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*Where has all the money gone? (Military waste) VIDEO

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    Don Rumsfeld admits Pentagon & military waste of money into Trillions of dollars $$. Money can't be accounted for in most cases. (this was one day before 9/11). Which would (coincidentally?) eliminate ALL the RECORDS where answers could be found, when one of the 9/11 planes just happened to crash into the Pentagon. (Nice "cover-up")

    Video: Pentagon & military waste in $$ trillions
         
    http://www.youtube.com/watch?NR=1&v=H_p92dECEpQ
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    Yeah apparently we have all the money in the world for war, but we are broke as far fixing any infrastructure is concerned or paying for Education, Medicaid, Medicare, Social Security, etc., etc.

    Government deficit=non government surplus! Tell Congress to stop playing games and give us aggregate demand. It can start with historic FICA tax cuts. 

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    The military may waste more than any other gubmint agency.

    But the others waste tons of money, too.

    How much does fraud, waste, and abuse cost us in Medicare, Medicaid, Education, Social Security and lots of other agencies?  No one knows.  20%?  40%? 

    I have heard estimates of 30% or higher in some agencies.  And it's getting worse instead of better.

    The US military is not alone in this catagory.  EVERYTHING in gubmint should be cut.  Current spending is way out of control.

    Sooner or later the US will HAVE to cut back on spending or default on all it's loans. 

    Think China will enjoy THAT?  Saudi?
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    We could choose to default. That is a policy choice. It's quite stupid considering the USG is the monopoly supplier of US dollars. But yeah....get enough lunatics in Congress and it could happen. But it's not a question of ability, but willingness to pay.

    Not sure where you get figures about waste, fraud, and abuse.

    Current spending is out of control?

    Why, would that happen to be because a Democrat is in office? And despite the fact that Obama has actually slowed the per capita growth of deficit spending to the 2nd lowest levels since Nixon, all contrary to MMT warnings about insufficient deficits?




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    "because a Democrat is in office?"

    No.  Not because of his party affiliation.  Because he spends too much.

    Democrats and Republicans have both contributed to this problem. 

    Obama said he'd cut deficit spending and he's added 5 trillion to the debt. In less than 4 years.  Quite an accomplishment.

    Spending is out of control.  Who could logically argue that it is not?

    How do you think we will pay off our debt?  Or will we?  If not, then what?  War?
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    Let me pop the bubble your living in:

    Most of our current deficit is due to a loss in tax revenue from the recession and an increase in automatic stabilizer spending (increased unemployment, Medicaid, and other public assistance spending).

    Here's a graph of the federal workforce under Obama.


    Deficits are not discretionary. They are a natural exogenous function of the economy and floating fiscal policies.

    Over the last few decades, America has opened a large foreign trade window with the world. And for our dollars, we import goods and services that increase our own buying power and raise our standard of living. Unfortunately, this displaces domestic workers and industries, in addition to 'draining' from the net savings of the private sector. And as a matter of accounting, without deficits equal to the Capital Account balance, the domestic private sector can't net save. That's bad too. Can't leverage private debt to astronomical levels to keep the economy going and not expect the whole thing to explode.

    So you need government spending to offset this 'draining' of the domestic private sector 'bathtub' so to speak.
    It's not inflationary, because well it's fighting deflation. It keeps the economy from contracting, and it adds to incomes and investments in the real economy, boosting aggregate demand 'lost' to the savings of the foreign sector.

    All a US government security is is an interest earning savings account. It's like a dollar that earns interest, but you can't spend it on real goods and services. It's more like a savings account that you can trade for other financial assets.

    In any event, this economy can't support surplus government budgets without triggering a recession. Not without a trade surplus, or more precisely, a Current Account surplus. But there are obvious limits to saving in foreign financial assets, when your domestic economy is US dollar based.  



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    Appreciate the help with the bubble.

    Perhaps you're a fan of Real Time?

    Good argument about the "out of control" government spending, but no matter how you spin it, the fact remains that Obama has increased the deficit by 5 trillion after saying he would cut the deficit.

    5 trillion in less than 4 years! 

    Do you think we'll EVER pay it off? 

    Or stop ADDING to the deficit?

    Don't you agree that eventually the bill will have to be paid?
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    The 'bill' has been repaid 29 times in the last 10 years. Every month trillions of US Treasuries are redeemed, and to the tune of $430 trillion over the last 10 years.

    Issuer debt=user savings.

    The deficit floats as a natural function of our economy and floating fiscal policies.

    Paying it off would mean destroying the US economy.

    No, I don't think we will pay it off, because we literally can't pay it off. Not because it's too large, but because the government is the one who supplies the funds in the first place for us to make our tax payments and buy government securities.

    It's just an account identity. One sector's surplus is another sector's deficit.

    National Deficit=Domestic Private Sector Surplus + Capital Account Balance.

    We need much larger deficits to tame deflationary pressures and boost aggregate demand spending.

    First order of business is a FICA tax-suspension. Stop taking money out of working peoples hands so they can spend.
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    Interesting bit of history about FRAUD in govt spending:

    Ronald Reagan decided that there must be lots of waste in the area of "Disability" payments to Army veterans (from VietNam war) & other disabled people. He decided this without any proof, just a gut feeling of his. So he cut off Disability payt as one of his first acts as POTUS.

    All recipients had to go back to court to Prove their eligibility all over again. This cost the Govt & COURT SYSTEM tons of extra money, in paperwork & legal staff.

    Result: They could hardly find any (less than 1% fraud)& had to put most of the people back onto Disability pay.

    BUT the entire effort took one to two years, & many of the recipients DIED because they lost access to medical help, and without income, lost their place to live. Some even committed suicide out of desperation. Can you even imagine doing that to our paralyzed Veterans? It was a shameful disgusting thing that Reagan did.

    People can argue about too much money spent here or spent there, but anytime money is being spent to do GOOD,
    -(like giving Medicare to sick or elderly people)

    it is ten times better than money spent to do EVIL.
    -(like our Eternal Global WARS, to STEAL OIL).
  • Are you sure you want to delete this post?
        
    "to STEAL OIL)."

    What oil has been stolen?

    Stolen by who?
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    I didn't think it was POSSIBLE to FORGET already about the IRAQ War --- you know, the one where we went over there & bombed IRAQ?  "Shock and Awe" & left the nation in a pile of rubble. This was the first time (2003) the USA ever invaded & bombed a nation (pre-emptive strike) that had never threatened us or attacked us.

    Saddam Hussein was the leader, & Bush "W" had been saying that Iraq had WMD (weapons of mass destruction) all over the country. Meanwhile the United Nations inspectors had been looking everywhere, even in Saddam's palaces, and could find NONE. But Bush got into a hurry & insisted we quit the inspections & just go ahead and BOMB them anyway.

    IRAQ & Kuwait were formerly joined together, & belonged as one nation, but had been separated for a while, & BOTH of them had a LOT OF OIL WELLS. In fact, Daddy Bush owned a few oil wells in Kuwait. This led to him sending troops over to Kuwait for about a month, during #41's term. To stop Saddam from taking those for Iraq.

    By W's telling lies about Saddam Hussein being involved in the "9/11" attack in New York, some people thought it was OK to bomb Iraq & steal as much OIL as we want. So we had our troops guarding the oil wells, while our ships stood by to suck oil out thru Iraqi pipelines.

    The leader, Saddam Hussein, had to go into hiding, to avoid being killed by US troops. Violence & explosions were happening everywhere. The US committed various war crimes like cutting off water & electricity to Iraqi nation; it was never repaired totally in 9 yrs war.
    Also, the US murdered Saddam Hussein & his 2 sons for no good reason. There WERE NO WMD, & WE had invaded HIS nation without provocation. And we had been stealing his oil, so clearly it was the US being GUILTY there.
    Also, Saddam had every reason to believe he was a good ally of ours, since Rumsfeld & other US officials were always over there offering him armaments. Saddam even watched US movies, wore US clothing, listened to US music, ate US food, & liked US art. He was building a modern Iraq, where women went to college, & did not have to wear a burqua (sack over their head).

    JUST 2 WEEKS BEFORE SHOCK & AWE, (US bombing of IRAQ) Dan Rather of CBS News went to Iraq, to Saddam's palace for an interview. Saddam said he did NOT have any WMD, that they had been destroyed previously. He did not have any intention of WAR with the US, that he follows all the UN rules, & Saddam was willing to go on radio & TV (using satellite TV) to DEBATE with Geo W BUSH, in front of the whole world. He said "let the whole world watch & SEE  who is telling the TRUTH." (But of course Bush would only laugh & shrug off the whole thing, that could have avoided the WHOLE IRAQI WAR for last 9 yrs).
    (And saved the US taxpayers TRILLIONS of dollars). Not to mention 5,000 troops lifes & 1,000s more crippled.
  • Are you sure you want to delete this post?
        
    Veronica,

    Thanks for the reply.

    You post lots of good info/opinions.

    You did not answer the questions:

    1.  What oil has been stolen?

    2.  Stolen by who?

    I'm not defending the wars or Bush...just asking 2 simple questions.
  • Are you sure you want to delete this post?
        
    If you read my post again (above) where I was talking about the IRAQ War, WE the United States of America used false pretenses (weapons of mass destruction = WMD) to go invade Iraq (in 2003)& immediately upon arrival, while we were bombing their country into rubble, our troops took control over the oilfields. We began as quickly as it was possible to steal out of the Iraqui oil pipelines, putting oil into our ships for EXPORT. Since the whole war was a total sham, Saddam had NO WMD, & he had nothing to do with the 9/11 attack on New York, the only reason we were over there was to STEAL HIS OIL. We certainly did not take out our wallets & PAY for it. :)
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    Veronica,

    Thanks again for the reply.

    Any proof that we were "putting oil into our ships for EXPORT" without paying for the oil?  Any facts or evidence, or is this just another conspiracy theory?

    Where/How/When exactly did we "STEAL" the oil?
  • Are you sure you want to delete this post?
        
    Speaking of oil on ships.

    Here's the WSJ in 2007 on contango and the oil-storage trade (here).