"A wise and frugal government which shall restrain men
from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government."
(Thomas Jefferson)


Showing posts with label National Debt. Show all posts
Showing posts with label National Debt. Show all posts

Friday, June 25, 2010

National Debt Tied with Terrorism as the Greatest Perceived Threat to our Future Well-Being

We found this gem at the bottom of Dr. Coburn's email very telling:

Just The Facts: A 2008 review by the Internal Revenue Service found that an estimated 100,000 federal employees were delinquent on their federal taxes, for a total of nearly $1 billion in back taxes. If you include federal retirees and the military, the amount jumps to $3 billion.
That is a pretty telling paragraph -- people involved with the Federal Government don't worry about their taxes. There has to be a better way than the Tax Code we have today. Just look at how many tax laws are added each year and then changed again. A simplified tax structure would help cut down unnecessary paperwork and would be more fair to everyone.

Great to see the American people waking up to what is happening in Congress and the White House with runaway spending. Every time we turn around Obama is promising more money overseas when we are running such a huge deficit. He doesn't care as he takes on a road to bankruptcy as long as he gets to do what he wants.

We could save a lot if Obama would be grounded and not be able to use Air Force One to take a trip to a state like Ohio where he was on the ground 59 minutes and gave a 12 minute speech at a cost estimate of $500,000 to $1,000,000. Then we learn that his wife and daughters are vacationing in California on our nickle. Who keeps track of the White House budget or did the Democrats in Congress give him unlimited funds to spend what he wants? That is also something not going over well with the American people.

In fact, most people I talk to in person, on the phone, or on line have frankly had it with Obama, Pelosi, and Reid treating the United States Treasury like their piggy bank to spend at will. Pelosi and Hoyer have no intention of even doing a budget resolution this year in defiance of the Budget Law from 1974. Are they afraid the American people will see their runaway spending and what they have added to the deficit before the election?

This email from Dr. Tom Coburn brings good news and as Republicans we need to drive home that the runaway spending and adding to the deficit has to stop as the Federal Government needs to go on a diet from spending money they don't have. We need to support Senators Thune, DeMint, and Coburn in their efforts to reign in federal spending by sending more Republicans to the Senate like Marco Rubio, Sharron Angle, Mike Lee, and other Conservative Republican Senate candidates who are being elected in primaries this summer.

Dear Sharon,

A recent poll indicated that the national debt is tied with terrorism as the greatest perceived threat to our future well-being. In the Gallup poll to survey the concerns of Americans, 79 percent of Americans now rank the national debt as an extremely serious or serious concern.

Twice as many Americans rate government debt as an extremely serious concern as those concerned with the environment and global warming.

View Poll Here

It should not be surprising to see terrorism listed as a major concern for most Americans, as it has been for the past nine years. The threat posed by our enemies is immediate and it must be met with absolute American strength. The fact that concerns over mounting government debt now match concerns regarding terrorism is telling, and frankly, gives me some hope that we can end the spending addiction in Washington before it is too late.

This poll confirms something that you and I already know. When given the facts about the mismanagement of our federal government, our neighbors, friends and family instantly recognize the threat and understand that reckless spending is not just innocent child’s play by our political leaders. It is malpractice that threatens each and every one of us.

This week, Senators Thune, DeMint and I continue to challenge a plan by Senate leaders to pass an “extenders” bill that will add billions more to our deficit. I have offered 20 specific amendments that will ensure that not a single dime is added to our $1.6 trillion budget deficit for 2010.

Frankly, it is unlikely the Senate will accept my cost cutting and government efficiency amendments. True change, the kind that will interrupt our current path to insolvency, will come when the voice of the American people—fully armed with the facts—is heard in Washington. If you would like to see how senators vote on cost cutting amendments as they are debated, you can track them here.

The Gallup poll is proof that we are making a difference that will soon be heard in Washington. The majority of Americans now know the threat posed by reckless spending. Now, it is our job to make sure that our friends and neighbors get to the polls on Election Day.

Thank you for your efforts to inform your friends and neighbors, and as always, keep fighting!

Dr. Tom

P.S. If you’re interested in volunteering for the 2010 election, click here. Your efforts will make a difference on Election Day.

In The News “If You Can't Budget, You Can't Govern”"...the House is likely to pass a "functional equivalent" measure that leaves out inconvenient budget numbers - most notably an annual operating deficit averaging around $1 trillion over the next five to 10 years." Read more.

Friday, March 26, 2010

More Bad News: CBO report: Debt will rise to 90% of GDP

How do all of you Obama voters like Hope and Change now? This Socialist President that Democrats couldn't wait to vote for because he was the first 'black' President has just submitted a budget that is going to generate at least $10 trillion in budget deficits while he continues to give our tax dollars to our enemies around the world like Hamas and the 3rd World Members of the United Nations. If anyone doesn't think the United Nations is our enemy, then think again and do some research.

When the CBO puts out a gloomy forecast like this, we are in real trouble. You cannot spend your way into job creation or prosperity by using federal tax dollars and increasing the debt. Obama socialist policies and agenda being carried by the Congressional leadership is bankrupting our Country. They use the US Treasury like a piggy back and beginning to think they believe 'money does grow on trees' the way they are spending it.

What part of the economy won't be hurt by this massive Obamacare bill that has been passed? Business owners are saying they would rather pay a fine then pay the higher cost to provide health insurance. Is this what the Democrats wanted all along? They are in the process of costing more jobs as more business owners are forced out of business. The worst part is they don't seem to care as long as they have the power in their hands.

Now the news that we will soon reach the mark of debt will be 90% of our GDP is unfathomable to most of the people of America. Revenues will continue to fall as more people are laid off because of the Socialist policies of the Democrats that are causing business owners to close their business operations. Why should anyone today want to make more money when the Socialist Democrats have their eyes on your money for wealth distribution to those 'less fortunate' or in a lot of cases too lazy to work when there are plenty of jobs around.

What are those union members going to do then when more jobs are lost due to closing or business owners decide to move their operations to other countries? Maybe they should have thought twice about their support of Obama who will ultimately cost a lot of them their jobs with his economic voodoo he is using to bankrupt America.

Friday, March 26, 2010
CBO report: Debt will rise to 90% of GDP
By David M. Dickson

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.

"An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference," said Brian Riedl, a budget analyst at the conservative Heritage Foundation. "That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying."

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.

That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year.

"That level of debt is extremely problematic, particularly given the upward debt path beyond the 10-year budget window," said Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget.

For countries with debt-to-GDP ratios "above 90 percent, median growth rates fall by 1 percent, and average growth falls considerably more," according to a recent research paper by economists Kenneth S. Rogoff of Harvard and Carmen M. Reinhart of the University of Maryland.

Excerpt: Read more at Washington Times

UPDATE: CHANGE: Personal Income Drops Across the Country. “Personal income in 42 states fell in 2009, the Commerce Department said Thursday.” But it was up in Washington, DC!