IT’S NOT TRUE THAT THE U.S. HAS NEVER DEFAULTED

July 31, 2011 in Debt Crisis

We are in the mist of what Senator Rand Paul has called a “Manufactured Crisis”. Both parties and many of our Representatives and Senators are misrepresenting the facts and outright lieing. Senator McConnell says that they [Republicans] won’t allow the US government to Default “for the first time in our history” I guess History isn’t Senator McConnel’s  strong suite. According to Thecitizen.com,    the US has defaulted 5 previous times.   http://www.thecitizen.com/node/7986 

In another story in the American Spectator:

http://spectator.org/archives/2011/04/15/thank-you-cbo#  dated  April15th 2011 Ross Kaminsky  wrote, “Yesterday, despite the defection of 59 Republican votes, the House of Representatives passed the budget for the rest of the 2011 fiscal year as negotiated between John Boehner and Harry Reid. The Senate passed the bill 81-19 shortly thereafter. This after a Congressional Budget Office report suggested that only $352 million will be saved this year, versus the claimed $38.5 billion of savings in the budget. That CBO report is a blessing for fiscal conservatives.” That means that actual savings were about 110 times lower than we were told.

So  now the Washington establishment that consists of Obama, Boehner, McConnell, and  Reid are once again talking about a $3T or $4T CUT which is based upon baseline budgeting that assumes a 7% increase in Revenues over the next 10years, and a commission charged with making the cuts while not  being bound to do so  by a future congress. Should we believe their hype when they continue to misrepresent, lie and break their promises like allowing us to view legislation for 3 days before it’s enacted? When Shaun Hannity asked Speaker Boehner if we could view the proposed cuts in the legislation, Shaun got a lot of doubletalk and no commitment to view any of the cuts.