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The Era Of Big Government … Is Bankrupting You

THE BLEEDING OF AMERICA CONTINUES … “The center cannot hold.” That’s an expression we’re fond of using as it relates to the American experiment … and when people realize it’s the truth, some things might actually start changing in this country.  We might decide at that point it’s not such…

THE BLEEDING OF AMERICA CONTINUES …

“The center cannot hold.”

That’s an expression we’re fond of using as it relates to the American experiment … and when people realize it’s the truth, some things might actually start changing in this country.  We might decide at that point it’s not such a good idea to continue incentivizing dependency amongst our non-working poor – or continued granting subsidies, bailouts or loan guarantees for multi-millionaire corporate executives.

Why not?  Because the people picking up the tab for this largesse (a.k.a. the people in the middle) are going broke.

According to a new study funded by the Russell Sage Foundation, the rise of big government under “Republican” George W. Bush and Democrat Barack Obama has had a profoundly deleterious impact on American incomes.

(Thank your government-run schools if you need to visit Merriam-Webster for the definition of deleterious). 

How deleterious?

In 2003, the inflation-adjusted net worth for the typical U.S. household was $87,992. By 2013 it had plummeted to $56,335 – a whopping 36 percent decline .  Of course if you were a member of the upper crust – the “95th percentile” – your incomes actually climbed by fourteen percent over the same period.

(Again, thank your government-run schools if you need a refresher on how percentiles work).

Or just  look at the bloody chart …

(Click to enlarge)

Screen Shot 2014-07-27 at 7.51.13 PM

Wow …

Anybody else notice that 20.4 percent decline  since 2009?  That’s the year the federal government’s massive borrowing, spending and money-printing binge got cranked up … an epic overreaction that we said all along was doomed to fail.

“It is, quite simply, the worst possible response to our current economic crisis that America could have come up with – making its taxpayers fund an unprecedented bailout of failed bureaucracies at every level of government with money we don’t have,” we wrote the day Obama’s so-called “stimulus” became law.

But it’s not just Obama the welfare statist who deserves the blame … “Republican” warfare statists and crony capitalists are every bit as responsible.

Both “sides” say they’re for the middle class … but the truth is they’re ripping middle class taxpayers off to provide handouts to those who refuse to work and bailouts to those who fear a little good old fashioned American competition.

And yes … the center cannot  hold.

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65 comments

CNSYD July 27, 2014 at 8:20 pm

Sic Willie never fails in over and over proving the following:There
are three kinds of lies: lies, damned lies, and statistics.

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GrandTango July 27, 2014 at 8:41 pm

Yeah: Bush didn’t have a D@*n thing to do with the F*#king mess Obama made. You are totally right about that.

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Daniel Webster July 27, 2014 at 9:11 pm

The arrogant bastard thinks he’s the only person in SC who commands the English language, too.

He reminds me of my BIL, the most arrogant SOB I’ve ever met.

Reading FITS everyday is deleterious to one’s intellingence.

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Yep! July 28, 2014 at 8:18 am

and you being here is outright proof!

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EJB July 28, 2014 at 7:51 am

Had a boss who loved to say “numbers don’t lie”, then he would proceed to show me how to make the numbers say what he wanted them to say. Learned a lot from him.

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There is no inflation July 27, 2014 at 8:22 pm

What happened to all the people benefitting from the stock market highs?

Oh yea, they are spending more on living day to day because the money printing caused price increases are starting to ramp up. Yay!

http://2.bp.blogspot.com/-PrzVlWb9uwU/U9CdaXhBQrI/AAAAAAAARgk/akOwUmVUxBM/s1600/Food-Prices-Since-Sept.-2013.png

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GrandTango July 27, 2014 at 8:23 pm

You are FULL of S#!t FITS. Obama F*#k#d up this economy, and it has not improved one F*#&king bit since he was elected.

WE made more money under Bush, the economy was strong and the TRUE unemployment rate was low.

You are as FILTHY as the Saul Alinksky Mis-Informaton goons, trying to let your lord-god Obama split the blame for what he has done, all by himself . You Anti-American STUPID F*#k/……

It’s S#!t like you who ruin this country. I wish you’d take your Communist @$$ over to a country where they deserve Dumb@$$#$ like you..You F*#king Idiot….

PS: How you like my Sloppy Seconds, dirt bag: New York Times admits Americans’ household worth down 36 percent under Obama!

http://scdigest.blogspot.com/2014/07/household-worth-down-36-percent-under.html

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shanedem July 27, 2014 at 8:23 pm

I just got paid $7500 working off my computer this month. And if you think that’s cool, my friend has twin toddlers and made over $8k her first month. It feels so good making so much money when other people have to work for so much less. This is what I do…..

?????????????????? NETPAY60????

$[ IT REALLY WORKS, NOT FAKE ]$

>>>>>>>>>>>>>>>>>>>>>>>>>>

LOGON THE SITE –>CLICK NEXT TAB FOR MORE DETAIL AND HELP

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chucktowngamecock July 28, 2014 at 12:05 pm

How about you go fuck yourself and your toddlers?

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Truthiness July 28, 2014 at 7:52 am

What some douchenozzles won’t write for click bait.

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GrandTango July 28, 2014 at 9:16 am

When dumb@$$#$, like you are just made more IGNORANT by the establishment media reports. you need me more than anyone else. Stupid is no way to be. It’s very ugly on you. You need to EDUCATE yourself.

READ: http://scdigest.blogspot.com/

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Truthiness July 28, 2014 at 9:34 am

Have some more Kool-Aid

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GrandTango July 28, 2014 at 11:12 am

Like is ladled out by the establishment media who are your gods of ignorance.

Smirks July 28, 2014 at 8:56 am

WE made more money under Bush, the economy was strong and the TRUE unemployment rate was low.

Those economic bubbles sure are great right up until they pop, huh?

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GrandTango July 28, 2014 at 9:19 am

A bubble is better than a complete shambles, you ignorant F*@k…Educate yourself: http://scdigest.blogspot.com/

PS: Democrats created the bubble. See Community Reinvestment Act, and the forcing of banks to lend, based on leftist social conscience, not ability, or intention, to pay the money back. Act backwards, and it blows up. You PROVE that in everything you do.

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University of Grand Tango July 28, 2014 at 11:14 am

“A bubble is better than a complete shambles, you ignorant F*@k”

That’s like saying HIV is better than AIDS….it’s true…but ignores the root causes of the problem.

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GrandTango July 28, 2014 at 1:14 pm

A bubble implies there was a Boom. All you’ve been is a BUST…you ignorant F*#k…

Slartibartfast July 27, 2014 at 10:20 pm

Yes, it’s true. We’ve been saying it since Nixon took gold out of the dollar. T-Rav is one guy with a poor chance. The are millions of cowards, many in South Carolina, waiting for the next Federal handout (and, no, I don’t mean SS or Medicare – I’m owed over a million bucks in today’s money, and I will NOT be spending it all before I die). I fear we will hear their voices long before we ever hear the song of freedom.

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Rakkasan July 27, 2014 at 10:49 pm

You are owed shit. It’s called social insurance. It ‘s not a bank

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Yep! July 28, 2014 at 8:21 am

In one case, it’s called “security”, though it’s bankrupting the social class, but that’s a different issue.

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idcydm July 28, 2014 at 8:54 am

It should be called fascist insurance, the government forces everyone to pay the premiums, then spends those premiums where ever it wants.

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Slartibartfast July 29, 2014 at 10:48 pm

Democrat Ernest Hollings told us all that they were investments. That there was a “lock box” in DC with our “savings” in it. Now, one of you is a liar.

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euwe max July 28, 2014 at 4:51 am

Freedom to some, slavery to others.

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Rakkasan July 28, 2014 at 9:46 am

Not bankrupting anyone, and ask a window with young kids how fascist that survivor insurance check is that arrives every month. Ask the disabled or parents of children with disabilities how fascist it is. Come back when you know what fascist means. It’s clear you know what hyperbole means.
I guess this means you would replace it with YOYO insurance– You’re On Your Own (coming to a Congressional Committee soon; a Paul Ryan production).
Concerned about “bankrupting” the system? raise the SS caps on contributions. problem solved.
BTW-the name of the program is Old Age, Survivors, and Disability Insurance. Helps in framing it as something more than “my pension that I paid for”

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euwe max July 28, 2014 at 9:53 am

um… maybe I should have been less subtle and inscrutable.

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Shuddup Whiner July 28, 2014 at 9:55 am

Yes, and when our masters overspend some more, just keep raising the SS cap and contributions over and over again.

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idcydm July 28, 2014 at 10:04 am

I’m assuming your comment was for me and not max.

As an economic system, fascism is socialism with a capitalist veneer.

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Rakkasan July 28, 2014 at 2:18 pm

widow. We live in a social democracy, like it or not. Capitalism with a very very small socialist bent. True social democracy: Germany. BTW, whose economy dealt with the recession more successfully? If your head is going to explode please turn away.

idcydm July 28, 2014 at 6:32 pm

No, it’s still a Representative Republic.

I had no trouble surviving the 11 recessions in my life time, I don’t think my head will explode.

Slartibartfast July 29, 2014 at 10:59 pm

I won’t call names, but you are completely wrong. My point was that if I had not been robbed of the Million (in today’s dollars WITHOUT interest) I could have close to $6M by simply putting the money in the bank, over time.

America, however, IS becoming a fascist state, as you described it without knowing it. But I pray that idcydm‘s definition will prevail.

In the mean time, if the government wishes to tell me the truth about the money they robbed from me, and make a full restitution, I consider changing my current opinion of the moochers.

Rakkasan July 28, 2014 at 2:18 pm

widow. We live in a social democracy, like it or not. Capitalism with a very very small socialist bent. True social democracy: Germany. BTW, whose economy dealt with the recession more successfully? If your head is going to explode please turn away.

E. Norma Scok July 27, 2014 at 10:36 pm

WE’RE DOOMED!!1!!

Who’s gonna be the first to kill themselves?

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CNSYD July 28, 2014 at 10:25 am

But before anyone kills themselves, please send me all that worthless paper money you have. I will dispose of it for you so your family will not be burdened with it.

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What? July 28, 2014 at 10:44 am

It’s not worthless, it’s just steadily decreasing in value you moron.

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CNSYD July 28, 2014 at 1:11 pm

You new to FITSNEWS? Per Sic Willie it is falling so fast in value that by the time you read this it may well be worthless. Just trying to stay ahead of the curve.

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What? July 28, 2014 at 1:39 pm

Oh, good to know you weren’t serious. I thought you were one of those “get something for nothing” type of guys.

Rakkasan July 27, 2014 at 10:53 pm

Keep the lies alive Sic. That job description will keep you working in SC for a long time.

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Dolph July 27, 2014 at 11:46 pm

“Republican” warfare statists and crony capitalists are every bit as responsible.

@@@

Thanks for that reminder, Fits.

It’s a little bit me, a little bit you. . .

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euwe max July 28, 2014 at 12:51 am

Corporations would be so much more accountable than government.

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likeyourtats July 28, 2014 at 1:08 am

Ever seen what’s in a pair of pants like those? I have. It’s my experience that the owners of such are not likely to be interested in social “progress”. If you know what I mean.

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euwe max July 28, 2014 at 4:49 am

social progress is too vague a term. Some want to go backwards in time to achieve more freedom, some to regain tradition. Some want to leave the restraints of the past going forward, and some want even more restraints than those of the past going forward.

Behind us are the 50’s, but also the 60’s… in front of us there is a fork in the road – the tea party, and reality.

And it looks like she’s pulling out her underwear, not her pockets. I’m more interested in what’s in that underwear, that what’s in her pants.

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idcydm July 28, 2014 at 8:37 am

That war on poverty that was started in the 60’s is really working.

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euwe max July 28, 2014 at 9:50 am

Reminds me of abstinence.

William July 28, 2014 at 10:20 am

But see we abandoned the war on poverty in 1980s. That’s when we moved to a trickle down economics model. Cut taxes on the rich and cut benefits for everyone else and we will all be rich. The rich will make is all rick. Worked like a dream. For the rich.

idcydm July 28, 2014 at 11:01 am

The Constitution only gives people the right to pursue happiness. You have to catch it yourself. ~Benjamin Franklin

Progress to what? July 28, 2014 at 8:23 am

Progress seems to be going pretty well to me

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Thomas July 28, 2014 at 6:08 am

The game plan is to put Americans into bone crushing debt and poverty. Without any adequate wake up from the sheeple, the Tea Party voters excluded (the pac’s are drunk on their money), the plan is going off without a hitch.

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Rocky - PhD Economics July 28, 2014 at 8:10 am

This starts to get a little old. Angry white kids who are anti-establishment, anti-big businessnes (think Occupy Wall Street on Dad’s credit card) – ain’t a political platform – it’s just bitching for the sake of bitching. How did they calculate famiily wealth? What’s their methodology for determining their starting point? Does it include stock holdings, does it back out debt service payments, does it include value of real estate holdings? I mean how does it get calculated? So I looked, it includes real estate, inheritance, 401Ks – etc. So first off it reflects the bursting real estate bubble – so you’re saying we’re way worse off because false wealth on real estate ( a family’s biggest asset) re-aligned frist to undervalued, and then adjusted to the market. Same with 401Ks and IRAs. So what the numbers really show is the simple impact on family wealth of the Great Recession. Now that it’s over, those numbers will probably adjust upwards annually.

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CNSYD July 28, 2014 at 8:12 am

You and those damned facts again! Sic Willie don’t need no stinking facts!

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Tipper More July 28, 2014 at 8:45 am

Just in time for the next Great Recession. Take a look at the P/E ratios of some of the largest market cap stocks. It is truly not sustainable. Oh, and here is a stock tip for everyone – BB&T is about to be scooped up. Who knows if that will drag the stock down or take it up because the regulators are all over them but if I worked there I would be shitting a brick. Good day.

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Rocky July 28, 2014 at 8:59 am

A sale of BB&T wouldn’t suggest a bursting bubble – late stage recovery almost always sees bank consolidations as the weaker banks get purchsed. Think back to NationsBank / BofA, First Union, Barnett, etc in the 1990s. Earnings right now are based on steadily increasing consumer demand – not a bubble – so earnings are not as far out of wack as you think.

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You're an idiot July 28, 2014 at 10:01 am

“Earnings right now are based on steadily increasing consumer demand – not a bubble”

LMAO!

Let us all remember this Rocky moment six months from now.

Btw old chap, the President of the Dallas Fed disagrees with you:

“First, I believe we are experiencing financial excess that is of our own making. When money is dirt cheap and ubiquitous, it is in the nature of financial operators to reach for yield…”

Sounds like he thinks there’s a bubble, I’m inclined to agree. Yellen, not so much.

http://www.economicpolicyjournal.com/2014/07/dallas-fed-prez-comes-out-blasting.html

Don’t feel so bad though Rocky, all the Phd Economists, including Bernanke, missed the housing bubble too.

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RogueElephant July 28, 2014 at 8:25 am

The problem started after the Dims took congress in 06. Bush didn’t fight them hard enough. Then Obummer and the libturds finished the deal. When I retired in 09 I was making $500/mo more than when I was working. Thanks to Obummer I am down to about even. The QE’s have robbed the middle class of our living. The lower class are taken care of by the govt., the rich are making it big in the stock mkt. Leaving the middle class to pay the bill.

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William July 28, 2014 at 10:25 am

Isn’t that how trickle down economics was supposed to work? The middle class has been going down hill since the 1980s. Just look at the numbers. Middle class wealth soared from 1930s to the 1970s. Then every thing came to a halt for the middle class in the 1980s and we remain stuck there while the top 3% have been making more money than ever and paying less in taxes than they have in 50 years..

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William Tell July 28, 2014 at 10:43 am

It has nothing to do with “trickle down” economics….it’s simply rich & powerful people in control of our government.

Even further, they used both Bush & Obama to save their asses via the bailout…so it’s government causing all of the problems…because it’s a proxy for rich people.

Remove the power of government & you remove the ability of rich people to fleece the poor.

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William July 28, 2014 at 1:10 pm

Wrong, the rich were doing just fine fleecing the poor in the late 1800s and early 1900s. In fact they have been fighting to get back to where they were before T. Roosevelt began busting up their trusts and taking away their stranglehold on government. If it had not been for those efforts. we would probably live in an Oligarchy, much like modern Russia by now. Don’t drink the Tea Party Kool-Aid. Government is not the enemy. Big money buying politicians is the problem.
Without government your rights are meaningless.

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Unbelievable July 28, 2014 at 1:34 pm

“In fact they have been fighting to get back to where they were before T. Roosevelt began busting up their trusts and taking away their stranglehold on government.”

“Government is not the enemy.”

So you acknowledged the root of the problem, yet still claim it’s not the problem….I just can’t overcome your cognitive dissonance. You win.

William July 28, 2014 at 2:42 pm

Sorry to tax your brain, but It is not cognitive dissonance. Life for the poor and middle class would be even worse with no government at all. The root of the problem is not government. The root of the problem is big money and corruption in government. We have got to get big money out of politics unless we want to go back to were we were in the late 1800s. This means we must identify were it is coming from and stop the flow. This is the exact opposite of what the GOP is proposing. This is exactly what was happening before T. Roosevelt.

Reducing the power of government would have done nothing for the poor and middle class n the late 1800s and early 1900s. The robber barons would have only become more powerful than they already were. It took good government fighting on behalf of the average citizen to solve the problem. That is what is missing in todays world.

The inane answer of the Republicans and the far right is to cure cancer by killing the cancer victim. Thus no more cancer. For example Killing the EPA will not result in environmentally responsible industry.

Unbelievable July 28, 2014 at 3:34 pm

“The inane answer of the Republicans and the far right is to cure cancer by killing the cancer victim.”

Repugnicans aside, the cancer is government, the victim, the people.

“For example Killing the EPA will not result in environmentally responsible industry.”

Of course not, but allowing people to sue the offenders rather than EPA “Superfund sites” is certainly a better start.

If they offenders are gone, then you have a different set of problems, but no one said the world is perfect and government is clearly not stopping pollution.

Look, you’ve acknowledged that the rich control our government, yet you hold on to this pie in the sky fantasy that the little people should(can?) take the government back, yet almost every person in it is a part of the wealthy class you despise and the little people don’t have the power(short of revolution, which is never lasting) to achieve this absurd goal of yours.

You are not grounded in reality, you ignore history and your cognitive dissonance is astounding. You win.

Keep railing for the removal of rich people for government, I’m sure you’ll achieve it one day.

William July 28, 2014 at 5:48 pm

Government is not a cancer. It is the only thing that makes individual rights meaningful. Absent government you have no rights.

No one is trying to get rich people out of government. We need to get their money out of government, so that they get one vote just like everyone else. I do not despise the wealthy. By my estimation, I am probably a member of the top 5%, though no were near the top 3%. I despise the people who try to use their wealth to control government for their benefit.

I think we can fix that problem. Step one is full disclosure of all political donations. If you give money to or to support a politician, that should be public record.

Unbelievable July 29, 2014 at 7:45 am

“It is the only thing that makes individual rights meaningful. Absent government you have no rights.”

The biggest violator of human rights is going to guarantee I have mine? lol

“No one is trying to get rich people out of government. We need to get their money out of government”

Do you realize how stupid that argument is?

“I think we can fix that problem.”

Full on delusion, it’ll never happen. It’s been this way for a long, long time…and it’s never going to end as it’s the way government works.

William July 30, 2014 at 7:13 pm

Then move to an island where there are no people, because you apparently do not believe anything this country was founded on. So why do you live here at all? Go and find a place with no government.

You are delusional if you think we can coexist without government. The world you want is a cold, hopeless and desolate place where might makes right.

RogueElephant July 28, 2014 at 10:58 am

Right. Back in the fifties and sixties the father could make enough so the mother could stay home and raise the children as it should be. Then along came Jimmy Carter and it all went to hell. It has been hard for the middle class to keep up even with both parents working. Reagan , with “trickle down economics” helped stave off the decent. With the advent of the 401 K , the middle class could take advantage of the markets like the rich could. Not on as grand a scale, but it made all the difference to the middle class. The middle class has been taking it on the chin for the last forty years. The gyrations of the market haven’t done anything but make the rich richer and the middle class poorer. The great society stole the middle class wealth with all the give away programs. The rich could afford tax lawyers to get them out of tax laws written for them at the expense of the middle class. Capital gains taxes comes to mind. Income from investments was taxed much lower than wages. I came up with some of both worlds, luckily my parents kept up with incomes from different sources. But the 401 K plan was, for me , the difference between retiring comfortably and not retiring

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William July 28, 2014 at 1:03 pm

Boy you really have drunk the Kool-Aid. Jimmy Carter destroyed the middle class in 4 years. Wow. I say more likely it was Ronald Reagan and his Republican cohorts who destroyed the middle class. The middle class was doing fine until then.
As for your 401k plan, did you ever ask yourself why the Bush tax cuts were carefully crafted to avoid giving cuts to the middle class. They cut the estate tax, which the middle class does not pay. They cut the dividend tax, but not on dividends earned in IRAs and 401Ks. The Middle Class only earns dividend in IRAs and 401ks. They Cut the Capital Gain rate, but not on Capital Gains earned in IRAs and 401Ks. So the middle class did not benefit from that cut. In the end every tax cut by Reagan and Bush was targeted at the wealthy at the expense of the middle class. The rich having tax lawyers has nothing to do with them getting out of taxes, the laws were written to benefit them.
In all of US history the middle class has never been better off than after the great depression through about 1980. So much for the great society stealing their wealth. Prior to Social Security over 50% of persons over the age of 65 lived in poverty after Social Security that rate dropped to 10%. The percentage of disable living in poverty was even higher. Prior to Medicare, over 50% of persons over the age of 65 had no health insurance; and received crappy health care. The percentage was even higher among the disabled. And people in rural states like SC suffered the most. The percentages of person over the age of 65 living in poverty and without health insurance in SC higher than in the industrialized states. I cannot understand why Republicans feel the need to attempt to rewrite history. Don’t they even want to know the truth. Or is it better to close your eyes if the truth is not what you want to hear?

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Robert July 28, 2014 at 11:33 am

So is a Governor that cuts vital services to make her numbers look good….say cyber security and a state agency places innocent childern in homes where they die….

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