George H.W. Bush took the Presidential oath of office in January of 1989 after serving eight years as Reagan's Vice President. President Bush continued the Reagan policies of trickle down economics, a policy that Bush himself called Voodoo Economics in the 1980 republican Presidential campaign. Despite that pronouncement and the fact that Bush was part of the 8 year record deficit spending spree and debt under Reagan, Bush continued the deficit spending in his four years at the helm.
President Bush often used the bogus statement, read my lips, no new taxes, to play to the republican base but late in his administration he did raise some selected taxes and changed some policies but it was too late to save his Presidency for a second term. In playing to the republican base Bush failed to put the country's fiscal house first and when his last fiscal year budget ended on 9/30/93 his administration failed to balance one federal budget during his term and ended his four years in office with a total federal deficits of $1.035 trillion.
When Reagan's last fiscal year ended on 9/30/89 the national debt stood at $2.857 trillion. When Bush's last fiscal year ended on 9/30/93 the national debt stood at $4.411 trillion. An increase in the national debt of $1.544 trillion or 54%.
Total federal spending for Reagan's last 4 fiscal years totaled $4.203 trillion. Total federal spending for Bush's four years was $5.369 trillion. An increase of $1.166 trillion or 28%.
The real sad part of the 12 year legacy of Reagan-Bush is that the deficit numbers never trended downwards on a regular basis which means they never did pay attention to deficit spending and never had nor developed a economic plan to face the problem and reduce deficit spending. Reagan and Bush continued the political game of talking about reducing federal spending and balancing the federal budget and did nothing in that regard. President George Herbert Walker Bush committed the ultimate act of deceiving the people by embracing Voodoo Economics after denouncing same which continued the country on the road to fiscal instability and record debt. President Bush proved by his actions he was unfit to fiscally govern the country and its people.
Note 1: See my three part series titled: The U.S. Economy: Which Party Performs Best. dated 1/27/08
Note 2: All reference herein to deficit numbers, federal spending numbers and the national debt taken from the records of the CBO and Treasury Department.
Thursday, March 24, 2011
Tuesday, March 15, 2011
Part II Republican Conservatism: Unfit To Govern, The Reagan Years
The Reagan years was a fiscal disaster for the United States and its people. The country faced no major conflicts when he took office, war was not on the horizon, the American hostages taken by Iran were returned to the U.S. and Russia was no greater threat than in the past. The problem was inflation and a so called malaise.
President Reagan said he was going to balance the federal budget but instead gave the country and its people record deficit spending and debt. So the people can understand how massive those deficits were compare the following: Total deficit spending for the previous 12 years was $503.5 billion. $250.8 billion under Nixon-Ford in 8 years and $252.7 billion under Carter in 4 years. Reagan managed to exceed the deficit spending of the previous 12 years in his first three budgets, never sent one balanced budget to congress in his 8 years in office and ended his term in office with a whopping total deficit spending of $1.412 trillion.
The national debt was not a problem when Reagan came to office and was manageable. It stood at $997 billion at the end of Carter's last budget year ending 9/30/81. When Reagan's last budget year ended on 9/30/89 the national debt stood at $2.857 trillion, an increase of 186% in the national debt on his watch. This national debt explosion started the country on a collision course with history and continued with the Bush 41 and Bush 43 administrations.
Contrary to republican claims, federal spending on Reagan's watch exploded also. Total federal spending under Carter's 4 years ending with Carter's last fiscal year budget of 9/30/81 was $2.232 trillion. Total federal spending under Reagan's first four years ending 9/30/85 was $3.35 trillion, an increase of 50%. In Reagan's second term in office which fiscal year ended 9/30/89 total federal spending was $4.20 trillion, an increase of 25% over his first 4 years in office. Total federal spending under Reagan's 8 years in office was up 75%.
This writer is in possession of a Ronald Reagan calender celebrating his 100 birthday. It is full of Reagan's quotes. One of them concerns fiscal matters and I quote, "We don't have a trillion dollar debt because we havent taxed enough, we have a trillion dollar debt because we spend too much." The President must have been trying out for the academy awards when he made that statement because he was talking about himself and his own administration.
Thirty plus years after Reagan, Mitt Romney, John McCain and many other republicans still talk about how Reagan cut spending, the lie just keeps getting bigger and bigger. Is there any wonder why republican administrations are the biggest spenders in Washington. President Reagan and his administration started the nation down the road to the fiscal nightmare we are now facing. President Reagan by his record was not fit to govern the nations fiscal health.
President Reagan said he was going to balance the federal budget but instead gave the country and its people record deficit spending and debt. So the people can understand how massive those deficits were compare the following: Total deficit spending for the previous 12 years was $503.5 billion. $250.8 billion under Nixon-Ford in 8 years and $252.7 billion under Carter in 4 years. Reagan managed to exceed the deficit spending of the previous 12 years in his first three budgets, never sent one balanced budget to congress in his 8 years in office and ended his term in office with a whopping total deficit spending of $1.412 trillion.
The national debt was not a problem when Reagan came to office and was manageable. It stood at $997 billion at the end of Carter's last budget year ending 9/30/81. When Reagan's last budget year ended on 9/30/89 the national debt stood at $2.857 trillion, an increase of 186% in the national debt on his watch. This national debt explosion started the country on a collision course with history and continued with the Bush 41 and Bush 43 administrations.
Contrary to republican claims, federal spending on Reagan's watch exploded also. Total federal spending under Carter's 4 years ending with Carter's last fiscal year budget of 9/30/81 was $2.232 trillion. Total federal spending under Reagan's first four years ending 9/30/85 was $3.35 trillion, an increase of 50%. In Reagan's second term in office which fiscal year ended 9/30/89 total federal spending was $4.20 trillion, an increase of 25% over his first 4 years in office. Total federal spending under Reagan's 8 years in office was up 75%.
This writer is in possession of a Ronald Reagan calender celebrating his 100 birthday. It is full of Reagan's quotes. One of them concerns fiscal matters and I quote, "We don't have a trillion dollar debt because we havent taxed enough, we have a trillion dollar debt because we spend too much." The President must have been trying out for the academy awards when he made that statement because he was talking about himself and his own administration.
Thirty plus years after Reagan, Mitt Romney, John McCain and many other republicans still talk about how Reagan cut spending, the lie just keeps getting bigger and bigger. Is there any wonder why republican administrations are the biggest spenders in Washington. President Reagan and his administration started the nation down the road to the fiscal nightmare we are now facing. President Reagan by his record was not fit to govern the nations fiscal health.
Sunday, March 6, 2011
The Economic Good News Continues For The Country
The economic policies of the Obama administration continue to show positive results for the country and its people. There were 222,000 jobs created in the private sector in February, 30,000 jobs were eliminated by states and local government for a net gain of 192,000 jobs for that month. Unemployment fell to 8.9% , the lowest point since April of 2009. In fact it was the sharpest decline for a three month period since 1983.
This writer in several commentaries months ago in "politidose" predicted how our country and the economy was responding to the President's economic policies in a positive way and how the unemployment rate would continue to fall at a faster rate than the pundits were predicting. The pundits were the same ones who were telling the people in 2008 that the economy was sound.
As usual House Republicans, who have opposed Obama's economic policies every step of the way are trying to take credit for the good news. Their phony statements are over shadowed by their phony ideology. And once again the Republican party has contributed nothing to the country's economic recovery. President Roosevelt's administration and policies rescued the economy after the great depression under President Herbert Hoover; President Clinton's administration and policies rescued the economy after President Bush 41 continued the voodoo economic policy of President Reagan with the voting public picking up the slogan, "its the economy, stupid" and now it is President Obama's administration and policies who has rescued the economy after President Bush 43's policies gave the country and its people the greatest meltdown of the economy and record job losses since the great depression.
In fact, Democratic administrations hold all the records of economic success, job creation, lowest unemployment, advance in wages for the middle class, balancing the federal budget and creating surplus, paying down the national debt and countless other benefits for the country and its people. Republican administrations hold the record for deficit spending, creating debt, job losses, high unemployment, wrecked economies and a host of other negative actions.
The present republican party and their tea party allies are still beholden to Corporate America and its lobby. They continue to oppose every thing coming out of the Obama administration and their number one priority is to defeat Obama in the 2012 elections. Of course they were elected to move the country forward and take care of the people's business but that is beyond their warped ideology. President Obama should hang in there and continue those policies that are working for the people and the country. Let the republicans wallow in their own lies.
This writer in several commentaries months ago in "politidose" predicted how our country and the economy was responding to the President's economic policies in a positive way and how the unemployment rate would continue to fall at a faster rate than the pundits were predicting. The pundits were the same ones who were telling the people in 2008 that the economy was sound.
As usual House Republicans, who have opposed Obama's economic policies every step of the way are trying to take credit for the good news. Their phony statements are over shadowed by their phony ideology. And once again the Republican party has contributed nothing to the country's economic recovery. President Roosevelt's administration and policies rescued the economy after the great depression under President Herbert Hoover; President Clinton's administration and policies rescued the economy after President Bush 41 continued the voodoo economic policy of President Reagan with the voting public picking up the slogan, "its the economy, stupid" and now it is President Obama's administration and policies who has rescued the economy after President Bush 43's policies gave the country and its people the greatest meltdown of the economy and record job losses since the great depression.
In fact, Democratic administrations hold all the records of economic success, job creation, lowest unemployment, advance in wages for the middle class, balancing the federal budget and creating surplus, paying down the national debt and countless other benefits for the country and its people. Republican administrations hold the record for deficit spending, creating debt, job losses, high unemployment, wrecked economies and a host of other negative actions.
The present republican party and their tea party allies are still beholden to Corporate America and its lobby. They continue to oppose every thing coming out of the Obama administration and their number one priority is to defeat Obama in the 2012 elections. Of course they were elected to move the country forward and take care of the people's business but that is beyond their warped ideology. President Obama should hang in there and continue those policies that are working for the people and the country. Let the republicans wallow in their own lies.
Saturday, March 5, 2011
The Political and Moral Courage That Defined The Wisdom of JFK
The world at present is witness to the quest for liberty and freedom in a few African and middle eastern nations. We in America sought, found and established those same principals over 200 years ago. It was not easy then and it is not any easier now. The history of change does not happen quickly. America was fortunate to have an elected leader many years ago who understood the march of time and that people, where ever they may live were ingrained with liberty and freedom and would one day break the shackles of tyranny. That leader was John F. Kennedy.
Prior to becoming President, Kennedy was a member of congress. While there he spoke out about the colonial rule in Africa and how the people of Africa should be able to attend to their own affairs. After he became President he was consistent in his speeches and actions in support of nations around the world who wanted to live in freedom. Kennedy knew time would take care of brutal regimes who supressed their people's desire for freedom. The peace corps, one of JFK's early action as President was designed to help people in their quest for a better life.
The President in his inaugural address set the tone when he said: To those new states whom we welcome to the ranks of the free, we pledge our word that one form of colonial control shall not have passed away merely to be replaced by a far more iron tyranny. We shall not always expect to find them supporting our view. But we shall always hope to find them strongly supporting their own freedom.
To those people in the huts and villages of half the globe struggling to break the bonds of mass misery, we pledge our best efforts to help them help themselves, for whatever period is required--not because the Communists may be doing it, not because we seek their votes, but because it is right. If a free society cannot help the many who are poor, it cannot save the few who are rich.
In June of 1963 the President went to W. Berlin and made his famous speech before more than a million west berliners according to reporters in Germany. The President knew at that time that communism was not the wave of the future and that the people themselves in W. Berlin and Germany would one day prevail when he told them, there are some who say that Communism is the wave of the future. Let them come to Berlin.
The President continued: While the wall is the most obvious and vivid demonstration of the failures of the Communist system, for all the world to see, we take no satisfaction in it, for it is, as your mayor has said, an offence not only against history but an offense against humanity, separating families, dividing husbands and wives and brothers and sisters, and diving a people who wish to be joined together.
So let me ask you as I close, to lift your eyes beyond the dangers of today, to the hopes of tomorrow, beyond the freedom merely of this city of Berlin, or your country of Germany, to the advance of freedom everywhere, beyond the wall to the day of peace with justice, beyond yourselves and ourselves to all mankind.
When all are free, then we can look forward to that day when this city will be joined as one and this country and this great continent of Europe in a peaceful and hopeful globe.
When that day finally comes, as it will, the people of West Berlin can take sober satisfaction in the fact that they were in the front lines for almost two decades.
The courage and wisdom of President Kennedy concerning freedom and liberty is being played out before our very eyes around the world. He knew going to war was not necessary for liberty and freedom to take hold, yet he led with strength. When it came to freedom and liberty, Kennedy was the eternal optimist and that was over 40 years ago. He was also the most eloquent on the subject. Those regimes of iron tyranny who are feeling the rush of freedom and liberty should remember what Kennedy said, To remember that, in the past, those who foolishly sought power by riding the back of the tiger ended up inside.
It was often said by those who knew Kennedy the best that he always thought about the young children in America and around the world who had no say so or vote on government policies that affect their very own lives. He wanted to make a difference for them. President Kennedy was in office only 35 months before he was gunned down, but his political and moral courage and wisdom will always be with America and the eternal flame that he left will continue to light the way for future Presidents to follow.
Prior to becoming President, Kennedy was a member of congress. While there he spoke out about the colonial rule in Africa and how the people of Africa should be able to attend to their own affairs. After he became President he was consistent in his speeches and actions in support of nations around the world who wanted to live in freedom. Kennedy knew time would take care of brutal regimes who supressed their people's desire for freedom. The peace corps, one of JFK's early action as President was designed to help people in their quest for a better life.
The President in his inaugural address set the tone when he said: To those new states whom we welcome to the ranks of the free, we pledge our word that one form of colonial control shall not have passed away merely to be replaced by a far more iron tyranny. We shall not always expect to find them supporting our view. But we shall always hope to find them strongly supporting their own freedom.
To those people in the huts and villages of half the globe struggling to break the bonds of mass misery, we pledge our best efforts to help them help themselves, for whatever period is required--not because the Communists may be doing it, not because we seek their votes, but because it is right. If a free society cannot help the many who are poor, it cannot save the few who are rich.
In June of 1963 the President went to W. Berlin and made his famous speech before more than a million west berliners according to reporters in Germany. The President knew at that time that communism was not the wave of the future and that the people themselves in W. Berlin and Germany would one day prevail when he told them, there are some who say that Communism is the wave of the future. Let them come to Berlin.
The President continued: While the wall is the most obvious and vivid demonstration of the failures of the Communist system, for all the world to see, we take no satisfaction in it, for it is, as your mayor has said, an offence not only against history but an offense against humanity, separating families, dividing husbands and wives and brothers and sisters, and diving a people who wish to be joined together.
So let me ask you as I close, to lift your eyes beyond the dangers of today, to the hopes of tomorrow, beyond the freedom merely of this city of Berlin, or your country of Germany, to the advance of freedom everywhere, beyond the wall to the day of peace with justice, beyond yourselves and ourselves to all mankind.
When all are free, then we can look forward to that day when this city will be joined as one and this country and this great continent of Europe in a peaceful and hopeful globe.
When that day finally comes, as it will, the people of West Berlin can take sober satisfaction in the fact that they were in the front lines for almost two decades.
The courage and wisdom of President Kennedy concerning freedom and liberty is being played out before our very eyes around the world. He knew going to war was not necessary for liberty and freedom to take hold, yet he led with strength. When it came to freedom and liberty, Kennedy was the eternal optimist and that was over 40 years ago. He was also the most eloquent on the subject. Those regimes of iron tyranny who are feeling the rush of freedom and liberty should remember what Kennedy said, To remember that, in the past, those who foolishly sought power by riding the back of the tiger ended up inside.
It was often said by those who knew Kennedy the best that he always thought about the young children in America and around the world who had no say so or vote on government policies that affect their very own lives. He wanted to make a difference for them. President Kennedy was in office only 35 months before he was gunned down, but his political and moral courage and wisdom will always be with America and the eternal flame that he left will continue to light the way for future Presidents to follow.
Thursday, March 3, 2011
Louisiana's Projected $1.6 Billion Budget Deficit For Fiscal 2012
The state's budget deficit for fiscal 2012 was in the news once again in an article published in the Times Picayune of 2/25/11 by staff writer Bill Barrow. The Jindal administration has run a budget deficit every year since his election as governor. And every year Jindal announces the budget is in balance only to have to acknowledge by the middle of the budget year the budget is out of balance by millions of dollars and more cuts will have to be made. In other words it was not really balanced in the first place. Elected officials are noted for playing games with budget numbers.
Now comes the largest deficit of all projected to hit $1.6 billion for fiscal 2012. According to Barrow's article House Speaker Jim Tucker said, you've got four choices, raise taxes, cut spending, use one time money or eliminate tax exemptions. Past decisions by Jindal and the legislature has failed to bring the deficit under control because they lacked the courage to do those things that would increase state revenues sufficiently and they lack the courage to eliminate the waste in the yearly $7 to 8 billion of tax exemptions that is a give away to business. They should start with the Saints and Hornets and work down the list. Barrow also noted that Jindal and the legislature used federal stimulus money to balance the last two budgets. Remember how Jindal hates those federal dollars.
Once again Business who basically pay no taxes have been spared any budget cuts while the middle class suffers the burden of the budget.
Former governor Blanco left the Jindal administration a $1 billion surplus and he and the legislature blew it all. The sad part about Jindal and the legislature can be understood when in Mr. Barrow's article house speaker Tucker said, this $1.6 billion is not a number that we didn't know was coming.
Our state leaders are marking time until the national economy gets fully back on track. They have no record of really balancing the state budget, have no record of creating jobs despite the $7-8 billion give away to business and have no record of courage to do those things that really matter and make a difference for the state and its people. Those democrats who recently turned republican are showing their true colors. They joined the do nothing party.
Now comes the largest deficit of all projected to hit $1.6 billion for fiscal 2012. According to Barrow's article House Speaker Jim Tucker said, you've got four choices, raise taxes, cut spending, use one time money or eliminate tax exemptions. Past decisions by Jindal and the legislature has failed to bring the deficit under control because they lacked the courage to do those things that would increase state revenues sufficiently and they lack the courage to eliminate the waste in the yearly $7 to 8 billion of tax exemptions that is a give away to business. They should start with the Saints and Hornets and work down the list. Barrow also noted that Jindal and the legislature used federal stimulus money to balance the last two budgets. Remember how Jindal hates those federal dollars.
Once again Business who basically pay no taxes have been spared any budget cuts while the middle class suffers the burden of the budget.
Former governor Blanco left the Jindal administration a $1 billion surplus and he and the legislature blew it all. The sad part about Jindal and the legislature can be understood when in Mr. Barrow's article house speaker Tucker said, this $1.6 billion is not a number that we didn't know was coming.
Our state leaders are marking time until the national economy gets fully back on track. They have no record of really balancing the state budget, have no record of creating jobs despite the $7-8 billion give away to business and have no record of courage to do those things that really matter and make a difference for the state and its people. Those democrats who recently turned republican are showing their true colors. They joined the do nothing party.
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