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RNC Debt Clock - Yes, You Did Build It

There was much irony to the RNC's debt clock prop and Congressman Paul Ryan's speech at last week's RNC Convention.

The media, political pundits and the general public are still analyzing and discussing the implications of last week’s . 

While entertaining, at times, I’m still not convinced that the American public received an honest depiction of what the Republican Party plans are for our families as we move ahead. 

Being a Democrat, and a moderate one, I guess it shouldn’t come as a surprise that there wasn’t much I agreed with in terms of the RNC’s content during their convention.

Aside from the speeches and messaging, what I found most troubling was the debt clock that continuously ran inside the arena.  The mere placement of that clock seemed to be the most dishonest aspect of the entire convention.

The Chairman of the Republican National Committee, Reince Priebus, was quoted saying, “this clock reminds every delegate and every American why we are here in Tampa - because America can and must do better.”  The implication was that President Obama was solely responsible for our nation’s debt.

We all know this is very untrue.  There is certainly a lot of blame to pass around, and rightly so.  Leaders in both of our two major political parties have contributed to our massive debt.

However, while watching the GOP’s vice presidential nominee Congressman Paul Ryan’s speech, I could not help to ponder about the sheer irony while that clock continued to wrack up some hefty and unfortunate numbers.

Wasn’t it Congressman Ryan and his Republican counterparts in Congress who pushed for, and voted in favor of, the Bush tax cuts over the past decade?  Didn’t Mr. Ryan support war spending in Iraq (a needless war) and Afghanistan?  The answer to both questions is, yes.

The Congressional Budget Office (CBO) has told us that these tax cuts and war spending were the biggest policy drivers of the debt we incurred over the past decade.  These policies had the most damaging effect on our overall economy.  These are facts that cannot be denied.

While a pipedream, I wish Mr. Ryan simply looked up and pointed at the clock during his passionate speech to say, “you know what, let’s be honest.  My GOP friends and colleagues in Congress helped to add a great majority of this debt to our country.  I take responsibility for my part, and now we want to reverse course and do something about it.”

Of course, that didn’t happen.  I would imagine doing so would have been a difficult thing to do given the venue and circumstances surrounding Congressman Ryan.  But it certainly would have indicated real leadership.  Mr. Ryan could have picked up that mantle and done better, as Mr. Priebus previously noted, by taking responsibility for his record.

The catchy slogan of the RNC Convention was - We Built It.  As far as the numbers read on the debt clock prop, yes you did.

Wayne Schissler September 4, 2012 at 09:48 pm
As a Lehigh Valley Tea Party member I know one thing for sure about the election results in November. Whoever wins will need to have constant pressure applied on them to not slip back into the "same old, same old" kick the can down the road pattern that has firmly established itself in DC, Harrisburg, the town council, and school board.
Every time we vote for someone we are only voting for the lesser of two or more evils. Mr Perfect never shows up on the ballot and too often Mr. Corruptible does.
Steve September 4, 2012 at 09:51 pm
When you can't say anything good about your "guy" refocus attention on Bush. When Bush was president he took the blame for things and didn't point fingers. With Obama, it's all he can do and say "Don't blame me for the mess 4 years later, I thought I did a good job but let's blame my predecessor"....."Now give me another chance to do the same thing I've been doing for the last 3 .5 years"...."All I need is another $ 1 trillion dollars and another 4 years" "Are you with me ?"".......my response is that only a fool does the same thing and expects a different outcome.
Steve September 4, 2012 at 09:54 pm
Ed, your fighting facts with rhetoric. Problem is you have to understand facts and accept them as truth since they are sourced from the government. Rhetoric on the other hand is so easy......and simply requires a shallow mind.......it's like someone reading "ON SALE" and believing you're going to get a real bargain.
optimist September 4, 2012 at 11:16 pm
Just curious how the Republicans on this thread will respond:
Don't you feel that the debt during Bush and Obama has a lot to do with: 1) Bush tax cuts which were supposed to be temporary but continue to extend on 2) The invasion, destruction, and rebuilding of Iraq (still spending money there today) 3) The coninued Afghanistan intervention 4) The unaffordable Bush presecription drug plan - still being paid for today 5) An unwillingness to have miltary spending cuts on the table - huge spending there. This is not all Bush but a lot of it is the Republican agenda: Bush, Toomey, Cantor etc. Anytime Obama tries to undo some of this damage the GOP goes crazy. Nothing will pass the House. I have no trouble believing Dems contrinute to the debt. I'm just amazed Repubs. will not take responsibility and claim fiscal responsibility. And this is true no matter who is or was President.
Amend September 5, 2012 at 03:13 am
It's pretty disingenuous for one party to use a prop, in this case the debt clock, as shock value to the alleged ineptitude of the other party when that number represented reflects their party's involvement as well. And, it's even worse to try to discuss said number as tho the addition to it from our current president was how it got that bad in the first place. Blame?....how can one discuss blame without owning how we got here. Yeah, it's President Obama's fault that the economy tanked just as he entered office. It couldn't have been the failed premise of supply side economics that drained the middle class and polarized wealth in this country; which then lobbied for loose regulations on financial institutions and generous tax loopholes. It couldn't have been two protracted foriegn conflicts; one that was based on what has been admitted as a false premise. No, it has to be the next guy in office who made it as bad as it is cuz he spent a ton of government money to keep the economy from completely imploding.
Wayne Schissler September 5, 2012 at 03:49 am
Responding to Optimist's points:
1)They are the Bush/Obama tax cuts - he signed up 2010 http://www.cbsnews.com/8301-503544_162-20026069-503544.html I don't believe taking money out of the private sector will improve the economy. Sure gov't could spend it and there would be some economic "activity" - but no meaningful sustained job or wealth creation. Do you believe the economy crashed because the tax rates weren't high enough? 2)Seemed like a good idea at the time - now, not so much. 3)Going after Taliban/Al Qaeda good, nation building = fail 4) I wrote about this here (halfway in): http://tinyurl.com/cykvcdx 5) The military has more constitutional justification than most of the other nonsense the gov't is involved in. Rational measured cuts and leaving the countries we are not welcome in is something I would like to see. You fail to mention something that is a major chunk (36%) of federal expenditure and poised to take the whole budget down: http://www.ssa.gov/oact/TRSUM/index.html
Ronnie DelBacco September 5, 2012 at 11:46 am
@Amend,
We all agree the debt is too high and unsustainable. We do not pay for tax cuts...the government simply collects less of our money. We then have more to spend in the free market where jobs are created and the government purse swells with more income tax revenue from the stronger private sector growth...again from people keeping more of their own money. Spending is the problem. Entitlements are the problem. Cuts to "military" spending need to be better defined as cuts to "non-defense" related military spending. Obama "PROMISED" to cut the deficit in HALF by the end of his 1st term. FAIL. All he did was add ridiculous amounts of spending. There were those of us in the republican party NOT happy with Bush's spending either at the time. You'll find most of us in the Tea Party...along with democrats who are also tired of both parties spending us out of existence. The numbers are scary enough, but they distract from the real threat Obama poses; the loss of liberty through his Panto like use of the Executive Order over the legislative process set forth in the Constitution. We have 2 choices; Obama has not come close to honoring his promises, and Romney at least has solid business experience which even Bill Clinton approves of. The choice for some may not be crystal clear, but it certainly seems like we'd be shooting ourselves in the foot by re-electing Obama.
Amend September 5, 2012 at 12:43 pm
@Ronnie- if tax cuts on what are considered "job creators" equated to more jobs, then where are these jobs? Why has wealth polarized while the middle class has stagnated? I'm calling that concept a farce as is evident in it's practice. It's also fundimentally flawed to believe that lower taxes don't add to the deficit when it reduces revenue that would otherwise be used to pay for things like defense, nevermind our crumbling infrastructure. Sure, you could cut programs to the bone, but that doesn't necessarily equate to efficiency or a better ROI or a better America for the majority of it's citizens. I find it hard to trust a person's business acumen when their greatest financial achievement was to work the system in their favor as they hide funds in off shore accounts and dodge their tax burden, not as my president anyway. You speak of loss of liberties, yet the GOP is constantly pushing a religious agenda that limits the rights of women, limits the rights of gays. It abhors immigrants while ignoring their own immigration (ask Native Americans what they think of immigration). It abhors the poor while invoking the name of Jesus whenever it suits them while embracing wealth. Citizens united. Voter ID. Dismantling collective bargaining.
Amend September 5, 2012 at 12:44 pm
...Yeah, they're the party of the people alright. Cut entitlements for the poor and reduce the taxes on the wealthy. That's what Jesus would do. That's what will bring us back to prosperity cuz that plan has been working awesome so far. Farce I say.
louis kootsares September 5, 2012 at 01:33 pm
i would rather vote for alfred e newman before id vote for ayatolla obahma again.. screw me once shame on you, screw me twice shame on mebesides his wasteful spending .... he has worked to take away our 1st and 2nd amendment rights
Amend September 5, 2012 at 01:43 pm
@Louis- please cite specific examples that back your claim that president Obama has sought to curb the 1st and 2nd amendment. And if you're so concerned about being screwed a second time, why would you vote for a candidate that promises to continue the failed economic policies that polarized wealth and helped collapse our economy? Also, I have to say that your continued use of a middle eastern name and title for the president comes off as rather bigoted.
Frightwingslayer September 5, 2012 at 05:55 pm
Tea party rhetoric is a sham..They cry about government waste but have no problem spending millions to support a voter ID law that is a complete waste of time and money..No fraud here..Then they continue to support wasting billions on national defense when our defense budget is so out of control we dwarf every other country on the planet..If you are going to run around saying cut, cut , cut..Then you cant support all these Republican policies that increase spending by billions and billions of dollars..
Ed Eardley September 5, 2012 at 06:03 pm
Amend, instead of quoting CNBC why dont you describe the economic policies that helped collapse our economy and polorized wealth in what way?
Steve September 5, 2012 at 07:26 pm
Hey Optimist....if I recall correctly, Obama's2008/ 2009 economic escue plan was supposed to be "temporary" also. We were supposed to go back to the normal spending plan......yet....the emergency spending plan became "permanent" and is now even increasing, Right ? Wjat happened ?
Steve September 5, 2012 at 07:35 pm
Ok Firghtwingslayer ....I guess in order to please you we;ll cut defense and move that money to social programs......will that make you happy ? I guess you never looked at budget or you'd realize that of the $3.7 trillion to be spend this year,, $2.2 trillion or 60% will be spend on mandatory social programs and 19% will be spent on defense. How much of the $709 billion spent on defense do you want to move to social programs ? half of it or $350 billion ? And when you spend that money there, you'll be back for more.....Give me some thoughts based upon the factual budget.....and none of your baseless rhetoric.
Steve September 5, 2012 at 07:43 pm
ok amend....we'll give the poor lots of money, a house, free education, free healthcare .........will that make you happy ? Then penalize the ambitious, creators, thinkers and risk takers and nurture those with the ambition of a "slug" and thought school was a waste of time. I bet that more than half of them are broke in a short period of time because they have NO sense of personal responsibility. Than you''ll come back and want more money because it's not "fair". Funny thing.....there is no end to "fair" since those people are never satisfied and simply never stop wanting to take money away from the "other" guy. Gee, now that will make this country strong won't it ? How pathetic !
Amend September 5, 2012 at 08:43 pm
@Ed- I don't watch CNBC. I just pay attention, and it doesn't seem difficult to realize that the promise of supply side economics is a failure. There is no trickle down. Instead, the wealth gap grows. That's the evidence of its failure. The economic policy of favoring wealth thru tax cuts and generous loop holes in an effort to create jobs is a farce otherwise it would be happening. All that wealth accumulating and polarizing should be creating scads of jobs. Those tax cuts and loopholes should be paying dividends. Loose regulations on financial institutions should have led to prosperity, not collapse.
Amend September 5, 2012 at 09:05 pm
@steve- in your haste to paint me into a corner to suit your partisan discourse, you missed the essence of my point; which is that Mitt Romney and the GOP base talk about being one thing when really they're something else. They aren't Christians like they portent to be, cuz christains embrace the poor. They aren't concerned with job creation because they keep promoting the same failed economic premises that brought us here. Their concept of trickle down is really trickle up. They're protecting the interest of a monied class, not that of the American people. Otherwise, they'd admit that failure and would move onto something new that would create jobs and spread prosperity, not polarized it. They would have supported a Jobs Act that helped rebuild and reinforce our crumbling infrastructure. Instead, they fought tooth n nail to preserve tax cuts and loopholes that haven't really generated any ROI.
Steve September 5, 2012 at 09:20 pm
Amend....there will be no trickle from the rich or the business community until the financial path of this country is corrected (if possible)....While 2008/2009 was a time of business contraction due to economic shock, the current atmosphere is one of caution. Despite low interest rates I know of no business that is not expanding because of high rates. We are on the path of financial destruction which is quite obvious understanding a few basic numbers.... debt $16 trillion and increasing...interest rates 3% and probably will increasing after QE3..... interest expense at 3% is $480 billion and $960 and 6%. Obama's budget on line calls for 2016 debt at $19,2 trillion. Revenues....$2.5 trillion.....a business person sees that we are growing our debt and interest expense and currently all our committed programs consumer 100% of our revenues of $2.5 trillion. Defense and other government cost make up the other $1 trillion If we were a public company we would already be filing chapter 11. So in light of this, businesses are holding onto cash and their lines of credit. If there is an economic calamity and you have little/no cash you might be out of business. Your bank lines disappear as your business softens unless you secure your loans. Businesses are playing it save as I am in my business. I would rather make less and wait until the direction of this country is more obvious. As of now, if Obama wins, I expect him to increase "investment" with almost zero return again.
Amend September 5, 2012 at 10:06 pm
@steve- I'm also in business, and I can say from my vantage point that we're in a slow recovery. That something i see in my bottom line, so that tells me something must be working. I'll take that over fancy talk about how someone who might do something different, but doesn't really have a plan that adds up to a solution, who's only real position that I can see is continuing with the same logic that got us her; tax cuts for the job creators, reduced scrutiny of financial institutions and the wholesale elimination of social programs. That's a rehash to me, not a solution. I'll take the slow and steady recovery over ideals that have already proven themselves to be false. As for the our debt, Romney/Ryan's plan doesn't seem to really attack that either. They're just positioning themselves as "at least we're not that guy".
Steve September 5, 2012 at 11:39 pm
Amend....the social programs represent 60% of our spending. No party is talking about the wholesale elimination of these programs. Where in the world did you get an idea like that. Can you imagine the chaos in the streets if this were even announced ? As far as reduced scrutiny of financial institutions....that will be an ongoing matter....but in all fairness the public who took insane loans to buy over priced homes they knew they could not afford also bare some responsbility. As for tax cuts for jobs creators....as you know 50% of all new business shutter within the 1st five years. This is my 3rd business in my lifetime which is finallly doing very well. My first two cost me a boat load of cash, work and mental anguish and for this I got nothing from the government. Now that I am making money....the government is there for their fair share. Fair ? Where were they during my 1st two businesses ? I guess for the gvt its heads I win...tails you loose.... I will take a businessman over a politician/lawyer/ community organizer that is learning on the job and has zero accounting, finance, budget, management or organizational skills. At least a business man knows that revenues must equal expenses and that too much debt is destructive. Amongst the 12 presidents I have voted, I have never feared anyone as I do this president. Only a major VAT tax along with significant inflation can resolve the debt problem. I do not discount the possibility of a financial restructuring of the USA.
Amend September 6, 2012 at 12:34 am
@steve- if I heard Ryan correctly, he wants to turn Medicare into a voucher program that places more of the financial burden on the states and the recipients. To me, that's a path towards the federal government washing it's hands of the program and expecting the states to fill in the gaps. With states running the deficits like they are, I'm not sure how that program would remain solvent. Social security is a benefit that workers pay into. Ryan also wants to make dramatic changes to that, but dont worry, it won't affect you if you're over 55. So, basically if you don't make and save enough money to take care of yourself as you get older, your on your own. But if you're wealthy you deserve a tax break cause you just might create a job or two with that money. As for Romney's business credentials, I find them to be dubious at best. It's not hard to make money when you come from money, and his Carter at Bain was basically that of a corporate raider. He's learned to work the system to his favor. That's less than admirable when it comes to being president.
Steve September 6, 2012 at 01:26 am
Amend... So the voucher program is what got you thinking that the Republicans want to gut all the social programs ? As you know the voucher program is just a starting point.... but at least he admits the social programs have to be addressed or discussed since the numbers don't add up. THe average life span of people is increasing and there are fewer people contributing per recipient. The numbers don't add up and something has to be done before everything collapses. Next time you say the Republicans are going to squash all the social programs take a deep breath and think a bit. As for Romney, I suggest you learn about private equity and what it's purpose is. I guess I know many similar people who buy real estate and either demolish it and break it up.....invest capital.....and then try to make a buck or two. We can do that with any asset.....in which we try to create a return on our investment. Out of demolition along with investment can come something with a good look term future for many......but of course not everyone will be pleased I bet. So Romney knows the system....just like politicians, lawyers, business people and the people on perpetual welfare. We all learn the "system" to benefit our lives. I bet you do to !
Amend September 6, 2012 at 12:24 pm
@steve- the waiver system is just part of the issue that causes me concern. Moreover, it's the GOPs general attitude towards such things that lead me to think that they would gut social programs. They attack planned parenthood, PBS, education, environmental protection measures, the NEA and the arts. They want to repeal the Affordable Care Act without a better option. To them, if your poor its your own fault even tho the numbers show that wealth is being siphoned from the middle class. As I've been saying, they protect and promote a failed economic premise that serves to protect the interest of a preferred class, not that of the American people. They use fear tactics like a debt clock, one that their party had a large hand in creating, and then act like it has nothing to do with them. As for private equity, it's no mystery what it's purpose is. It's completely profit driven. It has no need for a social conscience. I'm not sure how that's a good model for government specifically. If that were the case, then there would never be any shared benefit from investing in the American people because the profit margin would be concerned to slim, the ROI to slow, or the interested parties wouldn't benefit enough. That's not a democracy in my mind.
Amend September 6, 2012 at 12:25 pm
As for working the system, we all seek benefits from our social contract, but as a patriot, I would never do what Mitt Romney has done to avoid paying the taxes he owes on the money he's earned via that social contract, and protecting that behavior just to elect him seems extremely short-sighted.
Steve September 6, 2012 at 01:13 pm
You do avoid paying taxes.....everytime you fill out your taxes. Do you take any deductions ? Charities,mortgage interest, real estate taxes, health expenses ? Do you take any credits such as the energy credit, etc ? Do you tax your long term capital gains at the normal tax rate ? Do you take the $500,000 real estate exclusion ? Do you have an tax deferred IRA ? Do you have an HSA ?
If you were so patriotic, you would pay taxes on your gross income and interest....and not take any of these deductions.......but you don't. You avoid paying taxes..... like anyone else does when they follow the IRS rules. I suggest you practice what you preach !
Amend September 6, 2012 at 01:44 pm
@steve- so you take no issue with a presidential candidate housing untold funds in off shore accounts so he can avoid his domestic tax burden? That's not the same as utilizing a deduction, and it's far from patriotic. If you're ok with that, then you should take no issue with someone on the opposite side of the income scale taking advantage of welfare. Practice what you preach indeed.
Steve September 6, 2012 at 02:08 pm
I actually looked it up a while ago and found out that these countries have reciprocal tax agreements with the US. Look it up yourself. There was NO tax avoidance according to Romney saying his holdings in the Cayman Islands and elsewhere have no effect on the amount he pays in U.S. taxes. I wonder if you know there are about 10,000 hedge funds in the United States and they all have off shore accounts with thousands of investors within the USA. You think that IRS would allow such a tax shelter ? Do you think investors would try to "hide" such investments after what happened last year with UBS and the US holders of hidden swiss bank accounts ? Romney's funds are managed through a custodial account, do you think that custodian would jeapordize his reputation and business by promoting something irregular ? You've been watching too many movies.
Amend September 6, 2012 at 02:34 pm
@steve- I'm not sure which countries you are referring to, but the ones I looked at that Romney had accounts with, Panama and the Cayman Islands, are notorious for their use as tax shelters. It seems naive to believe that those using such accounts aren't deriving some benefit from doing so in light of the evidence, even if it isnt something the IRS is able to control due to gaps in global finance tax agreements. Why else would they bother with offshore accounts if there wasn't some benefit? Why not just keep their money on domestic soil? The rules may not make it illegal, but that still doesn't make it right.
Ronnie DelBacco September 7, 2012 at 04:47 pm
@ Amend,
WOW, you covered almost all the talking points except you forgot that we're racist too. Aside from that, the DNC should award you their top prize...a life-time supply of cool-aid. Facts are a stubborn thing. But in this case, blind followers are even more stubborn. Post your name and stop hiding behind rhetoric monickers and fact-less arguments. Include actual CBO numbers to back up your charges and we can then have a real conversation. But thanks anyway for the laughs.

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