Home > Fande = Fact & Evidence, Music--The Universal Language, The Economy > “How the Deficit Got This Big” by The New York Times’ Teresa Tritch

“How the Deficit Got This Big” by The New York Times’ Teresa Tritch

Remember: President Bill Clinton balanced the budget and gave the United States a surplus of $200-300 billion. We had more money than we needed, until George W. Bush put us hundreds of billions of dollars in the hole in just his first few years. Bush eventually left U.S. with a multi-Trillion dollar deficit and an economy in a free-fall recession.

Bush blew through all the surplus cash giving away tax cuts for the majority benefit of millionaires and billionaires. Then Bush started an unnecessary war in Iraq for the majority benefit of rich military contractors and rich oil companies, like Halliburton, where Dick Cheney was the CEO.

* Before Cheney was CEO at Halliburton, he was the Defense Secretary for Bush I; and after running Halliburton, Cheney became the Vice President for Bush II.

Also, Bush and Cheney allowed Wall Street banks to self-regulate, which led to the Subprime-Mortgage Meltdown, bailouts of Wall Street banks with taxpayers’ money, and the fallout of long-term mass unemployment, 30% or more loss of home equity value across America, crushed stock values (meaning 401ks that were worth less)…all as a part of the continuing pain of The Great Recession, which officially started in the 4th quarter of 2007, under President George W. Bush.

Oh, and President Obama moved the “off-the-books” accounting for the Iraq War onto the official balance sheet, which added to the deficit. At least Barack Obama was being honest with the American people, unlike George W. Bush, who is an example of how Republicans and Conservatives will lie, cheat and steal.

* Click the link to see the graphs as visual aids.

http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html?_r=1&ref=opinion

EXCERPTS:

“A few lessons can be drawn from the numbers. First, the Bush tax cuts have had a huge damaging effect. If all of them expired as scheduled at the end of 2012, future deficits would be cut by about half, to sustainable levels. Second, a healthy budget requires a healthy economy; recessions wreak havoc by reducing tax revenue. Government has to spur demand and create jobs in a deep downturn, even though doing so worsens the deficit in the short run. Third, spending cuts alone will not close the gap. The chronic revenue shortfalls from serial tax cuts are simply too deep to fill with spending cuts alone. Taxes have to go up.

In future decades, when rising health costs with an aging population hit the budget in full force, deficits are projected to be far deeper than they are now. Effective health care reform, and a willingness to pay more taxes, will be the biggest factors in controlling those deficits.”

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Read more: http://www.slate.com/id/2109242/

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“Old News” from Pete Miser’s album, Camouflage is Relative (2004)

Lyrics from “Old News” below:

Every day I pull out 50 cents, pick up the news

Jews killin’ Muslims

Flip it, Muslims killin’ the Jews

Fake Christians get rich on some conservative shit

Greasin’ each other’s palms to extinguish the itch

It’s not Freedom or Democracy. It’s Capitalist!

Same system had me locked up in a slavery ship

Same genocidal reasons all these people are gone

Like the Chippewa, the Iroquois, the list goes on

News is nothing new. It’s propaganda and lies.

Common justifications tryin’ to legitimize

Gross historical crimes

That imperial vine

That be stretching across the planet to take over our minds

So a few, fat, inbred pigs can stack gold

And right now they after that Texas black gold

Just like before about a decade ago [first Gulf War in 1990/ ’91 with Bush 1]

It’s almost boring the story is so old

____________________________________________

CHORUS:

What’s news is old and what’s old is new

What up, man?

Yo, what’s good, son? What up with you?

Same struggle, different day, bro. I thought you knew.

____________________________________________

Now let me speak for a second

on behalf of those we claim we representin’

With expansion plans and big weapons

Use for baggin’ land and cash-gettin’

In the name of the future and the present

Like the past and teach my ass a few lessons

About the reasons behind your transgressions

Liberty and Justice? Yeah, right!

You [George W. Bush] ain’t the type, so stop messin’….

CHORUS

(Pete Miser’s part)

Now I don’t wanna sound like a broken record, but look

We all know the politicians are crooks

Corporations cook the books

No one gets caught for what they took

And in the end we defend and elect ‘em again

I can’t pretend that you ain’t heard this before

I know you’re sayin’–”I done been through this shit for sure

Anytime I start to win, then they flip the board,

Change up rules, confuse me and switch the score”

May as well run up in here yellin’ “Hit the floor!”

Brandishin’ guns, like “Everybody run your funds!”

Just them white-collar thugs, ain’t gotta Hanukkahs

They got the system backin’ ‘em up, just like the dollar does

George Bush is a criminal, like his father was

Abu Ghraib ain’t nothin’ new. What you thought it was?

Ain’t shit changed but dates and names

Unless the People take back the game

CHORUS

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