yes, even those Social Security payroll tax cuts. The whole kit and caboodle. The same with sequestration.
The point to make is that the U.S. economy is headed for a recession. One ill omen is that business investment is faltering. Any tax boost will be particularly perverse. Destroying capital and hurting small businesses will only contract the economy even more. We shouldn’t follow the bad examples of Western Europe and Japan. These countries are all raising taxes and the results are frightening. Japan’s economy is declining. Southern Europe is in a severe recession. France and Germany are about to go into recession. Britain just reported disappointing economic news and experts believe its economy will go into negative territory.
Another point to make – it is ridiculous to try to reform the tax code two weeks before Christmas. Ditto for entitlements.
About “the rich” label, polls show that if the question is rephrased as to whether the economy would be helped if upper-income couples had their tax bills increased substantially, most Americans are opposed to the hikes. We should learn how to phrase these issues instead of employing the Democrat’s vocabulary.
II. Turn the tables on the White House debt ceiling proposal by passing a bill mandating that Social Security trust fund assets – now held in useless, non-negotiable IOUs from the Treasury – be converted to marketable Treasury bonds which should have been done decades ago. That way if there is a debt ceiling impasse early next year Social Security and Medicare payments won’t be jeopardized. The trust funds could just sell on the open market bonds to raise the cash to make payments. Those trust funds are supposed to have more than $2 trillion in reserves. Instead, they are loaded with phony, illiquid assets.
III. Pass a bill mandating that no money can be diverted from Medicare to pay for ObamaCare.
Senate Republicans can have fun with this when Harry Reid blocks a vote.
IV. Pass a resolution that the House of Representatives will not accept any entitlement reform that reduces benefits for those who are on Medicare and Social Security or who are about to go into those programs.
V. Pass a bill suspending all of those ObamaCare levies that hit next year. Again, we don’t need to burden an already wobbly economy.
Let’s stop negotiating with ourselves. Let’s take charge of the terms of debate. By drawing a line on tax increases you will help the economy and you will begin the process of turning around public opinion; that won’t happen overnight but these bills would be an exciting start.
Go on an optimistic offensive!
Yesterday’s announcement that Senator Jim DeMint (R-SC) is leaving the U.S. Senate to replace Edwin J. Feulner as president of The Heritage Foundation surprised the political establishment in Washington and underlined Heritage’s role as a key institution for America’s future. The Washington Post declared on its front page: “DeMint says he can advance conservative ideas better at Heritage.”
DeMint’s selection as president comes three years after Feulner, president for 35 years, told Heritage’s board of trustees he would be retiring in 2013. DeMint, who came to Washington in 1998 as a congressman from South Carolina, told a packed Heritage auditorium yesterday that it was the only job that would lure him away from the Senate.
“This organization is in a position to do more to save our country than any other organization I’m aware of,” DeMint told the staff, noting that Heritage inspired him to enter public service. “I believe that we have put together here the power, the muscle, the ideas to turn things around.”
DeMint will take leadership of Heritage at a time when conservatives are facing significant challenges in Washington. The clock is ticking toward the fiscal cliff at the end of 2012. Beyond that immediate challenge are opposite visions for solving America’s entitlement crisis, protecting the country from enemies, and ensuring that our Constitution continues to guide decisions in the halls of government.
Following their remarks to Heritage staff yesterday, DeMint and Feulner joined Rush Limbaugh on his radio program. Together they outlined how Heritage would confront these challenges. Here’s an edited excerpt:
RUSH: What’s happening to make this happen now, Ed?
FEULNER: Well, as you know, about three years ago I told our board of trustees that, “Look ahead, gentlemen and ladies. I am going to be 71, and it is time for us to find a successor, and we’ve got to find somebody who’s absolutely committed to our firm principles here at Heritage and who knows the sanctity of our research and who can lead Heritage to the next level.” And, boy, have we got that guy.
RUSH: Senator Jim DeMint, Why have you decided to retire from the Senate to take this on?
DeMINT: Rush, it was The Heritage Foundation that inspired me to run for Congress, and many of the policies I’ve developed, whether it be Social Security reform or health care reform, tax reform, Heritage has guided that policy development. And I believe that I can do more good for the conservative movement outside of the Senate in leveraging the assets of The Heritage Foundation to communicate a more positive, optimistic message to the American people.
During the interview, Feulner quoted Senator-elect Ted Cruz (R-TX), who called DeMint “a friend, and hero, and a patriot.” Cruz added, “His combination of brilliance, principle, common sense, creativity and–above all else–courage will be an ideal fit for the conservative movement’s leading think tank.”
Leaders across the ideological spectrum — from the conservative Family Research Council to the libertarian Reason Foundation, and even the progressive Center for American Progress — offered encouraging words about DeMint’s selection.
There’s good reason to be optimistic. After more than three decades of Feulner’s leadership — in which he transformed Heritage into “the Parthenon of the conservative metropolis,” according to The New York Times — DeMint seizes the reins with an energized staff ready to tackle America’s thorniest problems with new and innovative policy solutions.
Spending Daily | December 7, 2012
350K drop out of labor force, Unemployment Falls to 7.7%
Marketwatch reports, “The U.S. added 146,000 jobs in November and the unemployment rate fell to 7.7%, the lowest level since December 2008, the Labor Department said Friday. Hurricane Sandy appeared to have little effect on hiring and employment last month, the government said. Economists surveyed by MarketWatch had expected an increase of just 80,000 jobs because of the disruption caused by the storm. The unemployment rate was projected to hold steady at 7.9%. It fell mainly because 350,000 people dropped out of the labor force.”
Washington Playing a ‘Petty Peevish and Dangerous Brand of Politics’
The Associated Press reports, “Here we slow again. Washington’s leaders are back to form, playing a petty, peevish and dangerous brand of politics. All that’s at stake is the fate of the economy. Everyone in this town knows how it goes in a time of a standoff: Posture until the deadline, try to win over the public and work over the media, then cut a deal just before disaster strikes. The crises come and go; this one happens to be about the ‘fiscal cliff,’ the looming set of tax hikes and blunt spending cuts set to start Jan. 1. … Polling already shows more people than not think Obama and Congress will fail, even though failing would mean tax hikes for all and a punch to the gut of the economy. And even if the outcome ends up fine, every day squandered to squabbling is one that could be spent fixing so many other problems.”
On The Bright Side: Many Are Giving Away Their Money Before Washington Takes It!
The Wall Street Journal reports, “Tax uncertainty in Washington is setting off a mad scramble among wealthy taxpayers and charities to maximize donations before the end of the year. Their worry: The tax deduction for charitable giving, a fixture of the tax code for nearly a century, is coming under pressure as part of a broader fiscal agreement now being hammered out on Capitol Hill. The rush shows the extent to which wrangling in Washington over deficit reduction already is affecting the way taxpayers are spending their money. In addition to rethinking their charitable giving, some taxpayers are accelerating large medical expenses, selling appreciated stock and even prepaying mortgages, financial advisers say. Fidelity Charitable, an affiliate of Fidelity Investments, took in $1.2 billion for the first nine months of 2012, up 63% from the same period in 2011, while Schwab Charitable, an affiliate of Charles Schwab Corp., recorded a 74% jump for the third quarter.”
Gov’t Agency Spends $500 Million Deigning Facility Too Small To Build
The Washington Guardian reports, “Imagine spending your life savings to design your dream home, only to discover your blueprint was too small to fit all your furniture and family. That’s essentially what the Energy Department’s National Nuclear Security Administration did, leaving taxpayers with a jaw-dropping bill and nothing to show for it yet. NNSA, which oversees the nation’s nuclear arsenal and nuclear weapons research, already has spent a half-billion dollars mapping out a new uranium processing building at its Y-12 weapons plant in Oak-Ridge, Tenn., only to discover the 340,000 square foot building it designed wasn’t big enough to house the equipment it owns. … For spending so much money without erecting a single wall, the NNSA wins this week’s Golden Hammer, a weekly distinction awarded by the Washington Guardian to the worst examples of government waste and misspending.”
Obama’s Tax Victory: ‘Paltry’
Kimberely Strassel editorializes in The Wall Street Journal, “To read the current fiscal-cliff coverage, President Obama holds the upper hand and is poised for the ‘victory’ of winning an increase in the top two tax rates. So successful has the White House been in defining this fight, few have stopped to consider how paltry that victory is likely to be. For a short-term win on this ideological issue, President Obama may well cede most everything else. … If Republicans have to fold on the top tax rates, it’s a decent bet they will do only that—and nothing more. … The president will also finally have to show his math. He has argued his entire presidency that America’s debt hole could be filled by soaking the rich. He’ll now get his way, in a bill that likely provides $800 billion in revenue over 10 years, or $80 billion a year. To repeat: $80 billion a year. That is 7% of the $1.1 trillion deficit Mr. Obama ran in fiscal year 2012 alone. His tax hikes in hand, he can now explain why the hole keeps getting bigger
Cliff Talks Now Only Between Obama and Boehner
UPI reports, “U.S. ‘fiscal cliff’ talks are now just between House Speaker John Boehner and President Barack Obama to streamline the discussions, aides and lawmakers said. … Limiting the talks to Obama and the Ohio Republican improves the chances of success, officials on all sides — including those excluded — told the newspaper, because it minimizes the number of people who need to go along with an initial agreement.”
“White House to GOP: We’re not moving”
According to Politico, “If Wednesday’s phone call between Speaker John Boehner and President Barack Obama seemed like a hopeful sign in the fiscal cliff standoff, think again. On Thursday, with the House out of session, White House congressional liaison Rob Nabors trekked to Capitol Hill and delivered a firm message: We aren’t moving. In a meeting with leadership staff, Nabors reiterated the administration’s hard line that tax rates on top earners must go up, according to Republican sources with knowledge of the meeting. The White House is also insisting that Congress give it power to raise the debt limit on its own. … But another source familiar with the discussion offered a conflicting take, saying Nabors repeated that Obama isn’t wedded to every detail of his plan. Nabors also conveyed that, once Republicans move on rates, ‘they can get a deal very quickly,’ the source said.”
IRS to Congress: Failure to Address AMT Means Tax Filing Delays, “strain on taxpayers”
According to Bloomberg, ‘Failure by Congress to act on the alternative minimum tax by year’s end will lead to ‘significant’ delays in tax filing and a strain on taxpayers, said Steven Miller, the Internal Revenue Service’s acting commissioner. The alternative minimum tax, or AMT, is part of the so- called fiscal negotiations in Congress. Leaving it untouched would affect taxpayers early in 2013, because its reach would be expanded for returns filed for tax year 2012. Without action by Congress, the parallel tax system would affect 32.4 million households for tax year 2012, up from 4 million in 2010, according to the Congressional Research Service. It would increase tax collections by $92 billion, shrinking or erasing many taxpayers’ expected refunds.”
Dem Leaders Signal Willingness to Accept Cuts
Bloomberg reports, “Two Senate Democratic leaders signaled they may have to accept cuts to U.S. entitlement programs to secure a deficit-reduction deal, after someRepublicans expressed willingness to discuss higher tax rates for top earners. Dick Durbin of Illinois, the second-ranking Senate Democrat, said he is open to alternatives including expanded means-testing — charging higher-income seniors more — for Medicare. Republicans are seeking limits to spending onentitlement programs. Durbin and New York Senator Chuck Schumer, the chamber’s third-ranking Democrat, didn’t rule them out while speaking with reporters today in Washington. More than $600 billion in tax increases and federal spending cuts will start taking effect in January unless Congress acts. President Barack Obama has made clear that no agreement is possible on the so-called fiscal cliff without raising income tax rates for the top 2 percent of earners. Republicans need a concession on entitlement programs, Durbin said, in exchange for any agreement on higher tax rates.”
Republicans Hold Debt Ceiling As Leverage For Cuts
The Washington Post reports, “As Republicans consider making a strategic retreat from their traditional opposition to higher taxes, a new flash point is emerging in the high-stakes budget negotiations: the legal limit on government borrowing Federal borrowing is on track to hit that limit early next year. Without an increase in the debt ceiling, the government would default on its obligations. Republican lawmakers, sensing that this gives them bargaining power in the budget talks, are resisting any increase in the limit unless the White House makes concessions, such as agreeing to deep spending cuts. House Speaker John A. Boehner (R-Ohio) has said that any increase in the debt ceiling should be matched dollar for dollar with new spending cuts. Earlier this week, Boehner made an offer to the White House that called for $2.2 trillion in deficit reductions, not enough to offset the increase in the debt limit that’s needed.”
Coburn: “Waste, Incompetence and Stupidity”
Senator Tom Coburn (R-Okla.) said in an interview with ABC News that everywhere you look in government is “waste, incompetence and stupidity.” Click here for the video from the Washington Free Beacon.
Franklin Delano Roosevelt – Pearl Harbor Day of Infamy Speech
Franklin Delano Roosevelt giving the Pearl Harbor Address – “A date that will live in infamy”
Business Insider -
* Xiaomi’s Lei Jun dismisses notion of copying Apple
* Xiaomi sees $2 bln revenue in 2012 on 7 million smartphone sales
* Xiaomi not considering IPO in next 5 years
* Analysts say Xiaomi faces tough road to a becoming a big brand
BEIJING, Dec 7 (Reuters) – China’s Xiaomi Technology is a fairy tale for nerdy entrepreneurs.
Less than three years after its founding, the smartphone maker is valued at $4 billion and evokes Apple-like adoration from its fans, some of whom are desperate enough to skip work for a shot at buying the latest product the day it goes on sale.
Founder Lei Jun dresses like the late Steve Jobs, in jeans and a black top. He has created a fervent fan base for Xiaomi’s moderately priced high-end smartphones by mimicking Apple Inc’s marketing tactic of attaching an aura of exclusivity around its products.
Selecting IGN’s Best of 2012 nominees and awards represents the culmination of a year’s worth of observation, discussion and debate, along with countless hours spent in front of games, movies, comic books, and television shows. With a year marked by giant blockbuster highlights like Marvel’s The Avengers, Halo 4, Breaking Bad, and the Mac Book Pro with Retina, to smaller but still fantastic high points like Journey, Dredd 3D, Community, and the new Saga comic series, 2012 represents some truly memorable entertainment.
Help us celebrate IGN’s nominees and tune in on Dec. 19 to see the category and genre winners announced. And on December 21, check back to find out the overall winners, including IGN’s 2012 Game of the Year. In the meantime, pick your own winners and vote now in IGN’s People’s Choice Awards.
Game of the Year Nominees
IGN’s official nominees for 2012 Game of the Year are…
- Mass Effect 3
- Guild Wars 2
- The Unfinished Swan
- Borderlands 2
- Hotline Miami
- Halo 4
- The Walking Dead: The Game