Obama Blames Japanese Tsunami and Arab Spring for His Economy
Folks, we’re full of numbers today and statistics, and the numbers associated with the earnings of the 8,000 people who earn $10 million a year or more, that was confiscating all of their wealth. I got a question, “Does that mean everything they own?” Yeah, if you take everything, if you confiscate what they have, you get $240 billion, what they’ve earned, and you can only do it one time, you’ve wiped ’em out when you do that. Do you realize that the United States economy, our GDP is smaller today than it was in 2007? Think about that. That is a stunning fact. Now, it’s probably just a coincidence that the Democrats took over Congress and thereby the economy in January of 2007, and when I say economy, I mean the private sector. Economic growth, GDP has gotten smaller every year since. And I’m, of course, joking. It’s not a coincidence.
The Democrats take money out of the private sector, they grow the government. There is no way raising taxes on anybody is going to cause economic growth, which will lead to people being hired. Raising taxes takes money out of the economy. It simply does not mathematically work out that that will create economic growth. How can you take money out of the economy and have it grow? It doesn’t. Our GDP today is smaller than it was in 2007. It’s just another way of illustrating the utter disaster that the Democrat Party is on private sector economics and people who are in the private sector.
And here’s another number for you. US, our country, added $239 billion in debt in a single day yesterday. Two-hundred-thirty nine billion in debt in a single day. May I put that in perspective for you? Two-hundred-thirty nine billion in debt in one day is about five times the real cuts scheduled to occur over the next ten years under the bipartisan debt deal. By way of comparison, we are supposed to get, as a result of the debt deal, $900 billion in cuts, but they are spread out over ten years, meaning most of them are unlikely to ever happen since they are scheduled for the out years and cannot be enforced on future Congresses. But the regime was given $400 billion in new borrowing authority for this week, and they ate up 60% of it in a single day.