Even Keynes Is Rolling In His Grave

In a few months, Obama will have borrowed more money than all other presidents combined – while keeping unemployment over 7% for his entire presidency.

NDebt

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28 Responses to Even Keynes Is Rolling In His Grave

  1. Billy Liar says:

    It’s more than just Obama’s performance keeping him spinning.

  2. Jason Calley says:

    I once saw a You Tube video clip of an interview with economist F.A. Hayek where he recounted a discussion he had with John Keynes. (If anyone has a link to the clip I would appreciate it!) Keynes told him that after World War One, the average workers in England were earning higher wages than before; the war time labor shortage had pushed up the cost of labor. The British Powers That Be (and remember, Keynes was not just some guy off the street — he was an English Lord) desired some way of bringing wages back down to their pre-war level. Keynes developed his inflationary money creation theories as a way of accomplishing that wage decline. Since wages are less elastic than prices, a general money supply increase works to reduce labor costs and allow the upper class of Britain to increase their profits back to the prewar level. The politicians loved the idea as well because it justifies their borrowing and spending, which gives them more political power. The only losers are the poor working slobs who actually produce wealth.

    • It is a pyramid scheme who’s point is resting on the backs of the producers. The whole mass of the politicians are in the ever expanding volume above that point. They add nothing but weight and prohibitions. They produce nothing of value. They live by theft under the color of law. What if the producers of wealth said no more and stopped producing? The politicians would soon go away because there would be nothing left to steal.

      What the politicians evade is that their every act of legislated theft and prohibition increases the likelihood of stopping the production upon which their existence is predicated. Their plea will be that it is our fault for not continuing to produce in spite of production being made impossible and that they didn’t mean for THIS to happen.

      See the history of nearly every civilization that collapsed for massive instructive detail. Unless we reverse the trend, ours is next.

      • Jason Calley says:

        I think you are correct. For the last five years or so, I have seen some of the more observant people “going Galt”, i.e., down scaling their production, reducing their income. They have determined that the fraction of their output that is being stolen (overwhelmingly by governmental forces) is so high that they are no longer willing to make the effort to produce. Right now, perhaps there areonly a few percent of the workers dropping out. It will become more common, and at some point it will become such an obvious choice that the system will break and the wheels will stop.

  3. bullright says:

    And he’s not done.

  4. Andy DC says:

    It is not just unemployment, it is also the low quality, low paying jobs for those who are employed.
    Even with all the borrowing and spending.

    There is a dumpy house in DC where the person who founded Black History Month used to live. The Department of the Interior is going to renovate that house and make it into some kind of shrine at the cost of several hundred thousand dollars. If some private group wanted to do that, fine, but to have the Federal Government spent that money so frivolously at a time of huge deficits
    is a total outrage.

    • Jason Calley says:

      Since our Federal Government is such a staunch opponent of racial discrimination, I am sure that they have equivalent plans to honor creators of White History Month, Asian History Month, Native American History Month, etc., etc., etc.

  5. Dave says:

    Keynes never proposed what the self-professed Keynsians believe now. The way its supposed to work is the government runs a surplus during good times, then spends the surplus during bad times. Not that the government is in debt during good times and virtually unlimited debt during bad times. While they agree on the tenet of government spending to “stimulate” the economy (which I do not) modern Keynsians ignore the important idea of living within your means.

  6. Okie says:

    The black unemployment rate is 13.1% and they worship Obama as their god.

    • Andy Oz says:

      Our Obama, who art in DC,
      African be thy birth
      Thy choom empire come,
      thy socialist will be done
      On earth as there is no heaven
      Give us this day, our daily food stamp, Obamaphone and free car
      And forgive us knockout games
      As we forgive those when we go polar bear hunting.
      Lead us not into skittles temptation and deliver us from health plans
      Amen

  7. Stewart Pid says:

    “Obama will have borrowed more money than all other presidents combined” … if you apply the correct spin Obama is Number 1

  8. Eliza says:

    Those 44 cents are crucial LOL

  9. Mike D says:

    He’s actually several trillion short of doubling it as President. $10.6 trillion to $17.2 trillion. Though including his time in the Senate, it has more than doubled, $7.6 trillion to $17.2 trillion.

    http://www.treasurydirect.gov/govt/reports/pd/mspd/mspd.htm

    The real problem is how he got us here. If he had slashed all tax rates by 1/3, it would have been roughly the same effect on debt early on, but the economy would be booming. Instead he increased spending and increased regulation. Handing money to government agencies rather than letting people keep what they have earned. It is closer to what happens in third world countries where those who have ties to the government benefit greatly, at the expense of those who don’t.

  10. tom0mason says:

    Obama’s ‘hope and change’ is mis-investing in future generations of share-croppers paying off this generation’s Chinese mortgage.

    • tom0mason says:

      Visualizing the debt –

      We have mortgaged our children’s, and grand children’s future by allowing this administration to do this.

      • Phil Jones says:

        Right… Visualize a roll of toilet paper laden with dollar bills unraveling from your bathroom… Looping around the Sun and back… LOL..

        Hilarious if it weren’t so sad..

  11. Chewer says:

    The rate of debt growth is directly attributed to the psychological condition and actions of this administration and their psychotic handlers and followers.
    Growth and revenue are fully dependent on spending, which totally equates to the sentiment of American’s contributing members.
    If you think the economy sucks hog nuts, you’re absolutely right.
    If you think the worthless central planners are pieces of sheet, you’re absolutely correct!

  12. Phil Jones says:

    Given how Obama has reduced the number of available jobs by almost 9 million… Add on the millions of teens and illegals entering the workfarce but can’t find jobs and you’ll find a more Damning figure than 7.2% unemployment…

    Of those ages approx 20-62 fewer work than at any time since Jimmy Carter…
    Interesting stats here… http://cnsnews.com/news/article/ali-meyer/americans-participation-labor-force-hits-35-year-low

  13. eco-geek says:

    The $17T figure is largely illusory as the US dollar is largely illusory.

    Don’t worry! It will not belong before $ -> 0 and all the debt will be gone!

    In fact the latest deal cut with Iran is going to help this debt reduction program. Iran has agreed only to sell oil in dollars. This means that Iran is no longer a terrorist pariah nation. Iran is now selling oil to China in $ as China doesn’t want $ anymore and is not to buy any more US treasuries. Iran will therefore be buying US goods, services and precious metals and so Chinese dollars will be winging their way home to compete with domestic funny money for stuff,.

    The only outstanding question is whether the function describing $->0 will be continuous or include a step.

    Ans: Step.

  14. SMS says:

    The government solution to our financial problems is always the same. Inflation. Inflate using the Mugabe plan and before you know it, your little 17 trillion dollar debt is paid off over night. Never mind everyones savings is now valueless.

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