It's a long read but very sobering. We are facing bad financial crisis in America today. entitlements are out of control and will swallow this country whole. Burying your head in the sand won't solve this problem. We need real solutions to these very real problems. Here is a very good link spelling out the issues we have and a blue print to solve them.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
It's pretty sobering when you look at this mounting debt load we have and what it will mean to us if we don't take major steps now.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
Overall the article is a very good one. But it addresses in detail only one component of an out of control budget. Entitlements are one huge part of a bloated budget. Military spending is also out of control and congress continues to increase the military budget. Bloated feel good agencies like Homeland Security are immune to budget cuts because the sheeple are afraid, very afraid.
Do not presume that either political party has the will to do anything about the budget deficit. Many of the same Republican politicians in DC who are whining about the Obama deficit did nothing when their party was running deficits. Despite the fact that 45 cents of every budget dollar is being borrowed, the Democrats steadfastly refuse to cut anything.
At least 10 percent of the federal budget is waste, fraud and abuse.
Military spending is also out of control and congress continues to increase the military budget. Bloated feel good agencies like Homeland Security are immune to budget cuts because the sheeple are afraid, very afraid.
Do not presume that either political party has the will to do anything about the budget deficit. Many of the same Republican politicians in DC who are whining about the Obama deficit did nothing when their party was running deficits. Despite the fact that 45 cents of every budget dollar is being borrowed, the Democrats steadfastly refuse to cut anything.
At least 10 percent of the federal budget is waste, fraud and abuse.
I didn't read the article. Intelligent people can disagree about the right role of the US Military in current areas of conflict -- Iraq, Afghanistan, Libya, Middle East generally. But can't we agree there are some areas where we can reduce our committments? South Korea? Okinawa? Germany? There must be a big cost in maintaining these foreign bases. No one ever considers or debates this. Why not?
Not only is the spending funded with borrowed money, now Obama is making vague promises to bailout Greece! Greece doesn't need financing . . . what they need is a plan to service their existing debt! Right now the issue on the table (in the EU) is whether to lend or not to lend money to Greece TO SERVICE ITS EXISTING DEBT SO IT DOES NOT DEFAULT ON THAT DEBT. It is in Greece's capable hands to freely choose an austerity plan for cutting its expenditures in such a way as to be able to make timely payments on its debt. That is all the world wants -- the EU for example. However, in the absence of a basis for rationally concluding Greece will manage its internal affairs in such a way that it can make timely debt payments, they will be allowed to default. Very bad for Greece. Pretty bad for the EU. I'm not so sure it is a major big deal for the US, so why is Obama giving my money away to a very, very, very bad financial risk like Greece?
With reference to the 10% of the federal budget is waste. I don't know what is the right level of inefficiency, but do bear in mind that in any process there is going to be inefficiency. All the energy produced in burning gas in my engine doesn't transfer to moving my car down the road. In my household financing, how much waste is there? I took family out to dinner after a wedding this past weekend. I left a pretty good tip for the waitress. After I got back to my hotel I looked the bill over more carefully I saw that an 18% gratuity was built into the bill. Oops. I would like to imagine this is the only financial inefficiency in my household, but that would be dreaming. All sorts of inefficiency happens. What is the inefficiency rate of major corporations? So, again, I don't know what level is "right" but do consider that some non-negligible amount of inefficiency is always going to be present.
I've started reading the article. It makes a lot of sense. I hate to say this, but it parallels my own thinking on the topic. I do believe the idea of making social security and medicare needs based is a winner. I think if it's presented properly to the older generation, they will accept the necessity.
Those of us in the younger generation, generally have no problem paying to assist the older folks who need assistance. But I don't think it's appropriate to tax people just starting out to "assist" retirees with $100,000+ incomes per year.
I do agree that there are other areas where we need cuts in government spending. We need sufficient military strength to defend ourselves. We can't afford to defend every other country, or its rebels, especially people who don't like us anyway.
And it's time to cut off NPR, NEA, Planned Parenthood, and all other programs like that. If there are people who feel they are important, they can donate their own funds. Those items should not be a government responsibility.
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I heard Jesus He drank wine and I bet we'd get along just fine.
And it's time to cut off NPR, NEA, Planned Parenthood, and all other programs like that. If there are people who feel they are important, they can donate their own funds. Those items should not be a government responsibility.
In addition to that why should we ask seniors to take cuts to their social security when tax payers are paying for art, etc. It will be much easier to convince seniors to take cuts if you present to them the fact that you have already cut everything else IE: NEA, CPB, etc. If I was a senior and the government wanted to cut my social security without first cutting planned parenthood, I would like that at all.
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And it's time to bring the troops home. Not just from Iraq and Afghanistan, but from all those other places as well. I think the South Koreans can fend for themselves. I don't think France poses much of a threat to Germany and I suspect the ***anese are getting tired of us.
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Proud parents of our own "Daddy's Little Girls"
I heard Jesus He drank wine and I bet we'd get along just fine.
In order to understand the present predicament and predict future economic conditions in this country we first must understand how it got this way. In 1980 the national debt was at about one trillion dollars. Reagan tripled the national debt on his watch. When Obama came into office the national debt was over 10 trillion dollars. With the economic downturn is is little wonder that the debt has increased dramatically.
The national debt will exceed the entire US economy this year:
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A recent Treasury report noted that national debt will exceed the size of the economy this year -- a first since World War II. A year ago, the Treasury had estimated that notorious record wouldn't be hit until 2014.
Now the expectation is that total debt to GDP will top 102 percet this year, up from the earlier estimate of 96.4 percent.
It is a stark fact that meaningful budget cuts are not going to happen any time soon. The Republicans in congress have not lived up to their campaign promise to cut 100 billion dollars from this FY budget. They are really running scared since they lost a special election in NY. That seat had been Republican for decades. The Democrats are pandering to their base.
The Democrats want to maintain the status quo and the Republicans still insist that we can balance the budget and cut taxes at the same time. Something is going to have to give. Maybe defaulting on the entire national debt is the way to go. Things would be tough for awhile but better in the long run.
Many of the same people who are whining about high taxes and the budget deficit have no problems with giant corporations paying no taxes at all: Go figure.
In order to understand the present predicament and predict future economic conditions in this country we first must understand how it got this way. In 1980 the national debt was at about one trillion dollars. Reagan tripled the national debt on his watch. When Obama came into office the national debt was over 10 trillion dollars. With the economic downturn is is little wonder that the debt has increased dramatically.
that's just false. Regaen didn't tripple our national debt. It's congress that spends the money. As I have already pointed out, tax receipts to the treasury have consistantly ran 18% +/- of our GDP since the 1960s. Thats no matter what the tax rate was. It's growth that is impacted.
It is a stark fact that meaningful budget cuts are not going to happen any time soon. The Republicans in congress have not lived up to their campaign promise to cut 100 billion dollars from this FY budget.
you are correct however, they caught a lot of grief when the final numbers were tailied. Why do suppose there is no debt limit increase and right now, I don't see one.
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They are really running scared since they lost a special election in NY. That seat had been Republican for decades. The Democrats are pandering to their base.
no one is runnning scared over that election because no one knew about it. Then the media, played Johnny come lately. There was no refferendum on the republicans. When you actually look at the details of the race you find a life long 3 time looser Democrate ran as a tea party person in order to pull votes away from the Republican. It was hardly a national refferendum. It will have to be a national refferendum in getting the word out of what the Dems just did these last 2 years. They slashed the funding for medicare and increased its debt over 5 trillion dollars. The program isn't going to survive.
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The Democrats want to maintain the status quo and the Republicans still insist that we can balance the budget and cut taxes at the same time. Something is going to have to give.
the spending has to give. Republicans are holding firm on the debt ceiling. 1 for 1 deal must go through. As I already pointed out, taxes have no impact on % of revenue vs GDP. It does impact growth and Republicans have great growth ideas on the table.
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Maybe defaulting on the entire national debt is the way to go. Things would be tough for awhile but better in the long run.
there is no threat to defaulting on our national debt. interest is only 220billion a year. The treasury can cover that very easialy. Other spending will be impacted and it is about time. Better to bite the bullet now.
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Many of the same people who are whining about high taxes and the budget deficit have no problems with giant corporations paying no taxes at all: Go figure.
we will see corporate taxes slashed in the coming years. Money made from overseas, will not be taxed. The corporate welfare will be going away. It mathimatical. spending needs to come down to below 18% of GDP.
__________________
John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
Proposal: Saving The American Dream
