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Disappointed

Dear Editor:

What does it mean when everyone is disappointed in the President … he’s doing a good job? Yes, I too share anger and disappointment in Obama but not for the same reasons as those who wear T-shirts proclaiming him a socialist, etc. The President is at heart a lawyer and a numbers guy, you’re right, we should have known leadership was questionable.

My “hatred” for Republicans stems from their actions and purposeful mis-statements that are eroding if not destroying our nations ability to self-govern and compete globally. As an example, take their dire predictions that the nations debt of $17 trillion can only be reduced by cutting social programs and the safety net of unemployment. Meanwhile they can’t find enough ways to cut taxes for the wealthy. Which would be OK, if most of the wealthy reinvested it in job related industries vs moving it off-shore.

The nations debt is a gross debt; i.e., includes intra-governmental debt … kinda like a wife owes money to her husband. It cancels itself out. The real number is around $12 trillion … still a huge number but a favorite Republican/Fox News scare tactic. Each year that the excess of Social Security contributions exceed the obligation to recipients it moves into Treasury securities. The Social Security Trust Fund owns $2.7 trillion of the $5 trillion of Treasury securities held in intra-governmental accounts. In fact, Social Security is the largest single owner of Treasury securities, surpassing even China’s significant holdings of $1.3 trillion. So there’s only one highly destructive and immoral reason to “solve the problem” of too much debt by cutting benefits for current and future Social Security recipients … one guess which political group wants to do just that!

Speaking of “Wall Street,” Obama does bear the blame for no banker being in jail or ever prosecuting one of those specific thieves under Sarbanes-Oxley Act. So yes, I am extremely disappointed in him as President. Some one should have told him, you can’t bribe a horse.

Dave Blake

This story was posted on January 16, 2014.