Posts Tagged ‘deficit’
“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
–SNIP– But if you are an anti-tax conservative who sincerely believes that you have to cut spending and not “feed the beast” with more revenues, then one approach on spending cuts for the super committee to consider is the simple and creative “Penny Plan” introduced by Rep. Connie Mack, R-Fla.
Mr. Mack’s bill, H.R. 1848, would cut one penny out of every dollar actually spent by the federal government from year to year for the next six years, from FY 2012-FY 2017.
Beginning in FY 2018, there would be a budget cap of 18 percent of GDP (the average federal revenue as a percentage of GDP over the past 30 years). And by FY 2019, America would finally have a balanced budget — that is, assuming revenues naturally increase from the current 14.8 percent of GDP to 18 percent of GDP by 2019, after which the budget would be in surplus.
There is an automatic spending cut “trigger” under Mack’s plan — one he came up with well before the trigger used in the recently passed national debt ceiling bill.
If Congress failed to enact a budget implementing the 1 percent actual spending cut required under Mack’s measure, then there would be automatic, across-the-board actual cuts in all federal programs to meet the 1 percent reduction, and that means all: in defense, Social Security, Medicare, Food Stamps, defense, and national security spending. Everything.
Read more by Lanny Davis at NewsMax.com
–SNIP–At his inauguration in January 1961, newly elected President John F. Kennedy issued a famous challenge to his fellow Americans: “Ask not what your country can do for you—ask what you can do for your country.” Sadly, millions have reversed that into “Ask not what you can do for your country—ask what your country can do for you.” And to them the answer is— plenty!
Free food, free housing, free cell phones, free education, free health care, free money, and on it goes. So long as it’s free, why not?
Read more at ucg.org
A satirical short film taking a look at the national debt and how it applies to just one family
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
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