Ben Bernanke Boom Bubble Blower Busted By The Bubble Film — Videos
Ben Bernanke Is The Most Dangerous Man In US History
BREAKING 2013 Economic Collapse Peter Schiff
The Bubble film official trailer
Raw footage of Jim Rogers interview – The Bubble film
Raw Footage of Doug Casey Interview from The Bubble
Raw footage of Jim Grant interview from The Bubble film
Raw footage of Peter Schiff Interview from The Bubble
The Bubble – Raw footage of Marc Faber interview
Raw Footage of Peter Wallison Interview from The Bubble
Raw Footage of Joseph Salerno Interview from The Bubble
Raw Footage of Robert Murphy interview from The Bubble
Raw footage of Roger Garrison Interview from The Bubble
Raw footage of Ron Paul interview from The Bubble film
The Bubble film panel at Freedom Fest 2012
U.S. Debt Clock
Background Articles and Videos
The American Dream By The Provocateur Network
Slow “growth”,GDP makeover, Keynesians demand more debt and inflation
The Fed, Ben Bernanke & the Economy (4/30/13)
Coming Economic Collapse Peter Schiff RT America
Austrian Theory of the Trade Cycle | Roger W. Garrison
Tom Woods Discusses his New Documentary, The Bubble
Director of “The Bubble” Jimmy Morrison interview with ManifestLiberty.com Part 1/2
Director of “The Bubble” Jimmy Morrison interview with ManifestLiberty.com Part 2/2
Fed Keeps Interest Rates Low, Continues Bond Buying Program
The Federal Reserve held fast to its ultra-accommodative monetary policy Wednesday, solidified by what board members described as an economy weakened by fiscal policy.
Interest rates will remain at historically low levels while the U.S. central bank will not alter its $85 billion a month asset purchasing program, the Fed’s Open Markets Committee decided at this week’s meeting.
While recent meetings have been remarkable for signs of dissent over the long-standing Fed policy, the sentiment this month turned towards concerns about “downside risks” to growth, though the FOMC made no mention of the recent set of weak economic data.
The Federal Reserve held fast to its ultra-accommodative monetary policy Wednesday, solidified by what board members described as an economy weakened by fiscal policy.
Interest rates will remain at historically low levels while the U.S. central bank will not alter its $85 billion a month asset purchasing program, the Fed’s Open Markets Committee decided at this week’s meeting.
While recent meetings have been remarkable for signs of dissent over the long-standing Fed policy, the sentiment this month turned towards concerns about “downside risks” to growth, though the FOMC made no mention of the recent set of weak economic data.
While stocks have soared to new highs, the economy remains in slow-growth mode as it has throughout Chairman Ben Bernanke’s term, which began just before the onset of the financial crisis.
The stock market reacted little to the 2 pm news, maintaining an earlier selloff spurred over jobs fears.
Fed officials have long bemoaned Washington fiscal policy, with Congress and the White House in a continued stalemate that has resulted in a raft of mandated tax increases and spending cuts known as the sequester.
The May FOMC statement kept up the heat.
“Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth,” the statement said.
The Fed’s decision came the same day as a report on private payrolls fell well below expectations, indicating just 119,000 new jobs created, a seven-month low.
While critics worry about inflation, the Fed continued to conclude that “expectations have remained stable.”
The Fed has vowed to keep interest rates exceptionally low until unemployment falls to 6.5 percent from its current 7.6 percent and until inflation reaches 2.5 percent from its current 1.5 percent.
-By CNBC.com Senior Writer Jeff Cox.
http://www.cnbc.com/id/100695681
Read Full Post | Make a Comment ( None so far )Masters of Money — Keynes — Hayek — Marx — Videos
Masters Of Money: 1/3 – John Maynard Keynes (BBC Documentary Series)
Masters Of Money: 2/3 – Friedrich Hayek (BBC Documentary Series)
Masters Of Money: 3/3 – Karl Marx (BBC Documentary Series)
Keynes the Man: Hero or Villain? | Murray N. Rothbard
Modern Myths of Keynesian Economics | Jeffrey M. Herbener
Deck the Halls with Macro Follies
Keynesianism Part I – It’s All About Spending
What GDP Leaves Out: An Austrian Look
Read Full Post | Make a Comment ( None so far )History Repeats Itself on The Fiscal Cliff–House of Representatives Should Extend Bush Tax Rates Another Year–Let Obama Jump Off The Fiscal Cliff–Focus On Growing The Economy By Lowering Tax Rates and Balancing The Budget–Videos
Balancing the Budget Without Cutting Spending Would Cause Taxes to Skyrocket
America is running massive deficits, and a balanced budget requirement is often considered a way to rein in red ink.
Without serious entitlement and spending reforms, the level of taxes required to balance the budget would reach economically stagnating levels.
Entitlement Spending Will Nearly Double by 2050
Spending on Medicare, Medicaid, Social Security, and the Obamacare subsidies will soar as 78 million baby boomers retire and health care costs climb.
Total spending on federal health care programs will more than double.
Future generations will be left with an untenable debt burden.
Tax Revenues Devoured By Medicare, Medicaid, and Social Security in 2045
Spending on Medicare, Medicaid, the Obamacare subsidies, and Social Security will devour all revenues by 2045.
Entitlement spending is already crowding out vital constitutional functions, such as defense.\
Robert Welch Accurately Predicted Fall Off Fiscal Cliff in 1974
Peter Schiff 2012 – Stop spending and consuming, start saving and producing!
What is the Fiscal Cliff? Everything You Need To Know
Pat Buchanan: Republicans Should Stand Their Ground on Tax Hikes
Speaker Boehner: “I’m Determined to Solve Our Debt Problem. We Have a Serious Spending Problem”
Ouch! Geithner Is Busted Lying About Non-Existent War Savings
Timothy Geithner ‘This Week’ Interview: Fiscal Cliff is in the GOP’s Court
Fiscal Cliff Explained – How Do We Land? Mike Maloney Gold & Silver Inc
When Will the Real Fiscal Cliff Negotiations Begin?: ‘This Week’ Roundtable Discussion
Ron Paul on Secession, Romney, Fiscal Cliff, the GOP’s Future and
Constitutional Conservatism or Die
Fiscal Cliff history lesson
Hear a history lesson about the fiscal cliff of 1990 known as the 1990 Budget summit agreement. It resulted in budget surpluses and balanced budgets for our federal government from 1994 until just after the attack of 9/11 of 2001. Elizabeth B. Letchworth is the only women in the United States Senate history to be elected by the Senate to serve as the U.S. Senate Secretary for the Majority for the Republicans. She is now a principal @ Congressional Global Strategy, LLC and owner of GradeGov.com
Related Posts On Pronk Palisades
Forward Off The Fiscal Cliff…Falling…Falling…Splat!–Videos
Read Full Post | Make a Comment ( None so far )Ben Bernanke Creates More Digital Electronic Money (DEM) with Quantitative Easing 3–The Crime of The Century Continues Against The American People–The Not So Hidden Inflation Tax–Videos
Fed Launches Third Attempt to Stimulate Economy
Marc Faber on Hedging the Bernanke Put and QE3 with Gold, Land and Equities!
Ben Bernanke / Federal Reserve Announces QE3 – How Will Printing Fiat Money Improve The Economy?
QE3 Warfare Against The Dollar, Its People and U.S. Sovereignty
Fed risks political fallout from QE3
By Robin Harding and James Politi in Washington
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The US Federal Reserve was always going to catch a few political bullets if it launched an aggressive new easing only eight weeks before a presidential election.
Mitt Romney, the Republican candidate, duly opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month.
In some of the most aggressive comments he has made on the Fed, Mr Romney said QE3 was nothing but a “sugar high”, and would fail to get the economy moving.
“Recognise that, as the Federal Reserve keeps on trying to stimulate the economy by printing more money, that there’s a cost to that,” said Mr Romney in remarks at a fundraiser.
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The US Federal Reserve was always going to catch a few political bullets if it launched an aggressive new easing only eight weeks before a presidential election.
Mitt Romney, the Republican candidate, duly opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month.
In some of the most aggressive comments he has made on the Fed, Mr Romney said QE3 was nothing but a “sugar high”, and would fail to get the economy moving.
“Recognise that, as the Federal Reserve keeps on trying to stimulate the economy by printing more money, that there’s a cost to that,” said Mr Romney in remarks at a fundraiser.
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Some conservative economists think the Fed is over-interpreting the employment side of the dual mandate – and by lowering interest rates and making it easier for the US to finance debt in the bond markets, this removes the pressure from Congress to strike a deal on deficit reduction.
The most visible effort to clip the Fed’s wings is a bill introduced in the House of Representatives by Kevin Brady, a Republican from Texas, who is vice-chair of the Joint Economic Committee of Congress. His bill would limit the central bank’s mandate to inflation, not employment, and restrict its monetary policy operations to short-term Treasury securities.
Were his bill now law, Mr Brady told the Financial Times, “the Fed would not be able to embark on this third round of quantitative easing”. He said the bill had taken off faster than he had hoped and already had 48 co-sponsors in Congress. “Everyone, whether they agree or not, believes it is the right time to have this discussion.”
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But while Mr Romney has criticised QE3, it would be a huge leap to eliminate the employment mandate once in office. “I think you can do a lot without changes to the Federal Reserve Act,” says Prof Swagel. “Romney will probably look to appoint the next Fed chair as someone who is aligned with his views.”
That is the most realistic political consequence of the Fed’s actions: that when Mr Bernanke’s term expires at the end of January 2014, a new chairman is appointed who opposes them.
Once settled in the White House, however, even Mr Romney would have to consider whether a tight monetary policy was actually in his interest, given that re-election would probably depend on delivering strong economic growth.
Whether QE3 has any lasting political consequences for the Fed will probably depend on how well it works. “It puts critics of the Fed in a difficult position,” said John Makin, a resident scholar at the American Enterprise Institute in Washington, who called the programme of open-ended easing a “bold experiment”.
The Fed is trying to bring down high unemployment and, while the experiment is in progress, critics will struggle to make headway. If the experiment fails, however, and inflation rises sharply before unemployment comes down, the Fed may find itself hard-pressed to resist the proposals of Mr Brady and his colleagues. …”
http://www.ft.com/cms/s/0/b7de9070-fe77-11e1-8028-00144feabdc0.html#axzz26f3NWTyR
Marc Faber: If I Were Bernanke, I Would Resign
“…Central bankers are “counterfeit money printers” and Federal Reserve Chairman Ben Bernanke should resign for messing up the U.S. economy so badly, Marc Faber, author of the Gloom, Doom and Boom, told CNBC on Friday.
He said Bernanke was one of the main proponents of an ultra-expansionist economic monetary policy that was to blame for the latest financial crisis.
“If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous — it doesn’t work that way. It’s a temporary boost followed by a crash,” Faber said.
Faber, who rose to prominence after predicting the 1987 financial crash report and dubbed “Dr Doom” for his negative predictions, said: “This unlimited QE (quantitative easing) , buying mortgage-backed securities (MBS) and continuing operation twist has the implication of simply having asset prices go up and the money flows down to the Mayfair economy,” Faber said.
A Mayfair economy is one which benefits the wealthier and better off in society. Faber said this latest round of QE would not help the “man on the street”.
“QE helps rich people whose asset prices go up and whose net worth then increases but it doesn’t flow to the man on the street who is faced with higher costs of living with price rises. You just have a small economy that is booming but the majority of the economy is damaged by QE,” he said.
Bernanke announced on Thursday that the Fed would buy $40 billion a month in MBS, giving the impression that this time around there would be no time limit to the program, which would only stop once a sustained uptick in employment is visible.
“The money printers are responsible for this crisis. If we continue with this expansionist monetary policy we won’t be facing a fiscal cliff it will be a fiscal grand canyon,” he added.
Mike Konczal, fellow at the Roosevelt Institute disagreed claiming that this latest round of QE — aggressive as it was — would expand the scope of Federal Reserve policy and was “great for main street”. Crucially, he said, it tackles the issue of employment which would underpin future wealth.
“If anything, monetary policy has been too tight in recent years. We’ve seen a collapse in GDP growth, no wage growth and huge rises in unemployment. Wealth is collapsing because of a collapse in the housing market and prolonged, mass unemployment ,” Konczal said.
Faber poured scorn on the notion that QE helps the economy, declaring that commentators like Konczal would have said the same in 2001 when low interest rates led to the biggest housing bubble in the United States. That in turn led to the financial crisis of 2008.
“If we have an economic crisis in the Western world it’s because the government makes up 50 percent or more of the economy. This is a cancer that is taking away people’s freedom,” he said.
http://www.cnbc.com/id/49029923
Helicopter Bernanke’s economy influx of money will rescue Obama, not you, here’s why
by Jim Picht
“…Federal Reserve Chairman Ben Bernanke’s decision to engage in a third round of “quantitative easing” (QE3) drew immediate celebration from Wall Street, but it was also met by a reduction in America’s credit rating. Ratings firm Egan-Jones reduced its rating of U.S. government debt from “AA” to “AA-,” claiming that the $40 billion-per-month money infusion announced by the Fed will badly hurt the economy.
Bernanke got his nickname, “Helicopter Ben,” for comments like this: “The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.”
He goes on to argue, in the words of Milton Friedman before him, that a “helicopter drop” of money might be made into the economy to avoid deflation.
That is, during a recession when there’s a threat of deflation, the government should just drop bales of money on the population to help prevent a depression.
The primary threat facing the economy right now isn’t deflation, and quantitative easing isn’t exactly a helicopter drop, but it is, in the words of critics, a sugar rush.
If the problem with our economy were simply insufficient aggregate demand, sugar would be nutritious food, but it’s not. Short term interest rates are already low, and the Fed risks pushing long-term rates low enough that people will simply start keeping their money under the mattress. Not only is the Fed’s monetization likely to be ineffective, it’s likely to result in economic stagnation.
The Fed is not producing “as many U.S. dollars as it wishes at no cost.” There is a very real cost. Our fiscal situation is a disaster, inflation is pressing onto the economy, and business costs are set to rise. This will have a negative impact on jobs, and real wages will decline. This open-ended quantitative easing will make the situation worse and worse.
If the Fed were to drop millions of carats of diamonds from helicopters, diamond rings would be found in cereal boxes, not jewelry stores. If the streets were paved with gold, gold would be as cheap as asphalt. If we continue to dump massive amounts of money into the economy, money will be worth less than the paper (or electrons) it’s printed on.
The stock market responded to QE3 with enthusiasm. A big reason for that is that this signals Bernanke’s determination to keep interest rates low (close to zero). With bond returns in the basement, investors have no place to go but stocks.
Sugar rushes always end in a crash. Everyone knows that QE3 is a stop-gap measure. Bernanke considers it necessary because President Obama’s economic policies aren’t working to break us out of a sluggish jobs market and the slowest recovery in memory.
But neither did QE1 and QE2. QE3 will fail.
Its purpose is to put money into the hands of lenders, then small businesses, but business owners realize that the bill on our current economic policies will be coming due sooner rather than later, and they’re not likely to run out and borrow money with the uncertainties of the Affordable Care Act, the debt ceiling, and tax hikes (only for the wealthy, but that, oddly enough, includes a lot of small businesses) looming ahead.
Eventually Bernanke or his successor will have to change course. The money supply will have to be reduced, interest rates will rise, and investors will flee from stocks into bonds. As the stock market declines, the fizzy, buoyant feeling from the wealth effect created by the rising market will go as flat as last week’s champagne. As you and other Americans see your wealth decline, you’ll cut back on major purchases, and the economy will take another body blow.
Bernanke is a very, very smart man, and he knows better than most of us what’s at stake here. Why, then, this economic bandaid? Cynics argue that he’s caved to pressure from Democrats like Senator Charles Schumer (D-NY) to give Obama enough breathing room for reelection.
Stagnation is fine in six months, but not before November.
That explanation is too dismissive of Bernanke, whose history gives plenty of evidence that he’s both honest and is reacting in a way he sees as correct. More likely, he sees economic disaster ahead, and he’s simply run out of tools he can use to stop it. Like anyone else in serious trouble and without options, he’s kicking the can down the road, hoping against hope that a miracle will come along before disaster strikes.
That this might help Obama and the Democrats is just a side effect, not the goal of the policy. Anyway, given the lack of success of QE1 and QE2, the policy may not give the Democrats as large a boost as they expect.
The truth is that both Obama and Bernanke are running out of options. A $16 trillion debt has left the federal government with no fiscal flexibility at all, and the Fed’s usual tools to manipulate money through interest rates are useless with those rates close to zero. QE3 isn’t a new hope for the economy; it’s a clear sign of desperation.
After the sugar rush wears off, then what? Bernanke will be left with nothing. That thought should give everyone in Washington pause. If they were rational, it might even prompt some serious thinking outside the current stimulus-QE-bailout box before that box turns into a prison, but the odds on that look worse by the day.
Read more: Helicopter Bernanke’s economy influx of money will rescue Obama, not you, here’s why | Washington Times Communities Follow us: @wtcommunities on Twitter
Peter Schiff’s take on QE3: Operation Screw! The Fed goes All-In! (Got Operation Weimar FreeFall?)
The geniuses at the Federal Reserve have concocted a bold new plan to revive the U.S. economy — print a bunch of money, loan it to Americans at super low interest rates so they can speculate on rising real estate prices, extract the appreciated equity and spend it on consumer goods. In other words, build an economy of real estate, by real estate, and for real estate. The only problem is we’ve been there and done that. The last time it almost destroyed the U.S.economy. I guess almost isn’t quite good enough for the Fed, so now it’s determined to finish the job.
These actions will destroy Americans’ savings and hurt people on fixed incomes. To protect yourself, I recommend a strategy of foreign equities, commodities, and gold and silver. To buy gold and silver, contact my company Euro Pacific Precious Metals at 888-GOLD-160, or visit http://www.europacmetals.com. For your stock portfolio, contact my brokerage firm Euro Pacific Capital at 888-727-7922, or visit http://www.europac.net. …”
Background Articles and Videos
Quantitative Easing Explained
Ben Bernanke Press Conference and Comments on QE3
Money, Banking & The Federal Reserve
The Creature From Jekyll Island (by G. Edward Griffin)
97% Owned – Monetary Reform documentary – Directors Cut
The Money Masters ~ Full Movie
“…The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole…Their secret is that they have annexed from governments, monarchies, and republics the power to create the world’s money…” THE MONEY MASTERS is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure that rules our nation and the world today. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned ”central” bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation, including America, has fallen prey to this cabal of international central bankers. Segments: The Problem; The Money Changers; Roman Empire; The Goldsmiths of Medieval England; Tally Sticks; The Bank of England; The Rise of the Rothschilds; The American Revolution; The Bank of North America; The Constitutional Convention; First Bank of the U.S.; Napoleon’s Rise to Power; Death of the First Bank of the U.S. / War of 1812; Waterloo; Second Bank of the U.S.; Andrew Jackson; Fort Knox; World Central Bank …”
The Secret of Oz – Winner, Best Docu of 2010 v.1.09.11
This version finally cuts several bogus quotes which have festered in the monetary reform literature for decades.
The world economy is doomed to spiral downwards until we do 2 things: outlaw government borrowing; 2. outlaw fractional reserve lending. Banks should only be allowed to lend out money they actually have and nations do not have to run up a “National Debt”. Remember: It’s not what backs the money, it’s who controls its quantity.
The Ascent of Money: A Financial History of The World by Niall Ferguson Epsd. 1-5 (Full Documentary)
Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it’s the sinews of war. To revolutionaries, it’s the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What’s more, he reveals financial history as the essential backstory behind all history.
Through Ferguson’s expert lens familiar historical landmarks appear in a new and sharper financial focus. Suddenly, the civilization of the Renaissance looks very different: a boom in the market for art and architecture made possible when Italian bankers adopted Arabic mathematics. The rise of the Dutch republic is reinterpreted as the triumph of the world’s first modern bond market over insolvent Habsburg absolutism. And the origins of the French Revolution are traced back to a stock market bubble caused by a convicted Scot murderer.
With the clarity and verve for which he is known, Ferguson elucidates key financial institutions and concepts by showing where they came from. What is money? What do banks do? What’s the difference between a stock and a bond? Why buy insurance or real estate? And what exactly does a hedge fund do?
This is history for the present. Ferguson travels to post-Katrina New Orleans to ask why the free market can’t provide adequate protection against catastrophe. He delves into the origins of the subprime mortgage crisis.
Perhaps most important, The Ascent of Money documents how a new financial revolution is propelling the world’s biggest countries, India and China, from poverty to wealth in the space of a single generation—an economic transformation unprecedented in human history.
Yet the central lesson of the financial history is that sooner or later every bubble bursts—sooner or later the bearish sellers outnumber the bullish buyers, sooner or later greed flips into fear. And that’s why, whether you’re scraping by or rolling in it, there’s never been a better time to understand the ascent of money.
Read Full Post | Make a Comment ( None so far )Press Conference with Chairman of the FOMC, Ben S. Bernanke–Videos
Press Conference with Chairman of the FOMC, Ben S. Bernanke
FOMC Statement: http://www.federalreserve.gov/newsevents/press/monetary/20120425a.htm
Federal Open Market Committee: http://www.federalreserve.gov/monetarypolicy/fomc.htm
Background Articles and Videos
Fed’s No. 2 Strongly Backs Low-Rate Policy
Janet Yellen, S.F. Federal Reserve Bank, discusses US recovery from recession – Haas School
Haas School Professor Emeritus Janet Yellen, CEO of the San Francisco Federal Reserve Bank, discusses the current US economy and her forecast for the remainder of 2009. Her presentation at the Haas School of Business, UC Berkeley, is part of the Dean’s Speaker Series focused on the recent financial crisis. (May 05, 2009)
Slaughtering The PIGS (Portugal, Ireland, Italy, Greece and Spain)–The Coming Defaults in Sovereign Debt–Euro Collapse–Videos
Axel Merk – Euro Contagion
The Eurozone Sovereign Debt Crisis: Investment Risks and Opportunities
Inside the Issues 2.20 – Sovereign Debtors in Distress
Following the recent CIGI-INET (Institute for New Economic Thinking) conference Sovereign Debtors in Distress, Pierre Siklos explains how European countries have become indebted in an unsustainable manner, and what financial mechanisms and policy options exist for states on the verge of default. A conference participant at Sovereign Debtors, Siklos is also a CIGI Senior Fellow and director of the Viessmann European Research Centre at Wilfrid Laurier University.
CIGI-INET Sovereign Debtors: Conference Overview
The CIGI-INET partnership brings together two world-class organizations that are tackling common problems together. “Sovereign Debtors in Distress” was the first CIGI-INET conference held in Waterloo, Ontario, Canada, and focused on unraveling the complex global threat of unsustainable sovereign debt. This video, featuring comments by CIGI Executive Director Thomas Bernes, INET Executive Director Robert Johnson, and the world-leading experts who participated in this conference, provides an overview of the discussions held from February 24-26, 2012.
CIGI-INET Sovereign Debtors: Roadmap for dealing with sovereign debt crises
Sovereign Debtors in Distress conference chair Susan Schadler joins panellists Michael Bordo (Rutgers University), Lewis Alexander (Nomura) and Martin Gilman (Centre for Advanced Studies) to discuss the roadmap for dealing with sovereign debt crises in the future.
CIGI-INET Sovereign Debtors: Institutional reform for sovereign debt crises
CIGI-INET Sovereign Debtors: Lessons from the Past
European Debt Crisis Explained
Europe’s Sovereign Debt Crisis: Causes, Consequences for the United States, and Lessons Learned
Northern EUSSR countries bail out more PIGS (07Apr11)
“SORRY – NO ONE BELIEVES YOU ANY MORE” – Nigel Farage
Debating the collapsing Euro and European economies, part1/2 (21Apr12)
Debating the collapsing Euro and European economies, part2/2 (21Apr12)
Moore Says Europe Debt Default Biggest Risk for Markets
Are Central Bankers just Economic Make-up Artists, Sexing-up Prices?
Debt-ridden Countries IMF’d as “Euro Collapse” threat lures Bailout Bucks w/Michael Hudson
Marc Faber, “The Ego of Mr. Bernanke has been Badly Inflated”
Jim Rogers on Ben Bernanke, the Dollar and “Saving the Saver”
Marc Faber the Great Depression all over again
Marc Faber – When the Government Will Take Your Gold
Stimulus High Fading, Dollar, Gold, History According to Obama
Peter Schiff on Max Keiser Report April 2012
Eurozone’s debt troubles continue
Dutch Government Resigns as Austerity Talks Fail
Euro bounces back on solid Dutch debt sale
Point Break: ‘Spain last nail in Euro-coffin’
Spain sells bonds but pays higher yields
Willem Buiter: Spain And Italy Could Default In Months Or Less
After Second Bailout, Is Greece Still Likely to Default?
Marc Faber – Is Greece Irrelevant for global Markets – 10 feb 2012
Big contrast in Iberian debt
Spain and Italy borrowing rates soar in latest auctions
Borrowing costs for both Spain and Italy rose today in their latest auction of government bonds.
“…Spain’s borrowing rate nearly doubled in a short-term debt auction as investors fretted over the euro zone’s determination to deal with its debts.
And Italy raised nearly €3.5 billion in a short-term bond sale today but at sharply higher interest rates amid fresh concerns over the euro zone outlook, the Bank of Italy said.
The Spanish treasury said it raised €1.933 billion but the timing could hardly have been worse, with financial markets slumping on concern that Europeans are wavering in their commitment to austerity.
The sale of three-month and six-month bills came a day after Spain’s central bank declared the country had plunged back into recession in the first quarter of 2012.
Markets were shaken after a first round of French presidential elections on Sunday put Socialist Francois Hollande, who wants the euro zone to focus on growth rather than austerity, ahead of incumbent Nicolas Sarkozy. The two contenders face off in a final vote May 6.
Further undermining stability, the Netherlands’ government collapsed yesterday after failing to reach agreement over austerity measures, placing its AAA credit rating at risk. But Spain still managed to lure strong interest in the auction with overall demand outstripping supply by more than four-to-one.
The money raised was towards the top of its targeted range of €1-2 billion. But it had to pay a steep price. The borrowing rate leapt to 0.634% from 0.381% for three-month bills and to 1.58% from 0.836% for six month bills, when compared with the last similar auction on March 27.
Spain has promised to cut its public deficit – the annual shortfall of income compared to spending – to 5.3% of gross domestic product in 2012 and just 3% of GDP in 2013. Last year it had allowed the deficit to hit 8.5% of GDP – 2.5 percentage points over target.
Desperate to meet its targets, the government approved €27 billion in fiscal tightening in its 2012 budget, in addition to an earlier round of tax increases and spending cuts amounting to €15.2 billion. …”
http://www.rte.ie/news/2012/0424/spain-borrowing-rate-soars-for-short-term-debt.html
UPDATE 1-More grief for Greece as recession seen deeper
By George Georgiopoulos
“…Greece’s economy will contract a deeper than expected 5 percent this year, the country’s central bank chief said on Tuesday, piling more pressure on to a citizenry already battered by crippling austerity and record joblessness.
The projection topped a previous forecast the central bank made in March, when it projected the 215 billion euro economy would contract 4.5 percent after a 6.9 percent slump in 2011.
Twice bailed-out Greece is in its fifth consecutive year of recession.
Speaking to shareholders at the central bank’s annual assembly, George Provopoulos, also a European Central Bank Governing Council member, urged strict adherence to reform and fiscal adjustment commitments Greece has agreed with its euro zone partners, saying they were needed to return the economy to sustainable growth.
Athens is under pressure to apply more fiscal austerity to shore up its finances as part of a new rescue package agreed this year with its euro zone partners and the International Monetary Fund (IMF) to avert a chaotic default.
Its continued funding under the 130 billion euro package will hinge on meeting targets.
Provopoulos warned that Greece’s euro zone membership was at stake if it failed to follow through on its pledges, especially after national elections next month.
“If following the election doubts emerge about the new government and society’s will to implement the programme, the current favourable prospects will reverse,” he said.
Greece is set to pick a new government on May 6, with the two main parties in the current coalition seen barely securing a majority in parliament, according to the latest opinion polls.
Whoever wins will have to agree additional spending cuts of 5.5 percent of GDP, or worth about 11 billion euros for 2013-2014, and gather about another 3 billion from better tax collection to keep getting aid, the IMF has said. …”
http://www.reuters.com/article/2012/04/24/greece-cenbanker-idUSL5E8FO4VU20120424
Background Articles and Videos
Euro is Dead – Long Live Germany? Anger over PIGS states’ bailout
Future of the US and Europe with Nigel Farage and Lew Rockwell on
Michael Pento, Eurozone Crisis, US Housing Bailouts? – Capital Account (11/11/11)
Gerald Celente talks Trade Wars, Eurozone Breakup, and MF Global
Greek crisis & Euro collapse-On the Edge with Max Keiser-12-02-2011
Read Full Post | Make a Comment ( None so far )
Ron Paul The One Who Will Abolish The IRS and Income Taxes And End The Fed and Inflation Tax–Video
Ron Paul on Taxes
New Ron Paul Commercial
Ron Paul: 0% Income Tax, 0% Inflation Tax
WSJ Economist: Ron Paul’s 0% Income Tax = Massive Insourcing of Jobs into America
Ron Paul 2012 – No Income Tax!
Ron Paul: End Obamacare, Abolish the IRS, Eliminate Support for Big Government
The Judge Deciphers the Contemporary Tax Debate
SuperPAC Endorses Ron Paul, Raises $400,000
Blue Reps — an End To War, a Revival of Liberty
Read Full Post | Make a Comment ( None so far )
Stephen Davies–The Decline and Triumph of Classical Liberalism–Institute of Humane Studies–Videos
The Decline and Triumph of Classical Liberalism, Part 1
The Decline and Triumph of Classical Liberalism, Part 2
Background Articles and Videos
Liberty Movements in American History
Top 3 Myths About the Great Depression and the New Deal
Related Posts On Pronk Palisades
Collectivism: Socialism, Communism, Progressivism and Fascism
Progressivism America’s Cancer–Videos
The Battle For The World Economy–Videos
Walter Block–Videos
Walter Block–Free Trade–Videos
Timothy P. Carney–Obamanomics: How Barack Obama Is Bankrupting You and Enriching His Wall Street Friends, Corporate Lobbyists, and Union Bosses –Videos
Thomas DiLorenzo–The Economic Model of the Fascist State–Videos
G. William Domhoff: Who Runs America–Videos
Jonah Goldberg–Liberal Fascism–Videos
Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos
G. Edward Griffin- On Individualism vs. Collectivism–Videos
Robert Higgs–The Complex Path of Ideological Change–Videos
Mark Levin–Liberty and Tyranny: A Conservative Manifesto–Videos
Hunter Lewis–Where Keynes Went Wrong–Videos
Jeffrey Miron–Obamaomics–Videos
Gary North–Keynes and His Influence–Take The North Challenge–Videos
George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos
Today’s Progressives–Obama’s Radical Socialist Democratic Party
The Racist Test for Judge Sonya Sotomayor and President Obama–Racism Unmasked!
Calling and Raising The Stakes for Race Card Players–Obama and Sotomayor
George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos
George Soros: Barack Obama’s Money Man and Agenda Puppeter
The Cloward-Piven Strategy Of The Progressive Radical Socialists: Wrecking The U.S. Economy By Massive Government Dependence, Spending, Deficits, Debts, Taxes And Regulations!
President Barack Obama’s Role Model–President Franklin D. Roosevelt–The Worse President For The U.S. and World Economies and The American People–With The Same Results–High Unemployment Rates–Over 25 Million American Citizens Seeking Full Time Jobs Today–Worse Than The Over 13 Million Seeking Jobs During The Worse of The Great Depression!
Progressives
Progressive Radical Socialist Health Care Plan Written In Prison By Convicted Felon Richard Creamer!
Obamanomics–New Deal Progressive Radical Socialist Interventionism
Eugenics, Planned Parenthood, Population Control, and Designer Babies–Videos
The Great Depression and the Current Recession–Robert Higgs–Videos
The Obama Depression: Lessons Learned–Deja Vu!
Lord Christopher Monckton–Climate Change–Treaty–Videos
Progressive Radical Socialist Canned Criticism of American People: Danger, Profits, and Wrong Thinking
The Battle For The World Economy–Videos
Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!
Obama’s Civilian National Security Force–Youth Corp Wave–Friendly Fascism Faces–Cons–Crooks–Communists–Communities–Corps!
Obama’s Hidden Agenda and Covert Cadre of Marxists, Communists, Progressives, Radicals, Socialists–Far Left Democrats Destroying Capitalism and The American Republic
Yuri Bezmenov On KGB Soviet Propaganda and Subversion–Videos
The Bloody History of Communism–Videos
Obama Youth–Civilian National Security Force–National Socialism–Hitler Youth–Brownshirts– Redux?–Collectivism!
American Progressive Liberal Fascism–The Wave of The Future Or Back To Past Mistakes?
Today’s Progressives–Obama’s Radical Socialist Democratic Party
President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!
The Progressive Radical Socialist Family Tree–ACORN & AmeriCorps–Time To Chop It Down
It Is Official–America On The Obama Road To Fascism–Thomas Sowell!
President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs
Economists
The Battle For The World Economy–Videos
Frederic Bastiat–The Law–Videos
Walter Block–Videos
Walter Block–Introduction To Libertarianism–Videos
Hunter Lewis–Where Keynes Went Wrong–Videos
Thomas DiLorenzo–The Economic Model of the Fascist State–Videos
Richard Ebeling–America’s New Road to Serfdom and the Continuing Relevance of Austrian Economics –Videos
Milton Friedman–Videos
Milton Friedman–Capitalism and Freedom–Videos
Milton Friedman On Business–Videos
Milton Friedman On Education–Videos
Milton Friedman On Monetary Policy–Videos
Milton Friedman–Debate In Iceland–Videos
Milton Friedman–Free To Choose–On Donahue –Videos
Milton Friedman–Economic Myths–Videos
Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos
David Gordon–Five Best Books on the Current Crisis–Video
David Gordon–The Confused Literature of Globalization–Videos
Friedrich Hayek–Videos
Friedrich A. Hayek–Interviews–Videos
Inside the Hayek Equation: An Interview with Friedrich von Hayek–Video
An Interview with Friedrich Hayek–Videos
Henry Hazlitt–Economics In One Lesson–Videos
Thomas M. Hoenig–Is The Federal Reserve Following The Appropriate Monetary Policy?–Videos
Robert Higgs–The Complex Path of Ideological Change–Videos
Robert Higgs–The Great Depression and the Current Recession–Videos
Robert Higgs–Why Are Politicians Always Trying to Scare Us?–Videos
Jörg Guido Hülsmann–The Ethics of Money Production–Videos
Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos
Israel Kirzner–On Entrepreneurship–Vidoes
Paul Krugman–Videos
Hunter Lewis–Where Keynes Went Wrong–Videos
Liberal Fascism–Jonah Goldberg–Videos
Carl Menger and The Marginalist Revolution–Videos
Dan Mitchell–Videos
Ludwig von Mises–Videos
Robert P. Murphy–Videos
Robert P. Murphy–Government Stimulus: Repeating the mistakes of the Great Depression–Videos
Gary North–Keynes and His Influence–Take The North Challenge–Videos
The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand
George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos
Paul Craig Roberts–How The Economy Was Lost–The War Of The Worlds–Videos
Paul Craig Roberts–Peak Jobs–Videos
Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos
Murray Rothbard–Videos
Murray N. Rothbard–The Federal Reserve and The Power Elite–Videos
Murray Rothbard–A History of Money and Banking in The United States–Videos
Murray Rothbard–The American Economy and the End of Laissez-Faire: 1870 to World War II–Videos
Murray Rothbard–The Case Against The Fed–Videos
Murray N. Rothbard–Introduction to Economics: A Private Seminar–Videos
Murray Rothbard–Libertarianism–Video
Rothbard On Keynes–Videos
Murray Rothbard– What Has Government Done to Our Money?–Videos
Peter Schiff–Videos
Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!
Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos
L. William Seidman on The Economic Crisis: Causes and Cures–Videos
Amity Shlaes–Videos
Julian Simon–Videos
Julian Simon–The Ultimate Resource II: People, Materials, and Environment–Videos
Thomas Sowell and Conflict of Visions–Videos
Thomas Sowell On The Housing Boom and Bust–Videos
Econ Talk With Thomas Sowell–Videos
Joseph Stiglitz – An Agenda for Reforming Economic Theory–Videos
Peter Thiel–Videos
Thomas E. Woods, Jr.–Videos
Thomas E. Woods–The Calamity of Anti-Capitalism: A Brief American History–Video
Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos
Thomas Woods–The Great Depression, World War II, and American Prosperity–Videos
Tom Woods–Lectures On Liberty–Videos
Thomas E. Woods–The Market Economy–Videos
Tom Woods On Personal Rights and Property Ownership
Tom Woods–Smashing Myths and Restoring Sound Money–Videos
Tom Woods–Who Killed The Constitution
Tom Wright On The FairTax–Videos
Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record
Read Full Post | Make a Comment ( 1 so far )Marshall Poe: A History of Communications: Media and Society from the Evolution of Speech to the Internet–Videos
Introduction: Media Causes and Media Effects
Homo loquens: Humanity in the Age of Speech and Memory
Homo scriptor: Humanity in the Age of Manuscripts
Homo lector: Humanity in the Age of Print
Homo videns: Humanity in the Age of AudioVisual Media
Homo somnians: Humanity in the Age of the Internet
Conclusion: Media and Human Well-Being
Background Articles and Videos
Marshall Poe
“…Marshall Tillbrook Poe (born December 29, 1961) is an American writer and historian. He is a member of the Department of History at the University of Iowa,[1] and a visiting professor at Eastern Michigan University for the 2007-8 academic year.[2]
Poe is the author or editor of a number of books on early modern Russia, and the founder and editor of MemoryArchive, a universal wiki-type archive of contemporary memoirs he began with his students at American University in 2005. There he has contributed numerous personal accounts of his own, from playing basketball with Barack Obama, to stumbling onto a Dennis Rader (the infamous BTK killer) crime scene. He has also become known for his commentary on Wikipedia, the online encyclopedia. …”
http://en.wikipedia.org/wiki/Marshall_Poe
Read Full Post | Make a Comment ( None so far )Will Tea Party Caucus Vote As A Block Against Democratic and Republican Establishment Compromise Bill On Raising National Debt Ceiling By $900 Billion, Adding Over $7,000 Billion To National Debt In The Next Ten Years Plus A Huge Tax Hike in 2013?–The American People Would Like To Know!–Videos
Judge Napolitano – U.S. Debt Limit (Law’s of Economics)
Schiff Happens
Sen. Rand Paul on CNBC’s The Kudlow Report – 08/01/11
Ron Paul Texas Straight Talk: Freeze the Budget and Stop Plundering the American People! Aug 1, 2011
Deficits are Bad, but the Real Problem is Spending
It’s Simple to Balance The Budget Without Higher Taxes
Did President Manufacture Debt Crisis?
Senator Rand Paul (R-KY) Discusses Congressman Connie Mack’s (R-FL) Penny Plan
Senator Marco Rubio: “Save The Whole House Or It Will All Burn Down”
Ron Paul Ad – Conviction
This Is Why We Need Ron Paul 2012 – Wake up Americans and fight!
Harry Reid Eric Cantor Revenue
Debt deal must have balanced budget amendment: Sen. Mike Lee
Ron Paul to Congress: If Debt Is the Problem, Why Do You Want More of It?
“Cut, Cap and Balance,” the Debt Ceiling and Federal Spending
Underwhelming Spending Cuts from Congress and Obama
Klavan, Whittle & Ferreira: Is a Spending Freeze the Answer to US Budgetary Problems
Debt Ceiling Theatrics, U.S. Economy Back in Recession
Andrew Napolitano – The Story of Money
House Roll Call: How they voted on debt-limit bill
“…The 269-161 roll call Monday by which the House passed the compromise bill to raise the debt ceiling and prevent a government default.
A “yes” vote is a vote to pass the measure.
Voting yes were 95 Democrats and 174 Republicans.
Voting no were 95 Democrats and 66 Republicans.
X denotes those not voting.
There are 2 vacancies in the 435-member House. …”
FLORIDA
Democrats — Brown, N; Castor, Y; Deutch, Y; Hastings, N; Wasserman Schultz, Y; Wilson, Y.
Republicans — Adams, Y; Bilirakis, Y; Buchanan, Y; Crenshaw, Y; Diaz-Balart, Y; Mack, N; Mica, Y; Miller, Y; Nugent, Y; Posey, N; Rivera, Y; Rooney, Y; Ros-Lehtinen, Y; Ross, N; Southerland, N; Stearns, N; Webster, Y; West, Y; Young, Y.
MINNESOTA
Democrats — Ellison, N; McCollum, N; Peterson, Y; Walz, Y.
Republicans — Bachmann, N; Cravaack, N; Kline, Y; Paulsen, Y.
OHIO
Democrats — Fudge, N; Kaptur, N; Kucinich, N; Ryan, N; Sutton, N.
Republicans — Austria, Y; Boehner, Y; Chabot, Y; Gibbs, Y; Johnson, Y; Jordan, N; LaTourette, Y; Latta, Y; Renacci, Y; Schmidt, Y; Stivers, Y; Tiberi, Y; Turner, N.
TEXAS
Democrats — Cuellar, Y; Doggett, Y; Gonzalez, N; Green, Al, N; Green, Gene, Y; Hinojosa, Y; Jackson Lee, Y; Johnson, E. B., Y; Reyes, N.
Republicans — Barton, Y; Brady, Y; Burgess, Y; Canseco, Y; Carter, Y; Conaway, Y; Culberson, Y; Farenthold, Y; Flores, Y; Gohmert, N; Granger, Y; Hall, N; Hensarling, Y; Johnson, Sam, Y; Marchant, Y; McCaul, Y; Neugebauer, N; Olson, Y; Paul, N; Poe, N; Sessions, Y; Smith, Y; Thornberry, Y.
Read more: http://thegardenisland.com/news/national/article_28736ea6-a777-59fe-9244-2ef3c128679e.html#ixzz1TpZcm4LP
The American people want balanced budgets.
The American people oppose adding between $7,000 billion to $8,000 billion to the National debt over the next ten years.
The American people oppose the tax hike of repealing Bush tax rate cuts and locking in tax hikes for Obamacare that this bill would enable.
The American people are not fooled by the so-call spending cuts that are in fact only cuts in the rate of growth of the budget baseline and not actual cuts in the budget baseline itself.
The American people oppose yet another increase the national debt ceiling without either a balanced budget amendment being passed by two-thirds majorities in the House and Senate or a balanced budget within three years.
Now is the time for all good tea party members to come to the aid of their country and vote against the Democratic and Republican Party establishment’s compromise bill to raise the National debt ceiling by over $900 billion for Fiscal Year 2011 and add over $7,000 in additional deficit spending and more national debt over the next ten-year.
For the proposed Fiscal Year 2012 and 2013 budgets the total effect on deficits is only a reduction of $21 billion and $42 billion respectively excluding any future reductions of the Joint Select Committee on Deficit Reduction.
http://www.cbo.gov/ftpdocs/123xx/doc12357/BudgetControlActAug1.pdf
The American people are watching to see if the Tea Party caucus votes as a block to defeat this bill.
Those tea party members who vote in favor of the bill will be challenged in the primaries next year and defeated.
The tea party patriots are not pleased with those Tea Party member who apparently sold out and betrayed the tea party.
The tea party and the American people will be watching.
Should this bill pass the Federal Reserve will start printing money with quantitative easing 3 or creating money to purchase Treasury securities or more debt.
Quantitative Easing 3 or creating more money to buy U.S. Treasury securities will begin in the fall after the National Bureau of Economic Research’s Business Cycle Dating Committee officially determines that the U.S. Economy has been in a recession since the middle of 2010.
http://papers.nber.org/cycles/cyclesmain.html
Once it is announced the U.S. economy is again in a recession, the Federal Reserve will use this fact to justify another massive money printing program of over $1,000 billion to finance the deficit spending in Fiscal Year 2012 of over $1,000 billion.
This in turn will lead to inflation or a general rise in the price level.
The economy is currently in a another recession that started in July 2010–the dreaded double dip recession.
The result will be even higher unemployment rates and inflation–stagflation.
This bill is not only not perfect, it is an economic disaster in the making.
Vote for this bill and you will be wrecking the economy, destroying jobs and killing the American dream.
The American people will not forget those who voted for this bill–both Democrats and Republicans.
You do not compromise your principles to vote for this bill especially given the damage this bill will cause to the American people and economy.
In 2012 the tea party will double its numbers in the Congress and the Senate with over 100 Representatives and over 12 Senators who have signed the Fiscal Responsibility Pledge.
Judge: You Can’t Get Out of Debt By Spending
American Citizens for Fiscal Responsibility
“A wise and frugal government, which shall leave men 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
Fiscal Responsibility Pledge
I, ________________________________________, pledge to the taxpayers of the state
of ____________________________, and to the American people that I will:
1. Support and vote for only balanced budgets or surplus budgets where total estimated Federal government tax revenues for each fiscal year equals or exceeds total estimated Federal government spending outlays.
2. Support and vote for only decreases in the national debt ceiling.
3. Support and vote for the FairTax. The FairTax 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 on new goods and services, and administered primarily by existing state sales tax authorities. Once enacted any changes in the FairTax or increases in the FairTax rate will require two-thirds roll call vote of the House of Representatives and Senate.
4. Support and vote for the repeal of the 16th Amendment to the Constitution of the United States.
5. Support and vote for a balanced budget Amendment to the Constitution of the United State which allows budget surpluses or requires the balancing of tax revenues and spending outlays each fiscal year, limits Federal Government spending to eight-teen percent (18%) of Gross Domestic Product or less, requires a two-thirds majority roll call vote for any proposed tax increase in the House of Representatives and Senate and where the only exception to a surplus budget or balanced budget is the passage of a declaration of war that would require unbalanced budgets and increases in the national debt.
___________________________________________ _____________________________________
Signature Date Signed
___________________________________________ _____________________________________
Witness Witness
Pledge must be signed, dated, witnessed and returned to the:
American Citizens for Fiscal Responsibility
10455 N. Central Expressway-#109-228
Dallas, Texas 75231
Background Articles and Videos
The Secret of Oz (by Mr Bill Still)
Michael Savage-August 1, 2011 part 3
Dan Mitchell Exposing DC’s Fake Spending-Cut Scam with Judge Napolitano
Baseline Budgeting Explained
US Business Cycle Expansions and Contractions
http://papers.nber.org/cycles/cyclesmain.html
The NBER’s Business Cycle Dating Committee
“…The NBER’s Business Cycle Dating Committee maintains a chronology of the U.S. business cycle. The chronology comprises alternating dates of peaks and troughs in economic activity. A recession is a period between a peak and a trough, and an expansion is a period between a trough and a peak. During a recession, a significant decline in economic activity spreads across the economy and can last from a few months to more than a year. Similarly, during an expansion, economic activity rises substantially, spreads across the economy, and usually lasts for several years.
In both recessions and expansions, brief reversals in economic activity may occur-a recession may include a short period of expansion followed by further decline; an expansion may include a short period of contraction followed by further growth. The Committee applies its judgment based on the above definitions of recessions and expansions and has no fixed rule to determine whether a contraction is only a short interruption of an expansion, or an expansion is only a short interruption of a contraction. The most recent example of such a judgment that was less than obvious was in 1980-1982, when the Committee determined that the contraction that began in 1981 was not a continuation of the one that began in 1980, but rather a separate full recession.
The Committee does not have a fixed definition of economic activity. It examines and compares the behavior of various measures of broad activity: real GDP measured on the product and income sides, economy-wide employment, and real income. The Committee also may consider indicators that do not cover the entire economy, such as real sales and the Federal Reserve’s index of industrial production (IP). The Committee’s use of these indicators in conjunction with the broad measures recognizes the issue of double-counting of sectors included in both those indicators and the broad measures. Still, a well-defined peak or trough in real sales or IP might help to determine the overall peak or trough dates, particularly if the economy-wide indicators are in conflict or do not have well-defined peaks or troughs.
FAQs – Frequently asked Questions and additional information on how the NBER’s Business Cycle Dating Committee chooses turning points in the Economy …”
http://papers.nber.org/cycles/recessions.html
Ron Paul: Freeze The Budget And Stop Plundering American People! – OpEd
Written by: Ron Paul
“…In spite of the rhetoric being thrown around, the real debate is over how much government spending will increase. No plan under serious consideration cuts spending in the way you and I think about it. Instead, the cuts being discussed are illusory and are not cuts from current amounts being spent, but cuts in prospective spending increases. This is akin to a family saving $100,000 in expenses by deciding not to buy a Lamborghini and instead getting a fully loaded Mercedes when really their budget dictates that they need to stick with their perfectly serviceable Honda.
But this is the type of math Washington uses to mask the incriminating truth about the unrepentant plundering of the American people. The truth is that frightening rhetoric about default and full faith in the credit of the United States being carelessly thrown around to ram through a bigger budget than ever in spite of stagnant revenues. If your family’s income did not change year over year, would it be wise financial management to accelerate spending so you would feel richer? That is what our government is doing, with one side merely suggesting a different list of purchases than the other.
In reality, bringing our fiscal house into order is not that complicated or excruciatingly painful at all. If we simply kept spending at current levels, by their definition of cuts that would save nearly $400 billion in the next few years, versus the $25 billion the Budget Control Act claims to cut. It would only take us five years to cut $1 trillion in Washington math just by holding the line on spending. That is hardly austere or catastrophic.
A balanced budget is similarly simple and within reach if Washington had just a tiny amount of fiscal common sense. Our revenues currently stand at approximately $2.2 trillion a year and are likely to remain stagnant as the recession continues. Our outlays are $3.7 trillion and projected to grow every year. Yet we only have to go back to 2004 for federal outlays of $2.2 trillion, and the government was far from small that year. If we simply referred to that year’s spending levels, which would hardly do us fear, we would have a balanced budget right now. If we held the line on spending and the economy actually did grow as estimated, the budget would balance on its own by 2015 with no cuts whatsoever. …”
Congress moving quickly on debt and spending deal
“…Tea party favorite and presidential candidate Michele Bachmann, R-Minn., countered that the deal “spends too much and doesn’t cut enough. … Someone has to say no. I will.”
The government presently borrows more than 40 cents of every dollar it spends, and without an infusion of borrowing authority, the government would face an unprecedented default on U.S. loans and obligations — like $23 billion worth of Social Security pension payments to retirees due Aug. 3.
The increased borrowing authority includes $400 billion that would take effect immediately and $500 billion that Obama could order unless specifically denied by Congress. That $900 billion increase in the debt cap would be matched by savings produced over the coming decade by capping spending on day-to-day agency budgets passed by Congress each year.
A special bipartisan committee would be established to find up to $1.5 trillion in deficit cuts, probably taken from benefit programs like farm subsidies, Medicare and the Medicaid health care program for the poor and disabled. Republicans dismissed the idea that the panel would approve tax increases.
Any agreement by the panel would be voted on by both House and Senate — and if the panel deadlocked, automatic spending cuts would slash across much of the federal budget. Social Security, Medicaid and food stamps would be exempt from the automatic cuts, but payments to doctors, nursing homes and other Medicare providers could be trimmed, as could subsidies to insurance companies that offer an alternative to government-run Medicare.
Sen. John McCain, R-Ariz., said he’d have to “swallow hard” and vote for the legislation even though he is worried about cuts in defense spending. …”
http://abclocal.go.com/kgo/story?section=news/politics&id=8281927
Tea Party Caucus
The Tea Party Caucus is a caucus of the United States House of Representatives and Senate launched and chaired by Minnesota Congresswoman Michele Bachmann on July 16, 2010.[1] The caucus is dedicated to promoting fiscal responsibility, adherence to the movement’s interpretation of the Constitution, and limited government. The idea of a Tea Party Caucus originated from Kentucky Senator Rand Paul when he was campaigning for his current seat.[2]
The caucus was approved as an official congressional member organization by the House Administration Committee on July 19, 2010[3] and held its first meeting on July 21. Its first public event was a press conference on the grounds of the U.S. Capitol, also on July 21.[4] Four Senators joined the caucus on January 27, 2011.[5]
Members, 112th Congress
The caucus chairman is Michele Bachmann of Minnesota. As of March 31, 2011 the committee has 60 members, all Republicans.[15]
- Sandy Adams, Florida
- Robert Aderholt, Alabama
- Todd Akin, Missouri
- Rodney Alexander, Louisiana
- Michele Bachmann, Minnesota, Chairman
- Roscoe Bartlett, Maryland
- Joe Barton, Texas
- Gus Bilirakis, Florida
- Rob Bishop, Utah
- Diane Black, Tennessee
- Michael C. Burgess, Texas
- Paul Broun, Georgia
- Dan Burton, Indiana
- John Carter, Texas
- Bill Cassidy, Louisiana
- Howard Coble, North Carolina
- Mike Coffman, Colorado
- Chip Cravaack, Minnesota
- Ander Crenshaw, Florida
- John Culberson, Texas
- Jeff Duncan, South Carolina
- Blake Farenthold, Texas
- Stephen Fincher, Tennessee
- John Fleming, Louisiana
- Trent Franks, Arizona
- Phil Gingrey, Georgia
- Louie Gohmert, Texas
- Vicky Hartzler, Missouri
- Wally Herger, California
- Tim Huelskamp, Kansas
- Lynn Jenkins, Kansas
- Steve King, Iowa
- Doug Lamborn, Colorado
- Jeff Landry, Louisiana
- Blaine Luetkemeyer, Missouri
- Kenny Marchant, Texas
- Tom McClintock, California
- David McKinley, West Virginia
- Gary Miller, California
- Mick Mulvaney, South Carolina
- Randy Neugebauer, Texas
- Rich Nugent, Florida
- Steve Pearce, New Mexico
- Mike Pence, Indiana
- Ted Poe, Texas
- Tom Price, Georgia
- Denny Rehberg, Montana
- Phil Roe, Tennessee
- Dennis Ross, Florida
- Ed Royce, California
- Steve Scalise, Louisiana
- Tim Scott, South Carolina
- Pete Sessions, Texas
- Adrian Smith, Nebraska
- Lamar Smith, Texas
- Cliff Stearns, Florida
- Tim Walberg, Michigan
- Joe Walsh, Illinois
- Allen West, Florida
- Lynn Westmoreland, Georgia
- Joe Wilson, South Carolina
Members of Senate Caucus
- Jim DeMint (South Carolina)[5]
- Mike Lee (Utah)[5]
- Jerry Moran (Kansas)
- Rand Paul (Kentucky)[5]
Aronoff: Media’s Disgraceful Coverage of Debt-Ceiling Debate
“…The general performance of the media during the debt ceiling debate has been atrocious. The currency of journalists consists of words, and by completely debasing that currency, they are undermining their profession. They are also making it that much more difficult for the public to understand the choices and the consequences they are facing.
The constant reference to August 2nd being the date we default on our debt is utterly false. ABC has shown a “Countdown to Default” clock, ticking away to August 2nd. CNN has run similar graphics, as have all the networks, including the Fox News Channel. Even today MSNBC is showing a graphic that says, “Four Days to Default.” They have continued right through this week. Default occurs only if and when the U.S. fails to make interest payments to the bondholders on the debt it owes. Not only is August 2nd not the day the U.S. defaults on its debt, but the issue could easily be taken off the table, and President Obama could calm the markets by announcing that under no circumstances will he allow the U.S. to default, and he could assure that by saying he will definitely make that payment the highest priority until a deal is reached in Congress. Instead, he chose to have the debt ceiling “used as a gun against the heads” of Americans, which is exactly what he accused the Republicans of doing earlier this month, in language that was supposed to be no longer acceptable after the tragic shooting of Rep. Gabrielle Giffords in Tucson last January.
Charles Gasparino of Fox Business News reported this week that the Obama administration has begun calling major Wall Street banks to assure them that the U.S. won’t default on its debt. Sources have told me that the administration is also trying to get the banks to lobby on its behalf.
The other egregious falsehood reveals an astounding lack of knowledge, or willingness to deceive, about the difference between the deficit and the national debt. Here, for example, from Jake Tapper of ABC News: “The president continues to push for a ‘grand bargain,’ buoyed by the bipartisan ‘Gang of Six’ proposal that would reduce the deficit by $3.7 trillion over the next decade through spending cuts and tax increases.”
And here, from Stephanie Condon of CBS News: “The deal would reduce the deficit by nearly $4 trillion…”
President Obama in his July 25th prime time address to the country said, “This balanced approach asks everyone to give a little without requiring anyone to sacrifice too much. It would reduce the deficit (emphasis added) by around $4 trillion and put us on a path to pay down our debt.
This misuse of the language has been the rule, not the exception. As explained on the Treasury Department’s own website, “The deficit is the difference between the money Government takes in, called receipts, and what the Government spends, called outlays, each year.” (emphasis added) The same website says that “One way to think about the debt is as accumulated deficits.” This is basic economics, but astonishingly, the President and most of the media constantly get it wrong. Is it on purpose, to mislead, or do they not understand the difference? …”
Which Budgets Are Balanced And Living Within The Means of The American People?
4/5/11 Republican Leadership Press Conference
Democratic Party Budget Proposals
|
S-1 FY2012 President’s Budget (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,819 | 2,174 | -1,645 | 10,856 |
| 2012 | 3,729 | 2,627 | -1,101 | 11,881 |
| 2013 | 3,771 | 3,003 | -768 | 12,784 |
| 2014 | 3,977 | 3,333 | -646 | 13,562 |
| 2015 | 4,190 | 3,583 | -607 | 14,301 |
| 2016 | 4,468 | 3,819 | -649 | 15,064 |
| 2017 | 4,669 | 4,042 | -627 | 15,795 |
| 2018 | 4,876 | 4,257 | -619 | 16,513 |
| 2019 | 5,154 | 4,473 | -681 | 17,284 |
| 2020 | 5,442 | 4,686 | -735 | 18,103 |
| 2021 | 5,697 | 4,923 | -774 | 18,967 |
| 2012-2021 | 45,952 | 38,747 | -7,205 | n.a. |
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf
Republican Party Budget Proposals
|
S-1 FY2012 Chairman’s Markup (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,618 | 2,230 | -1,388 | 10,351 |
| 2012 | 3,529 | 2,533 | -995 | 11,418 |
| 2013 | 3,559 | 2,860 | -699 | 12,217 |
| 2014 | 3,586 | 3,094 | -492 | 12,801 |
| 2015 | 3,671 | 3,237 | -434 | 13,326 |
| 2016 | 3,858 | 3,377 | -481 | 13,886 |
| 2017 | 3,998 | 3,589 | -408 | 14,363 |
| 2018 | 4,123 | 3,745 | -379 | 14,800 |
| 2019 | 4,352 | 3,939 | -414 | 15,254 |
| 2020 | 4,544 | 4,142 | -402 | 15,681 |
| 2021 | 4,739 | 4,354 | -385 | 16,071 |
| 2012-2021 | 39,958 | 34,870 | -5,088 | n.a. |
http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf
Sen. Toomey Unveils his FY 2012 Budget
Senator Pat Toomey Talks with Michael Medved about his Budget
| S-1 FY2012 Senator Pat Toomey(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | DeficitsSurplus | Debt Held By Public |
| 2011 | 3,625 | 2,230 | -1,351 | 10,351 |
| 2012 | 3,477 | 2,538 | -919 | 11,418 |
| 2013 | 3,485 | 2,964 | -521 | 12,217 |
| 2014 | 3,509 | 3,216 | -291 | 12,801 |
| 2015 | 3,623 | 3,391 | -233 | 13,326 |
| 2016 | 3,765 | 3,524 | -241 | 13,886 |
| 2017 | 3,853 | 3,736 | -117 | 14,363 |
| 2018 | 3,955 | 3,916 | -39 | 14,800 |
| 2019 | 4,140 | 4,108 | -32 | 15,254 |
| 2020 | 4,302 | 4,325 | 23 | 15,681 |
| 2021 | 4,493 | 4,566 | 73 | 16,071 |
| 2012-2021 | 38,602 | 36,304 | -2298 | n.a. |
http://www.scribd.com/doc/55116239/Restoring-Balance-Final
SA@TAC – The GOP, War and the Debt
3/09/11: Sen. Rand Paul on balancing the budget
03/17/11: Sen. Rand Paul Introduces Five-Year Balanced Budget Plan
| S-1 FY2012 Senator Rand Paul(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | DeficitsSurpluses | Debt Held By Public |
| 2011 | 3,708 | 2,228 | -1,480 | 10,430 |
| 2012 | 3,100 | 2,547 | -553 | 11,051 |
| 2013 | 3,152 | 2,755 | -397 | 11,532 |
| 2014 | 3,227 | 3,088 | -139 | 11,748 |
| 2015 | 3,360 | 3,244 | -116 | 11,942 |
| 2016 | 3,430 | 3,349 | 19 | 11,997 |
| 2012-2016 | 16,269 | 15,083 | -1,188 | n.a. |
http://campaignforliberty.com/materials/RandBudget.pdf
Tea Party Budget Proposals
| S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | Surpluses | Debt Held By Public |
| 2012 | 2,500 | 2,500 | 0 | 10,900 |
| 2013 | 2,800 | 2,800 | 0 | 10,900 |
| 2014 | 3,000 | 3,000 | 0 | 10,900 |
| 2015 | 3,200 | 3,200 | 0 | 10,900 |
| 2016 | 3,300 | 3,300 | 0 | 10,900 |
| 2017 | 3,400 | 3,500 | 100 | 10,800 |
| 2018 | 3,500 | 3,700 | 200 | 10,600 |
| 2019 | 3,600 | 3,900 | 300 | 10,300 |
| 2020 | 3,700 | 4,000 | 300 | 10,000 |
| 2021 | 3,800 | 4,300 | 500 | 9,500 |
| 2012-2021 | 32,800 | 34,200 | 1,400 | n.a. |
Baseline (budgeting)
“…Baseline budgeting is a method of developing a budget which uses existing spending levels as the basis for establishing future funding requirements. The concept assumes that the organization is generally headed in the right direction and only minor changes in spending levels will be required. The baseline is normally enhanced by adding adjustment factors based on issues such as inflation, new programs, and anticipated changes to existing programs.
The genesis of baseline budget projections can be found in the Congressional Budget Act of 1974. That act required the Office of Management and Budget (OMB) to prepare projections of federal spending for the upcoming fiscal year based on a continuation of the existing level of governmental services. It also required the newly established Congressional Budget Office to prepare five-year projections of budget authority, outlays, revenues, and the surplus or deficit. OMB published its initial current-services budget projections in November 1974, and CBO’s five-year projections first appeared in January 1976. Today’s baseline budget projections are very much like those prepared more than two decades ago, although they now span 10 years instead of five.
The Budget Act was silent on whether to adjust estimates of discretionary appropriations for anticipated changes in inflation. Until 1980, OMB’s projections excluded inflation adjustments for discretionary programs. CBO’s projections, however, assumed that appropriations would keep pace with inflation, although CBO has also published projections without these so-called discretionary inflation adjustments.
CBO’s budget projections took on added importance in 1980 and 1981, when they served as the baseline for computing spending reductions to be achieved in the budget reconciliation process. The reconciliation instructions contained in the fiscal year 1982 budget resolution (the so-called Gramm-Latta budget) required House and Senate committees to reduce outlays by a total of $36 billion below baseline levels, but each committee could determine how those savings were to be achieved. The CBO baseline has been used in every year since 1981 for developing budget resolutions and measuring compliance with reconciliation instructions.
The Deficit Control Act of 1985 provided the first legal definition of baseline. For the most part, the act defined the baseline in conformity with previous usage. If appropriations had not been enacted for the upcoming fiscal year, the baseline was to assume the previous year’s level without any adjustment for inflation. In 1987, however, the Congress amended the definition of the baseline so that discretionary appropriations would be adjusted to keep pace with inflation. Other technical changes to the definition of the baseline were enacted in 1990, 1993, and 1997.
Baseline budget projections increasingly became the subject of political debate and controversy during the late 1980s and early 1990s, and more recently during the 2011 debt limit debate. Some critics contend that baseline projections create a bias in favor of spending by assuming that federal spending keeps pace with inflation and other factors driving the growth of entitlement programs. Changes that merely slow the growth of federal spending programs have often been described as cuts in spending, when in reality they are actually reductions in the rate of spending growth.
There have been attempts to eliminate the baseline budget concept and replace it with zero based budgeting, which is the opposite of baseline budgeting. Zero based budgeting requires that all spending must be re-justified each year or it will be eliminated from the budget regardless of previous spending levels.
According to the Government Accountability Office, a Baseline is as follows:
Baseline
“An estimate of spending, revenue, the deficit or surplus, and the public debt expected during a fiscal year under current laws and current policy. The baseline is a benchmark for measuring the budgetary effects of proposed changes in revenues and spending. It assumes that receipts and mandatory spending will continue or expire in the future as required by law and that the future funding for discretionary programs will equal the most recently enacted appropriation, adjusted for inflation. Under the Budget Enforcement Act (BEA), which will expire at the end of fiscal year 2006, the baseline is defined as the projection of current-year levels of new budget authority, outlays, revenues, and the surplus or deficit into the budget year and outyears based on laws enacted through the applicable date.
CBO Baseline
Projected levels of governmental receipts (revenues), budget authority, and outlays for the budget year and subsequent fiscal years, assuming generally that current policies remain the same, except as directed by law. The baseline is described in the Congressional Budget Office’s (CBO) annual report for the House and Senate Budget Committees, The Budget and Economic Outlook, which is published in January. The baseline, by law, includes projections for 5 years, but at the request of the Budget Committees, CBO has provided such projections for 10 years. In most years the CBO baseline is revised in conjunction with CBO’s analysis of the President’s budget, which is usually issued in March, and again during the summer. The “March” baseline is the benchmark for measuring the budgetary effects of proposed legislation under consideration by Congress.” …”
External links
http://en.wikipedia.org/wiki/Baseline_(budgeting)
Rasmussen Reports
Most Voters Are Unhappy With Both Sides in the Debt Ceiling Debate
“…Most voters don’t care much for the way either political party is performing in the federal debt ceiling debate.
The latest Rasmussen Reports national telephone survey finds that 58% of Likely U.S. Voters at least somewhat disapprove of the way President Obama and congressional Democrats are handling the debate over the debt ceiling, with 38% who Strongly Disapprove. But 53% also disapprove of how congressional Republicans are handling the debate, including 32% who Strongly Disapprove.
Just 36% approve of how Obama and Democrats are doing, with 10% who Strongly Approve. Forty percent (40%) approve of the GOP’s performance, including 13% who Strongly Approve. (To see survey question wording, click here.)
While the two sides continue to wrangle over how to avoid defaulting on the government’s massive debt load, most voters nationwide are worried the final deal will raise taxes too much and cut spending too little.
Whatever spending cuts are in the final deal, 49% of all voters don’t think the government will actually cut the spending agreed upon. A commentary by Scott Rasmussen, published in Politico, put it this way: “Based on the history of the past few decades, voters have learned that politicians promising unspecified spending cuts should be treated with all the credibility of a six-year old boy caught with his hand in the cookie jar promising to be good for the rest of his life.” …”
Rasmussen Reports
55% Oppose Tax Hike In Debt Ceiling Deal
“…As the Beltway politicians try to figure out how they will raise the debt ceiling and for how long, most voters oppose including tax hikes in the deal.
Just 34% think a tax hike should be included in any legislation to raise the debt ceiling. A new Rasmussen Reports national telephone survey finds that 55% disagree and say it should not. …”
“…There is a huge partisan divide on the question. Fifty-eight percent (58%) of Democrats want a tax hike in the deal while 82% of Republicans do not. Among those not affiliated with either major political party, 35% favor a tax hike and 51% are opposed.
Americans who earn more than $75,000 a year are evenly divided as to whether a tax hike should be included in the debt ceiling deal. Those who earn less are opposed to including tax hikes.
Voters remain very concerned about the debt ceiling issue. Sixty-nine percent (69%) believe that it would be bad for the economy if a failure to raise the debt ceiling led to government defaults. Only 6% believe it would be good for theeconomy. Fourteen percent (14%) believe it would have no impact and 11% are notsure. These figures are little changed from a few weeks ago. …”
House passes Ryan’s ’12 budget; conservatives want more cuts
“…The House on Friday approved a fiscal year 2012 budget resolution from Budget Committee Chairman Paul Ryan (R-Wis.) that seeks to drastically limit government spending next year and in years to follow.
But the vote on the measure — which imposes $5.8 trillion in spending cuts over the next decade — came after a clear sign that at least half of the Republican Caucus supports even tougher spending cuts.
The final tally was 235-193, with four Republicans opposing it. They were Reps. Ron Paul (Texas), Denny Rehberg (Mont.), Walter Jones (N.C.) and David McKinley (W.Va.).
Rehberg, the appropriator in charge of health spending, is running for Montana’s Senate seat.
Majority Whip Kevin McCarthy (R-Calif.) said listening sessions with Republican members made it the strongest vote of the year.
“This is the process we should follow on all votes,” he said.
Every Democrat voted “no.” …”
House passes cut, cap and balance — and a deal is in sight
By Jennifer Rubin
“…The Republican-controlled House defied a presidential veto threat Tuesday night in approving a bill to amend the Constitution to require a balanced federal budget. But Speaker John A. Boehner acknowledged that a backup plan is needed, and a Senate GOP leader said he expects such an alternative to win his chamber’s approval.
The House voted 234 to 190 in favor of the “Cut, Cap and Balance Act,” which the White House has said will be vetoed in the unlikely event it passes the Senate and reaches President Obama’s desk. Faced with those prospects, Boehner told reporters that it would also be responsible to consider a backup plan for raising the federal debt ceiling and thus averting a potentially disastrous default on U.S. obligations.
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Read Full Post | Make a Comment ( None so far )Pronk Pops Shows 1-25–Podcasts or Download–Give It A Listen!
Give It A listen!
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Pronk Pops Show 25
Pronk Pops Show 25, April 26, 2011
Segment 0: Eva Cassidy–A Singer’s Singer
Segment 1: Ron Paul Is Running For President of The United States In 2012!–The Third Time Is The Charm–A Man Of Integrity–A Candidate For Peace and Prosperity–Neither A Big Government Warfare Republican Nor A Massive Government Welfare Democrat–A Man Of And For The American People–A Tea Party Patriot–Ron Paul–Videos
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Pronk Pops Show 24
Pronk Pops Show 24: April 19, 2011
Segment 0: S&P Rating Outlook Changed From “Stable” To “Negative” For U.S. Treasury Debt–Videos
Segment 1: Who is John Galt? Who is Ayn Rand–Videos
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Segment 2: President Obama’s Fiscal Year 2012 Budget Speech Of April 13, 2011–Eat The Rich And Killing The American Dream Class Warfare–Cuts National Security Spending and Raise Taxes On The Rich–Produces Massive Deficits, National Debt, and Higher Unemployment For 12 More Years–Progressive Radical Socialist Economic Stagflation–Videos
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http://pronkpops.wordpress.com/2011/04/18/pronk-pops-show-24-april-18-2011-segment-2-president-obamas-fiscal-year-2012-budget-speech-of-april-13-2011-eat-the-rich-and-killing-the-american-dream-class-warfare-cuts-national-security-sp/
Segment 3: The FairTax (National Consumption Sales Tax) vs. The Flat Tax (One Rate Federal Income Tax)–Who Pays The Most Federal Individual Income Tax? Videos
For additional information and videos:
Pronk Pops Show 23
Pronk Pops Show 23: April 12, 2011
Segment 0: Sidney Lumet–Rest In Peace–Videos
Segment 1: Tea Party Movement Demands Passage of Balanced Budget Amendment and The FairTax As The Price For Raising The National Statutory Debt Limit of $ 14,294,000,000 One Last Time By $1,000,000,000,000!–Videos
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Segment 2: The FairTax (National Consumption Sales Tax) vs. The Flat Tax (One Rate Federal Income Tax)–Who Pays The Most Federal Individual Income Tax? Videos
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Pronk Pops Show 22 (Part 2)
Pronk Pops Show 22, April 7, 2011
Segment 1: 3,500,000 Million Americans Unemployed in March 2011 Still Exceeds Great Depression High of 13,000,000 In March 1933–The Obama Depressions Continues–Bureau of Labor Statistics: 8.8% Official Unemployment Rate (U-3) vs. Gallup Unemployment Rate of 10.0%–Nonfarm Payroll Increased By 216,000–The Government Makes The Depression Worse!–Videos
Segment 2: Obama’s Anti-American, Anti-Capitalist, Anti-Growth, Anti-Jobs, and Anti-Security Energy Policy–Videos
Segment 3: Republican Establishment Will Propose A Ten Year $6,200 Billion Cut In Spending Over Ten Years–The Problem Is It Does Not Balance The Budget For Another Five Years At The Earliest–Tea Party Movement Demands Balanced Budgets Starting In 2012 For The Next Ten Years!–A Jet Plane To Prosperity Not A Path To Prosperity–Videos
Segment 4: Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!–Videos
For additional information and videos on the above segments:
Pronk Pops Show 22 (Part 1)
Pronk Pops: Show 22, April 7, 2011
Segment 0: Glenn Beck Ending His Show At Fox News
Segment 1: 3,500,000 Million Americans Unemployed in March 2011 Still Exceeds Great Depression High of 13,000,000 In March 1933–The Obama Depressions Continues–Bureau of Labor Statistics: 8.8% Official Unemployment Rate (U-3) vs. Gallup Unemployment Rate of 10.0%–Nonfarm Payroll Increased By 216,000–The Government Makes The Depression Worse!–Videos
Segment 2: Obama’s Anti-American, Anti-Capitalist, Anti-Growth, Anti-Jobs, and Anti-Security Energy Policy–Videos
Segment 3: Republican Establishment Will Propose A Ten Year $6,200 Billion Cut In Spending Over Ten Years–The Problem Is It Does Not Balance The Budget For Another Five Years At The Earliest–Tea Party Movement Demands Balanced Budgets Starting In 2012 For The Next Ten Years!–A Jet Plane To Prosperity Not A Path To Prosperity–Videos
Segment 4: Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!–Videos
For additional information and videos on the above segments:
Pronk Pops Show 21
Pronk Pops Show 21, March 29, 2010
Segment 1: The Truth And Consequences About Undeclared Wars–Real Strange Bedfellows–Obama Allies U.S. with Libyan Rebels Including Islamic Jihadists, Moslem Brotherhood, and Al-Qaeda!–Give Peace A Chance–AC-130 Gunship–A-10 Warthogs–F-15E Strike Eagles and Special Operation Smash Squads
For Additional Information and Videos:
Pronk Pops Show 20
Pronk Pops Show 20: March 22, 2011
Segment 1:F-15 Crashes In Libya
Segment 2
ne Unconstitutional and Undeclared War Too Many: The Great Pretender, Peace Candidate And Noble Peace Prize Winner, President Barack Obama Undeclared War On Libya’s Muammar Ghaddafi In Defense Of Libyian Islamic Fighting Group (LIFG) Rebels Linked To al-Qaeda and The BP Libyian Oil Deal Linked To Obama Campaign Contributions–A Political Payoff!–Obama Has To Go In 2012–Videos
Segment 3:Earthquake Damages Japanese Nuclear Plant At Fukushima Daiichi, Four Explosions and Four Nuclear Reactors Flooded With Seawater To Contain Release Of Radioactive Material and Plant Released Radioactive Materials To Stop Pressure Buildup–Partial Meltdown Of Nuclear Core Feared–Radioactive Material Escaping From Plant–Over 250,000 Ordered Evacuated From 20 Kilometer (12.4 Miles) Radius From Plant–Videos
For Additional Information and Videos:
Pronk Pops Show 19
Pronk Pops Show 19: March 8, 2011
Segment 1: 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
Segment 2, Gallup–U.S. Unemployment Hits 10.3% In February 2011 Vs. Bureau of Labor Statistics (BLS) U.S. Unemployment Rate Declined By .1% To 8.9% in February 2011 With Job Creation of 192,000 In February 2011–Over 13.7 Million Americans Unemployed More Than Worse Month of Great Depression!
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Pronk Pops Show 18
Pronk Pops Show 18: March 3, 2011
Segment 1: Remembering The Brooklyn Dodgers and Duke Snider
Segment 2: The National Debt Will Hit $20,000,000,000,000 By 2020!
Segment 3 Public Sector Unions vs. The America People: Replacing The American Dream With The Socialist Union Nightmare
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Pronk Pop Show 17
Pronk Pops Show 17: February 22, 2011
Black History Month–Progressives–Eugenics–Black Population Control–Abortion–Black Genocide–Planned Parenthood–Barack Obama
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Pronk Pops Show 16
Pronk Pops Show 16: February 15, 2011
Conservative Political Action Conference 2011
President Obama’s Saint Valentine’s Massacre of The American People–Fiscal Year 2012 Budget Buster–Spending $3,729 Billion–Taxes $2,627 Billion–Deficit $1,101 Billion–Dead On Arrival–DOA– 3 Million Tea Party Patriots To March On Washington D.C. On Friday, April 15, 2011 In Protest!
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Pronk Pops Show 15: Hour 3
Pronk Pops Show 15:February 8,2011, Hour 3
Lies, Damn Lies, Statistics, and Obama’s Unbelievable Unemployment Numbers
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Pronk Pops Show 15: Hour 2
Pronk Pops Show 15: February 8, 2011 Hour 2
Rolling Power Outages in Texas
Obama Care Declared Unconstitutional and Void By Federal Judge
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Pronk Pops Show 15: Hour 1
Pronk Pops Show 15: February 8,2011, Hour 1
Super Storm and Super Bowl In Dallas, Texas
Man-Made Carbon Dioxide Emission and Global Warming–Science vs. Politics
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Pronk Pops Show 14
Pronk Pops Show 14: January 27, 2011
The Big Lie and Free Speech
President Obama’s State of the Union Campaign Speech
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Pronk Pops Show 13
Pronk Pops Show 13: December 9, 2010
Latest News Update on WikiLeaks
Federal Reserve Unconventional Monetary Policy
President Obama and Republicans Agree To Two Year Tax Rate Extension and
One Year Unemployment Benefit Extension–More Deficit Spending and Debt!
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Pronk Pops Show 12
Pronk Pops Show 12: December 8, 2010
News Update On WikiLeaks and Julian Assange
The Chairman of The Federal Reserve and Quantitative Easing 2
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Pronk Pops Show 11
Pronk Pops Show 11: December 3, 2010
News and Commentary On November 2010 Unemployment Rate and Level Statistics
WikiLeaks
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Pronk Pops Show 10
Pronk Pops Show 10: December 1, 2010
Update on new TSA Airport Screening Procedures
Portland, Oregon Terrorist Bomber Arrested by F.B.I.
WikiLeaks Posts Department of State Cables
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Pronk Pops Show 9
Pronk Pops Show 9: November 19, 2010
Federal Reserve Chairman Bernanke Responds To Critics of Monetary Policy
Transportation Security Administration or TSA New Screening Procedures:
Full Body Scanners and Extended Pat-Downs
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Pronk Pops Commentary 1
Pronk Pops Commentary 1: November 11, 2010
Stop Federal Reserve Quantitative Easing or Money Printing
Pronk Pops Show 8
Pronk Pops Show 8: November 10, 2010
Tea Party Major Issues: Jobs, Spending, Deficits, Debt, Taxes, Health Care and Illegal Immigration
Tea Party Stars: Senators: Rand Paul and Marco Rubio
Republican Tea Party Test: Cutting Federal Spending By Over $1,000 Billion To Balance The Budget For Fiscal Years 2011, 2012, and 2013.
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Pronk Pops Show 7
Pronk Pops Show 7: November 9, 2010
Unemployment News
Tea Party Effect On 2010 Elections
Key Issues: Federal Budget Deficits and National Debt
Cutting Federal Government Spending and Balancing The Federal Budget
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Pronk Pops Show 6
Pronk Pops Show 6: November 3, 2010
Winning Elections With MOMMA (Money, Organization, Message, Momentum, Ambition) and The Tea Party Movement Effect
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Pronk Pops Show 5
Pronk Pops Show 5: October 27, 2010
Democratic Party’s National Attack Ad Campaign on Candidates and the Flat Tax
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Pronk Pops Show 4
Pronk Pops Show 4: October 20, 2010
Money, Quantitative Easing and Inflation in the United States Economy
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Pronk Pops Show 3: October 14, 2010
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Pronk Pops Show 2: October 13, 2010
The 10:10 carbon emission ad campaign on climate change
http://www.youtube.com/watch?v=wliC2Eiwoyw
Secretary of State Hillary Clinton replacing Vice President Joseph Biden on the 2010 Democratic Party ticket
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Pronk Pops Show 1: September 29, 2010
University of Texas at Austin shooting/suicide
The Tea Party Movement in the United States
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Read Full Post | Make a Comment ( None so far )The FairTax (National Consumption Sales Tax) vs. The Flat Tax (One Rate Federal Income Tax)–Who Pays The Most Federal Individual Income Tax? Videos
Pronk Pops Show 23: April 12, 2011
Pronk Pops Show 22 (Part 2): April 7, 2011
Pronk Pops Show 22 (Part 1): April 7, 2011
Income Tax vs. Consumption Tax
What is the FairTax legislation?
“…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
We offer a library of information throughout this Web site about the features and benefits of the FairTax plan. Please explore! …”
http://www.fairtax.org/site/PageServer?pagename=about_main
The FairTax: It’s Time
Tom Wright on the FairTax part 1
Why is the FairTax better than a flat income tax?
Dan Mitchell explains the fair tax
Laura Ingraham Interviews John Linder And Steve Forbes On Fair Tax Or Flat Tax
Five Key Reasons to Reject Class-Warfare Tax Policy
Who Pays Federal Income Taxes?
Uncle Sam Wants Your Money
It’s Simple to Balance The Budget Without Higher Taxes
Controlling Leviathan: The Battle for Limited Government
Question and Answer Session: The Fight Against Big Government
Table 1
Summary of Federal Individual Income Tax Data, 2008
(Updated October 2010)
| Number of Returns with Positive AGI | AGI ($ millions) |
Income Taxes Paid ($ millions) |
Group’s Share of Total AGI | Group’s Share of Income Taxes | Income Split Point | Average Tax Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| All Taxpayers | 139,960,580 | 8,426,625 | 1,031,512 | 100% | 100% | - | 12.24% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Top 1% | 1,399,606 | 1,685,472 | 392,149 | 20.00% | 38.02% | $380,354 | 23.27% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1-5% | 5,598,423 | 1,241,229 | 213,569 | 14.73% | 20.70% | 17.21% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Top 5% | 6,998,029 | 2,926,701 | 605,718 | 34.73% | 58.72% | $159,619 | 20.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-10% | 6,998,029 | 929,761 | 115,703 | 11.03% | 11.22% | 12.44% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Top 10% | 13,996,058 | 3,856,462 | 721,421 | 45.77% | 69.94% | $113,799 | 18.71% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 10-25% | 20,994,087 | 1,821,717 | 169,193 | 21.62% | 16.40% | 9.29% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Top 25% | 34,990,145 | 5,678,179 | 890,614 | 67.38% | 86.34% | $67,280 | 15.68% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 25-50% | 34,990,145 | 1,673,932 | 113,025 | 19.86% | 10.96% | 6.75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Top 50% | 69,980,290 | 7,352,111 | 1,003,639 | 87.25% | 97.30% | >$33,048 | 13.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bottom 50% | 69,980,290 | 1,074,514 | 27,873 | 12.75% | 2.70% | <$33,048 | 2.59% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Source: Internal Revenue Service Table 6
|
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http://www.taxfoundation.org/news/show/250.html
|
US State Sales Tax Rates – 2010
|
|
|
State
|
State sales tax rate (January 1st, 2010)%
|
|
Alabama
|
4.0
|
|
Alaska
|
nil
|
|
Arizona
|
5.6
|
|
Arkansas
|
6.0
|
|
California
|
8.25
|
|
Colorado
|
2.9
|
|
Connecticut
|
6.0
|
|
Delaware
|
nil
|
|
Florida
|
6.0
|
|
Georgia
|
4.0
|
|
Hawaii
|
4.0
|
|
Idaho
|
6.0
|
|
Illinois
|
6.25
|
|
Indiana
|
7.0
|
|
Iowa
|
6.0
|
|
Kansas
|
5.3
|
|
Kentucky
|
6.0
|
|
Louisiana
|
4.0
|
|
Maine
|
5.0
|
|
Maryland
|
6.0
|
|
Massachusetts
|
6.25
|
|
Michigan
|
6.0
|
|
Minnesota
|
6.875
|
|
Mississippi
|
7.0
|
|
Missouri
|
4.225
|
|
Montana
|
nil
|
|
Nebraska
|
5.5
|
|
Nevada
|
6.85
|
|
New Hampshire
|
nil
|
|
New Jersey
|
7.0
|
|
New Mexico
|
5.0
|
|
New York
|
4.0
|
|
North Carolina
|
5.75
|
|
North Dakota
|
5.0
|
|
Ohio
|
5.5
|
|
Oklahoma
|
4.5
|
|
Oregon
|
nil
|
|
Pennsylvania
|
6.0
|
|
Rhode Island
|
7.0
|
|
South Carolina
|
6.0
|
|
South Dakota
|
4.0
|
|
Tennessee
|
7.0
|
|
Texas
|
6.25
|
|
Utah
|
4.7
|
|
Vermont
|
6.0
|
|
Virginia
|
5.0
|
|
West Virginia
|
6.0
|
|
Wisconsin
|
5.0
|
|
Washington
|
6.5
|
|
Washington DC
|
6.0
|
|
Wyoming
|
4.0
|
http://www.usa-sales-use-tax-e-commerce.com/table_sales_rates.asp
| Persons in family | Poverty guideline |
|---|---|
| 1 | $10,830 |
| 2 | 14,570 |
| 3 | 18,310 |
| 4 | 22,050 |
| 5 | 25,790 |
| 6 | 29,530 |
| 7 | 33,270 |
| 8 | 37,010 |
| For families with more than 8 persons, add $3,740 for each additional person. | |
http://www.atdn.org/access/poverty.html
Federal income tax rates
1930 – 1960
Historical income tax rates for Married Filing Jointly at stated income levels.[3]
| Year | $20,001 | $60,001 | $100,001 |
|---|---|---|---|
| 1930 | 10% | 21% | 25% |
| 1932 | 16% | 36% | 56% |
| 1934 | 19% | 37% | 56% |
| 1936 | 19% | 39% | 62% |
| 1938 | 19% | 39% | 62% |
| 1940 | 28% | 51% | 62% |
| 1942 | 55% | 75% | 85% |
| 1944 | 59% | 81% | 92% |
| 1946 | 56% | 78% | 89% |
| 1948 | 56% | 78% | 89% |
| 1950 | 56% | 78% | 89% |
| 1952 | 62% | 80% | 90% |
| 1954 | 56% | 78% | 89% |
| 1956 | 38% | 62% | 75% |
| 1958 | 38% | 62% | 75% |
| 1960 | 38% | 62% | 75% |
Year 2008 income brackets and tax rates
| Marginal Tax Rate | Single | Married Filing Jointly or Qualified Widow(er) | Married Filing Separately | Head of Household |
|---|---|---|---|---|
| 10% | $0 – $8,025 | $0 – $16,050 | $0 – $8,025 | $0 – $11,450 |
| 15% | $8,026 – $32,550 | $16,051 – $65,100 | $8,026 – $32,550 | $11,451 – $43,650 |
| 25% | $32,551 – $78,850 | $65,101 – $131,450 | $32,551 – $65,725 | $43,651 – $112,650 |
| 28% | $78,851 – $164,550 | $131,451 – $200,300 | $65,726 – $100,150 | $112,651 – $182,400 |
| 33% | $164,551 – $357,700 | $200,301 – $357,700 | $100,151 – $178,850 | $182,401 – $357,700 |
| 35% | $357,701+ | $357,701+ | $178,851+ | $357,701+ |
Year 2009 income brackets and tax rates
| Marginal Tax Rate[4] | Single | Married Filing Jointly or Qualified Widow(er) | Married Filing Separately | Head of Household |
|---|---|---|---|---|
| 10% | $0 – $8,350 | $0 – $16,700 | $0 – $8,350 | $0 – $11,950 |
| 15% | $8,351 – $33,950 | $16,701 – $67,900 | $8,351 – $33,950 | $11,951 – $45,500 |
| 25% | $33,951 – $82,250 | $67,901 – $137,050 | $33,951 – $68,525 | $45,501 – $117,450 |
| 28% | $82,251 – $171,550 | $137,051 – $208,850 | $68,526 – $104,425 | $117,451 – $190,200 |
| 33% | $171,551 – $372,950 | $208,851 – $372,950 | $104,426 – $186,475 | $190,201 – $372,950 |
| 35% | $372,951+ | $372,951+ | $186,476+ | $372,951+ |
Year 2010 income brackets and tax rates
| Marginal Tax Rate[5] | Single | Married Filing Jointly or Qualified Widow(er) | Married Filing Separately | Head of Household |
|---|---|---|---|---|
| 10% | $0 – $8,375 | $0 – $16,750 | $0 – $8,375 | $0 – $11,950 |
| 15% | $8,376 – $34,000 | $16,751 – $68,000 | $8,376 – $34,000 | $11,951 – $45,550 |
| 25% | $34,001 – $82,400 | $68,001 – $137,300 | $34,001 – $68,650 | $45,551 – $117,650 |
| 28% | $82,401 – $171,850 | $137,301 – $209,250 | $68,651 – $104,625 | $117,651 – $190,550 |
| 33% | $171,851 – $373,650 | $209,251 – $373,650 | $104,626 – $186,825 | $190,551 – $373,650 |
| 35% | $373,651+ | $373,651+ | $186,826+ | $373,651+ |
http://en.wikipedia.org/wiki/Income_tax_in_the_United_States
Background Articles and Videos
Why Is The Fair Tax so Controversial–My Contribution to Fair Tax Friday
Mar 25th, 2011 by David Anderson
“…The result is the tax code is 71,684 pages (2010). In 2006, before Pelosi took over, it was 61,845 pages. In 2005, the federal government estimated that the code and regulations contained 9,097,000 words. That is why it is burdensome. It is a huge lodestone attaching itself to our economy and weighing us down in the international race for jobs and growth. Fair Tax advocates say that it costs us 900 dollars per man, woman, boy, and girl in compliance costs. According the Tax Foundation, it costs us an estimated 368,000,000,000 dollars in compliance cost which is higher than Fair Tax estimates. Large companies have entire floors devoted to compliance with the tax code not productive activities.
Compare it to the Fair Tax proposal. It is no comparison. You are no longer manipulated. Naturally, charitable donations and education expenses are not taxed. You are not constantly manipulated. The hand of despotism is vanquished. We go from 71,00 pages to 36 pages of code. Compliance costs drop dramatically.
Even better, we will finally have a tax system designed to grow the economy. Currently imports get better treatment than domestic production. The playing field is leveled. Exports won’t be taxed at all. We will finally be ready to compete in the world. America will stop destroying and shipping out manufacturing and the orphaned investments kept offshore by our highest in the world corporate income tax will flow back and forth into our economy. The worst case estimates of growth are 5 to 7%. Other estimates are as high as 14% growth. We currently average around 3% and in the last few years struggle to reach 2% growth. The difference between 2% growth and 6% growth is an economy doubling every 32 years or one doubling every 12 years. That is huge. …”
http://www.delawarepolitics.net/why-is-the-fair-tax-so-controversial/
Tom Wright on the FairTax part 1
Tom Wright on the FairTax part 2
Tom Wright on the FairTax part 3
Tom Wright on the FairTax part 4
Tom Wright on the FairTax part 5
Tom Wright on the FairTax part 6
Tom Wright on the FairTax part 7
Why is the FairTax better than other tax reform efforts?
Does the FairTax repeal the federal income tax?
How does the FairTax affect the economy?
Is the FairTax truly progressive?
How does the “prebate” work?
Is it fair for rich people to get the same prebate as poor people?
Do corporations get a windfall break from the FairTax?
How do we keep exemptions and exclusions from undermining the FairTax?
Wouldn’t it be more fair to exempt food and medicine from the FairTax?
How does the FairTax rate compare to today’s?
Is the FairTax rate really 23%?
How is the FairTax different from a Value Added Tax (VAT)?
Will the prebate create a massive new entitlement system?
How does the FairTax impact the middle class?
How will the FairTax impact seniors?
How does the FairTax affect tax preparers and CPAs?
How does the FairTax impact charitable giving?
How does the FairTax affect compliance costs?
Will the FairTax hurt home ownership with no mortgage interest deduction?
Will the FairTax hurt home ownership with no mortgage interest deduction?
How will the FairTax help people who don’t hire an accountant?
How will the FairTax impact people who don’t file income taxes?
Will the FairTax drive the economy down if people stop buying?
How will the FairTax affect state sales tax systems?
Are any significant economies funded by a sales tax?
Is education taxed under the FairTax?
Will government pay taxes under the FairTax?
Will the FairTax impact tax deferred retirement accounts like 401(k)s?
What will happen to cities who depend on tax free bonds?
How does the FairTax impact tax free bonds?
How will Social Security payments be calculated under the FairTax?
What will happen to government programs like Social Security and Medicare?
How can you tax life saving medical treatment?
Will bartering present a compliance problem under the FairTax?
How will used goods be taxed?
Can’t Americans just cross the border to avoid the FairTax
How does the FairTax affect illegal immigration?
Isn’t it a stretch to say the IRS will go away?
What will the transition be like from the income tax to the FairTax?
FairTax Show – Part 1
FairTax Show – Part 2
Ron Paul on Taxes
Policy Resources
The following organizations provide policy analysis on taxation and related issues:
Tax Policy Organizations:
- National Retail Sales Tax Alliance (NRSTA) Website
- National Taxpayers Union
- National Debt Awareness Center
- Tax Foundation
- Citizens for a Sound Economy
- Americans for Tax Reform
- Citizens Against Government Waste
- Tax Relief: Taxpayers Federation Inland Revenue Watchdog
Small Business Policy Organizations:
- National Small Business Association
- National Association of Manufacturers
- National Federation of Independent Business
- Small Business Survival Committee
General Public Policy Research Organizations:
- American Enterprise Institute
- American Legislative Exchange Council
- Atlas Economic Research Foundation
- Brookings Institution
- CATO Institute
- Claremont Institute
- Competitive Enterprise Institute
- Heartland Institute
- Heritage Foundation
- Hoover Institute
- Hudson Institute
- James Madison Institute
- Mackinac Center for Public Policy
- Manhattan Institute
- National Center for Policy Analysis
- The National Center for Public Policy Research
- Pacific Research Institute
- Progress and Freedom Foundation
- State Policy Network
http://www.fairtax.org/site/PageServer?pagename=about_links
Read Full Post | Make a Comment ( None so far )
Nuclear Renaissance–Videos
Nuclear Renaissance – World
60 Minutes: Vive Les Nukes (Part One)
The Future of Nuclear Power in the US
Related Posts On Pronk Palisades
Shaken and Stirred–Japanese 9.0 Richter and X Mercalli Scale Earthquake Shifts Earth’s Axis and Giant Tsunami Ocean Wave Moves Japanese Coast–Thousands Feared Dead–Videos
Michael Crichton–The Language of Fear–Nuclear Plants From Chernobyl To Fukushima–The First Information Casualty Is The Truth–Video
Earthquake Damages Japanese Nuclear Plant At Fukushima Daiichi, Four Explosions and Four Nuclear Reactors Flooded With Seawater To Contain Release Of Radioactive Material and Plant Released Radioactive Materials To Stop Pressure Buildup–Partial Meltdown Of Nuclear Core Feared–Radioactive Material Escaping From Plant–Over 250,000 Ordered Evacuated From 20 Kilometer (12.4 Miles) Radius From Plant–Videos
Meltdown At Three Mile Island–Videos
Disaster at Chernobyl–Videos
Nuclear Safety, Is It Possible–Yes We Can!–Videos
Read Full Post | Make a Comment ( None so far )
Glenn Beck On Communist China With Jim Rogers–Videos
A wise and frugal government, which shall leave men 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
Glenn Beck-01/14/11-A
Glenn Beck-01/14/11-B
Glenn Beck-01/14/11-C
Government intervention into the economy is the problem.
If both the United States and China would stop interferrring in markets both countries would significantly increase production with higher rates of economic growth.
Balance the budget, pass the FairTax , end the Fed, and bring all the troops home.
The ruling class in both the United States and Communist China fear the people–good–they have much to fear.
My reading of history convinces me that most bad government results from too much government.
~Thomas Jefferson
Background Articles and Videos
Conversations with History: Clyde Prestowitz
Book Discussion with Clyde Prestowitz: The Betrayal of American Prosperity
Currency Wars & China
Mar 24 10 Hearing on China’s Exchange Rate Policy, Clyde Prestowitz Opening Statement
Mar 24 10 Hearing on China’s Exchange Rate Policy, C. Fred Bergsten Opening Statement
Peter Schiff: Fed Waging War
Dalian 2007 – BBC World Debate China: Resolving Tensions of Growth
Related Posts On Pronk Palisades
Jim Rogers On China, Currencies, Commoditites, Trade War and Ron Paul–Videos
Jim Rogers Awarded The Schlarbaum Prize 2010–Videos
Jim Rogers–Videos
Jim Rogers: Secretary of the Treasury Tim Geithner and Federal Reserve System Chairman Ben Bernanke Are Incompetent–Tim and Ben Exit Strategy aka Thelma & Louise Ending The Fed!
Read Full Post | Make a Comment ( None so far )
The History of Money–Videos
The History of Money – Part 1
The History of Money – Part 2
The History of Money – Part 3
The History of Money – Part 4
The History of Money – Part 5
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Nancy Pelosi–Brilliant, Ignorant, Stupid, Evil–You Decide?
ABC This Week: Nancy Pelosi defends money for Family Planning in Stimulus Bill
Pelosi Defends Family Planning Spending in Stimulus Package
January 25, 2009
http://blogs.abcnews.com/george/2009/01/pelosi-defends.html
Pelosi was also asked about some of the more controversial spending in the stimulus package, including hundreds of millions to expand family planning services.
“The family planning services reduce cost,” Pelosi said. “One of the elements of this package is assistance to the states. The states are in terrible fiscal budget crises now and part of what we do for children’s health, education and some of those elements are to help the states meet their financial needs. One of those — one of the initiatives you mentioned, the contraception, will reduce costs to the states and to the federal government.”
Having more babies increases the population and labor force and usually results in more not less economic growth–for example the baby boomers born in the US between 1946 and 1964 resulted in significant wealth creation in the United States.
When you increase the labor force and productivity you usually produce more.
While family planning with contraception or abortion may reduce government spending, it reduces the labor supply and results in less growth.
If you really want to cut state, county, city costs as well as taxes, stop paying for illegal immigrants that are crowding our schools, hospitals, jails, prisons, roads and send them all home to their country of origin.
Build a triple fence across the entire border with Mexico to slow if not stop further illegal immigration.
Start right now.
This would be a two-fer in that it would also cut unemployment rates when those employing illegal immigrants must replace them with unemployed American Citizens.
I dare the elites of both political parties to propose this.
The elites do not give a damn about unemployed Americans.
Every day I pass construction sites that have anywhere between 50% to 75% illegal immigrants employed as construction workers.
All of these jobs used to be done by American citizens including blacks, hispanics and whites.
Wakeup America!
You are being sold down the river by the likes of the above.
I vote evil for her.
The drug wars in Mexico are coming north.
Build the damn fence or face a second American Revolution.
The American people’s patience is running out.
Time to face realitly.
Mexico Drug Wars hit America
Mexico On Verge Of Collapse
Hayworth Interview: Marines Stay Out of Mexico!
How Aging Boomers Will Change the Economy – Walter Shapiro
Background Articles and Videos
More universal health care art from the kids Pelosi wants to “plan” out of existence
By Michelle Malkin
Baby Boomer
“Baby boomer is a term used to describe a person who was born during the demographic Post-World War II baby boom. Many analysts now believe that two distinct cultural generations were born during this baby boom; the older generation is often called the Baby Boom Generation and the younger generation is often called Generation Jones.[1][2][3][4][5][6] The term “baby boomer” is sometimes used in a cultural context, and sometimes used to describe someone who was born during the post-WWII baby boom. Therefore, it is impossible to achieve broad consensus of a precise definition, even within a given territory. Different groups, organizations, individuals, and scholars may have widely varying opinions on what constitutes a baby boomer, both technically and culturally. Ascribing universal attributes to a broad generation is difficult, and some observers believe that it is inherently impossible. Nonetheless, many people have attempted to determine the broad cultural similarities and historical impact of the generation, and thus the term has gained widespread popular usage.
In general, baby boomers are associated with a rejection or redefinition of traditional values; however, many commentators have disputed the extent of that rejection, noting the widespread continuity of values with older and younger generations. In Europe and North America boomers are widely associated with privilege, as many grew up in a time of affluence.[7] As a group, they were the healthiest, and wealthiest generation to that time, and amongst the first to grow up genuinely expecting the world to improve with time.[8]
One of the unique features of Boomers was that they tended to think of themselves as a special generation, very different from those that had come before. In the 1960s, as the relatively large numbers of young people became teenagers and young adults, they, and those around them, created a very specific rhetoric around their cohort, and the change they were bringing about.[9] This rhetoric had an important impact in the self perceptions of the boomers, as well as their tendency to define the world in terms of generations, which was a relatively new phenomenon.
The baby boom has been described variously as a “shockwave”[7] and as “the pig in the python.”[8] By the sheer force of its numbers, the boomers were a demographic bulge which remodeled society as it passed through it. …”
http://en.wikipedia.org/wiki/Baby_boomer
“Nancy Patricia D’Alesandro Pelosi (born March 26, 1940) is the current Speaker of the United States House of Representatives. Before being elected Speaker in the 110th Congress, she was the House Minority Leader from 2003 to 2007, holding the post during the 108th, and 109th Congresses.
Since 1987, she has represented the 8th Congressional District of California, which consists of four-fifths of the City and County of San Francisco. The district was numbered as the 5th during Pelosi’s first three terms in the House.
With her election as Speaker, she is the first female Speaker of the United States House of Representatives. She is also the first Italian-American and first Californian to serve as Speaker. She is the second Speaker from a state west of the Rocky Mountains, with the first being Washington‘s Tom Foley, who was the last Democrat to hold the post before Pelosi. As Speaker of the House, Pelosi ranks second in the line of presidential succession, following Vice President Joe Biden, which makes her the highest-ranking female politician in United States history. …”
http://en.wikipedia.org/wiki/Nancy_Pelosi
Family Planning
“Family planning is people planning when to have children,[1] and the use of birth control[2][3] and other techniques to implement such plans. Other techniques commonly used include sexuality education[4][3], prevention and management of sexually transmitted infections[3], preconceptional counseling[3] and management, and infertility management[2].
Family planning is sometimes used as a synonym for the use of birth control, though it often includes more.
It is most usually applied to a female-male couple who wish to limit the number of children they have and/or to control the timing of pregnancy (also known as spacing children).
http://en.wikipedia.org/wiki/Family_planning
‘This Week’ Transcript: Nancy Pelosi
Sunday Exclusive: House Speaker on ‘This Week with George Stephanopoulos’
Jan. 25, 2009
Boehner : we have to find a package that is the right size
STEPHANOPOULOS: Hundreds of millions of dollars to expand family planning services. How is that stimulus?
PELOSI: Well, the family planning services reduce cost. They reduce cost. The states are in terrible fiscal budget crises now and part of what we do for children’s health, education and some of those elements are to help the states meet their financial needs. One of those – one of the initiatives you mentioned, the contraception, will reduce costs to the states and to the federal government.
STEPHANOPOULOS: So no apologies for that?
PELOSI: No apologies. No. we have to deal with the consequences of the downturn in our economy. Food stamps, unemployment insurance, some of the initiatives you just mentioned. what the economists have told us from right to left. There is more bang for the buck, a term they use, by investing in food stamps and in unemployment insurance than in any tax cut …”
http://abcnews.go.com/ThisWeek/story?id=6725512&page=1
Joint Operating Environment (JOE 2008)
http://www.jfcom.mil/newslink/storyarchive/2008/JOE2008.pdf
Mexico, U.S. step up drug-war cooperation
A top operative of Mexico’s infamous Sinaloa cartel was arrested Monday.
“…The growing violence in Mexico is largely attributed to battles between the major drug groups operating in Mexico, including the Sinaloa and Gulf cartels, and the fracturing that has taken place as leaders are arrested and factions have vied to assert control over lucrative smuggling routes.
Violence has even spilled over to the US. This weekend, a US Border Patrol agent was killed by a suspected drug smuggler when he tried to stop their fleeing Hummer.
The US has hailed the Calderón administration’s efforts. In response to the arrest of the alleged Sinaloa cartel leader, Alfredo Beltrán Leyva, US Ambassador Tony Garza said in a statement: “When Mexico takes dangerous criminals like Beltrán Leyva and his crew off the streets, the people of the United States also benefit.”
US Attorney General Mukasey pledged to help stop the flow of US guns into Mexico, which has long been blamed for the spectacular gun wars that often break out across this country.
He said US authorities are giving their Mexican counterparts more access to electronic databases to help trace weapons and plan to introduce a Spanish edition of the database soon.
Not all observers welcome a heavy hand from the north. Mr. Tirado says that cooperation is crucial, but worries that Mexico is reacting to what the US wants. “If you do not have a bilateral perspective, and are only following the north, you are not taking an integral approach,” he says.
http://www.csmonitor.com/2008/0123/p07s03-woam.html
The Baby Boom Generation Grows Up – Part 1
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