Skip O'Neill – Liberty for All

Ron Paul for A New Direction

U.S. Debt and David Wu

with 3 comments

Many of the politician, David Wu of Oregon included, point out that our debt levels are not a concern. They that  after World War II, 1946, due to military spending for the war, that our public debt as a percentage of GDP was 122 percent – which is even higher than the  near 100 we have today.  These politicians who think that spending the answer fail to mention that debt levels are not sustainable without cuts to spending.   Between 1945 to 1949, federal spending dropped by 58% and taxes fell by 12%. Meanwhile, the budget deficit fell by 66% in 1946 and was in surplus from 1947 to 1949.  In other words, although we did not pay down our nominal debt in the decade after the war, we did succeed in massively shrinking government and the burden that it places on society.  We cut taxes and spending and had a growing economy.  Without the spending cuts, we will have a dramatically different outcome, Mr. Wu.  Please wake up.


3 Responses

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  1. Keep the posts coming. I can’t stand David Wu.

    Shelia LeClaire

    April 12, 2010 at 3:35 pm

  2. The entire worldwide financial and economic system is a Ponzi scam and will evaporate. No one knows how this will play out but those who are farsighted and understand the Austrian school of economics know this is extremely serious. Since David Wu is a socialist, he wants us to be like humpt-dumpty.

    Wilson Johnson

    April 12, 2010 at 3:45 pm

  3. Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

    Here is an example of what I am talking about:
    Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

    Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
    “Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

    The Center for Responsible Lending says YSP “steals equity from struggling families.”
    1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.


    April 12, 2010 at 9:03 pm

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