Do These Numbers Make My Deficit Look Fat?
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  • smitty

    Step up to the plate, man, and admit these things are a gross 10th Amendment violation.
    Being and apologist for idiocy like the Community Reinvestment Act makes your credibility look skinny, sir.
    We can’t make improvements until our systematic analysis calls federal over-reach what it is.

  • Kenny

    “There is nothing to be gained by covering up our debts.”

    Perhaps not for society or the average guy, but there is plenty to be gained by the ruling elites in lying about the statistics on the debt, the deficit, the ture unempolyment number, the rate of inflation.

    The benefit of these lies to the political class is that 1) it buys them time 2) it gives them the aura of competence that they don’t have, and 3) it allows them to continue to run the country.

    Face it, Mr. Mead. We have a corrupt government.

  • Nadine

    “Since the beginning of his administration, President Obama has stated his desire to add transparency to the way the federal government conducts its business.”

    Since the beginning of his administration, President Obama has spoken approvingly of a great many prudent policies that are the polar opposite of the policies he has actually followed. He approves fiscal restraint and cutting Federal spending, too — but only in word. In deed, he hiked the Federal Budget up to nearly $4 Trillion in his first budget, and has signed no budget since. He has run a deficit greater than $1 Trillion every year of his administration.

  • La Marque

    The Bush Administration may have seen this as temporary; but, the Obama Administration has no idea of what to do with them, causing them to be permanent government agencies. Bring them onto the Federal budget, the same as the foreign wars.

  • Andrew Allison

    USPS and Government Motors too! I’m a little surprised the Prof. Mead has not leapt (I assume he learnt to spell it correctly in school ;>) ) upon the Volt as another enormous green boondoggle.

  • Jacksonian Libertarian

    Some heart breaking facts:
    American home owners have now lost $7 Trillion, from the value of their homes, and values are still falling.
    A few years ago 60% of American Family net worth was held as equity in their home. It was where most of the life savings of lower and middle class Americans, who rarely invest in stocks and bonds, were held. The American Family nest egg has been wiped out.
    The primary source of small business start up and expansion capital is from the home equity of the owners.
    The vast majority of new jobs created in an economic recovery are in small businesses.
    Due to the loss of the primary funding source for small business start up and expansion, new jobs cannot be created.
    The Community Reinvestment Act “CRA” forces mortgage banks to lend in every zip code in their local area, or face large fines.
    The mortgage banks purchase bundled mortgages for those unfavorable zip codes from Fannie Mae and Freddie Mac, to shift the risk onto the US tax payer.
    30% of home owners with mortgages are upside down in their mortgage (owing more on their mortgage than their house is worth) and that is before calculating the closing costs of selling a home of 8%-10% of purchase price.
    Foreclosures continue to increase, which drives home prices lower, which forces more foreclosures

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