Archive for January 25th, 2011

President Obama Wants To Freeze Government Spending At Current Unsustainable Levels–Republican Leaders Wants To Cut Federal Spending To Fiscal Year 2008 Unbalanced Budget Levels and The Tea Party Movement Wants Balanced Budgets–First Cut Federal Spending Outlays For Fiscal Year 2012 to $2,500 Billion (Fiscal 2005 Budget Levels) Then Freeze For Five Years To Reduce The National Debt!

Posted on January 25, 2011. Filed under: Banking, Blogroll, Communications, Computers, Economics, Education, Employment, Energy, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, media, Medicine, Monetary Policy, Money, People, Philosophy, Politics, Raves, Regulations, Resources, Talk Radio, Taxes, Technology, Video, War, Wealth, Wisdom | Tags: deficit spending, Entitlement Reform, Federal Budget, fiscal policy, monetary policy, national debt, Rand Paul, Ron Paul, Tax Policy, Tea Party Movement |

Peter Schiff- ‘Greatest Economic Collapse in US History’ (26-Jan-11)(FINANCE & ECONOMICS series)

Budget Deficit Projected to Grow to $1.5 trillion; Obama Pledges Spending Freeze

Updated Charts: November 8, 2011

FINANCIAL MANAGEMENT SERVICE
STAR – TREASURY FINANCIAL DATABASE
TABLE 1. SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

ACCOUNTING DATE: 09/11

PERIOD RECEIPTS OUTLAYS DEFICIT/SURPLUS (-)
+ ____________________________________________________________ _____________________ _____________________ _____________________
PRIOR YEAR

OCTOBER                                                                   135,293                311,656                176,363
NOVEMBER                                                               133,563                253,850                120,287
DECEMBER                                                                218,919                310,329                 91,410
JANUARY                                                                   205,239                247,873                 42,634
FEBRUARY                                                                 107,520                328,429                220,909
MARCH                                                                        153,358                218,745                 65,387
APRIL                                                                           245,260                327,950                 82,689
MAY                                                                              146,794                282,721                135,927
JUNE                                                                            251,048                319,470                 68,422
JULY                                                                             155,546                320,588                165,043
AUGUST                                                                      163,998                254,524                 90,526
SEPTEMBER                                                              245,189                279,795                 34,607

YEAR-TO-DATE 2,161,728 3,455,931 1,294,204

CURRENT YEAR

OCTOBER                                                                   145,951                286,384                140,432
NOVEMBER                                                              148,970                299,364                150,394
DECEMBER                                                               236,875                315,009                 78,134
JANUARY                                                                   226,550                276,346                 49,796
FEBRUARY                                                                 110,656                333,163                222,507
MARCH                                                                       150,894                339,048                188,154
APRIL                                                                          289,543                329,929                 40,387
MAY                                                                              174,936                232,577                 57,641
JUNE                                                                           249,658                292,738                 43,080
JULY                                                                            159,063                288,439                129,376
AUGUST                                                                       169,246                303,388                134,143
SEPTEMBER                                                               240,153                304,723                 64,569

YEAR-TO-DATE 2,302,495 3,601,109 1,298,614

http://www.fms.treas.gov/mts/mts0911.txt

President Obama’s Fiscal Year 2011 Budget

http://www.washingtonpost.com/wp-srv/special/politics/budget-2010/

Obama Administration tries to sell huge deficit

The FY 2011 Federal Budget

http://fpc.state.gov/documents/organization/139238.pdf

Obama Budget Fuels Debate Over Path to Slash Deficit

The Pros And Cons Of Obama’s Budget

Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–): 1789–2013
(in millions of dollars)

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2011/assets/hist.pdf

http://www.whitehouse.gov/omb/budget/Historicals

Historical Debt Outstanding – Annual 1950 – 1999

* Rounded to Millions
Includes legal tender notes, gold and silver certificates, etc.

The first fiscal year for the U.S. Government started Jan. 1, 1789. Congress changed the beginning of the fiscal year from Jan. 1 to Jul. 1 in 1842, and finally from Jul. 1 to Oct. 1 in 1977 where it remains today.

To find more historical information, visit The Public Debt Historical Information archives.

http://www.treasurydirect.gov/NP/NPGateway

Date	Dollar Amount
United States of America National Debt At End of Fiscal Year
09/30/2011	14,790,340,328,557.15
09/30/2010	13,561,623,030,891.79
09/30/2009	11,909,829,003,511.75
09/30/2008	10,024,724,896,912.49
09/30/2007	9,007,653,372,262.48
09/30/2006	8,506,973,899,215.23
09/30/2005	7,932,709,661,723.50
09/30/2004	7,379,052,696,330.32
09/30/2003	6,783,231,062,743.62
09/30/2002	6,228,235,965,597.16
09/30/2001	5,807,463,412,200.06

http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

http://www.treasurydirect.gov/NP/NPGateway

Date	Dollar Amount
09/30/1999	5,656,270,901,615.43
09/30/1998	5,526,193,008,897.62
09/30/1997	5,413,146,011,397.34
09/30/1996	5,224,810,939,135.73
09/29/1995	4,973,982,900,709.39
09/30/1994	4,692,749,910,013.32
09/30/1993	4,411,488,883,139.38
09/30/1992	4,064,620,655,521.66
09/30/1991	3,665,303,351,697.03
09/28/1990	3,233,313,451,777.25
09/29/1989	2,857,430,960,187.32
09/30/1988	2,602,337,712,041.16
09/30/1987	2,350,276,890,953.00
09/30/1986	2,125,302,616,658.42
09/30/1985	* 1,823,103,000,000.00
09/30/1984	* 1,572,266,000,000.00
09/30/1983	* 1,377,210,000,000.00
09/30/1982	* 1,142,034,000,000.00
09/30/1981	* 997,855,000,000.00
09/30/1980	* 907,701,000,000.00
09/30/1979	* 826,519,000,000.00
09/30/1978	* 771,544,000,000.00
09/30/1977	* 698,840,000,000.00
06/30/1976	* 620,433,000,000.00
06/30/1975	* 533,189,000,000.00
06/30/1974	475,059,815,731.55
06/30/1973	458,141,605,312.09
06/30/1972	427,260,460,940.50
06/30/1971	398,129,744,455.54
06/30/1970	370,918,706,949.93
06/30/1969	353,720,253,841.41
06/30/1968	347,578,406,425.88
06/30/1967	326,220,937,794.54
06/30/1966	319,907,087,795.48
06/30/1965	317,273,898,983.64
06/30/1964	311,712,899,257.30
06/30/1963	305,859,632,996.41
06/30/1962	298,200,822,720.87
06/30/1961	288,970,938,610.05
06/30/1960	286,330,760,848.37
06/30/1959	284,705,907,078.22
06/30/1958	276,343,217,745.81
06/30/1957	270,527,171,896.43
06/30/1956	272,750,813,649.32
06/30/1955	274,374,222,802.62
06/30/1954	271,259,599,108.46
06/30/1953	266,071,061,638.57
06/30/1952	259,105,178,785.43
06/29/1951	255,221,976,814.93
06/30/1950	257,357,352,351.04

http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo4.htm

U.S. Debt Clock

http://www.usdebtclock.org/

The National Debt Road Trip

Rand Paul on FOX Business News 01 28 11

Rand Paul Responds to State of the Union Address on CNBC Kudlow Report 1/25/11

Rand Paul Explains His Plan To Cut 500 Billion In Federal Spending

Representative Ron Paul On The Need To Cut Spending

Ron Paul Responds to Obama’s State of the Union Address

The 2011 State of the Union Address: Enhanced Version

Rep. Paul Ryan Gives Republican Response to the State of the Union Address

America Reacts: Paul Ryan giving The Republican Response to SOTU

Rep. Mike Pence: Obama Signals More Spending in State of the Union

Inhofe Responds to the 2011 State of the Union Address

Rep. Michele Bachmann Delivers Tea Party Response to State of the Union

America Reacts: Michelle Bachmann giving The Tea Party response to SOTU

Glenn Beck-01/26/11-A

Rand Paul (01.25.11 – Senatorial Update)

The tea party movement wants a Constitutional limited Federal government, both in size and scope.

The tea party movement wants Federal Government spending or outlays to be cut so they equal tax receipts–a balanced budget starting in Fiscal Year 2012.

This means that Federal spending will need to be cut by over $1,000 billion to about $2,500 billion.

President Obama would freeze Federal Government spending at about $3,800 billion dollars resulting in another year of over $1,200 billion in deficit spending and another $1,200 billion increase in the national debt.

The Republican Party wants to cut Federal Government spending or outlays to Fiscal Year 2008 levels of about $3,000 billion.

Keep in mind that in Fiscal Year 2008 the tax receipts were $2,524 billion, outlays were $2,982 billion and the deficit was $458 billion

To get to a balanced budget the Federal outlays would need to be about $2,500 billion or slightly above the Federal budget outlays for Fiscal Year 2005 of $2,472 billion.

http://www.whitehouse.gov/omb/budget/Historicals

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2011/assets/hist.pdf

President Obama’s Office of Management and Budget estimated Fiscal Year 2012 tax receipts to be $2,926 billion.

Unfortunately Federal tax receipts for Fiscal Year 2012 are estimated to be $2,500 billion or less due to the continuing economic recession and high rates of unemployment.

As a result both Federal Individual Income and Social Security tax receipts are running much lower than originally estimated.

In other words the Republicans would need to cut outlays to Fiscal Year 2005 levels and not Fiscal Year 2008 to balance the budget .

Neither the Republican Party establishment nor Representative Paul Ryan’s road map does this.

The only people in the House of Representative that would seriously do this is Representative Ron Paul and the recently elected tea party movement Republicans numbering less than sixty in the House of Representatives and Senate including Michele Bachmann and Senator Rand Paul.

Both the Democratic and Republican Party establishments will not cut spending to balance the budget in Fiscal year 2012 or for that matter the next five years.

Keep in mind that total Federal tax receipts for Fiscal Year 2010 were $2,161 billion, outlays were $3,455 billion and the Federal deficit was $1,291 billion.

For the first three months of Fiscal Year 2011, Federal tax receipts were $ 531 billion, outlays were $ 902 billion and the Federal deficit was $370 billion.

These numbers are from the Department of Treasury:

Table 1. Summary of Receipts, Outlays, and the Deficit/Surplus of the U.S. Government, Fiscal Years 2010 and 2011, by Month

http://www.fms.treas.gov/mts/mts1210.pdf

In other words for the current Fiscal Year 2011 budget that the Democratic Party never passed will result in a budget deficit of over $1,500 billion!

In just three years President Obama and the Democratic Party would have run up deficits totalling over $4,000 billion.

Both President Obama and the Democratic Party simply have no credibility, competence or desire in balancing the Federal budget.

President Obama statement in his State of the Union address that:

“So tonight, I am proposing that starting this year, we freeze annual domestic spending for the next five years. (Applause.) Now, this would reduce the deficit by more than $400 billion over the next decade, …”

is beyond laughable.

President Obama’s statement is fiscally irresponsible and dangerous.

President Obama is an empty suit that is wrecking the economy, destroying jobs and destroying the American Dream.

You Want How Much?!

Whatever President Obama’s Fiscal Year 2012 proposed budget is and I suspect it will exceed $3,700 billion with an estimated deficit of over $1,000 billion, it will be dead on arrival when it reaches Congress in mid-February.

The only way to cut over $1,000 billion in Federal expenditures or outlays for the Fiscal Year 2012 budget is to close entire Federal departments and agencies and cut drastically the budgets of the remaining departments and put both Social Security and Medicare on an actuarial sound basis.

Everything must be on the table and subject to cuts in spending and benefits including defense expenditures and entitlements such as Social Security and Medicare.

Obama Care must and will be repealed in its entirety within three years if not sooner.

For now Congress should not fund one cent for Obama Care, it is a major budget buster besides being unconstitutional.

Neither political party has the leadership, vision, will or courage to do this.

When President Obama says targeted investments what he means is yet another round of political payoff to his supporters in the form of increased Federal spending.

Both President Obama and the Democratic Party have been responsible for the destroying jobs and wrecking the economy with their failed stimulus package and Obama Care.

In just two years over $3,000 billion was added to the National Debt and for over 20 months the official unemployment rate (U-3) has been over 9% and the total real unemployment rate (U-6) had been over 16%.

The stimulus package simply did not keep the official unemployment under 8% or less as promised.

The stimulus package was a failure in creating jobs.

More government spending or investment will have the same result.

Both political parties are fiscally irresponsible.

The American people want balanced budgets every year.

The American people are tired of being mislead and lied to by both political parties.

The American people want fiscally responsible government, one that lives within it means or tax receipts–balanced budgets.

The American people want tax reform–the FairTax.

Neither political party will balance the budget nor pass the FairTax.

The American people are ahead of the political establishment, ruling class and political media pundits in Washington, D.C.

I fully expect that the Fiscal Year 2012 budget proposed by President Obama will exceed $3,700 billion and the Republican Party’s budget will exceed $3,000 billion.

I fully expect that Federal tax receipts for the next two years will be $2,500 billion or less.

I fully expect that the Federal deficits will be over $1,500 billion in Fiscal Year 2011 and over $700 billion in 2012.

I fully expect that Congress will increase yet again the ceiling on the National Debt by another $1,000 billion in 2011 to over $15,300 billion and another $1,000 billion in 2012 to over $16,300 billion.

I fully expect that the official unemployment rate or U-3 will be between 9% and 11% for the next 24 months.

If the economy starts to recover the result will be an increase in the labor participation rate to a range of 66% to 67% and an increase in those in the labor force.

Therefore the official unemployment rate as measured by U-3 will go over 10% and may be 11% and the total real unemployment rate as measured by U-6 will go over 17% and may be 18% later this year or early next year.

When this happens those politicians who have refused to face the reality and consequences of these massive deficits by cutting Federal Government spending will be voted out of office.

Until the tea party movement elects a majority in the House and Senate and a new President and replaces the big spender warfare and welfare progressives and government interventionists in both parties, the economy will stagnate with high unemployment rates and increasing inflation rates.

For the next two years the official unemployment rates (U-3) will be above 9% with over 15 million Americans unemployed and the real total unemployment rates (U-6) will be above 16% and over 25 million Americans seeking full-time employment.

The time has come for the tea party movement to either takeover the Republican party or establish another political party.

The current leadership of both political parties simply does not have the vision, will, and courage to balance the budget every year and reform the Federal tax system.

The current leadership of the Republican party must balance the Fiscal Year 2012, 2013 and 2014 budgets and pass the FairTax if they want the support of the tea party movement.

Dan Mitchel with Cavuto if the Republicans won’t cut spending run them out of town

If they fail to do so the current Republican leadership will be replaced by tea party movement leaders who will “walk the talk” and cut spending to balanced budget levels and pass the FairTax.

Until then demand that your representative and Senators have a Fiscal Year 2012 budget of $2,500 billion, freeze outlays or spending at $2,500 billion for five years to pay down the national debt and pass the FairTax!

Then go forward with a balanced budget amendment and repeal of the income tax 16th amendment to the United States Constitution.

The time has come to replace the current warfare and welfare economy and government with a peace and prosperity economy and constitutional government.

Join the Second American Revolution and support the tea party movement.

I will only vote for candidates that will balance the budget and pass the FairTax.

It is about time both were accomplished.

The FairTax: It’s Time

As a classical liberal or American libertarian and independent, I hope to support a Ron Paul/Michele Bachmann ticket in the 2012 Presidential race.

Ron Paul / Michele Bachmann Student Town Hall @ UofMN – Sponsored by YAL – 2 of 9

Ron Paul / Michele Bachmann Student Town Hall @ UofMN – Sponsored by YAL – 3 of 9

Ron Paul / Michele Bachmann Student Town Hall @ UofMN – Sponsored by YAL

Background Articles and Videos

National Debt- How Much Is A Billion Dollars?

Is Obama’s State of the Union meaningless?

Preview of the State of the Union Address

Inside the White House: The State of the Union Address

Paul Ryan at AEI

Paul Ryan at Brookings: Prosperity vs Austerity

Paul Ryan: A Plan for Prosperity

Congressman Ryan Responds to Misguided Attacks on Roadmap

Getting a Grip on the Deficit

Rep. Bachmann: Cut Spending to Avoid Tax Increases

Text of Obama’s State of the Union Address

“…All these investments -– in innovation, education, and infrastructure –- will make America a better place to do business and create jobs. But to help our companies compete, we also have to knock down barriers that stand in the way of their success.

For example, over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries. Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense, and it has to change. (Applause.)

So tonight, I’m asking Democrats and Republicans to simplify the system. Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years –- without adding to our deficit. It can be done. (Applause.) …”

“…We are living with a legacy of deficit spending that began almost a decade ago. And in the wake of the financial crisis, some of that was necessary to keep credit flowing, save jobs, and put money in people’s pockets.

But now that the worst of the recession is over, we have to confront the fact that our government spends more than it takes in. That is not sustainable. Every day, families sacrifice to live within their means. They deserve a government that does the same.

So tonight, I am proposing that starting this year, we freeze annual domestic spending for the next five years. (Applause.) Now, this would reduce the deficit by more than $400 billion over the next decade, and will bring discretionary spending to the lowest share of our economy since Dwight Eisenhower was President.

This freeze will require painful cuts. Already, we’ve frozen the salaries of hardworking federal employees for the next two years. I’ve proposed cuts to things I care deeply about, like community action programs. The Secretary of Defense has also agreed to cut tens of billions of dollars in spending that he and his generals believe our military can do without. (Applause.)

I recognize that some in this chamber have already proposed deeper cuts, and I’m willing to eliminate whatever we can honestly afford to do without. But let’s make sure that we’re not doing it on the backs of our most vulnerable citizens. (Applause.) And let’s make sure that what we’re cutting is really excess weight. Cutting the deficit by gutting our investments in innovation and education is like lightening an overloaded airplane by removing its engine. It may make you feel like you’re flying high at first, but it won’t take long before you feel the impact. (Laughter.)

Now, most of the cuts and savings I’ve proposed only address annual domestic spending, which represents a little more than 12 percent of our budget. To make further progress, we have to stop pretending that cutting this kind of spending alone will be enough. It won’t. (Applause.) …”

“…In fact, the best thing we could do on taxes for all Americans is to simplify the individual tax code. (Applause.) This will be a tough job, but members of both parties have expressed an interest in doing this, and I am prepared to join them. (Applause.)

So now is the time to act. Now is the time for both sides and both houses of Congress –- Democrats and Republicans -– to forge a principled compromise that gets the job done. If we make the hard choices now to rein in our deficits, we can make the investments we need to win the future.

Let me take this one step further. We shouldn’t just give our people a government that’s more affordable. We should give them a government that’s more competent and more efficient. We can’t win the future with a government of the past. (Applause.) …”

http://blogs.wsj.com/washwire/2011/01/25/text-of-obamas-state-of-the-union-address/

America’s Best Days

68% Prefer A Government With Fewer Services, Lower Taxes

“…The latest Rasmussen Reports national telephone survey finds that 68% of Likely Voters prefer a government with fewer services and lower taxes rather than a more active one with more services and higher taxes. This is virtually identical to last month and consistent with findings since September. (To see survey question wording, click here.)

Since Rasmussen Reports began polling on the question in November 2006, support for a smaller government with fewer services and lower taxes has ranged from a low of 55% in July 2007 to a high of 70% in August 2009.

Twenty-two percent (22%) of voters say they prefer a government with more services and higher taxes, down three points from December. Support for a more activist government over the past four years has ranged from 19% in August 2009 to 32% in late July 2007.

Even a plurality of Democrats (47%) now favors a government with fewer services and lower taxes. But that finding is dwarfed by the 90% of Republicans and 67% of voters not affiliated with either political party who feel that way. …”

http://www.rasmussenreports.com/public_content/politics/mood_of_america/america_s_best_days