The Washington Political Elites of Both Parties Are Not Serious About Balancing The Federal Budget And Funding Entitlement Liabilities–Send In The Clowns–Don’t Bother There Here–Videos
Judy Collins Send in the Clowns
Obama Defends 2012 Budget Proposal
Boehner Highlights Vote to Cut Spending, Help Create Better Environment for Job Creation
Chairman Hensarling: The Republican Spending Cuts Are Not Draconian
Glenn Beck-03/10/11-A
Rand Paul to vote “NO” on GOP budget
Rand Paul and Mike Lee on “Glenn Beck” with Judge Napolitano 03/07/11
It’s Simple to Balance The Budget Without Higher Taxes
Collender Says Budget Bill Doesn’t Deal With Long-Term
The Washington D.C. political establishment and ruling elites of both political parties are not serious people– they are clowns.
The American people no longer find them very funny or entertaining.
The American people now know the joke was on them.
The American people now know they were lied to about Social Security and Medicare.
The American people now know that the Social Security surpluses were spent every year by both Democratic and Republican Administrations.
The American people now know that Social Security, Medicare and Medicaid are not adequately funded by tax revenues and are running huge and every growing deficits.
I.O.U.S.A. Bonus Reel: Deficits and Social Security
These entitlement programs are running huge deficits that must be stopped.
I.O.U.S.A. Bonus Reel: Social Security+Medicare Projections
Otherwise it will simply be too late to put these programs on an actuarial sound foundation.
The most either political party will cut from the fiscal year 2011 budget of over $3,800 billion is $100 billion or less than 3% of Fiscal Year 2011 outlays.
The earliest either political party would come even come close to balancing the budget is five to ten years.
Apparently both the House of Representatives and Senate is challenged when it comes to the will, courage, and vision to seeing the American economy does not have five to ten years for the Federal Government to balance a budget.
The Federal Budget must be balanced starting in Fiscal Year 2012 and every year thereafter.
Actually the Federal Budget needs to run surpluses to stop the rampant growth in unfunded Federal Government liabilities.
Any politician who speaks of a path to a balanced budget simply does not understand the magnitude of the problem.
Everything must be on the table including entitlements; and budgets must be balance starting in Fiscal Year 2012 not Fiscal Year 2020.
To balance the budget and live within ones means, namely estimated tax revenues, would require budget cuts of over $1,000 billion.
This requires the permanent shut-down of entire Federal Departments.
Milton Friedman on Libertarianism (Part 4 of 4)
Keep in mind the Federal National Debt does not include the increase every year of unfunded liabilities or Federal Debt for so-called mandatory spending and entitlements such as Social Security, Medicare, Prescription Drugs, Medicaid and other entitlement programs and unfunded military and civilian pension obligations.
Currently these unfunded liabilities of the Federal Government exceed $100,000 billion or more than ten times the so-called National Debt owed to the public that exceeds $10,000 billion today.
These unfunded liabilities are adding at least another $3,000 billion plus each year to the unfunded liabilities of the United States Government.
The United States Government is therefore running total deficits each year of nearly $5,000 billion!
To first stop and then reverse this trend requires surplus budgets not merely balanced budgets.
Who do the clowns or educated fools of the Washington D.C. political ruling class think they are fooling–not the American people.
Ask any college freshman today if he thinks he will receive a dime from Social Security or Medicare.
President Barack Obama is addicted to tobacco, big spending and massive debts.
House Speaker John Boehner is also addicted to tobacco , big spending and massive debts.
Neither can kick their nasty habit of smoking cigarettes, spending the American people’s money and burdening future generation with debt.
President Obama’s addiction to big spending, huge deficits and a massive national debt is evidenced by his proposed fiscal year budgets for 2010, 2011, and 2012:
For Fiscal Year 2010 President Obama proposed a budget of $3,456 billion in spending outlays with estimated tax revenues of $2,162 billion resulting in an estimated total deficit of over $1,293 billion.
For Fiscal Year 2011 President Obama proposed a budget of $3,818 billion in spending outlays with estimated tax revenues of $2,173 billion resulting in an estimated total deficit of over $1,645 billion.
For Fiscal Year 2012 President Obama proposed a budget of $3,728 billion in spending outlays with estimated tax revenues of $2,677 billion resulting in an estimated deficits of over $1,101 billion.
President Obama gives real meaning to term fiscally irresponsible and delusional by proposing three budgets that have deficits totaling over $4,000 billion.
By the time President Obama is hopefully voted out of office in 2012, President Obama will have run up deficits totaling over $5,000 billion and increased the National Debt by over 50% in just four years!
Keep in mind that the total United States National Debt from its founding through President George W. Bush was just under $10,000 billion!
| Year | Gross Debt in Billions undeflated[11] | as % of GDP | Debt Held By Public ($Billions) | as % of GDP |
|---|---|---|---|---|
| 1910 | 2.6 | unk. | 2.6 | unk. |
| 1920 | 25.9 | unk. | 25.9 | unk. |
| 1928 | 18.5[12] | unk. | 18.5 | unk. |
| 1930 | 16.2 | unk. | 16.2 | unk. |
| 1940 | 50.6 | 52.4 | 42.8 | 44.2 |
| 1950 | 256.8 | 94.0 | 219.0 | 80.2 |
| 1960 | 290.5 | 56.0 | 236.8 | 45.6 |
| 1970 | 380.9 | 37.6 | 283.2 | 28.0 |
| 1980 | 909.0 | 33.4 | 711.9 | 26.1 |
| 1990 | 3,206.3 | 55.9 | 2,411.6 | 42.0 |
| 2000 | 5,628.7 | 58.0 | 3,409.8 | 35.1 |
| 2001 | 5,769.9 | 57.4 | 3,319.6 | 33.0 |
| 2002 | 6,198.4 | 59.7 | 3,540.4 | 34.1 |
| 2003 | 6,760.0 | 62.6 | 3,913.4 | 35.1 |
| 2004 | 7,354.7 | 63.9 | 4,295.5 | 37.3 |
| 2005 | 7,905.3 | 64.6 | 4,592.2 | 37.5 |
| 2006 | 8,451.4 | 65.0 | 4,829.0 | 37.1 |
| 2007 | 8,950.7 | 65.6 | 5,035.1 | 36.9 |
| 2008 | 9,985.8 | 70.2 | 5,802.7 | 40.8 |
| 2009 | 12,311.4 | 86.1 | 7,811.1 | 54.6 |
| 2010 (31 Dec) | 14,025.2 | 95.2 (3rd Q) | 9,390.5 | 63.7 (3rd Q) |
http://en.wikipedia.org/wiki/United_States_public_debt
Historical Debt Outstanding – Annual 2000 – 2010
Includes legal tender notes, gold and silver certificates, etc.
The first fiscal year for the U.S. Government started Jan. 1, 1789. Congress changed the beginning of the fiscal year from Jan. 1 to Jul. 1 in 1842, and finally from Jul. 1 to Oct. 1 in 1977 where it remains today.
To find more historical information, visit The Public Debt Historical Information archives.
| Date | Dollar Amount |
|---|---|
| 09/30/2010 | 13,561,623,030,891.79 |
| 09/30/2009 | 11,909,829,003,511.75 |
| 09/30/2008 | 10,024,724,896,912.49 |
| 09/30/2007 | 9,007,653,372,262.48 |
| 09/30/2006 | 8,506,973,899,215.23 |
| 09/30/2005 | 7,932,709,661,723.50 |
| 09/30/2004 | 7,379,052,696,330.32 |
| 09/30/2003 | 6,783,231,062,743.62 |
| 09/30/2002 | 6,228,235,965,597.16 |
| 09/30/2001 | 5,807,463,412,200.06 |
| 09/30/2000 | 5,674,178,209,886.86 |
http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm
Unless the Republican Party takes on the reform of Social Security, Medicare and Medicaid, the closing of entire Federal Departments, cuts in Defense spending, and reductions in salaries and employment benefits of all Federal employee, they are not serious about balancing the budget.
Federal spending needs to be cut by over $1,000 billion in Fiscal Year 2012 to have any chance of balancing the budget.
Talking about cuts of several hundred billion dollars over the next ten years are simply not serious.
Any politician proposing such small cuts should be replaced in the next election by a tea party candidate.
Stop wasting valuable time and starting cutting spending and balancing the budget.
The Federal Budget needs to be limited to 80% of tax revenue collections of the prior year with the remaining 20% of tax revenue collections used to pay down the national debt.
Pass the FairTax and combine it with a balanced budget rule that requires the above.
The FairTax: It’s Time
What is the FairTax plan?
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.
The FairTax Act (HR 25, S 13) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.
The FairTax:
- Enables workers to keep their entire paychecks
- Enables retirees to keep their entire pensions
- Refunds in advance the tax on purchases of basic necessities
- Allows American products to compete fairly
- Brings transparency and accountability to tax policy
- Ensures Social Security and Medicare funding
- Closes all loopholes and brings fairness to taxation
- Abolishes the IRS
Every day over 20% of the United States civilian labor force orover 30 million Americans who want to work at a full-time job either are unemployed, work part-time at lower paid jobs or are so discouraged they stop looking for a job after hundreds and thousands of attempts to find one.
The American economy is losing billions of dollars daily in lost output and income that can never be recovered.
As a direct result tax revenues of local, city, county, state and Federal governments are also significantly down.
In the month of February, the United States government ran a monthly budget deficit of over $223 billion, the largest monthly deficit in U. S. history!
This is mainly due to Federal government intervention into the economy and the uncertainty created by excessive government spending, deficits, debt and unfunded liabilities.
Yet the political class or so-called ruling class and elites lie, mislead and argue about cutting a $3,800 billion budget by less than $100 billion or less than 3% of the total Fiscal Year 2011 U.S. Government budget.
With some exceptions, the professional politicians are not serious people–they are clowns or educated fools.
These clowns lack the will, courage, urgency and vision to cut Federal government spending, balance the budget and replace the current Federal income tax system with a broad-based national retail sale consumption tax–the FairTax.
Time is of the essence.
The United States economy is on the brink of the Obama Depression and there is no sense of urgency or understanding of the problem by the majority of our elected Representatives, Senators or the President of the United States.
If the political ruling class were serious people they would be discussing cuts of $1,000 billion in the Fiscal Year 2011 budget of over $3,800 billion given that tax revenues for Fiscal Year 2011 are expected to be less than $2,500 billion.
The only politicians proposing such spending cuts are Representative Ron Paul of Texas and Senator Rand Paul of Kentucky, both of whom are ignored and even laughed at by both the Republican and Democratic establishment and leadership.
Sen. Rand Paul on $500Billion in Spending Cuts: The American People Are Ready
Ron Paul: Congress Won’t Stop Spending until the Dollar Fails
David M. Walker, former United States Comptroller General was right.
The United States’ biggest and most serious deficits are budget, savings, balance of payments and leadership.
I.O.U.S.A. Bonus Reel: Dave Walker Explains the 4 Deficits
Why US Economy will Collapse – I.O.U.S.A. the movie
The United States needs leaders not clowns or educated fools.
The United States needs leaders who remember and learn from history.
Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.
Join the Second American Revolution and the tea party movement by marching on Washington D.C. on Friday, April 15, 2011!
The Tea Party patriots want balanced budgets, cuts in spending, deficits and the national debt, repeal of the income tax Amendment and passage of a balanced budget amendment to the United States Constitution and the FairTax.
The goal is for 3 million Americans marching in Washington D.C. demanding that Congress and the Senate cut Federal spending, balanced the budget and replace Federal taxes with the FairTax!
Start at the Federal Reserve building, march pass the White House and stop at the Capital Building for a rally.
This is a grassroots movement.
Spread the word.
Only individuals Americans can prevent the economic collapse of the United States.
Pronk Pops Show 19: March 8, 2011
Economic Collapse 101 for Dummies
Quantitative Easing Explained
Hi, I’m a Tea Partier revisited
Send In the Clowns – Glenn Close
Isn’t it rich?
Are we a pair?
Me here at last on the ground,
You in mid-air.
Send in the clowns.
Isn’t it bliss?
Don’t you approve?
One who keeps tearing around,
One who can’t move.
Where are the clowns?
Send in the clowns.
Just when I’d stopped opening doors,
Finally knowing the one that I wanted was yours,
Making my entrance again with my usual flair,
Sure of my lines,
No one is there.
Don’t you love farce?
My fault I fear.
I thought that you’d want what I want.
Sorry, my dear.
But where are the clowns?
Quick, send in the clowns.
Don’t bother, they’re here.
Isn’t it rich?
Isn’t it queer,
Losing my timing this late
In my career?
And where are the clowns?
There ought to be clowns.
Well, maybe next year.
Barbra Streisand Send In The Clowns
Background Articles and Videos
I.O.U.S.A.: Byte-Sized – The 30 Minute Version
Budget of the U.S. Government Fiscal Year 2o11
http://www.gpoaccess.gov/usbudget/fy11/pdf/budget.pdf
2010 Social Security Trustees Report: Reform Needed Now
“…Abstract: The 2010 annual report by the Social Security trustees has been released. It comes as no surprise that the Trustees Report predicts massive—and permanent— yearly deficits if the Social Security system is not reformed. Though the report shows that Social Security payments are secure for another five years, Social Security already owes $7.9 trillion more in benefits this year than it will receive in tax revenues. The time for reform is now—delay will only make each challenge and problem harder to fix. Heritage Foundation financial and pension expert David C. John examines the findings of the new Trustees Report—and explains what they mean for Americans. …”
“…Kleiner Perkins partner Mary Meeker analyzes America as a corporation in an epic presentation: USA Inc.: A Basic Summary of America’s Financial Statements (pdf).
“…This report looks at the federal government as if it were a business, with the goal of informing the
debate about our nation’s financial situation and outlook. In it, we examine USA Inc.’s income
statement and balance sheet. We aim to interpret the underlying data and facts and illustrate
patterns and trends in easy-to-understand ways. We analyze the drivers of federal revenue and
the history of expense growth, and we examine basic scenarios for how America might move
toward positive cash flow. …”
This report is available online and on iPad at www.kpcb.com/usainc
http://images.businessweek.com/mz/11/10/1110_mz_49meekerusainc.pdf
Mary Meeker’s Definitive Guide To The American Public Debt Crisis
- Spending as a percent of GDP rose 3 percent each year from 1790 and 1930. Worse: It rose to 24% in 2010.
- Here’s a great breakdown of America’s biggest costs.
- Debt levels will be three times current levels by 2030. Entitlements and interest alone will exceed total revenue by 2025.
- Only 1 in 50 Americans needed Medicaid when it was first created in 1965, 1 in 6 Americans receives Medicaid now.
- Extended unemployment benefits could set back America Inc. $34 billion in the next two years alone.
- The only good investments: technology, education and infrastructure.
- The crucial reforms: entitlement and tax policies
- There is no quick-fix to America’s deficit problem. While raising taxes could help, the only real solution is cutting costs.
- Why we should cut Medicare benefits by 53%
- Why we should increase the retirement age to 73 or cut Social Security benefits by 12%
Read more: http://www.businessinsider.com/mary-meeker-usa-inc-february-24-2011-2#ixzz1FwfigfSi
March 7, 2011
Spotlight on the States: Wisconsin
“…Today, Wisconsin faces a budget shortfall of $137 million (just shy of 10 percent of the budget) for the remaining fiscal year (which ends June 30) and a $3.6 billion shortfall over the next 2 years (six percent of the budget) in a $59 billion 2012-2013 budget. In an attempt to put the state back on a sustainable fiscal path, and more specifically to address this year’s shortfall, newly-elected Gov. Scott Walker (R) introduced what he called a “Budget Repair Bill” last month. The bill requires government workers to contribute 5.8 percent of their salary toward pensions–which has sparked a back-and-forth about whether pension benefits are paid for by taxpayers or employees–and increases contributions to health care premiums from 6 percent to at least 12 percent. It also limits public employee collective bargaining rights, with the exception of police, firefighters, and other public safety employees, which is the provision that has sparked the current protests, as the unions are willing to accept the other changes.
Nevertheless, Gov. Walker has said that enacting these reforms would save $30 million this fiscal year and thousands of state and local jobs. He also said that he could pledge there would be no layoffs or furloughs for state employees. This did not comfort the thousands of government employees who swarmed the state’s capital, protesting that the Governor’s budget bill is more geared to political ends than fiscal ones.
In his March 1st budget address, (postponed from February 22), Gov. Walker outlined some of the details of his full proposal. The biennial budget balances the $3.6 billion two-year deficit and reduces the structural deficit–deficits even under normal economic conditions and full employment–by 90 percent, from $2.5 billion to $250 million. It also reduces overall state spending by $4.2 billion (6.7 percent) over the biennium. Other highlights of the legislation include:
- $1.25 billion in reductions in aid to local governments
- $834 million in reduction in aid to public schools
- $80.6 million in tax cuts for FY 2012, including elimination of the capital gains tax for investors with long-term (5 or more years) investments in Wisconsin-based businesses
- $500 million in Medicaid spending cuts through various reforms
- $200 million in funding for the “public-private agency” the Wisconsin Economic Development Corporation
- Various reforms to state agencies, including a 10% across-the-board cut to non-personnel budgets of most agencies and elimination of all positions that have been vacant for over a year …”
Wisconsin Governor Seeks Deep Cuts
“…The collective-bargaining bill stalled in the state Senate also would require most public employees to contribute 5.8% of their salary this year toward their pension payments and 12.6% of their health-insurance premiums out of their wages. The measure passed the state Assembly last week.
Mr. Walker said that bill would produce savings of $1.44 billion for school districts and local governments, more than offsetting the cuts in state aid he recommended Tuesday.
Critics said the governor’s estimate is overstated, because some communities and school districts already require employees to pay more than 12.6% of their health-insurance premiums out of their salaries.
In De Pere, Wis., employees already pay 15% of insurance premiums from their wages. For that reason, and because police officers and firefighters are exempt, “I believe the savings through pension-contribution increases will not be enough to offset the loss of state shared revenue,” De Pere Alderman Daniel Robinson wrote in a letter Monday to Republican state Sen. Robert Cowles. …”
http://online.wsj.com/article/SB10001424052748704506004576174413551008574.html
Pronk Pops Show 19: March 8, 2011
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