"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
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.
Saturday, April 23, 2011
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
This is the meaning of CTRL-ALT-DELETE!
"It looks like it's headed in that direction," Reid said on the Senate floor when discussing the possibility of a shutdown. "The numbers are basically there, but I am not as nearly as optimistic -- and that's an understatement -- as I was" after a meeting Wednesday night with President Barack Obama and House Speaker John Boehner, R-Ohio, at the White House.
Wednesday, April 6, 2011
AMEN!
"I'm not the slightest bit worried about a government shutdown," Tea Party supporter Robin Maas said at a March 31 rally in Washington. "I think we find out that there are many things government does that we really don't need to keep this country going. And a government shutdown would actually save us some money."
Tuesday, April 5, 2011
Finally REAL NUMBERS YOU CAN COUNT... $TRILLIONS "GOP budget chief calls for $6.2 trillion spending cut"
Top House Republican leaders unveiled a 2012 budget proposal Tuesday that would cut $6.2 trillion in federal spending over the next decade while radically overhauling Medicare and Medicaid -- two hugely popular entitlement programs that have long been considered politically untouchable.
The proposal, drafted by Budget Committee Chairman Paul Ryan, R-Wisconsin, would also overhaul key portions of the tax code, dropping the top rate for individuals and businesses to 25% while eliminating a number of loopholes.
Subscribe to:
Posts (Atom)