Fed’s holding of US debt up 452% under Obama

June 13, 2012 15:48


“My kids over there will pay it some day.” Rep. Louie Gohmert (TX-01) appeared on the Fox Business Network’s new show, “Money with Melissa Francis.” He talked about about how the Fed’s holdings of U.S. debt have jumped 452% under the Obama administration.

 

In 2004 Obama said the “monstrous” deficits were “an enormous problem” when the deficit was $413 billion. In 2008 he said increasing the debt would burden our children and was unpatriotic. Every year of his term deficits have been over a TRILLION dollars. By the end of his first term he will have increased the debt more than all other presidents combined. Can we afford four more years of two faced, self serving fiscal insanity?

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” – Barack Obama

“Rather than fight the same tired battles that have dominated Washington for decades, its time to try something new. Let’s invest in our people without leaving them a mountain of debt.” – President Barack Obama on his Office of Management and Budget website.

 

“We’re spending twice as much money as we did in 2001. If you go back 15 years our deficit this year is bigger than what our entire budget was. That’s how out of control the federal government is. … There is a political reason we’re not having a budget. Everybody understands that. Nobody’s going to say it. .. because we don’t want to make the hard choices in an election year.” – Sen. Dr. Coburn

 

Joint Chiefs Chairman Admiral Mullen said our national debt is our greatest threat to national security.

Democrats are “prone to spend money .. when it’s rather doubtful whether or not it is good for the country and for the interests of the people. Because you pile up your national debt. You pile up the interest. You pile up these staggering deficits that we have at the present time. And that spends itself in terms of higher interest rates, higher prices in the stores where people shop. And so the evil effects always fall upon the people back home.” – Sen. Dirksen 1964

“Whether one believes leaves in a large, very active government or something more limited, mathematically, the amount of debt we already have and the terrifying rate at which it is accumulating will lead to national ruin,” Gov. Mitch Daniels

“Deficit spending is simply a scheme for the confiscation of wealth.” -Alan Greenspan

“We must not let our rulers load us with perpetual debt. We must make our election between economy and liberty or profusion and servitude.
If we run into such debt, as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our calling and our creeds… [we will] have no time to think, no means of calling our miss-managers to account but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow sufferers… And this is the tendency of all human governments. A departure from principle in one instance becomes a precedent for [another]… till the bulk of society is reduced to be mere automatons of misery… And the fore-horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression.” – (Thomas Jefferson in a letter to Samuel Kercheval, July 12, 1816

“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.” – Vladimir Ilyich Lenin

“With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.” -  Friedrich Hayek

“Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money,by issuing government bonds, to finance welfare expenditures on a large scale.” – Alan Greenspan

A small debt produces a debtor; a large one, an enemy” – Publilius Syrus quotes (Roman author, 1st century B.C.)

Debt is the fatal disease of republics, the first thing and the mightiest to undermine governments and corrupt the people” – Wendell Phillips quotes (American Abolitionist and Orator whose eloquence helped fire the antislavery cause during the period leading up to the American Civil War. 1811-1884)

“The fact is, we’ll never build a lasting economic recovery by going deeper into debt at a faster rate than we ever have before. It took this nation 166 years until the middle of World War II to finally accumulate a debt of $95 billion.” – Ronald Reagan

“I have long argued that paying down the national debt is beneficial for the economy: it keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.” – Alan Greenspan

When asked why the markets haven’t reacted to the US being on the precipice of collapse, Erskine Bowles said its because the US economy is  “the best lookin’ horse in the glue factory.”

Alan Simpson (former senator from WY) and co-chair of Obama’s debt commission  said economic collapse will ‘be very swift and very dramatic’.

Former Treasury Secretary Rubin said the debt crisis could explode any minute.

Secretary of State Hillary Clinton told the Council on Foreign Relations that our national debt is a national security risk echoing previous statements by Joint Chiefs Chairman Admiral Mullen, head of U.S. intelligence – Dennis Blair, and all of America’s intelligence agencies.

“After the $700 billion bailout, the trillion-dollar stimulus, and the massive budget bill with over 9,000 earmarks, many of you implored Washington to please stop spending money we don’t have. But, instead of cutting, we saw an unprecedented explosion of government spending and debt, unlike anything we have seen in the history of our country.” – Michele Bachmann

“Blessed are the young for they shall inherit the national debt.” – Herbert Hoover

“There are 10^11 stars in the galaxy. That used to be a huge number. But it’s only a hundred billion. It’s less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.” – Richard Feynman

“Many respected economists and statesmen believe our national debt is neither unwieldy nor a dangerous burden on the country. The trouble is that a vast majority of the American people think otherwise…. It violates basic American ideas of thrift and money management. These strong public feelings cannot be ignored forever.” – Morris K. Udall

“The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to be careful to prevent their growth in our own.” – John Adams

“All of the problems we’re facing with debt are manmade problems. We created them. It’s called fantasy economics. Fantasy economics only works in a fantasy world. It doesn’t work in reality.” – Michele Bachmann

“Now, people when I say that look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?’. The answer is yes, that’s what I’m telling you.” – Joe Biden

“Mr. Obama plans to boost federal spending 25 percent while nearly tripling the national debt over 10 years. Americans know that this kind of spending will have economic consequences, including new taxes being imposed by the new progressives.” – Karl Rove

“I go on the principle that a public debt is a public curse, and in a Republican Government a greater curse than any other.” -  James Madison

“A politician cannot spend one dime on any spending project without first taking that dime from the person who earned it. So, when a politician votes for a spending bill he is saying that he believes the government should spend that particular dollar rather than the individual who worked for it.” Neal Boortz.

“There is no such thing as government money – only taxpayer money.” William Weld, quoted in Readers Digest.

See your share of the debt and how fast it is rising.



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