Posts Tagged ‘deficit’

Our National Debt

At least our state budget is getting better. Thanks Governor Walker!

Debt Limit - A Guide To American Federal Debt Made Easy

A satirical short film taking a look at the national debt and how it applies to just one family

http://www.youtube.com/watch?v=Li0no7O9zmE

Our National Debt

At least our state budget is getting better. Thanks Governor Walker!

The Federal Government Is A Strangler Fig

Ever hear of the strangler fig? It’s a parasitic tree in tropical forests that grows by wrapping its huge roots ever more tightly around a host tree until the host tree can’t grow anymore and dies (see the video below). It’s what our government in Washington has become.

The slowest postwar economic recovery ever is stalling out. Real (inflation adjusted) median income for American households fell $2,627 during Barack Hussein Obama’s first term, according to a report released last week by the U.S. Bureau of Census. The number of people with incomes below the poverty line rose by 6,667,000 — equivalent to the population of Massachusetts.

Our economic wounds are nearly all the result of government policy. The five worst offenders are:

1. Obamacare. It clobbers employment, as businesses in labor intensive industries shift workers from full to part time to avoid Obamacare mandates.

Read more by Jack Kelly from ToThePointNews.com

On Spending: No Sacred Cows

We face another budget crisis and possible government shutdown as early as January, unless Congress can come together on a bipartisan basis to cut spending.

The Affordable Care Act is far from the only program that should be repealed.

Read more at Cato.org

Paul Ryan on Saving the American Idea

In a speech at The Heritage Foundation, House Budget Committee Chairman Paul Ryan (R-WI) spoke about Saving the American Idea. The full text transcript of his remarks as prepared for delivery are below:

“Saving the American Idea: Rejecting Fear, Envy and the Politics of Division”

Thank you so much, Ed, for that kind introduction.

We’re here today to explore the American Idea, and I can’t think of a better venue for this topic. The mission of the Heritage Foundation is to promote the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.

These are the principles that define the American Idea. And this mission has never been timelier, because these principles are very much under threat from policies here in Washington.

The American Idea belongs to all of us – inherited from our nation’s Founders, preserved by the countless sacrifices of our veterans, and advanced by visionary leaders, past and present.

What makes America exceptional – what gives life to the American Idea – is our dedication to the self-evident truth that we are all created equal, giving us equal rights to life, liberty and the pursuit of happiness. And that means opportunity.

Video and transcript of Rep. Paul Ryan’s speech at Heritage.org

Our National Debt

At least our state budget is getting better. Thanks Governor Walker!

The Path to Prosperity by Paul Ryan

The Path to Prosperity (Episode 1): America’s two futures, visualized
http://www.youtube.com/watch?v=Xwv5EbxXSmE

The Path to Prosperity (Episode 2): Saving Medicare, Visualized
http://www.youtube.com/watch?v=DJIC7kEq6kw

Path to Prosperity (Episode 3): 3 Steps to Pro-Growth Tax Reform — VISUALIZED
http://www.youtube.com/watch?v=2Aewj_IndN4

The Social Security Trust Fund Is An Accounting Fiction

The Trust Fund Myth

When a new bond is issued, it is printed on a laser printer located at the Bureau of the Public Debt’s Martinsburg, WV office. The bond is then carried across the room and put in a fireproof filing cabinet. That filing cabinet is the Social Security trust fund.

People tend to think of their Social Security benefits as an actual account, in their name, which contains cash or investments. In reality, the Social Security trust fund contains nothing more than IOUs that have no value beyond a promise to impose higher taxes on future workers. The annual surpluses that many thought were being used to build up a reserve for Baby Boomers have been spent on other government programs or to reduce government debt.

Pay-As-You-Go System

Social Security is not like a savings account in which payroll taxes are saved for retirement. Social Security is a pay-as-you-go system, meaning that the taxes paid by today’s workers are immediately sent out to pay the benefits of today’s retirees.

The problem with this system is that it only functions when there are a lot of workers paying payroll taxes and just a few retired people getting benefits. This is no longer the case. Our senior population is growing much faster than our working population and this means there are fewer and fewer workers supporting more and more retirees.

No Cash Is Being Saved . . .

Read more from the US Chamber of Commerce

A tale of two states: Illinois vs. Wisconsin in the public pension debate

The dividing line in the national debate over the future of public-sector unions can be found between the Land of Lincoln and its neighbor to the north.

The story of Illinois and Wisconsin is a tale of two very different states.

Wisconsin, led by Gov. Scott Walker and majority Republicans, took on public-sector unions and won in the pursuit of balancing a $3.6 billion state budget shortfall in 2011.

Illinois, led by Democrats with a veto-proof supermajority in the Legislature and Democrat Pat Quinn in the governor’s mansion (at least occasionally), have long coddled the public unions to which they and their campaign war chests are beholden. Consequently, the state faces billions of dollars in unpaid bills and unfunded pension liabilities for current public employees of about $130 billion.

Wisconsin’s economic prospects have vastly improved. . . .

Read more by Benjamin Yount and M.D. Kittle at Watchdog.org

How to Downsize Government

Make Your Own Spending Chart at Federal Spending Charts

The tool allows the user to chart federal outlays 1970-2013 for chosen departments and agencies within departments. All data is OMB converted to 2013$.

100 Days: Treasury Has Kept Debt Frozen at $16,699,396,000,000

The Treasury Department’s latest official daily accounting of the U.S. government’s receipts, expenditures and borrowings–released this afternoon at 4:00 p.m.–indicates that the legally limited debt of the federal government has now been exactly $16,699,396,000,000 for 100 straight days.

The Daily Treasury Statement released today showed the status of the government’s accounts as of the close of business on Friday, Aug. 23. Because the Treasury does no business over the weekend, the federal government’s debt did not change on Saturday or Sunday.

Read more by Terence P. Jeffrey at CNSnews.com

Treasury Ran $98 Billion Deficit in July–But Debt Stayed Exactly $16,699,396,000,000

The Treasury Department’s Financial Management Service (FMS), which publishes both the federal government’s official Daily Treasury Statement and its official Monthly Treasury Statement, is reporting that in July the federal government ran a deficit of $98 billion but that the federal government’s debt remained exactly $16,699,396,000,000 for the entire month.

The FMS said that the deficit went up $98 billion ($97,594,000,000) in the Monthly Treasury Statment for July, which it released on Monday.

At the same time, the FMS said the debt stayed at exactly $16,699,396,000,000 in its Daily Treasury Statements, which are published every business day. The Daily Treasury Statements show the daily value of the federal government debt that is subject to a legal limit set by Congress.

Read more by Terence P. Jeffrey at CNSNews.com

Guess Who Said This In 2006

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the US Government can not pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

by Senator Barack H. Obama, March 20, 2006

Our National Debt

At least our state budget is getting better. Thanks Governor Walker!

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