“Blessed are the young for they shall inherit the national debt.” These are words spoken by Herbert Hoover when he Addressed the Nebraska Republican Conference in January of 1936 as he criticized the direction Roosevelt’s “New Deal” was taking the nation. Contrary to what has been taught to many, Roosevelt’s New Deal was not the instrument that brought the country out of the Great Depression, it did however instill a new confidence in the American people that their federal government would not leave them to fend for themselves in times of national economic hardship. Behind the scenes the New Deal put in place a number of fiscal reforms and policies aimed to prevent the types of events that caused the fiscal collapse that caused the Great Depression. In plain view, the New Deal brought a significantly increased level of involvement, by the federal government, into the lives of all Americans with the creation of job and aid programs that provided much needed relief to needy Americans. As well the New Deal put in place several safety nets and social assistance programs. The positive affect of Roosevelt’s New Deal was that it significantly increased roll and the level of involvement that federal government played in peoples day to day lives. The negative affect of the New Deal, was also that it significantly increased roll and the level of involvement that federal government played in peoples day to day lives! The New Deal was a source of sociopolitical contention that remains to this day. The first phase of the New Deal focused on created economic reforms and putting people to work which came with little controversy. The second phase of the New Deal on the other hand focused on expanding the social roll of the federal government. This phase of the New Deal was both controversial and politically contentious, seen as unnecessary and fiscally irresponsible to the less liberal factions in politics and rightly so as it moved the 1933 national debt of $22 billion to $33 billion by 1936. It was this fiscal irresponsibility that drove Herbert Hoover to speak the infamous words, “Blessed are the young for they shall inherit the national debt”, as he tried to make people realize that the national debt they were creating in all the social programs being put forth by Roosevelt democrats were going to fall on the shoulders of generations to come. The second phase of the New Deal also set precedence that liberal democrats would follow for years to come. It is the same intrusive and costly types of socioeconomic policies created by the latter half of Roosevelt’s New Deal that drive President Obama’s domestic agenda and consequently most of the massive new debt that has been amassed during his term in office. President Obama manage to accumulate roughly $5.7 trillion in new debt during his first term in office alone, claiming this was the cost of the two wars he inherited along with the worst recession in US history. And while this excuse makes for great MSN headlines and political fodder from the left the new debt stems more from the massive spending that supports his own socioeconomic agenda. Yes, Obama did inherit the Great Recession but at his one admission, he brought us out of that recession in June of 2009. The president also started the troop drawdown of the Iraq war shortly after taking the oath of office as well and in 2010 troop forces were one third of what they were at their peak with a complete withdraw of combat forces having taken place by the end of 2011. Additionally President Obama reduced the number of US combat forces in Afghanistan by one third by the end of 2012. Yet the president still managed to blame Bush for his increase of the national debt by $5.7 trillion in 4 years. And since we brought up President Obama’s greatest excuse we should take a quick look at Bush’s spending and see how they compare, just to be fair. President Bush was certainly not a fiscal conservative, in fact he proved to be quite liberal with our tax dollar. But even with his large government expansion, less than fiscally responsible policies and funding of two wars through nearly all of his two terms in office Bush’s increase of the national debt was nearly $1 trillion less in his eight years in office than Obama’s increase in the debt in his first four. This is not a claim that President Bush did good but an indictment that President Obama did exponentially worse when it came to spending the taxpayers dollar responsibly and creating a bigger burden for generations to come. With $5.7 trillion in new debt created during his first term in office and another $1.4 trillion more over the past 18 months, President Obama is on a trajectory to add $9.3 trillion to the national debt by the end of his second term in office, nearly double that of his predecessor. The bailouts are long behind him, he can’t blame Bush anymore nor can he keep claiming he’s paying for 2 wars, Obama has full ownership of his economy. The Obama economy is so week that it is barely managing to keep itself from slipping back into recession, employment is at 2007 levels and the stock market is being propped up by billions upon billions of taxpayer funded federal stimulus dollars which are doing little more than making rich people richer, oh and driving up the debt. Yes, our youth will inherit the national debt that President Obama will have managed to almost double by imposing many of the same liberal ideals upon private citizens, business and industry that Herbert Hoover fairly criticized in President Franklin D Roosevelt’s New Deal!
Posted on: Fri, 06 Jun 2014 18:31:34 +0000
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