Wednesday, July 27, 2011

Debt Creation

I continue to tell other Right leaning fiscal conservatives that as much as they continue to support a Republican Party that says one thing, but then does the opposite once in office, they are supporting the wrong party. They scoff. Fair enough. As long as they consider FoxNews a legitimate news source there won't be much opportunity to show them the truth. But there is a Graphic that has been flying around Facebook for several days now. Take a look at the Left.

And for added reading, Bloomberg goes into some details.
House Speaker John Boehner often attacks the spendthrift ways of Washington.

“In Washington, more spending and more debt is business as usual,” the Republican leader from Ohio said in a televised address yesterday amid debate over the U.S. debt. “I’ve got news for Washington - those days are over.”

Yet the speaker, House Majority Leader Eric Cantor, House Budget Chairman Paul Ryan and Senate Minority Leader Mitch McConnell all voted for major drivers of the nation’s debt during the past decade: Wars in Afghanistan and Iraq, the 2001 and 2003 Bush tax cuts and Medicare prescription drug benefits. They also voted for the Troubled Asset Relief Program, or TARP, that rescued financial institutions and the auto industry.

Together, according to data compiled by Bloomberg News, these initiatives added $3.4 trillion to the nation’s accumulated debt and to its current annual budget deficit of $1.5 trillion.
You should read the rest.


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