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Understanding the current economy for Dummies
#53
While the president is getting on TV to slam republicans yet again there were a few thoughts that struck me as pertinent.

First, one of the main democratic talking points lately to emerge is that we have to raise the debt ceiling and borrow more money because we are paying for things we did as long as 25 years ago. Hello, we borrow 2 MILLION dollars a minute, in fact so far during the time it has taken to type this post we have borrowed 20 million dollars. 25 years ago the federal deficit was 216 billion, compared to over 14 trillion today and Obama is pushing for another trillion and a half as we speak. Put it like this, the amount of money we borrow right now for only 75 calendar days is equal to our year's deficit spending 25 years ago in 1986, that number of course is the already mentioned 216 billion.

Second, Obama likens himself to Ronald Reagan a lot. Here is a link to a study done for Reagan era republicans talking about the relationship between tax increases and the federal deficit http://www.house.gov/jec/studies/federal...291987.pdf

Third, the president likes to paint American businessmen as being somewhat reluctant to pay their fair share of taxes. I thought this arrticle and link about some of his more famous cabinet members was entertaining and accurate. http://articles.ocregister.com/2011-04-2...-tax-day/2
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Understanding the current economy for Dummies - by TheRealThing - 07-26-2011, 05:52 PM

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