During a December 2012 press conference regarding the tax rate under President George Bush & the "fiscal cliff," the Obama Administration's Press Secretary (Propagandist in Chief) Jay Carney said the following:
We’re asking that they vote for a tax cut (Note that Carney corrected himself the cut is there for all) -- a tax cut extension for 98 percent of the American people, and to let the rest of that law stand as is, which means that those tax cuts for the wealthiest expire.
That’s how the law was written. That’s how it was designed, as you know because you and I both covered it back in 2001 and 2003, with a 10-year window and then an extension -- precisely because the designers, the authors of those tax cuts knew that they were explosively expensive in the out-years, knew that they were budget busters.
And while they promised otherwise, that’s what America got. They got a series of economic policies that took record surpluses and turned them into record deficits, and now you have some of the same people who supported those policies saying we’ve got to do that again because it was so good for America. The President disagrees.
Carney is not being honest (toning it down a notch here, folks---he's lying) when saying that "it was intended to be explosively expensive in the out-years." What Carney and Barack Obama won't tell you is that the reason that the Bush tax rate was set to expire was that it was passed under the same process as Obamacare.
Either Carney was just a horrible reporter, or he is a great liar.
Reconciliation was the process that got the Bush cuts through congress. Why you ask is it only a temporary cut? Well there are rules to reconciliation. Here is an explanation of those rules in the house.
In the House, Rule XXI, clause 7, prohibits the consideration of a budget resolution that contains reconciliation directives instructing committees to change existing law to increase direct spending in either of two time periods:
- the six-year period consisting of the current fiscal year, the budget year, and the four ensuing fiscal years; and
- the 11-year period consisting of the current year, the budget year, and the ensuing nine fiscal years. In the Senate, Section 202 of S.Con.Res. 21, the FY2008 budget resolution, prohibits the consideration of any reconciliation legislation that would increase the deficit in either of the same two time periods.
So, the reason the Bush tax cuts for every American was temporary is that the vote was too close to make it permanent, and it was passed with a simple majority. This is about as encouraging as this gets.
The fact remains that in a press conference, Jay Carney lied before the entire world, saying "the Bush Administration knew that the cuts were destructive." How does Carney & the Obama Administration explain the recent report by the Internal Revenue Service proving an increase in income tax revenue during the Bush presidency?
Bush warned Congress that Fannie May & Freddie Mac were out of control. And the Democrats not only ignored the fiscally devastating issue, but in fact, they promoted the economic demise in 2004.
Was there a crash? Certainly, but there was a problem.
The Democrats, in the guise of Barney Frank, publicly told the people there "wath no pwoblem wif Fannie and Fweddie." (Report continues below the video)
The result was a massive financial crisis that was almost exclusively driven by the two Government Subsidized Entities (GSE) -- Fannie Mae and Freddie Mac, who now own over eighty percent of ALL home loans.
It means the real estate market is no longer privately owned, but has been absorbed and "redistributed" by an ever growing & continually failing federal government, who has yet to solve the issue.
Why else would the Feds feel the need to bail out the mortgage lenders? Because they were all operating under rules put in place before Bush was President!
See the below video featuring Clinton's Director of Housing & Urban Development, and now Governor of New York, Andrew Cuomo (Report continues after the video)
Congress decided to let those rules stand whikle Bush for almost 5 years was screaming the sky was falling. Which it was but nobody wanted to look.
See the video below, as Bill Clinton comes clean on Fannie & Freddie, placing blame for the sub-prime economy on Democrats. (Report continues after the video)
So what do we have in the final analysis regarding the "fiscal cliff?"
The Bush Tax Rate actually resulted in more federal revenue and fattened the government purse to record levels while lowering unemployment to an eighty year average of 4.7%, until the crash caused by rules put in place by Democrats before Bush ever took his oath.
Put into terms that today's audience will understand, Clinton was the knight in shining armor who set-up the bad scenario that Obama would ride in to fix. But it hasn't been fixed, and only more cronies have been paid off, while the public at large gets only more promises of a better future.
See Nancy Pelosi, Chris Dodd and other prominent Democrats attest to their ignorance of free-market capitalism which is owned & set by We The People. Take note of the liberals assuring you that nothing is wrong, while promoting the socialism that has destroyed opportunity in America (for now).
Democrats could not make housing a right using our governance system, so they forced their want of Marxism, mandating government loans & then shedding the worthless loans onto our market.
In the end, Democrats stole the "actual value of your home," of which you depended on for your retirement but has now been lessened, and they redistributed your value across America, to those who had nothing to do with you, your work and certainly not your success.
You were suckered America.