Saturday, June 23, 2007

bush Will be Long Gone Before U.S. Figures Out Just How Much Damage He Has Done

posted by Bill Arnett @ 11:59 AM Permalink

I have maintained for years now that America and Americans won't realize just how much damage bush and cronies have done to the country until bush is out of office and playing pinochle, drinking shots, and reminiscing about "the good ol' days" with his contingent of 103 Secret Service agents assigned to protect him.

I am not an economist, but a blind fool can see that spending exponentially more dollars than are coming into the Treasury is the path to fiscal insanity from the alleged "party of fiscal responsibility."

I may have been wrong, not because bush hasn't done everything in his power to spend every dollar he can beg, borrow, or steal, but because people are beginning to realize that GOP "fuzzy math" is destroying any financial security they may have expected in the future from Medicare and Social Security.

See this article in Raw Story from USA Today:
The federal government recorded a $1.3 trillion loss last year -- far more than the official $248 billion deficit -- when corporate-style accounting standards are used, a USA TODAY analysis shows.

The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss -- equal to $11,434 per household -- is more than Americans paid in income taxes in 2006.

"We're on an unsustainable path and doing a great disservice to future generations," says Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more accurate federal accounting.

Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined.
An unreported loss of $1.3 trillion last year alone. $516,348 for every U.S. household, five times more than all other debt held by Americans combined.

And logically, when the budget figures change from billions in surpluses in 2000 to almost $9 trillion in debt by 2007, it's a sure thing that the bush maladministration has been suffering losses such as this during every year of his tenure in the White House.

This represents a "strong economy" according to bush/cheney, as if losing over a trillion dollars a year is something of which to be proud, and something Americans should and must endure so the "Forever War" or the "Long War" or the "GWOT" can be conducted while hiding from the country the true cost of those efforts.

And one last thing: I'm sick of hearing that bush/cheney and their Republican sycophants "spend money like a drunken sailor." I have had the privilege of getting drunk with many sailors and they never spent money like a congressman or president.

I maintain the better expression would be that, "Congress, the Republicans, and the president spend money like a crack wh0re on vacation in Columbia."

On second thought, that would unnecessarily impugn the reputation of crack wh0res.

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