Obama Watch

Patrick Woodroffe

Table 1. Domestic debt* and GDP (Trillions of dollars)

GDP**

Total debt

Household

Financial

firms

Non-financial

Firms

Governments

State-local-fed

1970

1..0

1.5

0.5

0.1

0.5

0.4

1980

2.7

4.5

1.4

0.6

1.5

1.1

1990

5.8

13.5

3.6

2.6

3.7

3.5

2000

9.8

26.3

7.0

8.1

6.6

4.6

2007

13.8

47

13.8

16.0

10.6

7.3

* The federal part of local, state, and federal debt includes only that portion held by the public. The total debt in 2007 when the federal debt held by federal agencies is added totaled $51.5 trillion.

** Inflated because instead of measuring just growth in material wealth, it includes also profits in the financial sector—as though this was derived from the making of durable good. In fact the average American has lest purchasing power today than in 1970. Real total wealth has not grown as fast as population.

Current debt stands at $54 trillion (Jan 09)

It is not how they argue over issues, the Republicans and Democrats, but rather what they don’t argue over and what actions they take. Often they argue and even introduce bills knowing that it won’t pass. This is true of immigration. What they don’t argue is also telling: the easy fix to immigration is for to heavily fine the employer. Jobs would vanish and with that the illegals would leave the country. We are heading rapidly to a standard of living comparable to that of Mexico thanks to free trade/globalization and fractional borrowing by the banks. But those on capital hill are not proposing a return to the Keynesian fixes of the New Deal, such as tariffs, regulation of banking, pro-union laws, etc. This site is about the reality that things haven’t changed much: the Obama Deception.

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There are several fundamental corruptions of the numbers used to generate the economic graphs. First is the growth of the service sector which now constitutes in calculating the GDP over 70%. Of that figure roughly 40% is the profits made by the financial sector, up from 5% in the 1950s. The second is the gross distortion of the rate of inflation (consumer price index). The figures are worse than the graph below makes it seem, for terms of earning the media income of the family has fallen over $12,000 under Bush/Republican leadership. Most of its impact has been hidden by expanding credit.

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Luck or Death

These International bankers and Rockefeller-Standard Oil interests control the majority of newspapers and the columns of these papers to club into submission or rive out of public office officials who refuse to do the bidding of the powerful corrupt cliques which compose the invisible government -- Theodore Roosevelt, New York Times, March 27, 1922

Teddy Roosevelt's advice that, "We must drive the special interests out of politics. The citizens of the United States must effectively control the mighty commercial forces which they have themselves called into being. There can be no effective control of corporations while their political activity remains."