The Most Expensive Congress in History: The 111th Congress.
When Rep. Nancy Pelosi (D-Calif.) gave her inaugural address as speaker of the House in 2007, she vowed there would be “no new deficit spending.” Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department.
“After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending,” Pelosi said in her speech from the speaker’s podium. “Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.”
Pelosi has served as speaker in the 110th and 111th Congresses.
“Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.”- Nancy Pelosi, 2007 inauguration speech.
At the close of business on Jan. 4, 2007, Pelosi’s first day as speaker, the national debt was $8,670,596,242,973.04 (8.67 trillion), according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. At the close of business on Oct. 22, it stood at $13,667,983,325,978.31 (13.67 trillion), an increase of 4,997,387,083,005.27 (or approximately $5 trillion). (CNS)
Some of the world’s strongest banks have profited from an emergency credit facility set up by the US Federal Reserve to shore up confidence in the global financial system, according to a Financial Times analysis of data released by the Fed.
More than half of lending under the Fed’s term auction facility – the largest of its crisis programmes – went to foreign banks. Details of the varied uses to which they put it may add to political criticism of the Fed.
The Taf was set up in December 2007 to provide one-month loans to creditworthy banks as markets dried up for lending longer than overnight. In August 2008, it began offering three-month loans as well.
Rabobank of the Netherlands and Toronto-Dominion of Canada, two of the only banks in the world with triple A credit ratings, used more than $20bn in cumulative Taf loans.
Ed Clark, TD chief executive, said that using Taf was logical even though his bank never had a liquidity problem. “That wasn’t how we made a lot of money. But you make a dollar here, you make a dollar there. What’s the spread you make on a billion dollars?” he said. (FT)
HAMTRAMCK, Mich. — Leaders of this city met for more than seven hours on a Saturday not long ago, searching for something to cut from a budget that has already been cut, over and over.
“We can make it until March 1 — maybe,” Mr. Cooper said of Hamtramck’s ability to pay its bills. Beyond that? The political leaders of this old working-class city almost surrounded by Detroit are pleading with the state to let them declare bankruptcy, a desperate move the state is not even willing to admit as an option under the current circumstances.
“The state is concerned that if they say yes to one, if that door is opened, they’ll have 30 more cities right behind us,” Mr. Cooper said, as flurries fell outside his City Hall window. “But anything else is just a stop gap. We’re going to continue to pursue bankruptcy until the door is shut, locked, barricaded, bolted.”
You mean the UAW is concerned. The UAW runs the State, or at least in Mafiaoso style they think they do. They have the politicians and media in their pockets and have for more than a generation.
They did when I was growing up in Michigan. Now with the Socialist Wheaties of the modern Liberals behind them I’m sure they are more Tony Soprano than Jimmy Hoffa.
And the last thing the UAW wants is to have their union busted by bankruptcies.
But the inevitable is coming. And THEY DON’T CARE!
Union pensions and benefits, not just the UAW, but Government Public Sector Unions also, and other private Unions have been sucking industry and the taxpayers dry for several generations but the cash cow is out of milk and endanger of dying altogether.
And you know what, THEY DON’T CARE!
Everyone must sacrifice for them. They are holy. They are sacrosanct.
They are untouchable.
So they believe. And since they have been buying Democrats for generations they will be the Pied Piper to all their slave rats.
Because THEY DON’T CARE.
And ultimately, that is the lesson of the last 3 years of Pelosi-Reid and Obama.
They said all the right things to get their hands on your throat and then they throttled you with debt to pass their 90 year old Socialist wet dreams and they are still at it and will be still at it with control of the Senate and the President.
THEY DON’T CARE.
They, and the Unions, are the ultimate in GREED and CORRUPTION.
Prichard, Ala., which stopped paying monthly checks to retired city workers when its pension fund ran out last year, is appealing a bankruptcy judge’s ruling that it did not qualify for Chapter 9 under Alabama law.
And they telegraphed it ahead of time, and no one cared.
A Liberals personal pursuit of everyone else’s money for their own benefit, economically or politically, is all they care about.
It’s all about THEM.
Now that’s your “kind”, “Compassionate” and “caring” Liberals who are always looking out for “the little guy”.
To crush them into slavery and steal everyone else’s wealth and power from themselves.
Officials in Detroit announced this year that they had for years overpaid Hamtramck in a revenue-sharing deal related to a General Motors plant that sits smack on the border of the two cities. The dispute is likely to be resolved, eventually, in court, but meanwhile, Detroit has stopped paying $2 million a year, and Hamtramck is watching a growing gap in its $18 million budget.
Could it be that these “overpayments” were ok until Detroit had to hide it’s own budget woes so they passed it on to another city?
“Detroit is cutting police, lighting, road repairs and cleaning services affecting as much as 20% of the population,” the Guardian’s Elena Moya noted late Monday, writing about the 60 Minutes piece. “The city, which has been on the skids for almost two decades with the decline of the US auto industry, does not generate enough wealth to maintain services for its 900,000 inhabitants.”
City Manager Bill Cooper said the city of roughly 20,000 people is staring at a $3 million deficit.
California, which faces a $19 billion (some say as high as $26 Billion) budget deficit next year, has a credit rating approaching junk status. It now spends more money on public employee pensions than it does on the state university system, which had to increase its tuition by 32 percent.
“This is the state of affairs in Illinois. Is not pretty,” Illinois state Comptroller Dan Hynes told Kroft.
Hynes is the state’s paymaster. He currently has about $5 billion in outstanding bills in his office and not enough money in the state’s coffers to pay them. He says they’re six months behind.
“The state’s a deadbeat,” Kroft remarked.
“Yeah. I mean, the state of Illinois is known as a deadbeat state. This is a reputation that has taken us years to earn and we’ve reached, you know, the heights of, I think, becoming the worst in the country,” Hynes said. (CBS)
The home of our President, Done Proud. 🙂
Unions have a $3 Trillion Dollar appetite and it’s insatiable. And THEY DON’T CARE.
No one is talking about it now, but the big test will come this spring. That’s when $160 billion in federal stimulus money, that has helped states and local governments limp through the great recession, will run out.
You thought TARP was for the “economy”. No, it wasn’t.
It was for the state employee unions and foreign banks.
That’s running out.
Now the wheels of this Cadillac are about to go bald and flat.
Now this is driving a car into a ditch.
And I guarantee you, the Liberals and the Unions DON’T CARE!
Mr. Cooper, the city manager (of Hamtramck), says that everything else that could be cut already has been, while the city goes on spending 60 percent of its total general fund (of an $18 million dollar budget) to pay for its police and firefighting forces — 75 current police officers and firefighters and about 240 former workers and spouses now on pensions. Mr. Cooper said that an entry-level police officer costs the city about $75,000 a year in salary and benefits, and yet repeated efforts to renegotiate contracts have failed.
“They kind of have the Cadillac plan,” Mr. Cooper said, “and we’d kind of like the Chevy.”
Trust me, Unions of all types love Cadillacs.
Growing up in Flint,Mi the one-time home of 7 auto plants and an AC Delco Engine Plant. “Buick City” it was called (there was a billboard proclaiming this 10 miles south of town near Fenton off I-75).
It had a population of 250,000 when I was growing up. Last year it was 125,000 and everyone of those plants had closed years ago.
But growing up my friends and I always said that only 2 kinds of people drove Cadillacs, Pimps and Auto Workers. So no much difference there.
That was the 1970’s. In 40 years it hasn’t gotten any better.
(Found, Mr. Cooper says, posted on the wall of the firefighters’ barracks was his name — crossed out — on a list of former city managers and the word “Next?”)
So let the extortion begin. It’s the only tactic Unions use. Economic and political hardball extortion.
After all, dozens of Unions have been exempted from ObamaCare and their “Cadillac” Health Plans are exempt until 2018.
So it’s not like they care or anything.
“I’m not going to wait for two hours for a cop to show up,” said Shannon Lowell, the co-owner of a coffee shop. “We’ve trimmed every bit of fat. What else are we going to do? Borrow money from our dying grandmother?” (NYT)
Yep. That would also be the grandma who the government is going to pull the plug on because she’s a burden to society according to Medicare and Medicaid Director Dr. Donald Berwick.
Welcome to the Future.
“If you want a vision of the future, imagine a boot stamping on a
human face – forever.”— George Orwell