Shortly after the inauguration of the leader of the Regime, as I was beginning my journey into the world of blogging, I wrote that, in terms of Vice-President, America had gone from Darth Cheney to Jar Jar Biden.
That is no exaggeration in light of the latest foot-in-mouth moment, courtesy of Gaffemeister JB.
Vice President Biden said he understood the frustration that led many West Virginia Democrats to vote for a felon over President Obama in the state’s presidential primary.
Asked what he made of a felon sitting in a Texas prison who won four out of 10 Democratic primary voters in West Virginia, Biden told Ohio television station WTOV that he doesn’t blame people who are frustrated and angry over the economy.
“Look, I come from a household where whenever there’s a recession, somebody around my grandpop or my dad’s table lost a job. A brother, a sister a friend, a neighbor,” Biden said. “When you’re out of work, man, it’s a depression.” [Even a blind squirrel finds a nut every now and then.- AF]
Biden said a lot of Americans are still hurting because of the recession the Obama administration inherited.
“And so I don’t blame people. They’re frustrated, they’re angry,” Biden said.
He added that Americans would eventually decide that the path back to employment and prosperity would lead them to Obama’s approach rather than Mitt Romney’s.
You need to stop those liquid lunches, Joe. Average Americans are drowning in a sea of debt.
Here are some depressing statistics, courtesy of the Wall Street Journal:
Consumer credit outstanding surged by $21.36 billion, or 10.2%, to $2.542 trillion, Federal Reserve data showed Monday. That was the biggest jump since November 2001, in both dollar and percentage terms. Economists surveyed by Dow Jones Newswires had forecast an $8.5 billion increase. February’s expansion in consumer credit was revised up, as well, to $9.27 billion from an initial estimate of an $8.73 billion rise.
With consumer credit expanding at the fastest rate in the six months ending in February since late 2007–before the credit crunch caused a painful contraction–and commercial banks showing an increasing willingness to lend, Deutsche Bank analysts said earlier Monday the household deleveraging process may finally be running its course.
Still, much of the credit expansion has reflected a shift in student loans to direct borrowing from the federal government, with loans held by the Department of Education surging more than four-fold since 2008. Federal student credit outstanding rose to $460.2 billion in March from $453.3 billion the previous month.
Overall nonrevolving credit, which includes student credit as well as auto loans, rose $16.17 billion to $1.739 trillion.
Revolving credit, which includes credit-card debt, increased in March by $5.18 billion to $803.63 billion. That was the first gain in three months.
The consumer-credit report doesn’t include numbers on home mortgages and other real-estate secured loans. But the Fed data are important for the clues to behavior by consumers, whose spending helps propel the economy.
So, what sort of economic example is our Federal Government setting for us average consumers? A horrible one, it seems:
The White House and the congressional leaders of both parties in Congress have begun maneuvering this week over the issue of the federal debt and what to do when the government hits the latest statutory limit on that debt–$16.394 trillion—which Congress and the president agreed to when they cut a deal on the debt limit last August.
The federal debt is currently $15.709 trillion, or about $685 billion below the limit.
The first spending deal the White House and leaders of both parties in Congress made last year was on March 2. On that day, the president signed a continuing resolution to keep the government funded past March 4, when the previous continuing resolution, passed by a lame-duck Congress in late 2010, expired.
The March 4 CR kept the government funded for two weeks and was approved by a bipartisan 335-91 vote in the House and a bipartisan 91-9 vote in the Senate.
Since that March 4, 2011 bipartisan continuing resolution, the federal government has been funded by a series of bipartisan deals cut between the White House and congressional leaders.
In the meanwhile, under these bipartisan spending deals, according to official figures published by the U.S. Treasury, the federal debt has climbed from $14,182,627,184,881.03 to $15,708,753,671,767.64.
That is an increase of $1,526,126,486,886.61.
Given that the Census Bureau estimates there are about 117,538,000 households in the United States, the per household increase in the federal debt since Congress enacted its March 4, 2011 bipartisan spending deal has been approximately $12,984.
So, what is President Barack Hussein Obama doing about our National Debt? Your guessed right: he’s trying to increase it.
President Obama’s proposed budget is so irresponsible that even the Senate, controlled by Obama’s own political party, just rejected it in a 99-to-0 vote. Reading the proposed budget does not inspire confidence, even in liberal journalists. In February, USA Today wrote that “Obama’s budget plan leaves debt bomb ticking… The best test of a budget proposal these days is whether it reins in the national debt… The election-year budget President Obama sent to Congress on Monday fails that test.”
The Los Angeles Times noted on February 14 that Obama’s proposed budget “offers no real solution to the United States’ long-term fiscal problems.” That same day, the Washington Post wrote that “Mr. Obama’s proposed budget for fiscal year 2013 falls short. At the end of the 10-year budget window, he would have the national debt at a disturbing 76.5 percent of gross domestic product” even under very optimistic assumptions. “The final budget of his first term does not reflect the leadership on issues of debt and deficit that Mr. Obama once vowed.”
The Detroit News noted that “President Barack Obama’s 2013 budget proposal should be dismissed as a blueprint for his re-election campaign. But it’s worse than that. If passed as presented — and there’s little likelihood of that — the spending plan would lock America on an auto-pilot course for Greece.” (Editorial, “Obama Budget Shirks Off Any Pretense To Fiscal Responsibility,” The Detroit News, 2/14/12.) The Chicago Tribune called Obama’s budget the blueprint for a “debt debacle.” In March, the House rejected the Obama budget in a 414-0 vote. In 2008, Obama promised a “net spending cut,” but as soon as he was elected, he proposed massive spending increases.
While the GOP-controlled House has passed a budget plan of its own, the Democratic-controlled Senate has not passed a single budget during the Obama administration, leaving the country without an official budget for over a thousand days. Senator Joe Manchin (D-W.Va.) acknowledged that “there’s no excuse” for Senate Democrats’ failure to pass a budget, and that a state governor might face impeachment for similarly failing to put together a budget.
No chance of that happening in Washington, DC. A realistic National Budget would lead to those professional politicians actually being held accountable. And those jokers up there have never seen a tax dollar that they did not want to spend.