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Obama's Debt Claims Debunked, Line by Line

Should we raise the national debt limit to accommodate more trillion-dollar deficits? In Washington, it's taken for granted that we should and will.

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Blog

Obama's Debt Claims Debunked, Line by Line

Should we raise the national debt limit to accommodate more trillion-dollar deficits? In Washington, it's taken for granted that we should and will.

01/15/2013
There Is No National Debt

As we approach the next artificially constructed, politically motivated, intentionally promoted national crisis, we should keep one thing in mind: though we speak of a national debt, there is no single national debt.  The debts the government owes are real enough, and a source of national shame, totalling as they do over $16 trillion.  But those debts are owed to millions of holders of the various Treasury notes, bills, and bonds, each of whom may own multiple securities of various maturities.  Sold weekly, the securities come due and, as people get around to it, are either rolled over or redeemed every business day.That is important because as we run up against the debt ceiling, the fear mongers will claim that failure to raise the ceiling will cause us to default on the debt, as if it is one single sum owed to a single debt holder.  Defaulting on it is made to sound like the sky is falling, as if it would be the end of the nation itself.Another category of securities are those held by government agencies, such as the Social Security "Trust Fund" and the federal pension funds.  Failure to redeem one of these securities would be politically explosive, exposing the duplicitous nature of the generational theft caused by runaway spending.In fact, defaulting on one of these debts, as stupid and irresponsible as that would be, would merely cause people to reconsider the soundness of tying up their money in Treasury securities.  That would cost the government more in interest payments in the future, which would probably lead to a chain reaction of inflation.  On the other hand, it might lead people and institutions to invest in more productive ways, such as in the stock market.

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Issue Analysis

There Is No National Debt

As we approach the next artificially constructed, politically motivated, intentionally promoted national crisis, we should keep one thing in mind: though we speak of a national debt, there is no single national debt.  The debts the government owes are real enough, and a source of national shame, totalling as they do over $16 trillion.  But those debts are owed to millions of holders of the various Treasury notes, bills, and bonds, each of whom may own multiple securities of various maturities.  Sold weekly, the securities come due and, as people get around to it, are either rolled over or redeemed every business day.That is important because as we run up against the debt ceiling, the fear mongers will claim that failure to raise the ceiling will cause us to default on the debt, as if it is one single sum owed to a single debt holder.  Defaulting on it is made to sound like the sky is falling, as if it would be the end of the nation itself.Another category of securities are those held by government agencies, such as the Social Security "Trust Fund" and the federal pension funds.  Failure to redeem one of these securities would be politically explosive, exposing the duplicitous nature of the generational theft caused by runaway spending.In fact, defaulting on one of these debts, as stupid and irresponsible as that would be, would merely cause people to reconsider the soundness of tying up their money in Treasury securities.  That would cost the government more in interest payments in the future, which would probably lead to a chain reaction of inflation.  On the other hand, it might lead people and institutions to invest in more productive ways, such as in the stock market.

01/14/2013
Political Jujitsu: Fixing the GOP’s Messaging Problem

Since November's debacle, hundreds of conservative pundits and activists have wrung their hands over the GOP’s messaging problem. Luckily for Republicans my background is in branding, marketing and communications, so let's fix this.In today's mainstream media, conservatives can't catch a break. Epic Democratic catastrophes are ignored while minor Republican faux pas are branded as threats to the republic. Among the chattering classes liberalism has all the power; that won’t be reversed overnight. So conservatives must use liberals' power against them.

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Blog

Political Jujitsu: Fixing the GOP’s Messaging Problem

Since November's debacle, hundreds of conservative pundits and activists have wrung their hands over the GOP’s messaging problem. Luckily for Republicans my background is in branding, marketing and communications, so let's fix this.In today's mainstream media, conservatives can't catch a break. Epic Democratic catastrophes are ignored while minor Republican faux pas are branded as threats to the republic. Among the chattering classes liberalism has all the power; that won’t be reversed overnight. So conservatives must use liberals' power against them.

01/10/2013
The FreedomCast: Episode 1 - Senator Mike Lee on the Fiscal Cliff

Welcome to our new podcast " The FreedomCast." Twice a week on Tuesday and Thursday, I'll be bringing you interviews, news and updates on issues important to our listeners and the FreedomWorks family. Today, Senator Mike Lee and I discuss the fiscal cliff bill, the upcoming debt ceiling battle, and why truth resonates with the American people.

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Blog

The FreedomCast: Episode 1 - Senator Mike Lee on the Fiscal Cliff

Welcome to our new podcast " The FreedomCast." Twice a week on Tuesday and Thursday, I'll be bringing you interviews, news and updates on issues important to our listeners and the FreedomWorks family. Today, Senator Mike Lee and I discuss the fiscal cliff bill, the upcoming debt ceiling battle, and why truth resonates with the American people.

01/09/2013
The Fiscal Cliff Bill - Special Interests Profit While the Rest of Us Pay

It's like deja vu all over again.  The fiscal cliff bill, H.R. 8, was drafted behind closed doors, and lawmakers were given six minutes to read the 154-page bill before voting on it.  Once again, we apparently had to pass the bill to find out what's in it.

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Blog

The Fiscal Cliff Bill - Special Interests Profit While the Rest of Us Pay

It's like deja vu all over again.  The fiscal cliff bill, H.R. 8, was drafted behind closed doors, and lawmakers were given six minutes to read the 154-page bill before voting on it.  Once again, we apparently had to pass the bill to find out what's in it.

01/04/2013
Your Guide to the National Debt (Part 1)

If you ask many Americans, the largest long-term crisis facing the country is the national debt. Persistently high unemployment, an uncertain economic recovery, soaring health care costs, and a stuttering public education system are all significant contemporary problems, but the skyrocketing national debt seems to loom as a threat to the stability of the government and country itself. With that in mind, shouldn't more of us have a firm understanding of how the national debt works?

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Blog

Your Guide to the National Debt (Part 1)

If you ask many Americans, the largest long-term crisis facing the country is the national debt. Persistently high unemployment, an uncertain economic recovery, soaring health care costs, and a stuttering public education system are all significant contemporary problems, but the skyrocketing national debt seems to loom as a threat to the stability of the government and country itself. With that in mind, shouldn't more of us have a firm understanding of how the national debt works?

01/04/2013
Baucus and Obama are Complicit Predators with Big Business

Democracy and Power 114: The Power PlayersWho actually controls the force of government? Politicians and interest groups control the American political process. Special-interest groups – i.e. big business, big unions, education, seniors, and a multitude of others - seek favors; tax breaks, subsidies, exclusive legislation, etc. Interest groups give enormous amounts of money to political campaigns and receive gigantic benefits in return.

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Blog

Baucus and Obama are Complicit Predators with Big Business

Democracy and Power 114: The Power PlayersWho actually controls the force of government? Politicians and interest groups control the American political process. Special-interest groups – i.e. big business, big unions, education, seniors, and a multitude of others - seek favors; tax breaks, subsidies, exclusive legislation, etc. Interest groups give enormous amounts of money to political campaigns and receive gigantic benefits in return.

01/04/2013
NY Congressman Chris Gibson Offers a Half-Truth Explanation for a Half-Wit Decision

In the wake of the recent fiscal cliff deal, a jubilant White House bragged about breaking the Republican's no-tax pledge, referring to their victory as "one of the most consequential policy achievements of the last couple decades".But New York Congressman Chris Gibson, who had already hinted that he would not be beholden to the Grover Norquist no-tax pledge that he signed a mere two years earlier, doesn't quite see it that way.

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Blog

NY Congressman Chris Gibson Offers a Half-Truth Explanation for a Half-Wit Decision

In the wake of the recent fiscal cliff deal, a jubilant White House bragged about breaking the Republican's no-tax pledge, referring to their victory as "one of the most consequential policy achievements of the last couple decades".But New York Congressman Chris Gibson, who had already hinted that he would not be beholden to the Grover Norquist no-tax pledge that he signed a mere two years earlier, doesn't quite see it that way.

01/03/2013
The Fiscal Cliff Aftermath: How They Voted

After weeks of backroom deals and fruitless negotiations with the White House and the Democrat-controlled Senate, the House and Senate passed a bill to supposedly avert the dreaded "fiscal cliff". The bill, H.R. 8, was titled "the American Taxpayer Relief Act of 2012".

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Key Vote

The Fiscal Cliff Aftermath: How They Voted

After weeks of backroom deals and fruitless negotiations with the White House and the Democrat-controlled Senate, the House and Senate passed a bill to supposedly avert the dreaded "fiscal cliff". The bill, H.R. 8, was titled "the American Taxpayer Relief Act of 2012".

01/02/2013
Fiscal Cliff Walking

Last night, in a last ditch effort to avoid the "fiscal cliff" the House passed a bill that sought to prevent tax hikes for all but the top 2% of American workers.  Taking a short break from his Hawaiian vacation, President Obama stopped by the White House to pat everyone on the back for bowing to his will. His speech should be laughable considering it followed a bill that is a joke, however, anyone that knows the details of the deal that was passed (with the help of 85 soon-to-be out of a job Republicans) certainly are not laughing.

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Blog

Fiscal Cliff Walking

Last night, in a last ditch effort to avoid the "fiscal cliff" the House passed a bill that sought to prevent tax hikes for all but the top 2% of American workers.  Taking a short break from his Hawaiian vacation, President Obama stopped by the White House to pat everyone on the back for bowing to his will. His speech should be laughable considering it followed a bill that is a joke, however, anyone that knows the details of the deal that was passed (with the help of 85 soon-to-be out of a job Republicans) certainly are not laughing.

01/02/2013

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