●The more federal budgets are cut and taxes increased, the weaker an economy becomes.
●Austerity is the government’s method for widening the gap between rich and poor, which leads to civil disorder.
●Cutting the deficit is the government’s method for taking dollars from the middle class and giving them to the rich.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
●To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The penalty for ignorance is slavery.
If you know Obama, this comes as absolutely no surprise, and it’s not only because he is a weak “leader.”
Obama administration shoots down platinum coin idea as debt ceiling solution
The Obama administration ended speculation Saturday that it would mint a trillion-dollar platinum coin as a way to avoid the debt ceiling.
Treasury Department spokesman Anthony Coley said the agency wouldn’t mint one and the Federal Reserve would not accept the coin.
Translation: The Treasury, whose leader is appointed by the President, and the Fed, whose leader also is appointed by the President, were told what to say — by the President.
“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” Coley said.
Translation: The law is clear that the coin is legal and would solve the problem, but Obama has a political agenda.
His statement was followed by one from White House Press Secretary Jay Carney. “There are only two options to deal with the debt limit: Congress can pay its bills or it can fail to act and put the nation into default,” Carney said.
Translation: Rejecting the coin accomplishes all of Obama’s goals:
1. It puts the Republicans in a bind, because they will be blamed for the catastrophe of default. For Obama, a seasoned Chicago politician, finger pointing is far more important than saving America.
2. Obama long has spoken for cuts to social spending and increased austerity. Why? He is paid by the upper .1% (via campaign contributions) which favors those cuts because they increase the income gap between the .1% and the 99.9%. To hell with the poor and middle classes that elected him.
Former Delaware Republican Rep. Mike Castle said Saturday, “When congressional Republicans played politics with this issue last time, putting us at the edge of default, it was a blow to our economic recovery, causing our nation’s credit rating to be downgraded. The president and the American people won’t tolerate congressional Republicans holding the American economy hostage again simply so they can force disastrous cuts to Medicare and other programs the middle class depend on while protecting the wealthy. Congress needs to do its job.”
Perfect for Obama. The debt limit stalemate gives him everything he wants: A crisis he can blame on the Republicans, while being “forced” to cut social spending.
Sure, the debt standoff will hurt America. And sure, the platinum coin solution would have ended the debt limit charade. But, no way will Obama allow any solution to ruin his perfect setup. As always, Obama will do what the .1% pays him to do: Increase the gap.
Raising FICA was only one step in his gap-widening scheme.
My opinion: History will judge Obama as morally and effectively below even Jimmy Carter. At least Carter is building houses for the poor. Obama is building fortunes for the rich.
(By the way, please remind me. How many bankers has the Obama administration prosecuted?)
Rodger Malcolm Mitchell
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%
No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia. Two key equations in economics:
Federal Deficits – Net Imports = Net Private Savings
Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports
8 thoughts on “–Obama plays politics; to hell with the middle- and lower income classes who elected him”
Yes, Obama’s goal is to widen the gap between the rich and the rest. This means pretending that Republican antics will “force” Obama to cut social programs, and “force” him to increases taxes on the lower classes.
Result: Democrats continue to escape blame, Republicans continue to collect their bribes, and the 1% continue to grind the public into poverty.
And the masses cheer their impending doom.
I believed not so long ago I had experienced the worst possible presidents and their administrations. I no longer feel that way. Our current POTUS quite possibly is the worst of all.
A bit of a Freudian slip. The purpose of the coin was not to avoid “an increase in the debt limit.” The purpose was to avoid the debt limit itself and to demonstrate the absurdity of the debt limit.
But Obama does not want a solution. He wants a confrontation that will “force” him (kicking and screaming, no doubt) to cut social spending.
So yes, Obama does want to avoid an increase in the debt limit.
The same article says, “The Treasury currently is taking what it calls ‘extraordinary measures’ to conserve cash so that it can keep paying bills without doing additional borrowing.”
Translation: There are no “extraordinary measures.” Treasury continues to create money on a computer keyboard (as always) but calls its routine activities “extraordinary measures,” in order to legitimize the “debt ceiling” charade. The charade itself is designed increase the wealth gap by legitimizing higher taxes and lower benefits.
Meanwhile Social Security benefits, for example, continue to be disbursed via direct deposit. The Treasury creates that money out of nothing. The “Wizard of Oz” does everything on a computer keyboard behind a curtain.
Average Americans love the Wizard’s show. They suffer in poverty and unemployment, but they insist that any attempt to pull aside the curtain, and reveal the Wizard of Oz as a huckster, would be “irresponsible.” Any
increase in government spending on social programs or infrastructure repair would cause “hyperinflation.”
Thus, as the average American sees it, the USA has a choice to remain in a permanently worsening depression, or else try to end the depression, and thereby become Greece.
If you ask the average American, “What’s the difference between Greece and a permanently worsening depression?” he will…
Change the subject
Spout meaningless gibberish
Call you an idiot
Some combination of the above.
You’d think post-reelection Obama would stop worrying about pleasing his donors.
Tyler, it’s more than elections. It’s also life after the Presidency.
He will rely on his rich friends to sponsor speaking engagements, well-paying corporate directorships, books, an impressive Obama library and a life among the rich and famous.
The more he pleases the .1% now, the more he and his children and his grandchildren and great grandchildren will be rewarded later.
And remember, they themselves will be part of the .1% for generations. The gap will be important to the Obama line way into the future.
Also, think of how he arrived at his current position — not from any great accomplishments. He had none. No, he did as he was told by the moneyed interests, and they lifted him up the ladder all the way to the Presidency.
He understands the way to success.
Exactly this. Bill Clinton gets up to six figures for a one-hour appearance at various banker meetings and conferences. His pearls of business wisdom are not worth that; it’s pure payoff. Obama will do even better. He may become the first billionaire ex-president.
Everyone: You’ll love this: http://heteconomist.com/what-we-in-the-1-percent-dont-want-the-99-percent-to-know/
Rodger Malcolm Mitchell