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Category Archives: Balanced Budget
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1) Only in the New America could the people who believe in balancing the budget and sticking by the country’s Constitution be thought of as “extremists.”
2) Only in the New America could people claim that the government still discriminates against black Americans when we have a black President, a black Attorney General, and roughly 18% of the federal workforce is black while 12% of the population is black.
3) Only in the New America could we have had the two people most responsible for our tax code, Timothy Geithner, the head of the Treasury Department and Charles Rangel who once ran the Ways and Means Committee, BOTH turn out to be tax cheats who are in favor of higher taxes.
4) Only in the New America can we have terrorists kill people in the name of Allah and have the media react by fretting that Muslims might be harmed by the backlash.
5) Only in the New America would we make people who want to legally become American citizens wait for years in their home countries and pay tens of thousands of dollars for the privilege while we discuss letting anyone who sneaks into the country illegally just become American citizens.
6) Only in the New America could rich politicians talk about the greed of the rich job creators at a $25,000 a plate campaign fund raising event.
7) Only in the New America could you need to present a driver’s license to cash a check or buy alcohol, but not to vote.
8) Only in the New America could people demand the government investigate whether oil companies are gouging the public because the price of gas went up when the return on equity invested in a major U.S. oil company (Marathon Oil) is less than half of a company making tennis shoes (Nike).
9) Only in the New America could the government collect more tax dollars from the people than any nation in recorded history, still spend a trillion dollars more than it has per year for total spending of $7 million PER MINUTE … and complain that it doesn’t have nearly enough money.
10) Only in the New America could the rich folks who pay 86% of all income taxes be accused of not paying their “fair share” by the increasing percentage of people (47%) who pay NO income taxes at all.
The Heritage Foundation is a leadership organization that performs conservative policy research and analysis. Below is an analysis of the FY 2013 Obama Budget released last week.
If you are under 30, you need to start thinking about your future. Are you going to fight for spending cuts? Or, are you going to be enslaved to paying the Principle (now $15.3 Trillion) and Interest ($450 Billion/yr) for the Trillions that are spent today?
Read their analysis of the budget below. Pay particular attention to the last few paragraphs:
You don’t need to log on to President Barack Obama’s Facebook page to find out who his friends are, and you don’t need to read tea leaves, gaze into a crystal ball, or consult a psychic to learn where his priorities lie. No, you only have to take a look at his 2013 budget, just released on Monday, to see what kind of company the president keeps and to what extent he will go to lend his pals a helping hand.
The folks seated at the president’s head table haven’t changed much in the past few years — the only difference is how much is being served up in the taxpayer-funded buffet. As in the past, the president has plenty of handouts for his big labor buddies. His budget delivers a fourth consecutive annual deficit exceeding $1 trillion — and that spending goes to yet another round of not-so-shovel-ready construction projects and government “investments” totaling $178 billion. Heritage’s Patrick Knudsen writes that the spending includes the president’s favored road, bridge, and school construction projects, but “then they go alarmingly beyond the usual ‘infrastructure’ arguments to fund teachers’ pay.” In other words, unions representing the construction site and the classroom win big.
Other winners in the president’s budget are those who fit into the Administration’s vision of a green economy that is propelled not by the market’s demand, but by Obama’s whim. The 2013 budget proposes to spend $310 million to make solar energy cost-competitive without subsidies by 2020, $290 million to expand R&D on energy efficient manufacturing techniques, and $421 million in fossil energy research and development. Heritage energy expert Nicolas Loris writes that the budget “rejects the notion of a market-based energy industry and wastes taxpayer dollars at a time when we desperately need to curtail out-of-control spending.” In other words, he says, the president’s blueprint is all wrong.
There’s no clearer example of just how wrong the president’s blueprint is than his decision to increase subsidies for electric vehicles like the $41,000 Chevy Volt while ending funding for the D.C. Opportunity Scholarship Program (DCOSP), which gives low-income children in the nation’s capital a chance to escape underperforming schools. The White House intends to increase taxpayer-funded subsidies for those who purchase new-technology vehicles to $10,000 per buyer, up from $7,500. Keep in mind that the average income of a Volt buyer is $175,000 per year. That means that middle-class taxpayers are helping the rich buy pricy, politically correct cars.
With his other hand, President Obama is taking from the poor. The DCOSP provides $8,000 vouchers to 1,600 low-income children in the District of Columbia, empowering them to attend a school that they choose. The program has been a stunning success — though it has drawn criticism from the president’s teachers union allies. If the president gets his way, those children will pay the price.
They won’t be the only ones in their generation, though, who will suffer under the president’s budget. From a big picture perspective, the president’s budget rises from $3.8 trillion to $5.8 trillion in 2022. Putting that into context, that means outlays above 22 percent of gross domestic product — more than twice the New Deal’s share of the economy in its peak years. In constant dollars, outlays are more than three times the peak of World War II. With all that spending, someone will have to pay for it. Whose names will be on the bill? Those under 30 — America’s debt-paying generation. Their entire lives will be dominated by paying down today’s mountains of debt. And some of them are waking up to that fact.
“It will be my generation, rather than the retiring baby boomers, that will be paying off the national debt through higher income taxes,” says Amanda Winkler, 24, a Master’s Student at American University. Shaun Rabenius, 26, is a part-time construction worker and student. He says, “I have never followed politics much, except for when I vote. But in looking at the last decade, the presidencies, and the debt they have accumulated, I am scared out of my mind.”
They’re right to be worried. With a Senate that hasn’t passed a budget in well over 1,000 days and a president who seems intent on spending more, not less, without addressing the country’s underlying budgetary crisis, future generations will soon find that the winners today will make them losers tomorrow.
None of these great and wonderful utopian programs (Medicare, Social Security, Medicaid, Food Stamps, Unemployment Insurance, ObamaCare) will exist when our under-30 citizens reach retirement. They will have disappeared into the mountain of debt that the current generation-of-selfishness has amassed.
So youngsters, vote on for Obama, because he’s so hip! [sarc]
I remind you again, that a great place to stay ahead-of-the-news on what’s coming down the pike for legislation is the CBO (www.cbo.gov). Add yourself to their e-mail list! I repeat. Add yourself to their e-mail list!
Today’s release included an Infographic on The Budget, Spending, and Debt. The graph at the bottom of the Infographic may be accurate, but it belies the truth that the Federal Government is $15 Trillion in Debt. The GDP is $15 Trillion. So, the Federal Debt is 100% of the GDP!
The Federal Debt is 100% of the GDP!
Below is a summary of the spending side of the Infographic. Click on the image to display the entire Infographic.
“Since 1988, the Federal Government has paid $8 Trillion in Interest on the Federal Debt. That’s enough to give every taxpayer a Lotus Evora dream car.”
If your Representative (House or Senate) voted for this unbelievably bad debt deal, they need to be Primaried! Period.
Republicans are standing firm on their pledge not to raise taxes. Tea Party Members and Conservatives appreciate that continued effort. But the talking-point needs to better reflect the reality of the Republican, Tea Party and Conservative position.
When asked why Republicans won’t raise taxes, the answer (the talking-point) is this:
The Federal Government has proven that it can collect taxes and spend. What it hasn’t proven is that it can cut spending and live within the confines of the U.S. Constitution. And, to that end, until we (Republicans / Tea Partiers / Conservatives) see that entire Programs, Departments and Salaries have been cut / removed from the Federal Register, WE WILL NOT CONSIDER RAISING ANY TAXES. Only then will we have proof that the Democrats are serious about cutting spending.
The statement is simple and to the point. It absolutely destroys the canard that Republicans are protecting the tax breaks.of Big Business, Corporate Jet Owners, and Wall Street.
Leaving the discussion at “We won’t raise taxes during a Recession” or at “We won’t raise taxes on Job Creators” leaves too much room for Leftists Pundits to attack.
(FWIW, only the ignorant and uninformed still believe that Big Business / Wall Street give most of their donations to Republicans anyway; but I digress)