Exposing the Lie of Republican Hysteria over "the Debt"

Just 8 months ago Republicans were not worried enough about "the crippling effects of the debt" to stop an extension of the Bush tax cuts. Obama did try to stop this extension, but the Republican demanded that the cuts continue despite the deficit they would cause.

But now 8 momths later they are willing to stop government and force the US to default on its obligations because "the US has too much debt". What? Nothing significant changed in the last 8 months except the political game the Republicans are playing.

Here is a bit from a politically impartial Federal Reserve study:

the rise in the national debt from the 1970s through 2007 is entirely a consequence of the federal government’s increase of expenditures without an offsetting increase in revenues to pay for that additional spending.

That's right. There is no "debt" problem. There is a problem with legislators failing to accompany a new expenditure bill with appropriate legislation raising funds to pay for it. Bush fought two wars, created a huge new prescription drug planentitlement, and cut taxes twice while keeping this spending implication of these actions "off the books". No wonder debt has soared. And creating a bubble, the 2008 financial crisis, has created a terrible recession which has cut government revenues. A deficit is normal in this kind of situation. But the Republicans have gone crazy and want to destroy the good credit rating of the US because of "deficits".

This is a phony crisis created by the Republicans to try and force concessions. Obama should go before the American people, tell them about this scandalous right wing behaviour, and stop the madness of austerity in the midst of a serious recession.