This "compromise deal" that Congress seems ready to celebrate is not a solution. The "spending cuts" are all smoke and mirrors. And the deal guarantees that at the time of next year's elections, the National Debt will stand at $14.5 Trillion Dollars. Obscene. I know obscenity when I see it!
Take a look at this chart:
When has Congress ever decreased the National Debt? Even during the brief period late in the 90's when we had a "balanced budget", the National Debt increased. Congress is addicted to spending!
Why is the National Debt so threatening now, when no fuss was made in previous years about raising the "Debt Ceiling"? Why is the Tea Party so upset? Why is the nation in jeopardy of losing its Credit Rating? Why is the hypocrisy and demagoguery so condemnable this time around?
Take a look at this chart:
After the nation was in uproar and Federal Spending was reduced in the 90's to finally Balance the Budget for a brief moment in history (keep in mind that NOTHING WAS DONE TO REDUCE THE NATIONAL DEBT), the Obama Administration has skyrocketed Federal Spending and National Debt. The level of Spending and Debt is now CRIPPLING! And yet, nothing has been done to reduce either Federal Spending or National Debt.
The "deal" about to be closed in Congress will only, at best, reduce the rate of growth of Federal Spending. It will not reduce actual Federal Spending.
I hope you have started your education and research on U.N. Agenda 21. If not, please begin at this Agenda 21
We also need to oppose the ridiculous step toward control and collectivism described in the following article. Cass Sunstein, is that you?Family Farms Are Under Attack
Paul helps us understand how John Boehner and Harry Reid are achieving their "trillion dollar spending cuts" in their respective versions of a "compromise bill" on the Debt Ceiling. Pretty amazing stuff.
When did you last buy a lobster at the grocery store for yourself? Lately?,,, I never have, couldn't afford them. It's good that I or we can afford to give them away to food stamp recipients isn't it? It makes one feel so good to help the needy....
This receipt was picked up in the parking lot of a store in Michigan.
There are presently 43,200,878 people on food stamps in the US.
This is an increase of 35.1% in 3 years.
I thought you might like to get a glance at what the underprivileged are doing..........
We are not against people who are down on their luck. But when we sacrifice to help them one would think the recipients would have the decency to show some restraint.
Listen to this thought-provoking comparison of our currency before- and after- and of our national debt before- and after the creation of the Federal Reserve. Also, the relation of our tax system in this country to the Federal Reserve. Not all your questions will be answered when you get through, but I'll wager that you'll begin to have an awareness of things and a blossoming understanding of corruption and frameworks which you have never stopped to think about heretofore.
This is not a complete course or lesson plan. It is a kick in the pants to make you think. Are you ready?
Now, here comes the Judge!
Good for Michelle! We've previously discussed
the false "interpretation" (my euphemism for "lies") of the Administration and many Dimocrats of the Fourteenth Amendment. If the House didn't impeach Obama should he dictatorially declare the Debt Ceiling void and begin making his own spending and borrowing decisions, then the Republic would truly be over ― à la Venezuela.
Dear American Taxpayer,
I want to thank the hard working American people for paying $242 thousand dollars for my vacation in Spain. My daughter Sasha, several long-time family friends, my personal staff and various guests had a wonderful time. Honestly, you just haven't lived until you have stayed in a $2,500..00 per night private 3-story villa at a 5-Star luxury hotel.
Thank you also for the use of Air Force Two and the 70 Secret Service personnel who tagged along to be sure we were safe and cared for at all times. By the way, if you happen to be visiting the Costa del Sol, I highly recommend the Buenaventura Plaza restaurant in Marbella; great lobster with rice and oysters!
Air Force Two (which costs $11,351 per hour to operate according to Government Accounting Office reports) only used 47,500 gallons of jet fuel for this trip and carbon emissions were a mere 1,031 tons of CO2. These are only rough estimates, but they are close. That's quite a carbon footprint as my good friend Al Gore would say, so we must ask the American citizens to drive smaller, more fuel efficient cars and drive less too, so we can lessen our combined carbon footprint.
I know times are hard and millions of you are struggling to put food on the table and trying to make ends meet. So I do appreciate your sacrifices and do hope you find work soon.
I was really exhausted after Barack took our family on a luxury vacation in Maine a few weeks ago. I just had to get away for a few days.
P.S. Thank you as well for the $2 Billion dollar trip to India !
P.S.S. Thank you, too, for that vacation trip to Martha's Vineyard; it was fabulous! And thanks for that second smaller
jet that took our dog Bo to Martha's Vineyard so we and the children could have him with us while we were
away from the White House for eleven days.
P.S.S.S. Oh, I almost forgot to thank you all for our "date weekend" in New York and to say thanks also for our two-
week trip to Hawaii at Christmas. That 7,000 square foot house was great!
Oh! And finally, thanks for asking, we had a great time taking Air Force One to Chicago to tape our segment with Oprah a couple weeks ago, replete with full security, a separate plane for armored limousines and a full contingent of assistants.
Remember we all have to share the pain of these economic times equally! Love to share the wealth.
If I didn't know any better, I'd be on the lookout Tuesday for the Four Horsemen of the Apocalypse. With Aug. 2 just around the corner, President Barack Obama, Treasury Secretary Geithner, and not-so-fiscally-conservative Republicans warn of Armageddon if they don't get their spending fix on time.
Yet the American people aren't buying what they're selling.
Voters are realizing what Washington hasn't ― that the debt crisis stems from a compulsive spending problem. A new Gallup poll indicates that, among Americans who follow the debt-ceiling debate "very closely," 53 percent oppose increasing the limit; 37 percent favor an increase. A majority of Americans now seems to realize that the fear-mongering going on in Washington.
Contrary to what spendthrift politicians have been saying, reaching the federal debt ceiling does not automatically trigger default. The debt limit simply caps the amount of debt that the U.S. Treasury may issue. The Treasury has the ability to prioritize its payments to bondholders and sell off assets (like TARP funds and gold) to avoid a default situation. Debt interest payments total $214 billion for 2011 ― that's less than 10 percent of $2.2 trillion in expected tax revenue this fiscal year.
Obama's claim that seniors may not receive their Social Security checks for August is dubious, given that the program's annual cost is $727 billion - 33 percent of revenue. Medicare and Medicaid combined come in at $846 billion ― 38 percent of total tax inflow. Paying interest on the debt and providing entitlements still leaves more than $400 billion in unspent tax revenue, plus $2.4 trillion in assets left over to cover remaining government obligations,
according to Veronique de Rugy and Jason Fichtner of the George Mason University Mercatus Center. The argument that America won't be able to pay its bills without a debt-ceiling increase is simply incorrect (and dishonest).
Another oft-raised bogeyman is the possibility that not raising the debt ceiling will cause a downgrade of America's AAA credit rating and spark a selloff of Treasury bills in international bond markets. Those fears are also unfounded. In fact, three rating agencies - Egan Jones Ratings Co., Weiss Ratings, and Dagong Global Credit Rating - have already lowered their assessments of U.S. debt, and interest rates have not moved.
Egan-Jones, a Nationally Recognized Statistical Rating Organization with the Securities and Exchange Commission,
changed its rating of U.S. government debt July 16 to AA-plus from AAA. It released a statement explaining its decision: "The major factor driving credit quality is the relatively high level of debt and the difficulty in significantly
cutting spending. We are taking a negative action not based on the delay in raising the debt ceiling but rather our concern about the high level of debt to GDP." In short, investors are more concerned about Washington's spending problem than they are about the Treasury being able to issue more debt.
Weiss went much further, lowering its rating from an already dismal C to a C-minus. It explained: "Our downgrade today is not contingent on the outcome of the debt-ceiling debate in Washington. It is driven exclusively by the numbers, which indicate that, in addition to a decline in the long-standing weaknesses we noted three months ago, the U.S. has already lost the golden halo that helped guarantee liquidity and acceptance of its government securities in global markets." In April, Weiss listed among those weaknesses the fact that, "[The United States] ranks 44th in terms of its debt burden, primarily because of its large deficits."
More importantly, Egan-Jones has been right when it mattered. As the Cato Institute's Mark Calabria notes: "It would be easy to dismiss these agencies as irrelevant and attempting to simply grab attention, but at least one of these agencies, Egan-Jones, has a track record of correctly predicting problems at such companies as Enron, WorldCom, Global Crossing, Bear Stearns and Lehman Brothers that the major rating agencies missed until it was too late."
Raising the ceiling for the 11th time since the start of the new millennium tells investors that the U.S. government is not serious about controlling its spending addiction. Instead, curbing the issuing of more debt and cutting spending will signal to bondholders that the government is finally trying to address the problem that created a debt crisis in the first place.
Prioritizing debt payments as they mature and selling assets are merely temporary measures that the Treasury can take to stave off default. Ultimately, our government must curb spending, or else the country will be in an even worse situation in a not-so-distant future. Raising the debt ceiling is akin to an alcoholic having one last drink ― sooner or later, the government needs to admit that it has a problem. No amount of doomsaying can change that reality.
Matthew Melchiorre, Research Associate, Competitive Enterprise Institute.
Good Folks, members and friends of Moore TEA Citizens, you are being heard in DC! Our calls, faxes and emails have been received. The new TEA lawmakers held fast and Boehner's bill was modified and voted affirmatively.
Next? The ball seems to be in Reid's court. He's showing his "table it" colors and the American people are angry with all, but especially with the do-nothing President and the Senate. The House members tried, and stayed the course to get a bill passed TWICE. TWICE the Senate refused to even discuss good bills or consider how they might be improved.
Tick, Tick, Tick. What next? Stay strong, folks - we are making a difference!
Wonder what the Founding Fathers would say - the outrage has to be causing them to rise up ― I can hear them now. Can you?