Spin Machine on Full - The Gormogons

The Gormogons are plugged in and we like sharing what we hear and hopefully provide a little education with it.

Item the first: former President Bill Clinton came out earlier this week and stated:

“Why aren’t we talking more about the economy and less about this?” Clinton said during a speech to liberal youth activists in Washington. “Partly because the Republicans who control the House and have a lot of pull in the Senate have now decided, having quadrupled the debt in 12 years before I took office and doubled it after I left, that it’s all of a sudden the biggest problem in the world.”

Make sure you take a minute and read that through carefully. Ready? Fine, yes, we should have been concerned about this for years and years – it’s not all of a sudden the biggest problem, but it is probably the biggest problem we’re facing now. But let’s take apart the rest of that statement as it’s laden with spin:

“a lot of pull in the Senate” – the last I checked the Democrats held a 51-47 majority with 2 Independents that caucus with the Democrats.
“quadrupled the debt in 12 years” – The debt did quadruple during those years but the Democrats controlled the House and therefore the budget. The Republicans at that time had a part in it but to borrow President Clinton’s words, maybe the Democrats had a lot of “pull”.
“doubled it after I left” – again, the Democrats were back in control of the House.

For a detailed look at this problem, I’ll refer to an analysis done by Richard Persing:

Average Monthly Debt by Party Controlling Congress
Party in Power	Months in Control	Average Debt Incurred Per Month
Republicans	120	$26,800,064,826
Power Split	30	$32,946,573,117
Democrats	72	$82,927,155,937

See his site for the details of the analysis. So the data supports that while the Democrats are in control of Congress, the country has incurred an average of $82B per month while when the Republicans are in control, it’s only (not advocating that this is good, but it is accurate) $26B per month…about a third as much.

Point Numero Dos: The other meme that we’ll start hearing is why the extension of the “Bush tax cuts” haven’t created jobs. Don’t be distracted. The Obama Stimulus Bill was advertised as a keeping unemployment low (oops – 9.2% and more like north of 15% unfiltered) and creating (or saving) jobs. In a month where analysts expected around 100,000 jobs and we get 18,000 plus the added bonus (many missed this tidbit) of the devising down of the April and May by 44,000 jobs.

The Amateur Hour continues. Awesome.

GorT

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