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Nancy Smith

Obama Should Tell the Truth about the American Economy

September 3, 2016 - 6:00am

President Obama would have you believe everything about the American economy is rosy. It isn't. Far from it. 

The president and everybody in his administration really must stop talking about how much better off we are today than we were eight years ago.

Here is the disastrous truth:

The national debt hit $19.5 trillion for the first time ever during the week just ending, a little more than seven months after it hit the $19 trillion mark.

By my calculation, $19.5 trillion amounts to $65,000 for every man, woman and child in the United States. Or, $260,000 for a family of four.

When President Obama took office in early 2009, the total debt was $10.63 trillion, which means it has nearly doubled on his watch.

In fact, in one day, on Nov. 30, 2014, the national debt increased $32 billion, at that point surpassing the $18 trillion mark.

Keep in mind, Obama was elected in part on the promise of addressing the national debt.

The issue was part of his “hope and change” platform. Here's what he once said of George W. Bush’s debt:

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents -- number 43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back -- $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.”

Of course, Obama was correct about Bush. But then what did he do? He added nearly $10 trillion more to the debt.

The mainstream media most likely will largely ignore this new debt milestone. Despite the fact that virtually every economist in the land will tell you the debt poses the biggest threat to individual Americans, the American economy, and the health and future of the U.S. itself.

Year after year, the Government Accounting Office (GAO) gives the federal government a failing grade in its audit report of America’s financial statements.

In last year's report, not only did the GAO chastise the federal government for its “unsustainable fiscal path,” but they state that the federal government consistently fails to prepare “reliable and complete financial information -- both for individual federal entities and for the federal government as a whole.”

The Department of Defense, Department of Housing and Urban Development, and the Department of Agriculture are all singled out for their failure to prepare complete and accurate financial statements.

This is corroborated by a report published more than a year ago stating the Defense Department has somehow “misplaced” $8.5 trillion of taxpayer money over the last 20 years.

The GAO cites other material weaknesses in the government’s reporting of supposed cost reductions in Medicare and Social Security.

In all, the GAO calculates that these financial uncertainties total $27.9 trillion, suggesting that the government’s true financial condition is far worse than reported.

Bottom line: As the noted financial blog Zero Hedge writes, "If this were a private company, Barack Obama and (Treasury Secretary) Jack Lew would be wearing dayglo orange jumpsuits in court while facing felony fraud charges."

It’s not just the $18.2 trillion in negative net worth. Or the $41+ trillion (by their own calculations) in the Social Security shortfall, says the website.

"It’s the fact that they can’t even stand in front of the American people with an honest accounting of how pitiful the financial situation really is."

What Obama isn't telling us is, the government of the United States is totally, desperately, hopelessly bankrupt, and grows more insolvent with each passing year.

It reminds me of the old British adage, "I'm all right, Jack," adopted when we think bad is happening to somebody else, we've got it made. If we have have a job and a roof over our head -- for now, anyway -- we can close our eyes and pretend it isn't there.

Reach Nancy Smith at nsmith@sunshinestatenews.com or at 228-282-2423. Twitter: @NancyLBSmith.

Comments

Fact is both Republicans and Democrats are can be blamed. Regardless of which party has been in control of Congress and the White House over the past 60 years or so, we have allowed government to expand way beyond what was intended by the authors of the Constitution. As a consequence all but the most wealthy and powerful have become its slaves. Short of a Second American Revolution, the only thing that will bring about a positive change is electing people to office who will dedicate themselves to making the difficult decisions to reduce the size and funding of government.

I agree with everything you said. We can't blame one party or the other. It was both.

This is really more a referendum on Congress, who last time I checked is responsible for the budget, not the President. This is exactly what Gary Johnson is talking about, and why he is the only candidate pushing a balanced budget amendment, which is why he will have my vote... the rest are promising the world with no plans of action, just more rhetoric...classic.

According to the Bureau of Labor Statistics for August 2016, 57.9% of the nation is employed. 6% of the nation is composed of retirees, amounting to roughly 16 million people. There are 72 million minors, which represents about 22% of the entire population of 322 million. So let's just say for accounting sake that none of the minors have full-time jobs, and that none of the retirees are working. That gives us 28% of the nation that is legitimately unemployed and would not be counted as part of an actual unemployment rate. Another 5% are on disability and cannot work, or some 16 million people. So 32% of the population is legitimately unemployed right now. So if 42.1% of the nation is not in the labor force, and if 32% of them are legitimately unemployed, the actual unemployment is currently 10.1%, and not the ridiculous 4.9% touted by news broadcasters who base their numbers on the number of people who are receiving unemployment benefits. The truth is that 32.5 million people are out of work in the U.S., and many more people are now working two jobs to pay the insurmountable mortgages and rents of big cities. The middle class has been shrinking while the working poor continues to expand, and the rich are getting much, much richer, which are all functions of anti-business, socialist politics. Add to that a national debt of $19, and it doesn't take genius to understand that the American enterprise is on the verge of complete annihilation.

HOW TO REFORM GOVERNMENT AND STILL SERVE 100% OF CITIZENS: Keep in mind medical industry subsidies are 325x oil industry subsidies ($1.3 trillion vs. $4 billion)... 1). Phase out all poverty-based entitlements over ten years, and cut taxes 50% over same time; 2). Put the judicial branch and IRS in charge of mitigating alleged neediness using family courts, penalty fines and surtaxes on the relatives (not the public); in return scrap the estate tax and any tax on income from other relatives; 3). Abolish Medicaid, state lotteries and Indian casinos -- then renew funding for higher education and cut tuitions 75% (see 7 below for more); 4). Keep Social Security for retirement only (scrap disability and widowhood perks, see above); 5). Reform health insurance and abolish employer pools-- replace monthly premiums with post-care billing and payments on a sliding scale based on extended family poverty/wealth level (enforced by IRS and state family courts); 6). Watch people suddenly be more aware of their health and reproduction habits. Smart people will no longer be out-numbered by stupid people, and democracy will be saved; 7). Put the medically indigent in the charge of charities and university medical centers, their clinics and med students in return for free med school tuition; 8). Scrap Medicare and replace with sliding scale billing and payments, post-care, including on estates of deceased. In return, cut taxes on entire med industry and staff down to 0%, requiring they organize a system for everybody with no declined patients; 9). Half the Pentagon budget should be underwritten by our wealthy foreign allies, who compete with us in global trade while we protect them. Put Pentagon formally in charge of world peace and emergency aid, and kick out the U.N. off our shores; 10). Get politics out of our personal lives and start paying off the $19.5+ trillion public debt, today! Stop buying today's votes on the backs of future generations (who didn't vote for you)!

Fire up the gas chambers for the disabled. You are one sick puppy.

To deny we are not economically better off is also totally deceitful. We have had 78 straight months of jobs gain in the US. The housing market, which was in absolute shambles when Obama took office, has recovered. The deficit has been dramatically cut. Corporations and the Stock Market are at record profits under Obama. Businesses have improved in both recovery, new businesses and growth throughout the Country. Yet, the debt needs to be addressed with an adjustment in the tax structure, with the corporations to stop hiding their profits offshore to dodge their fair share of taxes on profits, and the wealthiest to pay a more equitable fair share on their income. These have been blocked repeatedly by the Republican controlled Congress. We need to look at where the real blame lies. Obama has advocated for these necessary adjustments in taxes from day one. He even early on compromised with Congress to extend tax cuts on the wealthiest with the thinking that compromise would work both ways. Congress refused and blocked any attempt to work with the President on the inequitable tax structure. Place the blame where it truly belongs!

Lest we forget, the President doesn't have the Constitutional power to pass budgets, Comgress does. Or for the last several years under R control, doesn't.

Another political hack piece by Nancy........ As for better what did Bush, republicans give him but a $1.1T deficit per yr and losing 800,000 jobs a month you didn't mention did you Nancy?..........Is that better than now Nancy?.............. And they made that from the $250B surplus Clinton gave Bush that had Clinton's economics been kept, the national debt would be paid off by now Nancy you didn't mentipn either, why Nancy?.............. Finally while Obama couldn't balance the budget because repubs won't pass anything , make self inflected wounds to keep the economy from recovering............ Had republicans passed the grand bargain and on to tax reform like Obama wanted too we'd have the budget balanced and paying down the debt.......... So by any honest reading of the facts the full national debt is only on republican hands for not doing what was needed because they couldn't stand a black man besting them and showing how much better an economy can be so they did their best to stop it....... Personally I think they are traitors for doing such damage to the country, literally 1,000x the damage terrorists have done if you add both up............ you republicans should be so proud.

Well written article. It is a wast to even remark to her. She has been bought and paid for by Big Sugar.

Trump to get our Country back and know the Truth.. Low unemployment.. BS As soon as your benefits run out.. you are off the roles.... gone no longer exist.. I know.. most just go on welfare.. but if you have any savings.. you can't.. you watch your life dwindle away......

Many hired an attorney that sent these people to doctors that work with those attorneys to sign them off to collect Social Security Benefits when their Unemployment insurance benefits dried up.

He offends America with his daily deceit and lies as well as his love for Iran. And, Hillary wants to continue with this scheme? Go figure!

So then, Kansas. Thanks, Nancy.

Comments are now closed.

nancy smith
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