Archive for April 14th, 2010

Thomas J. DiLorenzon–Hamilton’s Curse: How Jefferson’s Arch Enemy Betrayed the American Revolution – And What It Means for Americans Today–Videos

Posted on April 14, 2010. Filed under: Blogroll, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Resources, Security, Taxes, Video, War, Wisdom | Tags: , , , , , |

 

 

The Founding Father of Economic Statism [Thomas J. DiLorenzo]

“…Thomas J. DiLorenzo is an American economics professor at Loyola College in Maryland. He is an adherent of the Austrian School of Economics and is a senior faculty member of the Ludwig von Mises Institute and an affiliated scholar of the League of the South Institute, the research arm of the League of the South, and the Abbeville Institute. He holds a Ph.D. in Economics from Virginia Tech.

Mr. DiLorenzo has authored several books including The Real Lincoln: A New Look at Abraham Lincoln, His Agenda, and an Unnecessary War; Hamilton’s Curse: How Jefferson’s Arch Enemy Betrayed the American Revolution–and What It Means for Americans Today; How Capitalism Saved America: The Untold History of Our Country, From the Pilgrims to the Present; and Lincoln Unmasked: What You’re Not Supposed To Know about Dishonest Abe.”

Background Articles and Videos 

“…Synopsis

Two of the most influential figures in American history. Two opposing political philosophies. Two radically different visions for America.

Thomas Jefferson and Alexander Hamilton were without question two of the most important Founding Fathers. They were also the fiercest of rivals. Of these two political titans, it is Jefferson—–the revered author of the Declaration of Independence and our third president—–who is better remembered today. But in fact it is Hamilton’s political legacy that has triumphed—–a legacy that has subverted the Constitution and transformed the federal government into the very leviathan state that our forefathers fought against in the American Revolution.

How did we go from the Jeffersonian ideal of limited government to the bloated imperialist system of Hamilton’s design? Acclaimed economic historian Thomas J. DiLorenzo provides the troubling answer in Hamilton’s Curse.

DiLorenzo reveals how Hamilton, first as a delegate to the Constitutional Convention and later as the nation’s first and most influential treasury secretary, masterfully promoted an agenda of nationalist glory and interventionist economics—–core beliefs that did not die with Hamilton in his fatal duel with Aaron Burr. Carried on through his political heirs, the Hamiltonian legacy:

• Wrested control into the hands of the federal government by inventing the myth of the Constitution’s “implied powers”
• Established the imperial presidency (Hamilton himself proposed a permanent president—–in other words, a king)
• Devised a nationalbanking system that imposes boom-and-bust cycles on the American economy
• Saddled Americans with a massive national debt and oppressive taxation
• Inflated the role of the federal courts in order to eviscerate individual liberties and state sovereignty
• Pushed economic policies that lined the pockets of the wealthy and created a government system built on graft, spoils, and patronage
• Transformed state governments from Jeffersonian bulwarks of liberty to beggars for federal crumbs

By debunking the Hamiltonian myths perpetuated in recent admiring biographies, DiLorenzo exposes an uncomfortable truth: The American people are no longer the masters of their government but its servants. Only by restoring a system based on Jeffersonian ideals can Hamilton’s curse be lifted, at last. …”

http://search.barnesandnoble.com/Hamiltons-Curse/Thomas-J-DiLorenzo/e/9780307382856/?itm=3  

 

The Founding Father of Crony Capitalism

Mises Daily: Tuesday, October 21, 2008 by Thomas J. DiLorenzo

“…Hamilton was the intellectual leader of the group of men at the time of the founding who wanted to import the system of British mercantilism and imperialistic government to America. As long as they were on the paying side of British mercantilism and imperialism, they opposed it and even fought a revolution against it. But being on the collecting side was altogether different. It’s good to be the king, as Mel Brooks might say.

It was Hamilton who coined the phrase “The American System” to describe his economic policy of corporate welfare, protectionist tariffs, central banking, and a large public debt, even though his political descendants, the Whig Party of Henry Clay, popularized the slogan. He was not well schooled in the economics of his day, as is argued by such writers as John Steele Gordon. Unlike Jefferson, who had read, understood, and supported the free-market economic ideas of Adam Smith, David Ricardo, John Baptiste Say (whom Jefferson invited to join the faculty of the University of Virginia), Richard Cantillon, and Turgot (a bust of whom still sits in the entrance to Monticello), Hamilton either ignored or was completely unaware of these ideas. Instead, he repeated the mercantilist myths and superstitions that had been concocted by apologists for the British mercantilist state, such as Sir James Steuart.

Hamilton championed the cause of a large public debt — which he called “a public blessing” — not to establish the credit of the US government or to finance any particular public works projects but for the Machiavellian idea of tying the interests of the more affluent to the state: being government bondholders, they would, he believed, then support all of his grandiose plans for heavy taxation and a government much larger than what was called for in the Constitution. He was right. They, along with Wall Street investment bankers who have marketed the government’s bonds, have always provided effective political support for bigger government and higher taxes. That is why Wall Street investment bankers were first in line for a bailout, administered by one of their fellow investment bankers, Treasury Secretary Paulson. …”

http://mises.org/daily/3164

Alexander Hamilton

PT 2/16 Alexander Hamilton-American Experience- PBS

PT 3/16 Alexander Hamilton-American Experience- PBS

PT 4/16 Alexander Hamilton-American Experience- PBS

PT 5/16 Alexander Hamilton-American Experience- PBS

PT 6/16 Alexander Hamilton-American Experience- PBS

PT 7/16 Alexander Hamilton-American Experience- PBS

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Robert Higgs–The Complex Path of Ideological Change–Videos

Posted on April 14, 2010. Filed under: Uncategorized | Tags: , , , , , |

 

The Complex Path of Ideological Change

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Glenn Beck: On Strike–Shut It Down–Department of Education–Smaller Government and Less Spending–The Sooner The Better!

Posted on April 14, 2010. Filed under: Blogroll, Economics, Employment, Energy, Federal Government, Fiscal Policy, government, government spending, Life, Links, media, People, Philosophy, Politics, Rants, Raves, Regulations, Resources, Security, Taxes, Technology, Transportation, Video, War, Wisdom | Tags: , , , , |

 
“There is, in fact, only one solution: the state, the government, the laws must not in any way concern themselves with schooling or education. Public funds must not be used for such purposes. The rearing and instruction of youth must be left entirely to parents and to private associations and institutions.”

~Ludwig von Mises, Liberalism, page 115

 

Glenn Beck-04-14-10-A

 

Glenn Beck-04-14-10-B

Glenn Beck-04-14-10-C

Glenn Beck-04-14-10-D

Dan Mitchell on cutting the Dept. of Education on CNBC

 

 

Smaller Government and Less Spending…

The Democratic and Republican Parties are the Frick and Frack of big government spending, taxes, debt, and regulations.

Time for a new political party–American Citizens Alliance Party-A CAP on Spending, Taxes, Debt and Regulation.

Join the Second American Revolution.

“The characteristic mark of this age of dictators, wars and revolutions is its anticapitalistic bias. Most governments and political parties are eager to restrict the sphere of private initiative and free enterprise.”

~Ludwig von Mises, Planned Chaos, page 15

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2010 United States federal budget 

http://en.wikipedia.org/wiki/2010_United_States_federal_budget

 

Obama’s 2010 Federal Budget Explained in Plain English

by Rebekah Manning

Department of Education – $46.7billion+$81.1billion from Recovery Act

Obama’s commitment to bettering the US educational system can be seen through the $81.1 billion he dedicates to education in the Recovery Act as well as the $46.7 billion in the 2010 federal budget. He wants to strengthen public schools, reward effective teaching and expand opportunities for higher education.

Department of Education Budget Breakdown 2010

http://www.onlineforextrading.com/blog/federal-budget-broken-down/

 

Federal Government Spending

 

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“Robert Higgs is an American economist of the Austrian School and a libertarian anarchist. He currently serves as a Senior Fellow in Political Economy at the Independent Institute and is an adjunct faculty member of the Ludwig von Mises Institute and is an adjunct scholar at the Cato Institute. He received his Ph.D. in economics from Johns Hopkins University, and has taught at the University of Washington, Lafayette College, Seattle University, and the University of Economics, Prague. He has been a visiting scholar at Oxford University and Stanford University, and a fellow for the Hoover Institution and the National Science Foundation. Mr. Higgs is also a regular contributor to LewRockwell.com.

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Thomas E. Woods Jr.–Meltdown–Videos

Posted on April 14, 2010. Filed under: Blogroll, College, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Taxes, Video, War, Wisdom | Tags: , , , , , , , |

 

 Authors Forum: Meltdown

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

 1/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

2/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

3/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

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Tom Woods Speaks At Campbell University 3/30/2010 (2/5)

 

Tom Woods Speaks At Campbell University 3/30/2010 (3/5)

Tom Woods Speaks At Campbell University 3/30/2010 (4/5)

Tom Woods Speaks At Campbell University 3/30/2010 (5/5)

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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

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Tom Woods–Lectures On Liberty–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

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Paul Ryan’s Roadmap Plan To Government Financial Responsibility

Posted on April 14, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Law, liberty, Life, Links, media, Medicine, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Technology, Uncategorized, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , , , , , |

U.S National Debt Clock

http://www.usdebtclock.org/  

Rep Paul Ryan (WI-01) – “A Roadmap For America’s Future”

“…

SUMMARY

A Roadmap for America’s Future 2.0
THE CHALLENGE – AND THE OPPORTUNITY
111th Congress

27 January 2010

A Roadmap for America’s Future is a comprehensive alternative to the heavily government-centered ideology now prevailing in Washington, which pursues a relentless expansion of government, and creates a growing culture of dependency – and in the process worsens a status quo that already threatens to overwhelm the budget and smother the economy. The Roadmap – updated to reflect the dramatic decline in the Nation’s economic and fiscal condition since its previous introduction in 2008 – draws on Americans’ strengths to restore the Nation’s legacy of leaving the next generation better off. It achieves three key objectives:

▫ Providing Health and Retirement Security. The plan ensures universal access to health insurance; and it rescues and strengthens Medicare, Medicaid, and Social Security – allowing them to fulfill their missions and making them permanently solvent.

▫ Lifting The Debt Burden. It returns Federal spending growth to sustainable rates, and lifts the huge projected debt burden from the shoulders of future generations.

▫ Promoting American Job Creation and Competitiveness. It promotes solid, sustained economic growth and job creation here in America, and puts the United States in a position to lead – not merely survive – in the global marketplace. The plan also modernizes job training programs to meet the effects of globalization.

Why America Needs an Alternative. America faces an immense challenge – and an extraordinary opportunity.

▫ The Challenge. The Federal Government’s current fiscal path is unsustainable: it leads to unprecedented levels of spending and debt that will overwhelm the budget, smother the economy, weaken America’s competitiveness in the global 21st century economy, and threaten the survival of the government’s major benefit programs. The President and congressional Majority are hastening America’s march toward this reckoning, adding to trillions of dollars worth of unfunded liabilities, and accelerating the erosion of Americans’ health care and retirement security. Their “progressive” ideology leads to a future in which America’s best century is the past century.

▫ The Opportunity. Putting the Nation on a sustainable fiscal course may be one of the greatest domestic challenges in America’s history. But it is also an extraordinary opportunity to restore a national character rooted in individual initiative, entrepreneurship, and opportunity – and to transform the Federal Government to the realities of the 21st century.

Major Plan Components.

▫ Health Care. The plan ensures universal access to affordable health insurance by restructuring the tax code, allowing all Americans to secure affordable health plans that best suits their needs, and shifting the ownership of health coverage away from the government and employers to individuals.

– Provides a refundable tax credit – $2,300 for individuals and $5,700 for families – to purchase coverage in any State, and keep it with them if they move or change jobs.

– Establishes transparency in health care price and quality data, so this critical information is readily available before an individual needs health services.

– Modernizes Medicaid and strengthens the health care safety net by reforming high-risk pools, giving States maximum flexibility to tailor Medicaid programs to the specific needs of their populations. Allows Medicaid recipients to take part in the same variety of options by using the tax credit to purchase high-quality care.

▫ Medicare. The Roadmap secures Medicare for current beneficiaries, while making common-sense reforms to keep it solvent for the long term.

– Preserves the existing Medicare program for those 55 or older.

– For those currently under 55 – as they become Medicare-eligible – creates a Medicare payment averaging $11,000 per year when fully phased in. Adjusts the payment for inflation, and pegs it to income, with low-income individuals receiving greater support. Provides risk adjustment, so those with greater medical needs receive a higher payment.

– In addition to the Medicare payment, establishes and fully funds Medical Savings Accounts [MSAs] for low-income beneficiaries (to cover out-of-pocket costs), while continuing to allow all beneficiaries, regardless of income, to set up tax-free MSAs.

– Makes Medicare permanently solvent, based on Congressional Budget Office [CBO] estimates and consultation with the Office of the Actuary of the Centers for Medicare and Medicaid Services.

▫ Social Security. The proposal saves and strengthens this important retirement program and makes it sustainable for the long term.

– Preserves the existing Social Security program for those 55 or older.

– Offers workers under 55 the option of investing over one third of their current Social Security taxes into personal retirement accounts, similar to the Thrift Savings Plan available to Federal employees. Includes a property right so they can pass on these assets to their heirs, and a guarantee that individuals will not lose a dollar they contribute to their accounts, even after inflation.

– Makes the program permanently solvent, according to the CBO, by combining a more realistic measure of growth in Social Security’s initial benefits, with a gradual, modest increase in the retirement age, consistent with Americans’ improving lifespans.

▫ Tax Reform. This plan offers an alternative to today’s needlessly complex and inefficient tax code, providing the option of a simplified mechanism that better promotes and rewards work, saving, and investment.

– Provides taxpayers a choice of how to pay their income taxes – through existing law, or through a highly simplified code that fits on a postcard with just two rates and virtually no special tax deductions, credits, or exclusions (except the health care tax credit).

– Simplifies tax rates to 10 percent on income up to $100,000 for joint filers, and $50,000 for single filers; and 25 percent on taxable income above these amounts. Also includes a generous standard deduction and personal exemption (totaling $39,000 for a family of four).

– Eliminates the alternative minimum tax [AMT].

– Promotes saving by eliminating taxes on interest, capital gains, and dividends; also eliminates the death tax.

– Replaces the corporate income tax – currently the second highest in the industrialized world – with a border-adjustable business consumption tax of 8.5 percent. This new rate is roughly half that of the rest of the industrialized world.

▫ Job Training. The Roadmap helps the Nation’s workforce prepare for success in the global economy by transforming 49 job training programs, scattered across eight agencies, into a flexible, dynamic program focused on results, and accompanied by clear measures of transparency and accountability. The plan requires the development of performance measures, and gives each State the option to consolidate funding into one program, if such an approach can be shown improve outcomes and achieve job training goals.

Why ‘A Roadmap for America’s Future’ is Different. As mentioned above, the status quo is not sustainable. But Washington’s current leaders are making matters worse. The Roadmap is not simply a slimmer version of the “progressive” government expansion now prevailing in Washington; nor does it rely on vague bromides about “market-based incentives” or “public-private partnerships.” It is a complete legislative proposal consisting of specific policies backed up by sound, credible estimates of its fiscal and economic consequences.

Other key features of the plan:

▫ Comprehensiveness. Whether the issue is health care, international competitiveness, or debt, piecemeal, incremental “fixes” will never match the magnitude, urgency, and interrelated nature of America’s greatest domestic challenges. This plan provides the comprehensive approach critical for achieving real, long-term solutions.

▫ Backed Up By Numbers. It is a real plan, with real proposals, real numbers to back them up, and real legislation to implement it. Based on estimates provided by the CBO, this plan is projected to make the Social Security and Medicare programs permanently solvent. It will lift the growing debt burden on future generations, and hold Federal taxes to no higher than 19 percent of GDP.

▫ A True Alternative. This plan is based on a fundamentally different vision. It focuses government on its proper role; it restrains government spending, and thus limits the size of government itself; it rejuvenates the vibrant market economy that made America the envy of the world; and it restores an American character rooted in individual initiative, entrepreneurship, and opportunity – qualities that make each American’s pursuit of personal destiny a net contribution to the Nation’s common good as well. In short, it is built on the enduring truths from which America’s Founders established this great and exceptional Nation.

NOTE: The “current policy” paths in the graphics above reflect what the Congressional Budget Office [CBO], in its June 2009 report The Long-Term Budget Outlook, terms its “alternative fiscal scenario.” In describing this projection, CBO says it “represents one interpretation of what it would mean to continue today’s underlying fiscal policy,” and that it reflects “policy changes that are widely expected to occur and that policymakers have regularly made in the past.”
…”
http://www.roadmap.republicans.budget.house.gov/plan/summary.htm

A Roadmap for America’s Future

http://www.roadmap.republicans.budget.house.gov/ 

  

Paul Ryan Challenges Roadmap Critics

Paul Ryan and David Walker on Entitlements

I.O.U.S.A. Bonus Reel: Social Security+Medicare Projections

 

The Heritage Foundation: 2010 Budget Chart Book

http://www.heritage.org/budgetchartbook/  

 

 

   

 

The Roadmap Plan  

“…Unfunded Liabilities. Another way of viewing the government’s disastrous budgetary situation is by looking at its fiscal position the way a private company would. To do so, analysts focus on the “unfunded liabilities” of the Federal Government’s major benefit programs. These liabilities reflect the excess of projected spending in these programs over the amount of revenue currently estimated to be available for them. 

The problem is most acute in Medicare. Like Social Security, Medicare faces the daunting demographic challenge of supporting the baby boomers as they retire. But its much larger problem is that of medical costs, which are rising at roughly double the rate of growth in the economy. Today Medicare has an unfunded liability of $38 trillion over the next 75 years (see Figure 1). This means that the Federal Government would have to set aside $38 trillion today to cover future benefits for the three generations of Americans: retirees, workers, and children. This translates to a burden of about $335,350 per U.S. household. Moreover, the problem worsens rapidly: in just the next 5 years, by 2014, Medicare’s unfunded liability is projected to grow to $52 trillion – or about $458,900 per household. 

When Social Security and Medicare are taken together, the total unfunded liability is
$43 trillion, or about $379,475 per household (see Figure 2). In the next
5 years, that total will grow to $57 trillion, or $500,414 per household. 

 

 

Without fundamental changes, the government would have to finance these obligations with higher taxes, higher debt, or a combination of the two. Either way, the results would be crippling for the U.S. economy: they would entail shifting unprecedented amounts of economic resources away from growth-generating activities of the private sector: …” 

http://www.roadmap.republicans.budget.house.gov/plan/ 

 

Paul Ryan-Obama Proposed Debt Will Literally Crash the Economy

While Paul Ryan has identified the problem, his solution to the problem leaves much to be desired.

Instead of continuing the Federal Income Tax with two flat tax rates, I would replace all Federal taxes including income, payroll, capital gains, gift and estate taxes with the FairTax.

Why We Need a FAIR Tax?

Payoff the National Debt by restricting the total Federal Budget each year to 80% of the prior year’s FairTax collection. All future Federal budgets would always be in surplus–no deficit spending.

Close ten Federal Departments and numerous Federal agencies and reduce the number of Federal employees by at least 50%.

Transition to an individual controlled private health insurance and retirement plan that would replace both Medicare and Social Security with the individual controlling the investment choice or investment portfolio manager of the account.

Both the Democratic and Republican parties have spent the Social Security surpluses over the years instead of investing them in businesses that would create job, grow the economy and increase wealth.

 Since it is the individual’s money that funds this program, the individual and not the government should decide how the money contributed should be invested.

Individuals should be paying their own medical bills not a third-party including the government and insurance companies.

Identifying the problem of unfunded entitlement obligations is important.

The solution to the problem  should be individual based and controlled.

The Federal Government needs to get out of both the health insurance and retirement plan business. These  plans are not a function of government and the government has done a terrible job in managing their costs and returns.

The existing Federal taxation, Social Security and Medicare systems need to be replaced not sustained.

The Federal Government would consist of the following  Departments:

  1. State
  2. Treasury
  3. Justice
  4. Defense
  5. Homeland Security

Milton Friedman on Libertarianism (Part 4 of 4)

Is Limited Government an Oxymoron?

The other Federal  Departments would be closed permanently and the number of federal employees cut by at least 50%.

Since neither the Democratic nor Republican political parties will propose or support the shutting down of ten Federal Departments and the FairTax, I will not be voting for either party’s candidates.

This is change the American people can now only hope for.

The time for a new political party is now.

American Citizens Alliance Party–A CAP On Government Spending, Taxes, Debt and Regulations-The Third Party Base–Tea Party Patriots–Videos

Background Articles and Videos
 

Know the TRUTH about the Government Health Care Bill H.R.3200 – Key Points

Rep. Paul Ryan – Wisconsin 3-21-2010 The Future Cost of Obamacare

 

  I.O.U.S.A.: Chapter 1

  

I.O.U.S.A.: Chapter 2 & 3

http://www.youtube.com/watch?v=aKr5o132t1U&feature=related 

I.O.U.S.A.: Chapter 4

See I.O.U.S.A. themovie 

I.O.U.S.A.: Byte-Sized – The 30 Minute Version

http://www.youtube.com/watch?v=O_TjBNjc9Bo 

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Know the TRUTH about the Government Health Care Bill H.R.3200 – Key Points–Videos

Posted on April 14, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Law, liberty, Life, Links, Medicine, Monetary Policy, People, Philosophy, Politics, Programming, Rants, Raves, Regulations, Science, Security, Strategy, Talk Radio, Taxes, Video, Wisdom | Tags: , , , , |

Know the TRUTH about the Government Health Care Bill H.R.3200 – Key Points

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