Republicans' bogus balanced budget amendment and the $15 trillion debt

[ProSense]

Key GOP Committee Chair To Vote Against Balanced Budget Amendment

Rep. David Dreier (R-CA), chair of the powerful House Rules Committee, announced today that he would vote against the proposed Balanced Budget Amendment. Although Dreier supported a very similar amendment in 1995, he now believes that decision was an error. “I was wrong,” Dreier said. “Two short years later, we balanced the federal budget. . . . (W)e were able to balance the federal budget without touching that inspired document, the U.S. Constitution.” Dreier is likely to retire after this term due to a redistricting map that makes his reelection bid much more difficult. Regardless of why he decided to break with his party on this vote, however, he made the correct decision. Balancing the budget immediately through spending cuts, as congressional Republicans suggest, “would throw about 15 million more people out of work, double the unemployment rate from 9 percent to approximately 18 percent, and cause the economy to shrink by about 17 percent instead of growing by an expected 2 percent.”

CBS: Obama, Dems slam balanced budget amendment

Voicing support for the amendment on the House floor today, Republicans slammed President Obama's stewardship of the economy, noting the national debt has . Republican Rep. Sam Johnson of Texas said Congress must get its debt under control in order "to prevent another big, fat Greek catastrophe."

<...>

Democratic Rep. Jim McDermott called the vote "another triumph of the Republican public relations office," since it gave the perception that the Republican House is busy at work, even though the amendment has no chance of making it into the Constitution. "Instead of wasting the people's time with this doomed and irresponsible amendment, we should deal with the country's serious economic concerns," he said.

<...>

The conservative-Democrat Blue Dog Coalition, 25 members strong, has endorsed the amendment. However, House Democratic Whip Steny Hoyer has come out forcefully against it -- even though he voted for the balanced budget amendment in 1995.

<...>

President Obama's re-election campaign is also railing against the amendment, charging that it would "require deep spending cuts that could jeopardize everything from education and Medicare to nutrition and health programs for at-risk children."

<...>

Steve Benen: Crossing the $15 trillion debt threshold

<...>

I have no idea whether these folks believe their own rhetoric, but it’s worth taking a moment to appreciate just how little credibility Republicans have on this issue. Watching GOP officials whine yesterday about the debt is the equivalent of watching arsonists complain about fires.

In early August, I ran a timeline of events, taking a little stroll down memory lane. Perhaps now would be a good time to revisit this.

<...>

If this is too complicated for Republicans, perhaps some images can help explain this to them. There’s this one:



And this one:



<...>

More charts

[emulatorloo]

1. Benen's work is excellent, and those charts are very very clear and useful

Thanks for posting.

[ProSense]

3. He did a great job with the timeline. n/t

[valerief]

2. Excellent charts. nt

[ProSense]

4. Balanced Budget Amendment fails in House

Daily Kos: Balanced Budget Amendment fails in House

Roll call

[mikekohr]

5. More Charts On The National Debt

?



WHY DO REPUBLICAN ECONOMIC PRINCIPLES EXPAND THE NATIONAL DEBT?
-The answer is simple mathematics. Reduced revenue + increased spending ='s increased debt-

?

The two biggest promises of "Trickle Down Economics" are it's greatest failings. Proponents of "Trickle Down Economics” claim that tax cuts, skewed to the rich, will create jobs and increase tax revenues. The graph above disproves the latter claim. Job creation plummets under "Trickle Down Economics (see http://bureaucountydems.blogspot.com/p/job-growth.html )and nine of the last ten recessions have occurred under Republican leadership (see http://bureaucountydems.blogspot.com/p/history-of-recessions.html ).

Two things are certain to grow when a Republican is in the White House, unemployment and the National Debt.


By contrast, "Bubble Up" economnic priciples practiced by Democratic Administrations put people to work, rev up the economy, and balance the Nation's ledger books. Every time. No exceptions.

?

There Is Perhaps No Better Source Than The Following Video To Understand How Credit Card Republicanism Has EXPLODED the National Debt. Watch it. Forward it. Spread the word.
http://www.youtube.com/watch?v=P1bZ-TiX8rA


all cached at: http://bureaucountydems.blogspot.com/p/national-debt.html

[Amonester]

6. Current (since 2000) Republicans can't read.

Nor can they analyze any chart.

All they're good at is spew out lies and talking points.

It worked in 2000, 2004, and 2010, so they're back at it.