"Debt deal done ... for now" The U.S. Senate passed a last-minute compromise plan to raise the nation's $14.3 trillion debt ceiling Tuesday, sending the bill to President Barack Obama to be signed into law only hours before what would have been an unprecedented default.
The bill, which imposes sweeping new spending cuts over the next decade, was approved in a 74-26 vote; 60 votes were required for passage. Read More
Did you know that in 1947, to keep the nation running, Washington only collected $2,522(in today's $)per capita in Federal revenue. Today it collects over $2.165 trillion in Federal revenue, that's about $10,200 per capita. This blog uses facts to help expose the endless torment of our two party political system. From incumbent trash that lingers on, to constantly bringing up the $110 trillion plus in unfunded liabilities from entitlement programs.
Tuesday, August 2, 2011
Friday, July 29, 2011
What would Reagan Do?
On the blogs and news sites I read this "Inflexible GOP should listen to Reagan on debt"
You can red the CNN Op-Ed here
Now back in 1987 When Reagan gave that radio address the country only had $275 billion in deficit spending(inflation adjusted)
Now we have over $1.5 trillion!!!! The damges is here. I can't find any better of an analogy other than that of a heroin addict that needs his fix.
Speaking of Reagan here is what else Reagan did while Obama sat with his super majority and did the oposite:
1. President Reagan cut marginal tax rates. President Obama wanted to allow the largest tax hike in American history and now you don't ever hear that come up.
2. President Reagan reined-in government union power by firing striking air traffic controllers. President Obama bailed-out state government unions, hired more federal government union members, and even bought a car company for the very same union that ran it into the ground in the first place.
3.President Reagan simplified and reduced telecommunications and anti-trust regulations. President Obama expanded and complicated regulations in the health and financial sectors.
4. President Reagan returned power to the states by reducing the percentage of state expenditures that come from the federal government. President Obama, through both the failed $862 billion stimulus and the trillion dollar health care plan, has made the states more dependent on Washington than ever.
5. What about Libya? KaDaffy is still there fighting. And so are we. That's no news these days.
6. Average annualized growth during the first seven quarters of the early 1980s recovery under Ronald Reagan was 6.6%. Not coincidentally, employment grew by almost 5.3 million during those seven quarters (the equivalent of about 8 million today), and the unemployment rate dropped from 10.1% to 7.2%. Today's 9.3% is the new norm bot to mention 11.2% in California!
Its true that under Reagan, deficit spending sky rocketed compared to preceding years. But now.....deficit spending is on warp drive. I like Matts first comment the best, let's take our lumps now. For me anything is better than fantasy spending away what we pretend we have. I believe the pain we could face if we choose not to rais e the debt ceiling will be small in comparison if we choose to over spend $1.5 trillion every year. I feel basically we already HAVE painted ourselves in a corner and I have no desire to wait for the paint to dry.
You can red the CNN Op-Ed here
Now back in 1987 When Reagan gave that radio address the country only had $275 billion in deficit spending(inflation adjusted)
Now we have over $1.5 trillion!!!! The damges is here. I can't find any better of an analogy other than that of a heroin addict that needs his fix.
Speaking of Reagan here is what else Reagan did while Obama sat with his super majority and did the oposite:
1. President Reagan cut marginal tax rates. President Obama wanted to allow the largest tax hike in American history and now you don't ever hear that come up.
2. President Reagan reined-in government union power by firing striking air traffic controllers. President Obama bailed-out state government unions, hired more federal government union members, and even bought a car company for the very same union that ran it into the ground in the first place.
3.President Reagan simplified and reduced telecommunications and anti-trust regulations. President Obama expanded and complicated regulations in the health and financial sectors.
4. President Reagan returned power to the states by reducing the percentage of state expenditures that come from the federal government. President Obama, through both the failed $862 billion stimulus and the trillion dollar health care plan, has made the states more dependent on Washington than ever.
5. What about Libya? KaDaffy is still there fighting. And so are we. That's no news these days.
6. Average annualized growth during the first seven quarters of the early 1980s recovery under Ronald Reagan was 6.6%. Not coincidentally, employment grew by almost 5.3 million during those seven quarters (the equivalent of about 8 million today), and the unemployment rate dropped from 10.1% to 7.2%. Today's 9.3% is the new norm bot to mention 11.2% in California!
Its true that under Reagan, deficit spending sky rocketed compared to preceding years. But now.....deficit spending is on warp drive. I like Matts first comment the best, let's take our lumps now. For me anything is better than fantasy spending away what we pretend we have. I believe the pain we could face if we choose not to rais e the debt ceiling will be small in comparison if we choose to over spend $1.5 trillion every year. I feel basically we already HAVE painted ourselves in a corner and I have no desire to wait for the paint to dry.
Washington Struggles to Solve Debt Ceiling Issue
Washington (CNN) -- President Barack Obama will deliver a statement on the status of the debt ceiling talks Friday morning -- one day after House Republican leaders pulled their plan back from consideration when it became clear they did not have the votes to pass it.
GOP leaders will try to bring Speaker John Boehner's bill to a vote again by the end of the day.
The delayed vote on the measure -- already pronounced dead on arrival in the Democratic-controlled Senate -- revealed a deep rift within the GOP that could undermine the party's latest attempt to avoid an unprecedented national default and stave off potential economic catastrophe. Watch the Report on CNN
GOP leaders will try to bring Speaker John Boehner's bill to a vote again by the end of the day.
The delayed vote on the measure -- already pronounced dead on arrival in the Democratic-controlled Senate -- revealed a deep rift within the GOP that could undermine the party's latest attempt to avoid an unprecedented national default and stave off potential economic catastrophe. Watch the Report on CNN
Saturday, April 23, 2011
Historical Tax Lesson about Cutting Taxes
"Ed Schultz Lies About Bush Tax Cuts Seconds After Saying 'Republicans Make Stuff Up'
Read more: http://www.newsbusters.org/blogs/noel-sheppard/2011/04/19/ed-schultz-lies-about-tax-revenues-under-bush-seconds-after-saying-re#ixzz1KMd8Gmos
Read more: http://www.newsbusters.org/blogs/noel-sheppard/2011/04/19/ed-schultz-lies-about-tax-revenues-under-bush-seconds-after-saying-re#ixzz1KMd8Gmos
Monday, April 18, 2011
S&P lowers its outlook on U.S. debt; stocks decline
The ratings agency Standard & Poor’s warned the United States on Monday that it could lose its coveted status as the world’s most secure economy if lawmakers don’t rein in the nation’s nearly $14.3 trillion debt.
Saturday, April 9, 2011
5% cut from the budget, Whoopty Do! Budget deal: Good news, bad news
A last-minute agreement averted a government shutdown late Friday, but analysts say the high-stakes standoff revealed persistent issues that Washington still must address. CNN Opinion asked a number of regular contributors and guests for their views.
Thursday, April 7, 2011
The ugly math of Medicare
The ugly math suggests Medicare is unsustainable in its current form.
Medicare is financed through a combination of payroll taxes, premiums and general revenue. The problem is that spending has been growing faster than the economy and is projected to do so indefinitely.
The reasons for that are simple: The number of people expected to enroll in the program will surge as the population ages and health care costs continue to grow far faster than inflation.
In just the next decade, the Congressional Budget Office estimates, enrollment in Medicare will grow by a third and spending per enrollee will jump by 50%. Between 1975 and 2010, the number of enrollees doubled to 47 million, and the real cost per enrollee quadrupled, according to data from the Centers for Medicare and Medicaid Services, the agency that runs the program. By 2040, Medicare will cover 88 million people and the cost will be nearly three times higher than in 2010.
Not surprisingly, payroll tax revenue and premiums aren't keeping pace with the program's increasing costs. And that means the draw on federal coffers will grow larger barring any policy changes. To wit, in 1975, the program's income from revenue and premiums covered 69% of total Medicare disbursements. In 2010, they covered 40%. By 2040, they'll only cover 30%.
So how to fix it? Read the full article
Medicare is financed through a combination of payroll taxes, premiums and general revenue. The problem is that spending has been growing faster than the economy and is projected to do so indefinitely.
The reasons for that are simple: The number of people expected to enroll in the program will surge as the population ages and health care costs continue to grow far faster than inflation.
In just the next decade, the Congressional Budget Office estimates, enrollment in Medicare will grow by a third and spending per enrollee will jump by 50%. Between 1975 and 2010, the number of enrollees doubled to 47 million, and the real cost per enrollee quadrupled, according to data from the Centers for Medicare and Medicaid Services, the agency that runs the program. By 2040, Medicare will cover 88 million people and the cost will be nearly three times higher than in 2010.
Not surprisingly, payroll tax revenue and premiums aren't keeping pace with the program's increasing costs. And that means the draw on federal coffers will grow larger barring any policy changes. To wit, in 1975, the program's income from revenue and premiums covered 69% of total Medicare disbursements. In 2010, they covered 40%. By 2040, they'll only cover 30%.
So how to fix it? Read the full article
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