[BITList] “Fiscal Cliff” put in a much better perspective

[x50type at cox.net]

OMG – the beloved Reagan [greatly admired by Thatcher] started the US down the path of bankruptcy in 1981 and Bush 43 did his level best with 2 unfunded wars and tax cuts for all, etc. to accelerate the decline.

Has it gone too far to recover – probably....................

ct

PS  - fortunately the US can simply print more money and as long as the world accepts that it has some value and is not simply a piece of paper with a pretty design, the status is quo-ed.


              National Debt Graph by President
              The best odds on the presidential election come from the betting markets and can be found here.



              In 1981, the supply-siders commandeered the Reagan Presidency and employed their Voodoo economics, as Bush senior had called it in 1980. He was saying that tax cuts would not increase government revenues. As you can see on the graph above (get it on your smartphone app info), the Voodoo failed just as Bush predicted, and the supply-siders turned a 32-year winning streak into a debt disaster that continues to this day. For 20 years, under Reagan and the Bushes, the national debt increased compared to GDP every single year. In most other years it decreased. Twenty years in a row can't be just an accident, but to understand you need to learn the voodoo strategy.   (Why graph Debt / GDP ?)

              What's causing today's huge deficits? Deficit basics. Top 4 deficit causes.

              Bush senior fought against supply-side debt, so the Republicans didn't support him and he lost to Clinton, who put an end to supply-side economics. G. W. Bush brought it back full strength, with V.P. Cheney saying "Reagan proved deficits don't matter." Currently supply-siders are in full control of the Republican party.


From: Ronald Thomas 
Sent: Wednesday, January 02, 2013 4:16 PM
To: bitlist at lists.bcn.mythic-beasts.com 
Subject: [BITList] “Fiscal Cliff” put in a much better perspective


Call the currency £,$ or the "magic E" the rationale is surely the same. Seasons greetings to you all and, particularly, wish you a Healthy New Year. (important at our ages, methinks!) Ron


Call the currency £Lesson # 1: 
* U.S. Tax revenue: $2,170,000,000,000 
* Fed budget: $3,820,000,000,000 
* New debt: $ 1,650,000,000,000 
* National debt: $14,271,000,000,000 
* Recent budget cuts: $ 38,500,000,000
Let’s now remove 8 zeros and pretend it’s a household budget: 
* Annual family income: $21,700 
* Money the family spent: $38,200 
* New debt on the credit card: $16,500 
* Outstanding balance on the credit card: $142,710 
* Total budget cuts so far: $3.85

Got It ??? ……. OK, now…


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