Super Committee/Congress Is Neither Super Nor Congressional–Cut $1,000 Billion In Fiscal Year 2013 Budget And Pass FairTax Or You Are Fired!–Videos

Posted on November 15, 2011. Filed under: American History, Banking, Blogroll, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, Foreign Policy, government spending, Health Care, history, Inflation, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Public Sector, Raves, Taxes, Unemployment, Unions, Video, War, Wealth | Tags: , , , |

The Super Committee Sham

The Super Congress Was Harry Reids Idea,Get Rid Of McConnell Too

DEMS WALK AWAY FROM SUPER COMMITTEE November 09, 2011

Ron Paul “The Super Congress Will Not Contemplate Maybe We Spend Too Much Overseas”

For ‘Super Committee’, time runs short

Deficit Super Committee Stuck in Stalemate as Deadline Nears

Super Committee Nonsense | THE PLAIN TRUTH by Judge Napolitano 11/14/11

Sen. Pat Toomey on Fox News Sunday

Ron Paul “We Have To Cut Spending! That For Me Is Top Of The List”

Ron Paul: Super Congress “Monstrous,” Unconstitutional?

Newt Gingrich: Super Committee Is Washington’s Dumbest Idea

What Will The Super Congress Accomplish? (Besides Destroying The Constitution)

Ron Paul: “Super Congress” Is Part of a Dangerous Trend

Is Super Congress Constitutional?

Super Committee: Already Bought?

Ron Paul: “We Will Default Because The Debt Is Unsustainable”

National Debt Clock

http://www.usdebtclock.org/

Recent US Federal Deficit Numbers

Obama Deficits

Bush Deficits

FY 2012: $1,101 billion

FY 2009: $1,413 billion

FY 2011: $1,299 billion

FY 2008: $248 billion

FY 2010: $1,293 billion

FY 2007: $161 billion

The federal deficit is the amount each year by which federal outlays in the federal budget exceed federal receipts. But the gross federal debt increases each year by substantially more than the amount of the deficit each year. That is because a substantial amount of federal borrowing is not counted in the budget. See here.

http://www.usgovernmentspending.com/federal_deficit_chart.html

Joint Statement of Timothy Geithner, Secretary of the Treasury, and Jacob Lew, Director of the Office of Management And Budget, on Budget Results for Fiscal Year 2011

Table 1. Total Receipts, Outlays, and Deficit (in billions of dollars)
Receipts
Outlays
Deficit
FY 2010 Actual
2,162
3,456
-1,294
    Percentage of GDP
15.1%
24.1%
9.0%
FY 2011 Estimates:
    2012 Budget
2,174
3,819
-1,645
    2012 Mid-Session Review
2,314
3,630
-1,316
FY 2011 Actual
2,302
3,601
-1,299
    Percentage of GDP
15.4%
24.1%
8.7%
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:  10/11

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
   PRIOR 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                301,699                 61,546

       YEAR-TO-DATE                                                          2,302,495              3,598,086              1,295,591

   CURRENT YEAR

     OCTOBER                                                                   163,072                261,539                 98,466

       YEAR-TO-DATE                                                            163,072                261,539                 98,466

http://www.fms.treas.gov/mts/mts1011.txt

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2 Responses to “Super Committee/Congress Is Neither Super Nor Congressional–Cut $1,000 Billion In Fiscal Year 2013 Budget And Pass FairTax Or You Are Fired!–Videos”

RSS Feed for Pronk Palisades Comments RSS Feed

I think the biggest two problems with taxes are that 47% of the households pay no income tax at all, and that the US corporate tax rate is not competitive. We need to restructure the tax code so that all Americans, with the exception of those at or below the poverty level, pay SOME taxes, and that the corporate tax rate isn’t competitive with rates around the world. We need to redesign the tax code so that all tax payers must pay at least 2/3 of what they owe before exceptions, and that corporations have a flat tax of 25% — all corporations have a significantly lower tax but must pay all of it.

Yes and no.

Everybody that works pays 15.3% in taxes for Social Security and Medicare.

This is seldom mentioned and should be focused on since both Social Security and Medicare are running deficits.

Both programs should be reformed so that individuals own and control them as either their own retirement account or health insurance plan.

The real problem is too much government spending.

I favor the FairTax where everone pays a sales tax on the new goods and servies they purchase.


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