From a friend:
Ludwig von Mises, one of the greatest economists of all time (1881 -1973) wrote, “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved.” This is the choice that the nation faces today. Which decision will prevail? (To visualize the problem we face, check this out: http://www.wtfnoway.com/
As the nation bumps up against the debt ceiling, the news media continues to babble about Obama inheriting a huge deficit from Bush, and Obama continues to blame Bush for the problem.
So once more, a short civics lesson. This is so important and unreported that I urge you to pass it along to everyone in your address book.
Ellen
Budgets do not come from the White House. They come from Congress and the party that controlled Congress from January 2007 until January of 2011 is the Democratic Party.
Furthermore, the Democrats controlled the budget process for FY 2008 and FY 2009 as well as FY 2010 and FY 2011.
In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.
For FY 2009 though, Nancy Pelosi and Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the FY 2009 budgets.
And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete FY 2009.
If the Democrats inherited any deficit, it was the FY 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets.
If Obama inherited anything, he inherited it from himself.
In a nutshell, what Obama is saying is, I inherited a deficit that I voted for and then I expanded that deficit four-fold as President.
There is no way this will be widely publicized, unless each of us sends it on! This is your chance to make a difference.
Stay Focused, Connected, Informed & Inspired… And don’t forget to forward to everyone you know…
Ellen Sauerbrey
Daniel McAndrew 