Last login: Monday, May 21, 2012
Slavery caused secession. The south infringed more on the rights of northern states than the vice versa. Lincoln was not against slavery. He opposed the extension of slavery into the territories where it was prohibited by the Missouri Compromise - He hotly opposed the repeal of that compromise. The Dred Scott decision actually made slavery legal everywhere imposing it on the northern states. The Fugitive Slave Law was also imposed by the southern states on the northern states.
Secession caused the war. It was illegal. No government could survive if a state could leave that government whenever it wanted to and that's why Lincoln said it "shall not perish from the earth." It's sort of ironic that even the Confederate Constitution did not allow secession.
The North initially fought to preserve the union. And then later after the trauma of heavy combat union soldiers supported fighting to end slavery for good, it was the cause of their suffering - in other words it was THE CAUSE OF THE WAR.
Not to mention most union soldiers were appalled by the conditions in which slaves had to live especially in the deep south.
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Has all this government spending helped? The massive deficits - according to Keynesian theory - should have catapulted the economy into a healthy recovery and reduced unemployment to normal levels, but it hasn't. The economy is stagnant with growth far below what is required for a growing work force and to employ all those out of work. The economy is not performing like they have in the past when recovering from a recession.
This is evident from data supplied by the Bureau of Labor Statistics. During the recession in the 1980's the unemployment rate under Reagan was above 8% for 26 months. Under Obuma it's been above 8% for 40 months with little sign of improvement. In fact whenever unemployment goes down it's because more people have left the labor force - given up looking for a job - not because they have found a job.
The debt to GDP ratios posted in the blog are from the IMF and the CIA which includes the total federal debt. Both sources are in close agreement. But it's interesting that the Congressional Budget Office (CBO) has just released a report on the USA debt crisis.
"By the end of this year, the CBO said, cumulative federal debt will reach roughly 70% of gross domestic product—the value of all goods and services produced by the economy—the highest level since just after World War II. That's up from about 40% in 2008. Without changes in current policies, federal debt would reach about 200% of GDP in 25 years, the report said"
What's interesting is the CBO report only mentions the "Public Debt" and didn't mention or even seem concerned about the Trust Fund debts, namely Social Security and Medicare or for that matter the debt held by the Fed. The trust fund debts are not part of the "Public Debt." The debt held by the Fed is included in the Public Debt. Since Obuma took office this "Fed" debt has ballooned to about $1.7 trillion. This money given to the treasury is interest free, which makes it like manna from heaven for the Treasury and our politicians and it's money that doesn't have to be paid back by the government.
What we can make of this is finally the government has confessed that the Social Security trust fund is really not a debt the government is obligated to honor - this debt could be wiped out by a simple piece of legislation. The debt held by the Fed represents cash printed to finance the current huge deficits. This Fed debt represents a very large increase in the monetary base that can and probably will cause a large increase in inflation. Why it hasn't occurred is somewhat of a mystery, but it appears that banks aren't lending and China seems to be hoarding dollars to keep the dollar high relative to the Yuan.
The current administration does not want to rein in entitlement spending, therefore the trust fund debts are real and so are their long term liabilities. Therefore the total federal debt is probably a more accurate picture of our precarious fiscal situation.
Again I'm not against young people living with their parents. Yes I know I'm a heartless scoundrel, I can't seem to help it, but what makes me sick is the reason - yes the reason, not the fact - that young people have to live with their parents, which I thought was the subject of this blog....oh well?
"According to a April 16–22 Generation Opportunity-commissioned Poll:
- The youth unemployment rate for 18-29 year olds specifically (NSA) for May 2012 is 12.1 percent.- The declining labor participation rate has created an additional 1.7 million young adults that are not counted as “unemployed” by BLS because they are not in the labor force, meaning that those young people have given up looking for work due to the lack of jobs.- If the labor force participation rate were factored into the overall 18-29 youth unemployment calculation, the actual 18-29-unemployment rate would rise to 16.9 percent (NSA).
Generation Opportunity President Paul T. Conway, former Chief of Staff of the United States Department of Labor, where the Bureau of Labor Statistics (BLS) is housed, and the former Chief of Staff of the United States Office of Personnel Management (OPM) said:
“The young adult unemployment rate, now at 12.1 percent for those 18-29 years old, represents yet another chapter in the indefensible saga of how a great generation is being denied economic opportunity, jobs, critical skills, and the ability to pursue their dreams.
Young Americans – Majority Disapprove of President Obama’s Management of Youth Unemployment, Washington Out-of-Touch:
- Just 31% of 18 – 29 year-olds approve of President Obama’s handling of youth unemployment.- 69% say the current leadership in Washington fails to reflect the interests of the younger generation.- 59% of overall agree the economy grows best when individuals are allowed to create businesses without government interference.- 53% believe lowering business taxes increases hiring.
“Through no fault of their own, an increasing number of young Americans have begun to lose hope and have dropped out of the workforce entirely, disillusioned by the lack of jobs and dismayed at a White House that attacks America’s job creators and employers, while simultaneously putting Americans and their futures into deeper debt,” Conway said."
I'm not talking about the family or helping family members. I'm talking about the government consuming so much of the nation's wealth that it crushes innovation and job creation. It's really sad to see people graduating from high school and college and unable to find a job. Unemployment for 16 to 19 year olds is 25%, for 20 to 24 years old it is 13% - and that doesn't include those who have given up.....THAT IS A CRIME!
I'm surprised it doesn't bother you Vet, I mean you are the most compassionate, charitable person on this forum way more than most of the right wing heathens and other lowly riff raff that comment on here. I mean you even make the Pope kind a look jaded and callous. In fact with your moral superiority you should be Pope - I'd vote for you Vet.
I would like to see them get a job!!!! Start their own lives, like nature intended. All this socialist crap is collapsing the family unit and making our children and theirs dependent on the government.
That destroys self reliance and ambition.....what's the use of trying anymore. Hello Greece!
Welcome to the socialist utopia.
Alexander Stephens was misquoted? Yeah right, and the civil war was not about slavery read this from the man himself.
“The new constitution has put at rest, forever, all the agitating questions relating to our peculiar institution African slavery as it exists amongst us the proper status of the negro in our form of civilization. This was the immediate cause of the late rupture and present revolution. Jefferson in his forecast, had anticipated this, as the "rock upon which the old Union would split." He was right. What was conjecture with him, is now a realized fact.
The constitution, it is true, secured every essential guarantee to the institution while it should last, and hence no argument can be justly urged against the constitutional guarantees thus secured, because of the common sentiment of the day. Those ideas, however, were fundamentally wrong. They rested upon the assumption of the equality of races. This was an error. It was a sandy foundation, and the government built upon it fell when the "storm came and the wind blew."
Our new government is founded upon exactly the opposite idea; its foundations are laid, its corner- stone rests, upon the great truth that the negro is not equal to the white man; that slavery subordination to the superior race is his natural and normal condition. This, our new government, is the first, in the history of the world, based upon this great physical, philosophical, and moral truth.
Many governments have been founded upon the principle of the subordination and serfdom of certain classes of the same race; such were and are in violation of the laws of nature. Our system commits no such violation of nature's laws. With us, all of the white race, however high or low, rich or poor, are equal in the eye of the law. Not so with the negro. Subordination is his place. He, by nature, or by the curse against Canaan, is fitted for that condition which he occupies in our system.”
His opinion of the unemployed - priceless!
"You go into some of these small towns in Pennsylvania, and like a lot of small towns in the Midwest, the jobs have been gone now for 25 years and nothing's replaced them ... And it's not surprising then they get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations."
And then there's the "Polish death camps" fiasco - that Poland is now demanding an apology for the remark.
There's one other point. The student loans are so screwed up now that at least 20% are defaulting. Higher interest rates will just increase the default rate. It's a growing mess that like many government programs once they get started they are very difficult to clean up.