I would like to clear up the lies coming from the liberal fringe news media. This is information no one else seems to have. I have heard no one report this so I am going to tell you the truth.
Democrats took control of congress in January 2007
Democrat’s first budget was from October 1, 2007 to September 30th 2008
Democrats first on budget deficit was $452 Billion
Democrat’s first budget including on and off budget was $978 billion
In the five months just prior to the bank collapse in 2008 the democrat’s deficit spending on and off budget totaled $683 Billion. I repeat in the period of five months May to September of 2008 just before the bank collapse of 2008.
This $683 billion in deficit spending is what broke the banking system not the greed of Wall Street that you have been misled to believe.
The banks collapsed on September 18, 2008 specifically from the Federal Reserve borrowing a record $136 billion a month in the five months prior to the collapse. This is almost 10 times more than they normally borrowed in the 2007 Republican budget. This took all the money out of the world banking system that was already stressed from a high interest rates imposed by the Federal Reserve which initially caused problems in the real estate market.
The troubled asset relief program otherwise known as TARP was almost exactly the same amount at $700 billion. This was meant to replace money back into the banks which had been dried out by that very entity the Federal Reserve. This was borrowed to finance the Democrats out-of-control deficit spending.
Hollywood made a movie so you would believe it was the greed of the banks and not the politicians fault.
It’s now 2011 and we are still working off of a democratically controlled congresses federal budget and the monthly average deficit is the same as it was five months prior to the bank collapse about $130 billion a month.
In the last three years and seven months of Democrats budgets we have spent more than $5.4 trillion up to May 2011. This is an average of $128 billion a month and it continues.
The Democrats and the liberal fringe news media also want to blame it on the Republicans but liberal Democrats were in control for 21 months before the bank collapsed in September 2008. This is all 100% the fault of the Democratic Party not the Republicans. The last republican budget deficit was $161 billion for the whole year of 2007. The republican 2007 budget was passed by April 15, 2006 while they were still in control of congress.
Presidents can’t spend a dime of tax payer’s money. Read the constitution the budget must originate in the House of Representatives.
Americans believed the liberal fringe news media that kept repeating the lie of the economy was really bad with 5% unemployment and a $161 billion yearly deficit. The American people voted in the 2006 election to give the democrats control of congress, they believed the lies of the liberal fringe news media and the Democratic Party. The lies and the deceit continue.
This should also prove to anyone with any common sense that government spending does not create jobs. We have spent $5.4 trillion in the last 44 months since democrat took majority control January 2007 and the economy is still where it was five years ago if you adjust for inflation. All the growth in the economy is artificially supported by massive deficit spending.
This massive amount of federal government spending of $5.4 trillion only proves that government’s deficit spending destroys jobs and it also destroys wealth as it creates high inflation, high food prices, and high gasoline prices.
By the end of the Democrats September 30, 2011 federal budget year the total federal debt will be $6.4 trillion from four years of their control of Congress all done by the Democratic Party. This is a 71% increase in the total national Debt in just 4 years, if this is not intentional then it must be by accident. How could it be by accident?
All the above information comes from the government records of the Federal Reserve, Department of Labor statistics and the Congressional budget office.
All this information is hiding in plain sight for everyone to see, you just have to open your eyes and look for it.
James Garrett
Are the liberal progressive Democrats and Barack Hussein Obama guilty of seditious treason? http://tiny.cc/0j9ej
Please leave a comment I want to know your thoughts.
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