Part 2 of 3: An American Renaissance, The Road To Peace and Prosperity: Faith, Family, Friends, and Freedom ~ First — Videos

Posted on June 11, 2015. Filed under: American History, Banking, Blogroll, Books, Business, Communications, Constitution, Economics, Education, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, government spending, history, Illegal, Immigration, Inflation, Investments, IRS, Legal, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Photos, Politics, Press, Radio, Rants, Raves, Talk Radio, Tax Policy, Taxation, Taxes, Technology, Unemployment, Video, War, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 474 May 29, 2015

Pronk Pops Show 473 May 28, 2015

Pronk Pops Show 472 May 27, 2015

Pronk Pops Show 471 May 26, 2015

Pronk Pops Show 470 May 22, 2015

Pronk Pops Show 469 May 21, 2015

Pronk Pops Show 468 May 20, 2015

Pronk Pops Show 467 May 19, 2015

Pronk Pops Show 466 May 18, 2015

Pronk Pops Show 465 May 15, 2015

Pronk Pops Show 464 May 14, 2015

Pronk Pops Show 463 May 13, 2015

Pronk Pops Show 462 May 8, 2015

Pronk Pops Show 461 May 7, 2015

Pronk Pops Show 460 May 6, 2015

Pronk Pops Show 459 May 4, 2015

Pronk Pops Show 458 May 1, 2015

Pronk Pops Show 457 April 30, 2015

Pronk Pops Show 456: April 29, 2015

Pronk Pops Show 455: April 28, 2015

Pronk Pops Show 454: April 27, 2015

Pronk Pops Show 453: April 24, 2015

Pronk Pops Show 452: April 23, 2015

Pronk Pops Show 451: April 22, 2015

Pronk Pops Show 450: April 21, 2015

Pronk Pops Show 449: April 20, 2015

Pronk Pops Show 448: April 17, 2015

Pronk Pops Show 447: April 16, 2015

Pronk Pops Show 446: April 15, 2015

Pronk Pops Show 445: April 14, 2015

Pronk Pops Show 444: April 13, 2015

Pronk Pops Show 443: April 9, 2015

Pronk Pops Show 442: April 8, 2015

Pronk Pops Show 441: April 6, 2015

Pronk Pops Show 440: April 2, 2015

Pronk Pops Show 439: April 1, 2015

Pronk Pops Show 438: March 31, 2015

Pronk Pops Show 437: March 30, 2015

Pronk Pops Show 436: March 27, 2015

Pronk Pops Show 435: March 26, 2015

Pronk Pops Show 434: March 25, 2015

Pronk Pops Show 433: March 24, 2015

Pronk Pops Show 432: March 23, 2015

Pronk Pops Show 431: March 20, 2015

Pronk Pops Show 430: March 19, 2015

Pronk Pops Show 429: March 18, 2015

Pronk Pops Show 428: March 17, 2015

Pronk Pops Show 427: March 16, 2015

Pronk Pops Show 426: March 6, 2015

Pronk Pops Show 425: March 4, 2015

Pronk Pops Show 424: March 2, 2015

Pronk Pops Show 423: February 26, 2015

Pronk Pops Show 422: February 25, 2015

Pronk Pops Show 421: February 20, 2015

Pronk Pops Show 420: February 19, 2015

Pronk Pops Show 419: February 18, 2015

Pronk Pops Show 418: February 16, 2015

Pronk Pops Show 417: February 13, 2015

Pronk Pops Show 416: February 12, 2015

Pronk Pops Show 415: February 11, 2015

Pronk Pops Show 414: February 10, 2015

Pronk Pops Show 413: February 9, 2015

Pronk Pops Show 412: February 6, 2015

Pronk Pops Show 411: February 5, 2015

Pronk Pops Show 410: February 4, 2015

Pronk Pops Show 409: February 3, 2015

Pronk Pops Show 408: February 2, 2015

Story 1, Part 2 of 3: An American Renaissance, The Road To Peace and Prosperity: Faith, Family, Friends, and Freedom ~ First — Videos

Part 2

US Debt Clock.org

http://www.usdebtclock.org/

Ep. 12: AN ANIMATED FILM ON THE DEBT & THE DEFICIT | Marshall Curry

US Debt Crisis – Perfectly Explained

The Collapse of The American Dream Explained in Animation

George Carlin on the American Dream

chart

The bar chart comes directly from the Monthly Treasury Statement published by the U. S. Treasury Department..The “Debt Total” bar chart is generated from the Treasury Department’s “Debt Report” found on the Treasury Direct web site. It has links to search the debt for any given date range, and access to debt interest information. It is a direct source to government provided budget information.

“Deficit” vs. “Debt”—Suppose you spend more money this month than your income. This situation is called a “budget deficit”. So you borrow (ie; use your credit card). The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you spend more than your income, another deficit, you must borrow some more, and you’ll still have to pay the interest on your debt (now larger). If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don’t have any money left over for anything else. This situation is known as bankruptcy.

“Reducing the deficit” is a meaningless soundbite. If theDEFICIT is any amount more than ZERO, we have to borrow more and the DEBT grows.

Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress’s appropriations. Here is a direct link to the Congressional Budget Office web site’s deficit analysis. We have to pay interest* on that huge, growing debt; and it dramatically cuts into our budget.

2016-budget-chart-spending-revenue-percent-of-gdp

federal-government-spending-problem-680

where-did-your-tax-dollar-go-680budget-entitlement-programs-680 spending-cuts-680federal-spending-per-household-680 national-defense-spending-680 americas-deficit-federal-spending-680senate_budget_deficits social-security-benefit-payments-680

Sen Rand Paul on Baseline Budgeting

Ending Baseline Budgeting | House GOP Twitter Response

2014 U.S. Federal Budget: Taxes & Revenue

2014 U.S. Federal Budget: Budget Process

2014 U.S. Federal Budget: Social Insurance, Earned Benefits, & Entitlements

2014 U.S. Federal Budget: Debt and Deficit

US Congress has raised the debt ceiling 78 times since 1960

Baseline Budgeting

Rep. Louie Gohmert Applauds The Baseline Reform Act

Baseline Budgeting Explained

Underwhelming Spending Cuts from Congress and Obama

Understanding the National Debt and Budget Deficit

Part 1

fairtax

fair_tax_factst

FairTax: Fire Up Our Economic Engine (Official HD)

The FairTax: It’s Time

Flat Tax vs. National Sales Tax

Dan Mitchell Discussing Federal Tax Burden on CNBC

Eight Reasons Why Big Government Hurts Economic Growth

Dan Mitchell Explaining How Government Screws Up Everything

What is the FairTax legislation?

Cato Institute Senior Fellow Daniel J. Mitchell

How does the FairTax rate compare to today’s?

What assumptions does the FairTax make about government spending?

How does the FairTax rate compare to today’s?

Is the FairTax truly progressive?

How does the “prebate” work?

Will the prebate create a massive new entitlement system?

Wouldn’t it be more fair to exempt food and medicine from the FairTax?

Is it fair for rich people to get the same prebate as poor people?

If people bring home their whole paychecks how can prices fall?

How does the FairTax impact the middle class?

Why is the FairTax better than a flat income tax?

Is the FairTax rate really 23%?

Is consumption a reliable source of revenue?

How does the FairTax affect compliance costs?

Isn’t it a stretch to say the IRS will go away?

Can I pretend to be a business to avoid the sales tax?

How does the FairTax affect tax preparers and CPAs?

Are any significant economies funded by a sales tax?

How will the FairTax affect state sales tax systems?

Can’t Americans just cross the border to avoid the FairTax

How will Social Security payments be calculated under the FairTax?

Will the FairTax impact tax deferred retirement accounts like 401(k)s?

How will the FairTax® make the tax system fair for everyone?

What’s the difference between the FairTax® and the income tax?

How will the FairTax® help me save money?

Why Should Grandparents support FairTax®?

Congressman Woodall Discusses the FairTax

“The Case for the Fair Tax”

Freedom from the IRS! – FairTax Explained in Detail

John Stossel speaks to the Fair Tax Rally

Sen. Moran Discusses FairTax Legislation on U.S. Senate Floor

Mind blowing speech by Robert Welch in 1958

Robert Welch Speaks: In One Generation (1974)

comparison

GOP Taxonomy: The Flat Taxers and the Fair Taxers

by Aman Batheja

During his last run for president, Rick Perry often pulled a postcard out of his jacket pocket. “The best representation of my plan is this postcard, which taxpayers will be able to fill out to file their taxes,” Perry said. While Perry proposed an optional 20 percent flat tax on all income levels, the other Texan running that cycle, Ron Paul, wanted to get rid of the income tax altogether. The former Surfside congressman sometimes suggested replacing it and other federal taxes with a sales tax, a concept often described as the Fair Tax. As the 2016 landscape begins taking shape, potential Republican candidates are suggesting an interest in being both flat and fair, embracing some version of Perry’s 2012 proposal as the first step toward reaching Paul’s ideal. Take U.S. Sen. Ted Cruz, R-Texas, whose talk on taxes has sounded strikingly similar to Perry’s at times. “We should let taxes become so simple that they could be filled out on a postcard,” Cruz wrote in a column for USA Today in October. Yet while Cruz has called for converting the country’s progressive income tax system to a flat tax, his office confirmed that the Fair Tax is his long-term goal. “The senator supports a Fair Tax, ultimately,” spokeswoman Catherine Frazier said. “However, the most immediate, effective way to implement comprehensive tax reform is to pass a simple flat tax — so simple that Americans can file on a postcard. This should be the starting point for reform, and once it’s in place we should pursue a Fair Tax.” Another presidential contender, U.S. Sen. Rand Paul, R-Ky., has also voiced support for a flat tax, but still prefers the vision of his libertarian father, Ron Paul. “I’ve never said I don’t support a sales tax,” Rand Paul told The Texas Tribune recently while in Dallas. He explained that he viewed moving the federal tax system to a flat tax as “an easier concept to get through a legislature because you’re modifying the existing code.” More broadly, Rand Paul said he was interested in stimulating economic growth by reducing the federal taxes overall. “We’ve kind of lost that argument in recent years because many Republicans, including many in Washington, now simply argue for revenue neutral tax reform, which stimulates nothing,” Paul said. For former Arkansas Gov. Mike Huckabee, those talking about the flat tax as a bridge to the Fair Tax are missing the point. “Gov. Huckabee has said many times the Fair Tax is a flat tax, but it’s based on consumption rather than on punishing our productivity,” spokeswoman Alice Stewart said. Another potential presidential contender, former Florida Gov. Jeb Bush, delivered a speech on taxes and income inequality this week in Detroit that reportedly included support for simplifying the tax code, but did not include specific policy proposals. Critics of both flat tax and Fair Tax proposals dismiss them as regressive plans that would amount to tax cuts for higher-income households while increasing the tax burden on middle-class households. But conservatives argue that dramatically simplifying the tax code, or moving to a tax system focused more on consumption than earnings, would be more transparent, simpler and better for the economy in the long run. Cal Jillson, a political science professor at Southern Methodist University, said discussion of flat taxes and consumption taxes works well politically with Republican voters, but described them as “pie-in-the-sky, no-way-in-hell” proposals that won’t ever muster enough support in Congress. “When you talk about tax reform in an environment that is politically polarized as ours, it’s hard to see how you get majority support, let alone a bipartisan package that could be taken to the public by both parties,” Jillson said. “It’s a way of saying, ‘I have no sense of doing anything practical.’ ” While Cruz and Rand Paul have already signaled their positions, Perry, who has been meeting with dozens of policy experts to prepare for a second White House run, may end up tweaking his earlier flat tax plan. “He supports simplifying the tax code, lowering rates for working families, and closing loopholes,” spokeswoman Lucy Nashed said. “Gov. Perry is continuing to work on policy proposals and will announce specific ideas at the appropriate time.” http://www.texastribune.org/2015/02/08/flat-tax-fair-tax/

National Review: The FairTax Makes a Comeback

by: Ryan Lovelace

Republican senator David Perdue of Georgia sounds an awful lot like President Obama when he describes his plan to overhaul the tax code, which would repeal federal taxes and replace them with a consumption tax known as the “FairTax.” “[The FairTax] really levels the playing field in that regardless of who you are, where you are, you’ll pay your fair share, and it will be the same amount,” Perdue tells NRO. “It will be equitable.” Perdue couches his description of the FairTax in rhetorical terms — “levels the playing field,” “pay your fair share,” “equitable” — that could’ve come straight out of Obama’s State of the Union address, and that’s no accident. Whatever the political prospects of the proposal — it has failed over and over again when proposed in the past, and it is expected to meet a similar fate this time around — it could allow the GOP to seize the mantle of economic populism from the Democrats, and, in so doing, to “win” tax reform in the eyes of voters. That’s important, because tax-reform legislation is one of the few big, ostensibly bipartisan efforts the new Congress is expected to undertake, and the scramble to take credit for it ahead of the 2016 presidential election will be fierce. The FairTax legislation put forward in the Senate by Perdue, his fellow Georgia Republican Johnny Isakson, and their colleague Jerry Moran (R., Kan.), was written with 2016 in mind. Perdue says that on Tuesday, before listening to Obama announce his desire to raise taxes once again, he and Isakson discussed the importance of their work in influencing the debate on tax reform. Perdue — the successful manager known for his ability to turn around businesses and revive brands – says he hopes to help move 2016 GOP presidential candidates in the direction of the FairTax. The proposal itself is relatively simple: It would eliminate all federal income, payroll, gift, and estate taxes, and replace them with a 23 percent national sales tax. In addition to making the U.S. economy more competitive on a global scale and putting people back to work, the plan would strip the IRS of its ability to interfere in the lives of ordinary Americans, according to the conservative freshman from Georgia. Other longtime proponents of the idea agree, and argue that by replacing a system that taxes an individual’s earnings with one that exclusively taxes that same individual’s spending, it would allow each citizen the freedom to determine his own tax burden. Perdue’s hopes for 2016 notwithstanding, the FairTax has not been a winning issue in past Republican presidential primaries. A number of GOP primary candidates, from Mike Huckabee in 2008 to Herman Cain in 2012, have failed to win the nomination while championing the proposal. And it will still be a loser come 2016, says Ryan Ellis, the tax-policy director at Grover Norquist’s Americans for Tax Reform. “If this thing [the FairTax] was going to catch on as the next great hot thing, it would have,” Ellis says. “It’s not a practical tax-reform plan for governing, it’s something that people wish, aspirationally, they could put out there.” The tax-reform proposals with the best chance of succeeding in Congress — and helping Republican candidates win in 2016 — are those that move incrementally toward the FairTax’s goals without overhauling the system in one fell swoop, Ellis says. Such proposals would likely combine some of the FairTax’s reforms — such as repealing the death tax and capital-gains taxes — with measures aimed at broadening the tax base of higher-income individuals. The winning formula to achieve fundamental tax reform, according to Ellis, is a plan that is pro-growth, pro-family, and “paid for by, as much as you can, rich guys.” But those who warn that the FairTax lacks political viability only give more motivation to Rob Woodall (R., Ga.), the lead sponsor of FairTax legislation in the House of Representatives. “That’s what I love about this bill: Washington hates this bill,” Woodall says. “There are all sorts of forces in town that discourage this kind of giant reform, but it’s being marketed at a grassroots level.” Woodall’s Georgia district has a history of electing FairTax proponents to Congress. Woodall’s seat was previously occupied by John Linder, a tireless champion who first introduced the FairTax bill in 1999, and reintroduced it in each new Congress until he retired in 2011. He never succeeded in changing the law, but he did quite a bit to build support in his home state. As Americans for Fair Taxation president Steve Hayes tells it, Atlanta-based radio talk-show host Neal Boortz is largely responsible for getting the idea off the ground. Boortz wrote The FairTax Book with Linder and trumpeted his support for the reform to a southeastern audience who readily took to the idea. Hayes’s organization works to garner more support for the idea across the United States. The “power base” of the FairTax proposal has moved out of the Southeast and into the Midwest, Woodall says. Moran’s support as a lead co-sponsor has helped the idea gain traction in Kansas. A top Moran aide who worked on the FairTax bill tells NRO that Moran began laying the groundwork to lead on this issue last year, as former Georgia senator Saxby Chambliss was preparing to retire. Chambliss was a staunch supporter of the FairTax, and the aide says the two offices worked behind the scenes to ensure that the push for tax reform would live on. Woodall thinks the geographical shift in support will help the idea flourish in California and the Northwest. Moreover, he wants to gather supporters in key 2016 Republican-primary states and grow grassroots support in order to influence the GOP’s agenda. But the effort to sell the FairTax primarily to devoted conservatives has left others in the dark as to its possible benefits. Laurence Kotlikoff, an economics professor at Boston University, has studied the FairTax and thinks it is a more progressive proposal than people realize. Kotlikoff says lawmakers’ lack of experience in public finance has led to a misunderstanding of the FairTax. He adds that he thinks Democratic minority leader Nancy Pelosi might even come around to the idea, if she realized that it would help some of the people she purports to care about most: workers. After years toiling under former Senate majority leader Harry Reid (D., Nev.), some conservatives have grown excited by the Senate’s movement on this issue. The Moran staffer thinks a total of 10 or 11 senators may ultimately support the proposal, including new members and others who have changed their minds. The number of original co-sponsors of the FairTax in the House has increased during each of the last three Congresses, peaking this year with 57 total supporters. Barring an unforeseen shift in Congress’s priorities, though, the FairTax appears doomed to fail yet again. Woodall knows the effort is ill-fated, and says he won’t look someone in the eye and tell them that a GOP-led Congress will put the FairTax on the president’s desk — or that the president would ever sign it. For the time being, his goal is more modest: He hopes to harness the relatively small but growing support for the proposal, and to take its message to voters across the country, showing his fellow Republicans that populist economic policies can win back the White House in 2016. “This is a mission to change the way people think about the tax code,” he says. “It’s kind of a crazy idea until you look at it and you say, ‘Golly, why haven’t we done that already?’ Because we know that we can’t win Washington until we win the American voter across the country.” – https://fairtax.org/articles/the-fairtax-makes-a-comeback

The Pronk Pops Show Podcasts Portfolio

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Part 1 of 3: An American Renaissance, The Road To Peace and Prosperity: Faith, Family, Friends, and Freedom ~ First — Videos

Posted on June 10, 2015. Filed under: American History, Blogroll, Business, Communications, Constitution, Corruption, Documentary, Economics, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government spending, history, IRS, Law, liberty, Life, Links, media, People, Philosophy, Photos, Politics, Press, Radio, Raves, Talk Radio, Taxation, Taxes, Video, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 473 May 28, 2015

Pronk Pops Show 472 May 27, 2015

Pronk Pops Show 471 May 26, 2015

Pronk Pops Show 470 May 22, 2015

Pronk Pops Show 469 May 21, 2015

Pronk Pops Show 468 May 20, 2015

Pronk Pops Show 467 May 19, 2015

Pronk Pops Show 466 May 18, 2015

Pronk Pops Show 465 May 15, 2015

Pronk Pops Show 464 May 14, 2015

Pronk Pops Show 463 May 13, 2015

Pronk Pops Show 462 May 8, 2015

Pronk Pops Show 461 May 7, 2015

Pronk Pops Show 460 May 6, 2015

Pronk Pops Show 459 May 4, 2015

Pronk Pops Show 458 May 1, 2015

Pronk Pops Show 457 April 30, 2015

Pronk Pops Show 456: April 29, 2015

Pronk Pops Show 455: April 28, 2015

Pronk Pops Show 454: April 27, 2015

Pronk Pops Show 453: April 24, 2015

Pronk Pops Show 452: April 23, 2015

Pronk Pops Show 451: April 22, 2015

Pronk Pops Show 450: April 21, 2015

Pronk Pops Show 449: April 20, 2015

Pronk Pops Show 448: April 17, 2015

Pronk Pops Show 447: April 16, 2015

Pronk Pops Show 446: April 15, 2015

Pronk Pops Show 445: April 14, 2015

Pronk Pops Show 444: April 13, 2015

Pronk Pops Show 443: April 9, 2015

Pronk Pops Show 442: April 8, 2015

Pronk Pops Show 441: April 6, 2015

Pronk Pops Show 440: April 2, 2015

Pronk Pops Show 439: April 1, 2015

Pronk Pops Show 438: March 31, 2015

Pronk Pops Show 437: March 30, 2015

Pronk Pops Show 436: March 27, 2015

Pronk Pops Show 435: March 26, 2015

Pronk Pops Show 434: March 25, 2015

Pronk Pops Show 433: March 24, 2015

Pronk Pops Show 432: March 23, 2015

Pronk Pops Show 431: March 20, 2015

Pronk Pops Show 430: March 19, 2015

Pronk Pops Show 429: March 18, 2015

Pronk Pops Show 428: March 17, 2015

Pronk Pops Show 427: March 16, 2015

Pronk Pops Show 426: March 6, 2015

Pronk Pops Show 425: March 4, 2015

Pronk Pops Show 424: March 2, 2015

Pronk Pops Show 423: February 26, 2015

Pronk Pops Show 422: February 25, 2015

Pronk Pops Show 421: February 20, 2015

Pronk Pops Show 420: February 19, 2015

Pronk Pops Show 419: February 18, 2015

Pronk Pops Show 418: February 16, 2015

Pronk Pops Show 417: February 13, 2015

Pronk Pops Show 416: February 12, 2015

Pronk Pops Show 415: February 11, 2015

Pronk Pops Show 414: February 10, 2015

Pronk Pops Show 413: February 9, 2015

Pronk Pops Show 412: February 6, 2015

Pronk Pops Show 411: February 5, 2015

Pronk Pops Show 410: February 4, 2015

Pronk Pops Show 409: February 3, 2015

Pronk Pops Show 408: February 2, 2015

Story 1, Part 1 of 3: An American Renaissance, The Road To Peace and Prosperity: Faith, Family, Friends, and Freedom ~ First — Videos

fairtax

fair_tax_factst

FairTax: Fire Up Our Economic Engine (Official HD)

The FairTax: It’s Time

Flat Tax vs. National Sales Tax

Dan Mitchell Discussing Federal Tax Burden on CNBC

Eight Reasons Why Big Government Hurts Economic Growth

Dan Mitchell Explaining How Government Screws Up Everything

What is the FairTax legislation?

Cato Institute Senior Fellow Daniel J. Mitchell

How does the FairTax rate compare to today’s?

What assumptions does the FairTax make about government spending?

How does the FairTax rate compare to today’s?

Is the FairTax truly progressive?

How does the “prebate” work?

Will the prebate create a massive new entitlement system?

Wouldn’t it be more fair to exempt food and medicine from the FairTax?

Is it fair for rich people to get the same prebate as poor people?

If people bring home their whole paychecks how can prices fall?

How does the FairTax impact the middle class?

Why is the FairTax better than a flat income tax?

Is the FairTax rate really 23%?

Is consumption a reliable source of revenue?

How does the FairTax affect compliance costs?

Isn’t it a stretch to say the IRS will go away?

Can I pretend to be a business to avoid the sales tax?

How does the FairTax affect tax preparers and CPAs?

Are any significant economies funded by a sales tax?

How will the FairTax affect state sales tax systems?

Can’t Americans just cross the border to avoid the FairTax

How will Social Security payments be calculated under the FairTax?

Will the FairTax impact tax deferred retirement accounts like 401(k)s?

How will the FairTax® make the tax system fair for everyone?

What’s the difference between the FairTax® and the income tax?

How will the FairTax® help me save money?

Why Should Grandparents support FairTax®?

Congressman Woodall Discusses the FairTax

“The Case for the Fair Tax”

Freedom from the IRS! – FairTax Explained in Detail

John Stossel speaks to the Fair Tax Rally

Sen. Moran Discusses FairTax Legislation on U.S. Senate Floor

Mind blowing speech by Robert Welch in 1958

Robert Welch Speaks: In One Generation (1974)

comparison

GOP Taxonomy: The Flat Taxers and the Fair Taxers

by Aman Batheja

During his last run for president, Rick Perry often pulled a postcard out of his jacket pocket.

“The best representation of my plan is this postcard, which taxpayers will be able to fill out to file their taxes,” Perry said.

While Perry proposed an optional 20 percent flat tax on all income levels, the other Texan running that cycle, Ron Paul, wanted to get rid of the income tax altogether. The former Surfside congressman sometimes suggested replacing it and other federal taxes with a sales tax, a concept often described as the Fair Tax.

As the 2016 landscape begins taking shape, potential Republican candidates are suggesting an interest in being both flat and fair, embracing some version of Perry’s 2012 proposal as the first step toward reaching Paul’s ideal.

Take U.S. Sen. Ted Cruz, R-Texas, whose talk on taxes has sounded strikingly similar to Perry’s at times.
“We should let taxes become so simple that they could be filled out on a postcard,” Cruz wrote in a column for USA Today in October.

Yet while Cruz has called for converting the country’s progressive income tax system to a flat tax, his office confirmed that the Fair Tax is his long-term goal.

“The senator supports a Fair Tax, ultimately,” spokeswoman Catherine Frazier said. “However, the most immediate, effective way to implement comprehensive tax reform is to pass a simple flat tax — so simple that Americans can file on a postcard. This should be the starting point for reform, and once it’s in place we should pursue a Fair Tax.”

Another presidential contender, U.S. Sen. Rand Paul, R-Ky., has also voiced support for a flat tax, but still prefers the vision of his libertarian father, Ron Paul.

“I’ve never said I don’t support a sales tax,” Rand Paul told The Texas Tribune recently while in Dallas. He explained that he viewed moving the federal tax system to a flat tax as “an easier concept to get through a legislature because you’re modifying the existing code.”

More broadly, Rand Paul said he was interested in stimulating economic growth by reducing the federal taxes overall.

“We’ve kind of lost that argument in recent years because many Republicans, including many in Washington, now simply argue for revenue neutral tax reform, which stimulates nothing,” Paul said.

For former Arkansas Gov. Mike Huckabee, those talking about the flat tax as a bridge to the Fair Tax are missing the point.
“Gov. Huckabee has said many times the Fair Tax is a flat tax, but it’s based on consumption rather than on punishing our productivity,” spokeswoman Alice Stewart said.

Another potential presidential contender, former Florida Gov. Jeb Bush, delivered a speech on taxes and income inequality this week in Detroit that reportedly included support for simplifying the tax code, but did not include specific policy proposals.

Critics of both flat tax and Fair Tax proposals dismiss them as regressive plans that would amount to tax cuts for higher-income households while increasing the tax burden on middle-class households. But conservatives argue that dramatically simplifying the tax code, or moving to a tax system focused more on consumption than earnings, would be more transparent, simpler and better for the economy in the long run.

Cal Jillson, a political science professor at Southern Methodist University, said discussion of flat taxes and consumption taxes works well politically with Republican voters, but described them as “pie-in-the-sky, no-way-in-hell” proposals that won’t ever muster enough support in Congress.

“When you talk about tax reform in an environment that is politically polarized as ours, it’s hard to see how you get majority support, let alone a bipartisan package that could be taken to the public by both parties,” Jillson said. “It’s a way of saying, ‘I have no sense of doing anything practical.’ ”

While Cruz and Rand Paul have already signaled their positions, Perry, who has been meeting with dozens of policy experts to prepare for a second White House run, may end up tweaking his earlier flat tax plan.

“He supports simplifying the tax code, lowering rates for working families, and closing loopholes,” spokeswoman Lucy Nashed said. “Gov. Perry is continuing to work on policy proposals and will announce specific ideas at the appropriate time.”

http://www.texastribune.org/2015/02/08/flat-tax-fair-tax/

National Review: The FairTax Makes a Comeback

by: Ryan Lovelace

Republican senator David Perdue of Georgia sounds an awful lot like President Obama when he describes his plan to overhaul the tax code, which would repeal federal taxes and replace them with a consumption tax known as the “FairTax.”

“[The FairTax] really levels the playing field in that regardless of who you are, where you are, you’ll pay your fair share, and it will be the same amount,” Perdue tells NRO. “It will be equitable.”

Perdue couches his description of the FairTax in rhetorical terms — “levels the playing field,” “pay your fair share,” “equitable” — that could’ve come straight out of Obama’s State of the Union address, and that’s no accident. Whatever the political prospects of the proposal — it has failed over and over again when proposed in the past, and it is expected to meet a similar fate this time around — it could allow the GOP to seize the mantle of economic populism from the Democrats, and, in so doing, to “win” tax reform in the eyes of voters. That’s important, because tax-reform legislation is one of the few big, ostensibly bipartisan efforts the new Congress is expected to undertake, and the scramble to take credit for it ahead of the 2016 presidential election will be fierce.
The FairTax legislation put forward in the Senate by Perdue, his fellow Georgia Republican Johnny Isakson, and their colleague Jerry Moran (R., Kan.), was written with 2016 in mind. Perdue says that on Tuesday, before listening to Obama announce his desire to raise taxes once again, he and Isakson discussed the importance of their work in influencing the debate on tax reform. Perdue — the successful manager known for his ability to turn around businesses and revive brands – says he hopes to help move 2016 GOP presidential candidates in the direction of the FairTax.

The proposal itself is relatively simple: It would eliminate all federal income, payroll, gift, and estate taxes, and replace them with a 23 percent national sales tax. In addition to making the U.S. economy more competitive on a global scale and putting people back to work, the plan would strip the IRS of its ability to interfere in the lives of ordinary Americans, according to the conservative freshman from Georgia. Other longtime proponents of the idea agree, and argue that by replacing a system that taxes an individual’s earnings with one that exclusively taxes that same individual’s spending, it would allow each citizen the freedom to determine his own tax burden.

Perdue’s hopes for 2016 notwithstanding, the FairTax has not been a winning issue in past Republican presidential primaries. A number of GOP primary candidates, from Mike Huckabee in 2008 to Herman Cain in 2012, have failed to win the nomination while championing the proposal. And it will still be a loser come 2016, says Ryan Ellis, the tax-policy director at Grover Norquist’s Americans for Tax Reform. “If this thing [the FairTax] was going to catch on as the next great hot thing, it would have,” Ellis says. “It’s not a practical tax-reform plan for governing, it’s something that people wish, aspirationally, they could put out there.”

The tax-reform proposals with the best chance of succeeding in Congress — and helping Republican candidates win in 2016 — are those that move incrementally toward the FairTax’s goals without overhauling the system in one fell swoop, Ellis says. Such proposals would likely combine some of the FairTax’s reforms — such as repealing the death tax and capital-gains taxes — with measures aimed at broadening the tax base of higher-income individuals. The winning formula to achieve fundamental tax reform, according to Ellis, is a plan that is pro-growth, pro-family, and “paid for by, as much as you can, rich guys.”

But those who warn that the FairTax lacks political viability only give more motivation to Rob Woodall (R., Ga.), the lead sponsor of FairTax legislation in the House of Representatives.

“That’s what I love about this bill: Washington hates this bill,” Woodall says. “There are all sorts of forces in town that discourage this kind of giant reform, but it’s being marketed at a grassroots level.”

Woodall’s Georgia district has a history of electing FairTax proponents to Congress. Woodall’s seat was previously occupied by John Linder, a tireless champion who first introduced the FairTax bill in 1999, and reintroduced it in each new Congress until he retired in 2011. He never succeeded in changing the law, but he did quite a bit to build support in his home state.

As Americans for Fair Taxation president Steve Hayes tells it, Atlanta-based radio talk-show host Neal Boortz is largely responsible for getting the idea off the ground. Boortz wrote The FairTax Book with Linder and trumpeted his support for the reform to a southeastern audience who readily took to the idea. Hayes’s organization works to garner more support for the idea across the United States.

The “power base” of the FairTax proposal has moved out of the Southeast and into the Midwest, Woodall says. Moran’s support as a lead co-sponsor has helped the idea gain traction in Kansas. A top Moran aide who worked on the FairTax bill tells NRO that Moran began laying the groundwork to lead on this issue last year, as former Georgia senator Saxby Chambliss was preparing to retire. Chambliss was a staunch supporter of the FairTax, and the aide says the two offices worked behind the scenes to ensure that the push for tax reform would live on. Woodall thinks the geographical shift in support will help the idea flourish in California and the Northwest. Moreover, he wants to gather supporters in key 2016 Republican-primary states and grow grassroots support in order to influence the GOP’s agenda.

But the effort to sell the FairTax primarily to devoted conservatives has left others in the dark as to its possible benefits. Laurence Kotlikoff, an economics professor at Boston University, has studied the FairTax and thinks it is a more progressive proposal than people realize. Kotlikoff says lawmakers’ lack of experience in public finance has led to a misunderstanding of the FairTax. He adds that he thinks Democratic minority leader Nancy Pelosi might even come around to the idea, if she realized that it would help some of the people she purports to care about most: workers.

After years toiling under former Senate majority leader Harry Reid (D., Nev.), some conservatives have grown excited by the Senate’s movement on this issue. The Moran staffer thinks a total of 10 or 11 senators may ultimately support the proposal, including new members and others who have changed their minds. The number of original co-sponsors of the FairTax in the House has increased during each of the last three Congresses, peaking this year with 57 total supporters.

Barring an unforeseen shift in Congress’s priorities, though, the FairTax appears doomed to fail yet again. Woodall knows the effort is ill-fated, and says he won’t look someone in the eye and tell them that a GOP-led Congress will put the FairTax on the president’s desk — or that the president would ever sign it. For the time being, his goal is more modest: He hopes to harness the relatively small but growing support for the proposal, and to take its message to voters across the country, showing his fellow Republicans that populist economic policies can win back the White House in 2016.

“This is a mission to change the way people think about the tax code,” he says. “It’s kind of a crazy idea until you look at it and you say, ‘Golly, why haven’t we done that already?’ Because we know that we can’t win Washington until we win the American voter across the country.” –

https://fairtax.org/articles/the-fairtax-makes-a-comeback

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The Coming Wipe Out Election of 2014 Drowns Democrats in Defeat and Obama’s Failed Presidency — Republicans Will Control Senate With 56 Senators and House With 250 Representatives — Jobs –Obamacare–Budgets — Scandals (JOBS) Were The Issues — Big Losers: The Washington Political Elitist Establishment (PEEs) and Mainstream Media — Real Winners: Independents and Tea Party Patriots — Balance The Budget and Enforce Immigration Law and Deport The 30-50 Illegal Aliens Now Or You Are Next! — Videos

Posted on November 4, 2014. Filed under: American History, Blogroll, Business, Catholic Church, Communications, Constitution, Crisis, Demographics, Economics, Employment, Faith, Family, Federal Communications Commission, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Illegal, Immigration, Inflation, Investments, Law, Legal, liberty, Life, Links, Literacy, media, National Security Agency (NSA_, People, Philosophy, Politics, Press, Psychology, Public Sector, Radio, Rants, Raves, Religion, Resources, Security, Strategy, Talk Radio, Unemployment, Unions, Video, War, Wealth, Welfare, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 362: November 3, 2014

Pronk Pops Show 361: October 31, 2014

Pronk Pops Show 360: October 30, 2014

Pronk Pops Show 359: October 29, 2014

Pronk Pops Show 358: October 28, 2014

Pronk Pops Show 357: October 27, 2014

Pronk Pops Show 356: October 24, 2014

Pronk Pops Show 355: October 23, 2014

Pronk Pops Show 354: October 22, 2014

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Pronk Pops Show 352: October 20, 2014

Pronk Pops Show 351: October 17, 2014

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Pronk Pops Show 346: October 9, 2014

Pronk Pops Show 345: October 8, 2014

Pronk Pops Show 344: October 6, 2014

Pronk Pops Show 343: October 3, 2014

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Pronk Pops Show 340: September 30, 2014

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Story 1: The Coming Wipe Out Election of 2014 Drowns Democrats in Defeat and Obama’s Failed Presidency — Republicans Will Control Senate With 56 Senators and House With 250 Representatives — Jobs –Obamacare–Budgets — Scandals (JOBS) Were The Issues — Big Losers: The Washington Political Elitist Establishment (PEEs) and Mainstream Media — Real Winners: Independents and Tea Party Patriots — Balance The Budget and Enforce Immigration Law and Deport The 30-50 Illegal Aliens Now Or You Are Next! — Videos

Independent-voters

Combined--Control_of_the_U.S._House_of_Representatives_-_Control_of_the_U.S._Senate

Party Affiliation

Party affiliation in U.S. plus leaners

Trend: In politics, as of today, do you consider yourself a Republican, a Democrat, or an independent? (Asked of independents:) As of today, do you lean more to the Democratic Party or the Republican Party?

http://www.gallup.com/poll/15370/party-affiliation.aspx

The Ventures Live: Wipe Out

• Glenn Beck Discusses 2014 Midterm Elections • Hannity • 10/28/14

Will Republicans win control the Senate?

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Confirmed — illegal alien drug dealer cop killer deported twice

Sheriff’s officials have identified the suspect as Marcelo Marquez, but the U.S. Immigration and Customs Enforcement agency said in a statement Saturday that his name actually is Luis Enrique Monroy-Bracamonte.

Glenn Beck On Tea Party Vs Republican Party – O’Reilly

Poll shows independents growing in US

Poll Record High 42 Percent Americans Identify As Independents

Most Political Independents Ever In USA

Reason’s Nick Gillespie on the Rise of the Independent Voter

Dan Mitchell Discussing the Tipping Point when America Becomes a Failed Welfare State

5 Facts About Govt Spending: Nick Gillespie at Reason Weekend 2012

“Politicians are like criminals in Batman comics. They’re a superstitious, cowardly lot. And the minute that they know they’re going to lose elections because they’re spending too much money, they will find their inner cheapskate and start [spending less],” said Reason’s Nick Gillespie during his speech at the Reason Weekend event in Las Vegas. In “5 Unacknowledged, Unexpected, and Unavoidable Facts about Government Spending and the Economy,” Gillespie says politicians such as President Obama and John Boehner are in denial. Influential economists like Paul Krugman and Lawrence Summers correctly diagnose debt as a problem even as they prescribe more debt as the cure. Gillespie argues that: • We’re spending too much. Two wars, entitlement growth, and a massive stimulus are the results of a spending frenzy over the last decade. • We’ve got too much debt. Every level of government is in over their heads. The literal and figurative bankruptcies of cities such as Stockton, California and Harrisburg, Pennsylvania are the canaries in the coal mine. • Debt overhang kills growth. The latest studies are clear: excessive debt, sustained over long periods of time, hurts economic growth. Beyond the cost of higher interest rate payments, increasingly higher debt loads — which Gillespie calls “a ziggurat of doom” — promises to reduce opportunities for everyone. • Spending growth is driven by entitlements. Since the Great Society programs of the 1960s, the government has switched from providing infrastructure and basic services, to being a national insurance broker. The consequences of this are dire because, as statistician Nate Silver notes, “most of us don’t much care for our insurance broker.” • Trust in government is at historic lows. This kind of distrust is an inevitable result of a mismanaged economy. Yet it’s also cause for optimism. Public discontent sow the seeds of reform, allowing the possibility of meaningful fiscal reform. Gillespie’s talk, in which he also sketches solutions to long-term economic malaise, is followed by audience Q&A.

Eight Reasons Why Big Government Hurts Economic Growth

Free Markets and Small Government Produce Prosperity

Want Less Corruption? Shrink the Size of Government

 

TAKE IT TO THE LIMITS: Milton Friedman on Libertarianism

This interview was filmed February 10, 1999. What are the elements of the libertarian movement and how does one of its most illustrious proponents, Milton Friedman, apply its tenets to issues facing the United States today? Milton Friedman, Senior Research Fellow, Hoover Institution, Nobel Laureate in Economic Sciences discusses how he balances the libertarians’ desire for a small, less intrusive government with environmental, public safety, food and drug administration, and other issues.

TAKEOVER: “The Rise Of The Tea Party”

The Tea Party Continuing the Revolution in American Thought

Tea Party America (BBC Documentary)

Yaron Brook at Tea Party Patriots Summit

Will Hunting had it right 14 years ago

George Carlin – It’s a big club and you ain’t in it

George Carlin – Voting

Independments Walk Out of

The Democratic and Republican Parties

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Independent and Tea Party Patriot Candidates

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The Ventures – PIPELINE

U.S. Voters Divided on Party Better to Control Congress

U.S. registered voters do not have a clear preference on whether the country would be better off if Republicans (29%) or Democrats (27%) controlled Congress, with 40% saying it would be the same regardless of which party is in power. In the 2006 Democratic and 2010 Republican “wave” elections, voters had a clear preference for the party that won. Today’s views are most similar to the 2002 elections, which saw more modest change in the party composition of Congress. Trend: Do you think the country would be better off if the Republicans controlled Congress, if the Democrats controlled Congress, or would the country be the same regardless of which party controlled Congress? The 2006 and 2010 elections were contested at a time when one party had control of the presidency and both houses of Congress, and voters were more likely to think the country would benefit from shifting control of Congress away from the majority party than keeping it with that party. In 2002, as now, party control was divided, with the president’s party having control of one house of Congress but not the other. The blurred lines of accountability could explain why voters did not more clearly show a preference for which party controlled Congress in 2002 or this year. But other aspects of Americans’ current mood look more like they did in 2006 and 2010 — and in other years, such as 1982 and 1994, in which there were major shakeups in congressional membership — than in 2002. These include their subpar ratings of the job performance of the president and of Congress, and their low satisfaction with the direction of the country as a whole. Key Election Indicators in Recent Midterm Election Years The president’s party typically loses seats in midterm elections, but those losses tend to be greater when Americans’ approval ratings of the president, and of Congress, are relatively poor, and when Americans are not satisfied with the way things are going in the United States. In years like 1986, 1998 and 2002, when Americans were generally upbeat about the state of the nation, there tended to be less change in the membership of Congress in the midterm elections. Importantly, though these key indicators are still low on an absolute basis, most of the current updates are a bit more positive than what Gallup measured earlier this year. For example, congressional job approval has averaged 14% so far in 2014 and has not been as high as the current 20% since just before the 2012 elections. Also, the current 27% satisfied with the way things are going in the United States exceeds the 2014 average to date of 23%; satisfaction was last at this level in July 2013. President Barack Obama’s job approval rating, 44% in the Oct. 29-Nov. 2 poll, is nominally more positive, but not significantly different from, the 42% he has averaged in Gallup Daily tracking over the past week. Americans’ improving economic confidence may be one reason the current national mood indicators are a bit more positive than they have been. And while the level of improvement is not enough to fundamentally erase the Republicans’ advantage going into Tuesday’s elections, it does suggest the negative climate that has been providing the wind at the GOP’s back may not be quite strong as it was a few months, or even weeks, ago. Implications The national political climate, as measured by several key indicators of Americans’ satisfaction with current conditions in the country and how the nation is being governed, usually gives a strong sense of which way a midterm election will go. And this year, with a Democratic president in office and Americans in a generally negative mood, the fundamentals point to 2014 being a better year for the Republican Party than the Democratic Party. Indeed, the general consensus among political experts is that the Republicans will increase their majority in the House of Representatives and could win control of the Senate. And though the key indicators are about as negative this year as they have been in past wave elections, 2014 may not see the same level of shakeup in Congress as was the case in 2006, 2010 and other years. The key variable working against a 2014 wave may be that divided party control in Washington already exists when it did not in 1994, 2006 and 2010, and thus, frustrated voters this year have no clear way to act on their frustration by changing the party composition of the federal government. With Obama in office for two more years and little chance of Republicans losing their House majority, divided government should still be in place regardless of which party has the Senate majority, and the way the nation is governed over the next two years may not materially change. Survey Methods Results for this Gallup poll are based on telephone interviews conducted Oct. 29-Nov. 2, 2014, with a random sample of 1,832 adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia. For results based on the total sample of national adults, the margin of sampling error is ±3 percentage points at the 95% confidence level. For results based on the total sample of 1,590 registered voters, the margin of sampling error is ±3 percentage points at the 95% confidence level. Each sample of national adults includes a minimum quota of 50% cellphone respondents and 50% landline respondents, with additional minimum quotas by time zone within region. Landline and cellular telephone numbers are selected using random-digit-dial methods.

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Asset Price Bubble Bursts Coming In October With 69 Months of Near Zero Federal Funds Interest Rates! — Interest Rate Suppression or Price Control and Manipulation Will Blow Up Economy — Suppressing Savings and Investment With Low Interest Rates Is A Formula For Diaster and Depression — Panic Time — Start A War Over Oil — Meltdown America –Videos

Posted on September 21, 2014. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Computers, Constitution, Crisis, Culture, Demographics, Diasters, Documentary, Economics, Education, European History, Faith, Family, Federal Government, Federal Government Budget, Films, Fiscal Policy, Food, Foreign Policy, Fraud, Freedom, Friends, Genocide, Government Land Ownership, government spending, Health Care, history, Illegal, Immigration, Inflation, Investments, IRS, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Monetary Policy, Money, Natural Gas, Non-Fiction, Obamacare, Oil, People, Philosophy, Photos, Politics, Press, Programming, Public Sector, Radio, Radio, Rants, Raves, Securities and Exchange Commission, Talk Radio, Tax Policy, Taxes, Technology, Terrorism, Unemployment, Unions, Video, War, Water, Wealth, Weapons, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 332: September 18 2014

Pronk Pops Show 331: September 17, 2014

Pronk Pops Show 330: September 16, 2014

Pronk Pops Show 329: September 15, 2014

Pronk Pops Show 328: September 12, 2014

Pronk Pops Show 327: September 11, 2014

Pronk Pops Show 326: September 10, 2014

Pronk Pops Show 325: September 9, 2014

Pronk Pops Show 324: September 8, 2014

Pronk Pops Show 323: September 5, 2014

Pronk Pops Show 322: September 4, 2014

Pronk Pops Show 321: September 3, 2014

Pronk Pops Show 320: August 29, 2014

Pronk Pops Show 319: August 28, 2014

Pronk Pops Show 318: August 27, 2014 

Pronk Pops Show 317: August 22, 2014

Pronk Pops Show 316: August 20, 2014

Pronk Pops Show 315: August 18, 2014

Pronk Pops Show 314: August 15, 2014

Pronk Pops Show 313: August 14, 2014

Pronk Pops Show 312: August 13, 2014

Pronk Pops Show 311: August 11, 2014

Pronk Pops Show 310: August 8, 2014

Pronk Pops Show 309: August 6, 2014

Pronk Pops Show 308: August 4, 2014

Pronk Pops Show 307: August 1, 2014 

Pronk Pops Show 306: July 31, 2014

Pronk Pops Show 305: July 30, 2014

Pronk Pops Show 304: July 29, 2014

Pronk Pops Show 303: July 28, 2014

Pronk Pops Show 302: July 24, 2014

Pronk Pops Show 301: July 23, 2014

Pronk Pops Show 300: July 22, 2014

Pronk Pops Show 299: July 21, 2014

Pronk Pops Show 298: July 18, 2014

Pronk Pops Show 297: July 17, 2014

Pronk Pops Show 296: July 16, 2014

Pronk Pops Show 295: July 15, 2014

Pronk Pops Show 294: July 14, 2014

Pronk Pops Show 293: July 11, 2014

Pronk Pops Show 292: July 9, 2014

Pronk Pops Show 291: July 7, 2014

Pronk Pops Show 290: July 3, 2014

Pronk Pops Show 289: July 2, 2014

Pronk Pops Show 288: June 30, 2014

Pronk Pops Show 287: June 27, 2014

Pronk Pops Show 286: June 26, 2014

Pronk Pops Show 285 June 25, 2014

Pronk Pops Show 284: June 23, 2014

Pronk Pops Show 283: June 20, 2014

Pronk Pops Show 282: June 19, 2014

Pronk Pops Show 281: June 17, 2014

Pronk Pops Show 280: June 16, 2014

Pronk Pops Show 279: June 13, 2014

Pronk Pops Show 278: June 12, 2014

Pronk Pops Show 277: June 11, 2014

Pronk Pops Show 276: June 10, 2014

Pronk Pops Show 275: June 9, 2014

Pronk Pops Show 274: June 6, 2014

Pronk Pops Show 273: June 5, 2014

Pronk Pops Show 272: June 4, 2014

Pronk Pops Show 271: June 2, 2014

Story 1: Asset Price Bubble Bursts Coming In October With 69 Months of Near Zero Federal Funds Interest Rates! — Interest Rate Suppression or Price Control and Manipulation Will Blow Up Economy — Suppressing Savings and Investment With Low Interest Rates Is A Formula For Diaster and Depression — Panic Time — Start A War Over Oil — Meltdown America –Videos

U.S. Debt Clock

Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
09/17/2014 12,767,522,798,389.80 4,997,219,915,398.95 17,764,742,713,788.75

 

TABLE I -- SUMMARY OF TREASURY SECURITIES OUTSTANDING, AUGUST 31, 2014
(Millions of dollars)
                                              Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
                                              By the Public         Holdings
Marketable:
  Bills.......................................        1,450,293                     1,704                1,451,998
  Notes.......................................        8,109,269                     7,365                8,116,634
  Bonds.......................................        1,521,088                        57                1,521,144
  Treasury Inflation-Protected Securities.....        1,031,836                        52                1,031,888
  Floating Rate Notes  21  ...................          109,996                         0                  109,996
  Federal Financing Bank  1  .................                0                    13,612                   13,612
Total Marketable  a...........................       12,222,481                    22,790 2             12,245,271
Nonmarketable:
  Domestic Series.............................           29,995                         0                   29,995
  Foreign Series..............................            2,986                         0                    2,986
  State and Local Government Series...........          105,440                         0                  105,440
  United States Savings Securities............          177,030                         0                  177,030
  Government Account Series...................          193,237                 4,993,277                5,186,514
  Hope Bonds 19...............................                0                       494                      494
  Other.......................................            1,443                         0                    1,443
Total Nonmarketable  b........................          510,130                 4,993,771                5,503,901
Total Public Debt Outstanding ................       12,732,612                 5,016,561               17,749,172
TABLE II -- STATUTORY DEBT LIMIT, AUGUST 31, 2014
(Millions of dollars)
                                              Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
                                                 By the Public 17, 2Holdings
Debt Subject to Limit: 17, 20
  Total Public Debt Outstanding...............       12,732,612                 5,016,561               17,749,172
  Less Debt Not Subject to Limit:
    Other Debt ...............................              485                         0                      485
    Unamortized Discount  3...................           15,742                    12,421                   28,163
    Federal Financing Bank  1     ............                0                    13,612                   13,612
    Hope Bonds 19.............................                0                       494                      494
  Plus Other Debt Subject to Limit:
    Guaranteed Debt of Government Agencies  4                 *                         0                        *
  Total Public Debt Subject to Limit .........       12,716,386                 4,990,033               17,706,419
  Statutory Debt Limit  5.....................................................................                   0
COMPILED AND PUBLISHED BY
THE BUREAU OF THE FISCAL SERVICE
www.TreasuryDirect.gov

Interest Expense on the Debt Outstanding

The Interest Expense on the Debt Outstanding includes the monthly interest for:

Amortized discount or premium on bills, notes and bonds is also included in the monthly interest expense.

The fiscal year represents the total interest expense on the Debt Outstanding for a given fiscal year. This includes the months of October through September. View current month details (XLS Format, File size 199KB, uploaded 09/05/2014).

Note: To read or print a PDF document, you need the Adobe Acrobat Reader (v5.0 or higher) software installed on your computer. You can download the Adobe Acrobat Reader from the Adobe Website.

If you need help downloading…

Interest Expense Fiscal Year 2014
August $27,093,517,258.24
July $29,260,530,745.98
June $97,565,768,696.69
May $32,081,384,628.40
April $31,099,852,014.96
March $26,269,559,883.36
February $21,293,863,450.50
January $19,498,592,676.78
December $88,275,817,263.03
November $22,327,099,682.97
October $16,451,313,332.09
Fiscal Year Total $411,217,855,816.94
Available Historical Data Fiscal Year End
2013 $415,688,781,248.40
2012 $359,796,008,919.49
2011 $454,393,280,417.03
2010 $413,954,825,362.17
2009 $383,071,060,815.42
2008 $451,154,049,950.63
2007 $429,977,998,108.20
2006 $405,872,109,315.83
2005 $352,350,252,507.90
2004 $321,566,323,971.29
2003 $318,148,529,151.51
2002 $332,536,958,599.42
2001 $359,507,635,242.41
2000 $361,997,734,302.36
1999 $353,511,471,722.87
1998 $363,823,722,920.26
1997 $355,795,834,214.66
1996 $343,955,076,695.15
1995 $332,413,555,030.62
1994 $296,277,764,246.26
1993 $292,502,219,484.25
1992 $292,361,073,070.74
1991 $286,021,921,181.04
1990 $264,852,544,615.90
1989 $240,863,231,535.71
1988 $214,145,028,847.73

chart

fredgraph

fredgraph

BND-10-Year-Treasury-Yield-09122014

 JIM ROGERS Financial disaster coming – Dollar collapse – Countries Move Away From USD

US Fed signals move to normalize monetary policy

Dollar Meltdown, Massive Financial Bubble, Economic Collapse Marc Faber

Peter Schiff Iraq Crisis Threatens Global Economy

Peter Schiff – Fantasy About US Recovery Is Not Going To Materialize

Most important video Americans will see today – Doug Casey Interview

James Grant: Two Alternative Outcomes From Fed Policy – Much Higher Inflation or More Money Printing

Investor Jim Grant on Bubbles And Bargains

Jim Rogers Discusses Concern Over The Market

Jim Rogers On Economic Collapse And The US Debt‬

US Economy 2014 Collapse – *Peter Schiff* – FED will cause Huge Economic Crisis!

US ECONOMY COLLAPSE WILL LEAVE MILLIONS IN POVERTY

There Will Be No Economic Recovery. Prepare Yourself Accordingly

US Massive Financial Crisis Coming

Dan Mitchell Discussing Harvard Survey, Arguing for Growth over Class Warfare

The Coming Stock Market Crash and The Death of Money with Jim Rickards

Market Crash, Economic collapse 2014, The coming of World War 3 – Stock Market

Forbes: Obama’s Economic Reforms Are the Definition of Insanity

Why America Should Default and You Should Live Abroad: Q&A with Doug Casey

Doug Casey-No Way Out-Stock, Bond and Real Estate Markets Will Collapse

Russia conspired to destroy US dollar with China – clip from Meltdown America documentary

http://www.caseyresearch.com/lg/meltdown-video

 

 

Here a bubble, there a bubble: Ol’ Marc Faber

Even after the Dow and the S&P 500 closed at new all-time highs, closely followed contrarian Marc Faber keeps sounding the alarm.

“We have a bubble in everything, everywhere,” the publisher of The Gloom, Boom & Doom Report told CNBC’s “Squawk Box” on Friday. Faber has long argued that the Federal Reserve’s massive asset purchasing programs and near-zero interest rates have inflated stock prices.

The catalyst for a market decline, as he sees it, could be a “raise in interest rates, not engineered by the Fed,” referring an increase in bond yields.

 

Faber also expressed concern about American consumers. “Their cost of living have gone up more than the salary increases, so they’re getting squeezed. So that’s why retailing is not doing particularly well.”

A real black swan event, he argued, would be a global recession. “The big surprise will be that the global economy slows down and goes into recession. And that will shock markets.”

If economies around the world can’t recovery with the Fed and other central banks pumping easy money into the system, that would send a dire message, Faber added. He believes the best way for world economies to recover is to cut the size of government.

Read MoreBond market hears Fed hawks; stocks see doves

There’s a dual-economy in the U.S. and around the world with the rich doing really well and others struggling, he said. “[But] the rich will get creamed one day, especially in Europe, on wealth taxes.”

On the other end of the market spectrum, longtime stock market bull Jeremy Siegel told CNBC on Tuesday (ahead of Wednesday’s Fed policy statement leaving interest rate guidance unchanged) that he stands by his Dow 18,000 prediction.

The Wharton School professor sees second half economic growth of 3 to 4 percent, S&P 500 earnings near $120, and the start of Fed rate hikes in the spring or summer of 2015

http://www.cnbc.com/id/102016166

 

Fed and TWTR Overvaluation, Evidence of Looming Market Crash: Stockman

The Federal Reserve Wednesday reassured investors that it will hold interest rates near zero for a “considerable time” after it ends the bond-buying program known as quantitative easing in October. In response, the Dow Jones Industrial Average (^DJI) closed at a new record high.

Former Director of the Office of Management and Budget and author of the book, The Great Deformation, David Stockman, has significant concerns about that very policy.

“I’m worried… that we’ve got the greatest bubble created by a central bank in human history,” he told Yahoo Finance.

In a recent blog post, Stockman offered a handful of high-flying stocks as evidence of what he sees as “madness.”

                                               “…Twitter, is all that is required to remind us that once

                                               again markets are trading in the nosebleed section

                                               of history, rivaling even the madness of March 2000.”

Behind the madness

In an interview with Yahoo Finance, Stockman blamed Fed policy for creating that madness.

“We have been shoving zero-cost money into the financial markets for 6-years running,” he said. “That’s the kerosene that drives speculative trading – the carry trades. That’s what the gamblers use to fund their position as they move from one momentum play and trade to another.”

And that, he says, is not sustainable. While Stockman believes tech stocks are especially overvalued, he warns that it’s not just tech valuations that are inflated. “Everything’s massively overvalued, and it’s predicated on zero-cost overnight money that continues these carry trades; It can’t continue.”

And he still believes, as he has for some time – so far, incorrectly – that there will be a day of reckoning.

“When the trades begin to unwind because the carry cost has to normalize, you’re going to have a dramatic re-pricing dislocation in these financial markets.”

As Yahoo Finance’s Lauren Lyster points out in the associated video, investors who heeded Stockman’s advice last year would have missed out on a 28% run-up in stocks. But Stockman remains steadfast in his belief that the current Fed policy and the resultant market behavior can not continue. “I think what the Fed is doing is so unprecedented, what is happening in the markets is so unnatural,” he said. “This is dangerous, combustible stuff, and I don’t know when the explosion occurs – when the collapse suddenly is upon us – but when it happens, people will be happy that they got out of the way if they did.”

 

 

Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date: Thursday, September 11, 2014
Release dates | Data Download Program (DDP) | About | Announcements | Technical Q&As
Current release  Other formats: Screen reader | ASCII | PDF (21 KB)


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FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 11, 2014

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Reserve Bank credit 4,377,690 +    4,183 +  761,693 4,379,719
Securities held outright1 4,159,537 +    2,675 +  765,361 4,160,521
U.S. Treasury securities 2,439,657 +    2,671 +  401,376 2,440,637
Bills2          0          0          0          0
Notes and bonds, nominal2 2,325,368 +    2,678 +  386,333 2,326,351
Notes and bonds, inflation-indexed2     97,755          0 +   11,737     97,755
Inflation compensation3     16,534 –        7 +    3,306     16,531
Federal agency debt securities2     41,562          0 –   22,868     41,562
Mortgage-backed securities4 1,678,317 +        4 +  386,851 1,678,322
Unamortized premiums on securities held outright5    208,963 –      219 +    5,815    208,907
Unamortized discounts on securities held outright5    -18,664 +       21 –   12,958    -18,654
Repurchase agreements6          0          0          0          0
Loans        291 –        8 +       18        352
Primary credit         10 –       18 –        8         53
Secondary credit          0          0          0          0
Seasonal credit        247 +        9 +       94        266
Term Asset-Backed Securities Loan Facility7         34          0 –       68         34
Other credit extensions          0          0          0          0
Net portfolio holdings of Maiden Lane LLC8      1,664 –        1 +      171      1,665
Net portfolio holdings of Maiden Lane II LLC9         63          0 –        1         63
Net portfolio holdings of Maiden Lane III LLC10         22          0          0         22
Net portfolio holdings of TALF LLC11         44          0 –       80         44
Float       -675 –       69 +       94       -627
Central bank liquidity swaps12         77 +        1 –      243         77
Other Federal Reserve assets13     26,369 +    1,784 +    3,517     27,349
Foreign currency denominated assets14     22,933 –      353 –      737     22,801
Gold stock     11,041          0          0     11,041
Special drawing rights certificate account      5,200          0          0      5,200
Treasury currency outstanding15     46,103 +       14 +      820     46,103
Total factors supplying reserve funds 4,462,967 +    3,844 +  761,776 4,464,863

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Currency in circulation15 1,292,467 –      442 +   84,956 1,291,993
Reverse repurchase agreements16    266,584 +      818 +  173,996    267,602
Foreign official and international accounts    102,228 –      296 +    9,640    107,303
Others    164,356 +    1,115 +  164,356    160,299
Treasury cash holdings        165 +        4 +       23        164
Deposits with F.R. Banks, other than reserve balances     52,715 –    6,170 –   19,233     53,117
Term deposits held by depository institutions          0          0          0          0
U.S. Treasury, General Account     39,081 –    3,787 +      530     31,872
Foreign official      5,432 –    1,134 –    3,562      5,241
Other17      8,202 –    1,248 –   16,201     16,004
Other liabilities and capital18     63,991 –        1 +      818     63,033
Total factors, other than reserve balances,
absorbing reserve funds
1,675,922 –    5,792 +  240,561 1,675,910
Reserve balances with Federal Reserve Banks 2,787,045 +    9,636 +  521,214 2,788,954

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of
the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements.
7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
8. Refer to table 4 and the note on consolidation accompanying table 9.
9. Refer to table 5 and the note on consolidation accompanying table 9.
10. Refer to table 6 and the note on consolidation accompanying table 9.
11. Refer to table 7 and the note on consolidation accompanying table 9.
12. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned
to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the
foreign central bank.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.  Also, includes Reserve Bank premises and equipment net of allowances for depreciation.
14. Revalued daily at current foreign currency exchange rates.
15. Estimated.
16. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
17. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
18. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury. Refer to table 8 and table 9.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

1A. Memorandum Items

Millions of dollars

Memorandum item Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Securities held in custody for foreign official and international accounts 3,338,309 –      417 +   61,832 3,343,937
Marketable U.S. Treasury securities1 3,010,563 –      456 +   86,414 3,016,027
Federal agency debt and mortgage-backed securities2    285,805 +       28 –   29,008    285,934
Other securities3     41,942 +       12 +    4,427     41,976
Securities lent to dealers     10,669 +    1,648 –    1,429     11,123
Overnight facility4     10,669 +    1,648 –    1,429     11,123
U.S. Treasury securities      9,860 +    1,721 –    1,405     10,373
Federal agency debt securities        810 –       72 –       23        750

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 8, and 9.
2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.
3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4. Face value. Fully collateralized by U.S. Treasury securities.
2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, September 10, 2014

Millions of dollars

Remaining Maturity Within 15
days
16 days to
90 days
91 days to
1 year
Over 1 year
to 5 years
Over 5 year
to 10 years
Over 10
years
All
Loans1        118        234          0          0          0        352
U.S. Treasury securities2
Holdings          0         90      3,194 1,037,162    742,261    657,930 2,440,637
Weekly changes          0          0          0 +    1,615 –        1 +    2,037 +    3,651
Federal agency debt securities3
Holdings      1,556      1,329      3,584     32,746          0      2,347     41,562
Weekly changes          0          0          0          0          0          0          0
Mortgage-backed securities4
Holdings          0          0          0         10      4,698 1,673,614 1,678,322
Weekly changes          0          0          0          0 +      863 –      857 +        6
Asset-backed securities held by
TALF LLC5
         0          0          0          0          0          0          0
Repurchase agreements6          0          0          0
Central bank liquidity swaps7         77          0          0          0          0          0         77
Reverse repurchase agreements6    267,602          0    267,602
Term deposits          0          0          0          0

Note: Components may not sum to totals because of rounding.
…Not applicable.

1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Maiden Lane LLC, Maiden Lane II LLC, Maiden
Lane III LLC, and TALF LLC. The loans were eliminated when preparing the FRBNY’s statement of condition consistent with consolidation
under generally accepted accounting principles.
2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the
original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets.
6. Cash value of agreements.
7. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name Wednesday
Sep 10, 2014
Mortgage-backed securities held outright1 1,678,322
Commitments to buy mortgage-backed securities2     80,643
Commitments to sell mortgage-backed securities2          0
Cash and cash equivalents3          4
1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.
3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 8 and table 9.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane LLC1      1,665
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.

5. Information on Principal Accounts of Maiden Lane II LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane II LLC1         63
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to subsidiaries of American
International Group, Inc. in accordance with the asset purchase agreement. The fair value of this payment and accrued interest payable are
included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.

6. Information on Principal Accounts of Maiden Lane III LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane III LLC1         22
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions. Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG.

7. Information on Principal Accounts of TALF LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Asset-backed securities holdings1          0
Other investments, net         44
Net portfolio holdings of TALF LLC         44
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility (TALF) under theauthority of section 13(3) of the Federal Reserve Act. The TALF is a facility under which the Federal Reserve Bank of New York (FRBNY) extended loans with a term of up to five years to holders of eligible asset-backed securities. The Federal Reserve closed the TALF for new loan extensions in 2010. The loans provided through the TALF to eligible borrowers are non-recourse, meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY.

TALF LLC is a limited liability company formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a TALF loan. TALF LLC has committed, for a fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a TALF loan at a price equal to the TALF loan plus accrued but unpaid interest. Prior to January 15, 2013, the U.S. Treasury’s Troubled Asset Relief Program (TARP) committed backup funding to TALF LLC, providing credit protection to the FRBNY. However, the accumulated fees and income collected through the TALF and held by TALF LLC now exceed the remaining amount of TALF loans outstanding. Accordingly, the TARP credit protection commitment has been terminated, and TALF LLC has begun to distribute excess proceeds to the Treasury and the FRBNY. Any remaining funds will be shared by the FRBNY and the U.S. Treasury.

8. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital Eliminations from consolidation Wednesday
Sep 10, 2014
Change since
Wednesday Wednesday
Sep 3, 2014 Sep 11, 2013
Assets
Gold certificate account     11,037          0          0
Special drawing rights certificate account      5,200          0          0
Coin      1,930 +        8 –       62
Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,351,126 +    3,534 +  756,847
Securities held outright1 4,160,521 +    3,657 +  763,739
U.S. Treasury securities 2,440,637 +    3,651 +  399,549
Bills2          0          0          0
Notes and bonds, nominal2 2,326,351 +    3,661 +  385,784
Notes and bonds, inflation-indexed2     97,755          0 +   10,546
Inflation compensation3     16,531 –       10 +    3,219
Federal agency debt securities2     41,562          0 –   22,654
Mortgage-backed securities4 1,678,322 +        6 +  386,844
Unamortized premiums on securities held outright5    208,907 –      132 +    5,820
Unamortized discounts on securities held outright5    -18,654 +       19 –   12,787
Repurchase agreements6          0          0          0
Loans        352 –       10 +       75
Net portfolio holdings of Maiden Lane LLC7      1,665 +        1 +      167
Net portfolio holdings of Maiden Lane II LLC8         63          0 –        1
Net portfolio holdings of Maiden Lane III LLC9         22          0          0
Net portfolio holdings of TALF LLC10         44          0 –       68
Items in process of collection (0)         94 –       22 –       31
Bank premises      2,255          0 –       29
Central bank liquidity swaps11         77 +        1 –      243
Foreign currency denominated assets12     22,801 –      404 –      925
Other assets13     25,095 +    2,704 +    3,719
Total assets (0) 4,421,408 +    5,821 +  759,373

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital Eliminations from consolidation Wednesday
Sep 10, 2014
Change since
Wednesday Wednesday
Sep 3, 2014 Sep 11, 2013
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,247,980 –    2,086 +   84,510
Reverse repurchase agreements14    267,602 +   17,296 +  175,438
Deposits (0) 2,842,072 –    8,612 +  499,663
Term deposits held by depository institutions          0          0          0
Other deposits held by depository institutions 2,788,954 –   24,799 +  513,312
U.S. Treasury, General Account     31,872 +   10,836 +    1,852
Foreign official      5,241 –    1,326 –    3,524
Other15 (0)     16,004 +    6,676 –   11,978
Deferred availability cash items (0)        721 –      482 –      163
Other liabilities and accrued dividends16      6,693 –      299 –    1,529
Total liabilities (0) 4,365,067 +    5,817 +  757,919
Capital accounts
Capital paid in     28,170 +        2 +      726
Surplus     28,170 +        2 +      726
Other capital accounts          0          0          0
Total capital     56,341 +        4 +    1,454

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation accompanying table 9.
8. Refer to table 5 and the note on consolidation accompanying table 9.
9. Refer to table 6 and the note on consolidation accompanying table 9.
10. Refer to table 7 and the note on consolidation accompanying table 9.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.
12. Revalued daily at current foreign currency exchange rates.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
16. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal
Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014

Millions of dollars

Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco
Assets
Gold certificate account     11,037        352      4,125        338        464        824      1,349        706        278        173        291        880      1,257
Special drawing rights certificate acct.      5,200        196      1,818        210        237        412        654        424        150         90        153        282        574
Coin      1,930         32         94        124        123        320        222        276         25         46        153        182        332
Securities, unamortized premiums and discounts, repurchase agreements,
and loans
4,351,126     88,009 2,670,390    104,231     94,993    243,168    240,542    177,833     53,725     26,795     57,330    132,586    461,524
Securities held outright1 4,160,521     84,160 2,553,576     99,673     90,839    232,534    229,991    170,046     51,317     25,497     54,804    126,772    441,311
U.S. Treasury securities 2,440,637     49,370 1,497,974     58,470     53,288    136,409    134,917     99,752     30,104     14,957     32,149     74,367    258,881
Bills2          0          0          0          0          0          0          0          0          0          0          0          0          0
Notes and bonds3 2,440,637     49,370 1,497,974     58,470     53,288    136,409    134,917     99,752     30,104     14,957     32,149     74,367    258,881
Federal agency debt securities2     41,562        841     25,509        996        907      2,323      2,298      1,699        513        255        547      1,266      4,409
Mortgage-backed securities4 1,678,322     33,949 1,030,093     40,207     36,644     93,803     92,777     68,595     20,701     10,285     22,107     51,139    178,021
Unamortized premiums on securities held outright5    208,907      4,226    128,220      5,005      4,561     11,676     11,548      8,538      2,577      1,280      2,752      6,365     22,159
Unamortized discounts on securities held outright5    -18,654       -377    -11,449       -447       -407     -1,043     -1,031       -762       -230       -114       -246       -568     -1,979
Repurchase agreements6          0          0          0          0          0          0          0          0          0          0          0          0          0
Loans        352          1         44          0          0          0         34         11         61        132         20         17         33
Net portfolio holdings of Maiden
Lane LLC7      1,665          0      1,665          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
Lane II LLC8         63          0         63          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
Lane III LLC9         22          0         22          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of TALF LLC10         44          0         44          0          0          0          0          0          0          0          0          0          0
Items in process of collection         94          0          0          0          0          0         93          0          0          1          0          0          0
Bank premises      2,255        121        434         74        110        222        209        198        124         97        243        224        200
Central bank liquidity swaps11         77          4         25          6          6         16          4          2          1          0          1          1         11
Foreign currency denominated assets12     22,801      1,037      7,335      1,714      1,813      4,754      1,311        629        192         96        240        381      3,299
Other assets13     25,095        535     15,039        739        546      1,547      1,374      1,014        356        219        347        798      2,580
Interdistrict settlement account          0 +   10,547 –   58,585 +    2,678 +    9,252 +      197 +    8,040 –   10,297 –   10,950 –    2,083 –      134 +    2,635 +   48,701
Total assets 4,421,408    100,833 2,642,468    110,114    107,543    251,460    253,799    170,787     43,900     25,434     58,623    137,969    518,478

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014 (continued)

Millions of dollars

Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco
Liabilities
Federal Reserve notes outstanding 1,443,974     44,572    489,349     42,766     65,118    103,568    212,875     94,569     37,360     21,242     36,783    115,911    179,862
Less: Notes held by F.R. Banks    195,994      5,311     63,063      6,357      8,870     11,177     20,690     11,915      4,937      4,278      5,302     25,736     28,359
Federal Reserve notes, net 1,247,980     39,261    426,285     36,409     56,248     92,391    192,186     82,654     32,423     16,964     31,481     90,175    151,503
Reverse repurchase agreements14    267,602      5,413    164,244      6,411      5,843     14,956     14,793     10,937      3,301      1,640      3,525      8,154     28,385
Deposits 2,842,072     53,409 2,030,175     62,876     40,791    131,999     42,547     75,315      7,510      6,356     22,882     38,429    329,783
Term deposits held by depository institutions          0          0          0          0          0          0          0          0          0          0          0          0          0
Other deposits held by depository institutions 2,788,954     53,397 1,977,410     62,837     40,788    131,731     42,538     75,306      7,510      6,355     22,881     38,428    329,774
U.S. Treasury, General Account     31,872          0     31,872          0          0          0          0          0          0          0          0          0          0
Foreign official      5,241          2      5,214          3          3          8          2          1          0          0          0          1          6
Other15     16,004         11     15,679         36          0        260          7          7          0          0          1          0          3
Deferred availability cash items        721          0          0          0          0          0        611          0          0        110          0          0          0
Interest on Federal Reserve notes due
to U.S. Treasury16
     1,693         19      1,199         20         10         23         86         73         20         12         20         54        155
Other liabilities and accrued
dividends17
     5,000        167      2,179        211        208        544        361        282        142        118        126        208        454
Total liabilities 4,365,067     98,270 2,624,083    105,927    103,101    239,913    250,583    169,261     43,395     25,200     58,034    137,021    510,279
Capital
Capital paid in     28,170      1,282      9,193      2,093      2,221      5,773      1,608        763        252        117        295        474      4,099
Surplus     28,170      1,282      9,193      2,093      2,221      5,773      1,608        763        252        117        295        474      4,099
Other capital          0          0          0          0          0          0          0          0          0          0          0          0          0
Total liabilities and capital 4,421,408    100,833 2,642,468    110,114    107,543    251,460    253,799    170,787     43,900     25,434     58,623    137,969    518,478

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation below.
8. Refer to table 5 and the note on consolidation below.
9. Refer to table 6 and the note on consolidation below.
10. Refer to table 7 and the note on consolidation below.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
12. Revalued daily at current foreign currency exchange rates.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
16. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank’s net earnings are not sufficient to equate surplus to capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the Federal Reserve Bank’s earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy, which requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends, and the amount necessary to equate surplus with capital paid-in.
17. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation below.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap contracts. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended under the Term Asset-Backed Securities Loan Facility.

The FRBNY is the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY is primarily responsible for directing the financial activities of TALF LLC. The FRBNY is the primary beneficiary of the other LLCs cited above because it will receive a majority of any residual returns of the LLCs and absorb a majority of any residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and table 8), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in this table (and table 1 and table 8).

10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Federal Reserve notes and collateral Wednesday
Sep 10, 2014
Federal Reserve notes outstanding 1,443,974
Less: Notes held by F.R. Banks not subject to collateralization    195,994
Federal Reserve notes to be collateralized 1,247,980
Collateral held against Federal Reserve notes 1,247,980
Gold certificate account     11,037
Special drawing rights certificate account      5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,231,743
Other assets pledged          0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,160,521
Less: Face value of securities under reverse repurchase agreements    257,508
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,903,013

Note: Components may not sum to totals because of rounding.

1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.
2. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

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Tom A. Coburn–The Debt Bomb: A Bold Plan To Stop Washington From Bankrupting America–Videos

Posted on April 17, 2012. Filed under: American History, Blogroll, Business, College, Communications, Demographics, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, government, government spending, Health Care, history, Investments, Language, Law, liberty, Life, Links, Macroeconomics, People, Philosophy, Politics, Rants, Raves, Regulations, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , , , , |

“…Overview

In a nation whose debt has outgrown the size of its entire economy, the greatest threat comes not from any foreign force but from Washington politicians who refuse to relinquish the intoxicating power to borrow and spend. Senator Tom Coburn reveals the fascinating, maddening story of how we got to this point of fiscal crisis-and how we can escape.

Long before America’s recent economic downturn, beltway politicians knew the U.S. was going bankrupt. Yet even after several so-called “change” elections, the government has continued its wasteful ways in the face of imminent danger. With passion and clarity, Coburn explains why Washington resists change so fiercely and offers controversial yet commonsense solutions to secure the nation’s future.

At a time when millions of Americans are speculating about what is broken in Washington, The Debt Bomb is a candid, thoughtful, non-partisan expose of the real problems inside our government. Coburn challenges the conventional wisdom that blames lobbyists, gridlock, and obstructionism, and places the responsibility squarely where it belongs: on members of Congress in both parties who won’t let go of the perks of power to serve the true interests of the nation-unless enough citizens take bold steps to demand action.

“Democracy never lasts long. It soon wastes, exhausts, and murders itself. There was never a democracy yet that did not commit suicide.” -John Adams

Throughout a distinguished career as a business owner, physician, and U.S. senator, Tom Coburn has watched his beloved republic careen down a suicidal path. Today, the nation stands on the precipice of financial ruin, a disaster far more dangerous to our safety than any terrorist threats we face. Yet Coburn believes there is still hope-if enough Americans are willing to shake the corridors of Washington and demand action.

With an insider’s keen eye and a caregiver’s deft touch, Coburn diagnoses the mess that career politicians have made of things while misusing their sacred charge to govern.

Coburn’s incisive analysis:

· Reveals the root causes of America’s escalating financial crisis

· Exposes Washington’s destructive appetite for wasteful spending, power grabs, backroom deals, and quick non-fixes

· Rises above partisanship to implicate elected officials of all stripes in steering the nation off course

· Lays out a commonsense guide to restoring order

· Concludes with a clarion call and sound advice for Americans who would dedicate themselves to defusing the debt bomb

Above all, Coburn believes the United States can continue as a beacon of opportunity for future generations-but how we act today will determine whether we deliver the nation to our children and grandchildren fully alive, on life support, or without a pulse. …”

http://www.barnesandnoble.com/w/the-debt-bomb-md-tom-a-coburn-tom-a/1106523522

U.S. Debt Clock

http://www.usdebtclock.org/

US National Debt Growing Faster Than GDP (4/9/2012)

U.S. National Debt Documentary Part 1

 

U.S. National Debt Documentary Part 2

U.S. National Debt Documentary Part 3 

U.S. National Debt Documentary Part 4

U.S. National Debt Documentary Part 5

 

The award-winning documentary I.O.U.S.A. opened up America’s eyes to the consequences of our nation’s debt and the need for our government to show more fiscal responsibility. Now that more Americans and elected officials are aware of our fiscal challenges, the producers of I.O.U.S.A. created I.O.U.S.A.: Solutions, a follow-up special focusing on solutions to the fiscal crisis. Learn more at http://www.iousathemovie.com/.

IOUSA Solutions: Part 1 of 5 

IOUSA Solutions: Part 2 of 5 

IOUSA Solutions: Part 3 of 5 

IOUSA Solutions: Part 4 of 5 

IOUSA Solutions: Part 5 of 5 

 

Krauthammer: Obama’s debt increase “radical, unprecedented”

[yotube=http://www.youtube.com/watch?v=oyyocogAgwY]

Exclusive Video  Tony Robbins Deconstructs the National Debt

Dr. Coburn on CNBC’s Mad Money discussing the budget deficit facing the U.S. 

(Thursday, June 10 2010) Jim Cramer discusses importance of getting a handle on the national debt, the current budget deficit, and ways to expand Congress’ knowledge of economics and budgeting by cutting spending.

Coburn on CNBC’s Squawk Box: Healthcare Law Huge Contributor to Debt, Deficit 

Oklahoma Senator Tom Coburn Blasts Everyone in New Book: Buzz Politics 4.17 

Coburn Urging the Senate to End Duplication, Pass Amendment that Saves $10 Billion

HSGAC Hearing on Reducing Duplication

(Wednesday, March 21 2012) Dr. Coburn stressing the importance of taking advantage of the GAO’s recommendations for eliminating duplication and savings hundreds of billions in taxpayer dollars in today’s HSGAC hearing titled, “Retooling Government for the 21st Century: The President’s Reorganization Plan and Reducing Duplication”.

Coburn on The Kudlow Report on Problems w/ Obamacare & Gov’t-run Healthcare 

Military spending, collapse of US empire 

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

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David Walker – America at a Crossroads 

It’s Simple to Balance The Budget Without Higher Taxes

Eight Reasons Why Big Government Hurts Economic Growth 

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Spending Restraint, Part I: Lessons from Ronald Reagan and Bill Clinton 

Spending Restraint, Part II: Lessons from Canada, Ireland, Slovakia, and New Zealand 

Background Articles and Videos

Debt and Deficit in a Nutshell

Coburn book “The Debt Bomb” hits the shelf today

By Rick Couri

“…Senator Tom Coburn hates it when taxpayer money is wasted. Now he has a new book out that points directly at the people and organizations he thinks are the worst offenders. The book is called “The Debt Bomb” and he holds no punches. “We lack the courage to do what’s in the best long term interest of the country because we always put short term political considerations first” he explained.

The Senator says the book is easy to follow because it goes step by step “first of all we tell the story of where we are and how we got here” he said. So how did we get here? Coburn says it all stems from what he calls careerism. “Careerism tends to make members of congress do what’s best for their re-election and not what’s best for the country.”  Coburn told us people who hold elected office are always careful to pick the timing of their battles “we’re always waiting for the right moment to fix things well guess what, that right moment doesn’t come.” …”

http://www.krmg.com/news/news/local/coburn-book-debt-bomb-hits-shelf-today/nMbXy/

Related Posts On Pronk Palisades

Senator Tom Coburn–A Real Conservative and An Excellent Vice-President Candidate

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Eat The Rich–Obama’s Big Distraction And Big Lie: The Buffett Rule Tax and The Rich Do Not Pay Their Fair Share–Class Warfare Progressive Propaganda–Videos

Posted on April 16, 2012. Filed under: American History, Banking, Business, Communications, Economics, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Investments, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Tax Policy, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , |

Buffett Rule Rebuffed

EAT THE RICH!

Weekly Address: Passing the Buffett Rule So That Everyone Pays Their Fair Share

Priebus: Buffett Tax A Shiny Object That Would Raise Just 11 Hours Of Revenue

Steve Hayes – Buffet Tax meaningless

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The Buffett Rule is BS pt2

Debunking Warren Buffett and other tax myths

Who Pays Income Taxes and How Much?

http://www.ntu.org/tax-basics/who-pays-income-taxes.html

Tax Year 2009

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$343,927

36.73

Top 5%

$154,643

58.66

Top 10%

$112,124

70.47

Top 25%

$66,193

87.30

Top 50%

$32,396

97.75

Bottom 50%

<$32,396

2.25

Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

Table 6
Total Income Tax Shares, 1980-2009 (Percent of federal income tax paid by each group)

Year

Total

Top 0.1%

Top 1%

Top 5%

Between 5% & 10%

Top 10%

Between 10% & 25%

Top 25%

Between 25% & 50%

Top 50%

Bottom 50%

1980

100%

19.05%

36.84%

12.44%

49.28%

23.74%

73.02%

19.93%

92.95%

7.05%

1981

100%

17.58%

35.06%

12.90%

47.96%

24.33%

72.29%

20.26%

92.55%

7.45%

1982

100%

19.03%

36.13%

12.45%

48.59%

23.91%

72.50%

20.15%

92.65%

7.35%

1983

100%

20.32%

37.26%

12.44%

49.71%

23.39%

73.10%

19.73%

92.83%

7.17%

1984

100%

21.12%

37.98%

12.58%

50.56%

22.92%

73.49%

19.16%

92.65%

7.35%

1985

100%

21.81%

38.78%

12.67%

51.46%

22.60%

74.06%

18.77%

92.83%

7.17%

1986

100%

25.75%

42.57%

12.12%

54.69%

21.33%

76.02%

17.52%

93.54%

6.46%

Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable

1987

100%

24.81%

43.26%

12.35%

55.61%

21.31%

76.92%

17.02%

93.93%

6.07%

1988

100%

27.58%

45.62%

11.66%

57.28%

20.57%

77.84%

16.44%

94.28%

5.72%

1989

100%

25.24%

43.94%

11.85%

55.78%

21.44%

77.22%

16.94%

94.17%

5.83%

1990

100%

25.13%

43.64%

11.73%

55.36%

21.66%

77.02%

17.16%

94.19%

5.81%

1991

100%

24.82%

43.38%

12.45%

55.82%

21.46%

77.29%

17.23%

94.52%

5.48%

1992

100%

27.54%

45.88%

12.12%

58.01%

20.47%

78.48%

16.46%

94.94%

5.06%

1993

100%

29.01%

47.36%

11.88%

59.24%

20.03%

79.27%

15.92%

95.19%

4.81%

1994

100%

28.86%

47.52%

11.93%

59.45%

20.10%

79.55%

15.68%

95.23%

4.77%

1995

100%

30.26%

48.91%

11.84%

60.75%

19.62%

80.36%

15.03%

95.39%

4.61%

1996

100%

32.31%

50.97%

11.54%

62.51%

18.80%

81.32%

14.36%

95.68%

4.32%

1997

100%

33.17%

51.87%

11.33%

63.20%

18.47%

81.67%

14.05%

95.72%

4.28%

1998

100%

34.75%

53.84%

11.20%

65.04%

17.65%

82.69%

13.10%

95.79%

4.21%

1999

100%

36.18%

55.45%

11.00%

66.45%

17.09%

83.54%

12.46%

96.00%

4.00%

2000

100%

37.42%

56.47%

10.86%

67.33%

16.68%

84.01%

12.08%

96.09%

3.91%

2001

100%

16.06%

33.89%

53.25%

11.64%

64.89%

18.01%

82.90%

13.13%

96.03%

3.97%

2002

100%

15.43%

33.71%

53.80%

11.94%

65.73%

18.16%

83.90%

12.60%

96.50%

3.50%

2003

100%

15.68%

34.27%

54.36%

11.48%

65.84%

18.04%

83.88%

12.65%

96.54%

3.46%

2004

100%

17.44%

36.89%

57.13%

11.07%

68.19%

16.67%

84.86%

11.85%

96.70%

3.30%

2005

100%

19.26%

39.38%

59.67%

10.63%

70.30%

15.69%

85.99%

10.94%

96.93%

3.07%

2006

100%

19.56%

39.89%

60.14%

10.65%

70.79%

15.47%

86.27%

10.75%

97.01%

2.99%

2007

100%

20.19%

40.41%

60.61%

10.59%

71.20%

15.37%

86.57%

10.54%

97.11%

2.89%

2008

100%

18.47%

38.02%

58.72%

11.22%

69.94%

16.40%

86.34%

10.96%

97.30%

2.70%

2009

100%

17.11%

36.73%

58.66%

11.81%

70.47%

16.83%

87.30%

10.45%

97.75%

2.25%

  Source: Internal Revenue Service

http://taxfoundation.org/news/show/250.html#table1

Table 8
Average Tax Rate, 1980-2009 (Percent of AGI paid in income taxes)

Year

Total

Top 0.1%

Top 1%

Top 5%

Between 5% & 10%

Top 10%

Between 10% & 25%

Top 25%

Between 25% & 50%

Top 50%

Bottom 50%

1980

15.31%

34.47%

26.85%

17.13%

23.49%

14.80%

19.72%

11.91%

17.29%

6.10%

1981

15.76%

33.37%

26.59%

18.16%

23.64%

15.53%

20.11%

12.48%

17.73%

6.62%

1982

14.72%

31.43%

25.05%

16.61%

22.17%

14.35%

18.79%

11.63%

16.57%

6.10%

1983

13.79%

30.18%

23.64%

15.54%

20.91%

13.20%

17.62%

10.76%

15.52%

5.66%

1984

13.68%

29.92%

23.42%

15.57%

20.81%

12.90%

17.47%

10.48%

15.35%

5.77%

1985

13.73%

29.86%

23.50%

15.69%

20.93%

12.83%

17.55%

10.41%

15.41%

5.70%

1986

14.54%

33.13%

25.68%

15.99%

22.64%

12.97%

18.72%

10.48%

16.32%

5.63%

Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable

1987

13.12%

26.41%

22.10%

14.43%

19.77%

11.71%

16.61%

9.45%

14.60%

5.09%

1988

13.21%

24.04%

21.14%

14.07%

19.18%

11.82%

16.47%

9.60%

14.64%

5.06%

1989

13.12%

23.34%

20.71%

13.93%

18.77%

12.08%

16.27%

9.77%

14.53%

5.11%

1990

12.95%

23.25%

20.46%

13.63%

18.50%

12.01%

16.06%

9.73%

14.36%

5.01%

1991

12.75%

24.37%

20.62%

13.96%

18.63%

11.57%

15.93%

9.55%

14.20%

4.62%

1992

12.94%

25.05%

21.19%

13.99%

19.13%

11.39%

16.25%

9.42%

14.44%

4.39%

1993

13.32%

28.01%

22.71%

14.01%

20.20%

11.40%

16.90%

9.37%

14.90%

4.29%

1994

13.50%

28.23%

23.04%

14.20%

20.48%

11.57%

17.15%

9.42%

15.11%

4.32%

1995

13.86%

28.73%

23.53%

14.46%

20.97%

11.71%

17.58%

9.43%

15.47%

4.39%

1996

14.34%

28.87%

24.07%

14.74%

21.55%

11.86%

18.12%

9.53%

15.96%

4.40%

1997

14.48%

27.64%

23.62%

14.87%

21.36%

12.04%

18.18%

9.63%

16.09%

4.48%

1998

14.42%

27.12%

23.63%

14.79%

21.42%

11.63%

18.16%

9.12%

16.00%

4.44%

1999

14.85%

27.53%

24.18%

15.06%

21.98%

11.76%

18.66%

9.12%

16.43%

4.48%

2000

15.26%

27.45%

24.42%

15.48%

22.34%

12.04%

19.09%

9.28%

16.86%

4.60%

2001

14.23%

28.20%

27.50%

23.68%

14.89%

21.41%

11.58%

18.08%

8.91%

15.85%

4.09%

2002

13.03%

28.49%

27.25%

22.95%

13.87%

20.51%

10.47%

16.99%

7.67%

14.66%

3.21%

2003

11.90%

24.64%

24.31%

20.74%

12.22%

18.49%

9.54%

15.38%

7.12%

13.35%

2.95%

2004

12.10%

23.09%

23.49%

20.67%

12.28%

18.60%

9.26%

15.53%

7.01%

13.51%

2.97%

2005

12.45%

22.52%

23.13%

20.78%

12.37%

18.84%

9.27%

15.86%

6.93%

13.84%

2.98%

2006

12.60%

21.98%

22.79%

20.68%

12.60%

18.86%

9.36%

15.95%

7.01%

13.98%

3.01%

2007

12.68%

21.46%

22.45%

20.53%

12.66%

18.79%

9.43%

15.98%

7.01%

14.03%

2.99%

2008

12.24%

22.70%

23.27%

20.70%

12.44%

18.71%

9.29%

15.68%

6.75%

13.65%

2.59%

2009

11.06%

24.28%

24.01%

20.46%

11.36%

18.05%

8.25%

14.68%

5.56%

12.50%

1.85%

Source: Internal Revenue Service

http://taxfoundation.org/news/show/250.html#table1

Obama Pushes ‘Buffett Rule’ in Florida

Obama’s Capital Gains Tax “Fairness”

Obama Presses ‘Buffett Rule’ Tax Pitch 

RED ALERT: Buffett Rule Is Criminal Scam!

Obama Pushes “Buffett Rule” and Calls for More Romney Tax Returns

Dan Mitchell Debating the Buffett Rule on CNBC

Obama is yet again pushing the “Buffett Rule” while lying about taxes

Six Reasons Why the Capital Gains Tax Should Be Abolished

Indexing the Capital Gains Tax to Protect Taxpayers from Inflation

End Capital Gains and Dividends Tax

Dan Mitchell on Taxing the Rich

Warren Buffett’s Reported Plans to Avoid Taxes and the Buffett Rule

Obama: ‘Buffett Rule’ Would Raise Taxes for Rich

Warren Buffett’s Tax Rate is Lower than His Secretary’s

Warren Buffett, Secretary Debbie Bosanek Discuss Tax Rate Inequality in

Opinion: The Buffett Tax Folly

Flat Tax vs. National Sales Tax

Ron Paul_ End the IRS & Abolish the Income Tax forever

Buffett Rule Fails in Senate, 51-45

By Josh Barro,

“…the so-called Buffett Rule (imposing a minimum 30 percent federal income tax rate on those making at least $2 million per year) came up for a vote in the Senate and was defeated. There were 51 votes in favor and 45 opposed, but 60 votes were required for cloture and so the proposal could not proceed.

The vote was nearly along party lines, with Susan Collins (Maine) the only Republican to vote yes and Mark Pryor (Arkansas) the only Democrat to vote no. Joe Lieberman, an independent who caucuses with Democrats, also broke with his party and opposed the proposal, though he wasn’t in Washington D.C. today and so didn’t actually cast a vote. Lieberman said “I am opposed to the Buffett Rule because it would double to 30 percent the capital gains tax on one group of investors”—a statement that reflects the fact that the Buffett Rule debate is fundamentally a debate about whether we should have a preferential tax rate for capital gains. …”

http://www.forbes.com/sites/joshbarro/2012/04/16/buffett-rule-fails-in-senate-51-45/

Dems Lay Trap for GOP with Buffett Rule

By KIM DIXON and PATRICK TEMPLE-WEST, Reuters

“….President Barack Obama and congressional Democrats are laying a political trap for Republicans to be sprung on Monday when the U.S. Senate is slated to vote on the proposed “Buffett Rule,” which would slap a minimum tax on the highest-income Americans. With polls showing strong public support for the rule, Democrats plan to bring it up for a procedural vote in the Senate. Republicans are solidly against it and the proposal is not expected to garner enough votes to move forward.

Even if it does advance in the Senate, it is not expected to be taken up in the House of Representatives, which is controlled by Republicans. Democrats control the Senate, but just barely. Despite the proposal’s poor outlook, Democrats hope that the Senate vote and the debate around it will help them politically ahead of the November 6 elections by casting the Republicans and their presumptive presidential candidate Mitt Romney, himself a multi-millionaire, as the party of the wealthy.

Republicans have attacked the Buffett Rule as a diversion from the weak economy. They also argue that raising taxes on the rich would hit small businesses and discourage their growth. Here is a Q+A on the legislation and the issues behind it.

What Is the Buffett Rule?
Named after billionaire Warren Buffett, who backs it, the rule would require individuals with adjusted gross income of more than $1 million, or $500,000 for married individuals filing separately, to pay at least 30 percent in taxes. Democrats have been careful to stress that the tax would not apply to people with $1 million or more in assets, who comprise a much larger slice of the U.S. population than those with annual incomes of $1 million or more. About 433,000 U.S. households earn more than $1 million a year. That is only about 0.3 percent of all taxpayers, according to the Tax Policy Center, a research group. The bill being voted on in the Senate, sponsored by Democratic Senator Sheldon Whitehouse, would impose the 30-percent tax on adjusted gross income after a modified deduction for charitable giving and certain other tax credits. …”

http://www.thefiscaltimes.com/Articles/2012/04/16/Dems-Lay-Trap-for-GOP-with-Buffett-Rule.aspx#page1

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Marvelous 2012 Ticket–Republican Romney/Ryan–Representative Ryan Will Take Apart Obama’s Big Lies–Video

Posted on April 7, 2012. Filed under: American History, Blogroll, College, Communications, Demographics, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Rants, Raves, Strategy, Tax Policy, Taxes, Unions, Video, War, Wealth, Weather | Tags: , , , , , , , , , , , , |

 

Ryan: We need Mitt Romney as our president

Mitt Romney and Paul Ryan talk with Sean Hannity.

Mitt Romney & Paul Ryan: That’s Amore

Obama mocks Mitt Romney for calling Ryan budget “marvelous”

Romney: Ryan Plan Is Simply ‘Marvelous’

Who Would be Romney’s VP?

Obama calls GOP budget plan “social Darwinism”

Krauthammer – Who writes this rubbish?

Obama Calls GOP Budget Plan “Prescription for Decline”

 

“…In a blistering attack on the House-Passed Republican budget Tuesday, President Obama called the plan proposed by Rep. Paul Ryan a “Trojan Horse” and “a prescription for decline.” Judy Woodruff, Jared Bernstein of the Center on Budget and Policy Priorities and the CATO Institute’s Daniel Mitchell discuss the GOP budget plan. …”

 

Paul Ryan Responds to Barack Obamas Fiscal Allegations

Paul Ryan Takes Apart President Obama’s Inaccurate Speech

  

Mitt Romney Vice President Nominee Paul Ryan?

Congressman Paul Ryan – “The Rule of Law and America’s Future”

Paul Ryan on his Romney endorsement

David Walker – America at a Crossroads

The Debt Clock

http://www.usdebtclock.org/

Dan Mitchell Discussing Dishonest Budget Numbers with John Stossel

Geithner Admits: Obligations In President’s Budget ‘Unsustainable’

Tim Geithner to Paul Ryan: “We don’t have a definitive solution… We just don’t like yours”

Paul Ryan: President’s Budget Ensures Government Can’t Keep Its Promises

The Deal with Jack Hunter: Ignoring Rand Paul’s Budget

Ron Paul to Congress: If Debt Is the Problem, Why Do You Want More of It?

Another Day Older & Deeper In Debt: Federal Deficit to Top $1 Trillion for Fourth Year

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

Unfunded Liabilities and Hidden Taxes

Stunning Finding: President’s Health Law Creates $17 Trillion In Unfunded Financial Obligations

The National Debt: A Primer and A Plan by George C. Christy

 Romney’s VP Shortlist

By Ben Jacobs

“…No one knows exactly what Romney is thinking. But turning to his favored method—market-based solutions—here are his top five likely Republican vice presidential contenders, according to Intrade, the online futures market.

1. Marco Rubio

The freshman senator from Florida currently is the most likely vice presidential contender on Intrade, with a 24.9 percent chance of being Romney’s pick. Rubio is a young, charismatic Cuban-American from a crucial swing state where he is beloved by conservatives. Rubio does have some weaknesses. He has spent less than two years as a statewide elected official—exactly as much time as Sarah Palin had in 2008. Further, Rubio spent part of his youth as a Mormon, which gives pause to some evangelicals. And, unlike Romney, favors a version of the DREAM Act, which would allow certain illegal immigrants who arrived in the United States as children an opportunity to become citizens.

2. Chris Christie

Sometimes a vice presidential nominee is used as a way to reach out to swing voters. Sometimes, the number two spot on the ticket is used to reassure the base. Chris Christie is the rare candidate who can do both. The boisterous, belligerent governor of New Jersey, currently given a 10.9 percent chance of being Romney’s choice, is revered by base voters for his tough stance against unions, but is socially moderate enough to appeal to many centrists.

Christie, though, has said openly that he’s not ready to be president, which may make some hesitate to putting him a heartbeat from the Oval Office. He also is the antithesis of Romney as a candidate. He is prone to ad-libbing, and has difficulties sticking to a script. In a political cycle when an off-the-cuff remark from an aide about an Etch-a-Sketch can cause a week-long media frenzy, the risks of such “straight talk” are magnified.

3. Bob McDonnell

As a social conservative from a swing state, Virginia Gov. Bob McDonnell could serve two roles for Romney. He would appease right-wingers nationally who worry that Romney is “a Massachusetts moderate” while bolstering the campaign in the Old Dominion.

But while McDonnell may be given 9.9 percent odds on Intrade, he may be too much of a social conservative. During his gubernatorial run in 2009, McDonnell saw his graduate thesis from Regent University emerge—and receive some scrutiny. Although the document didn’t cost him the race in a strong Republican year, his controversial views on contraception and “fornicators” may be too toxic for some general-election voters.

4. Paul Ryan

Regardless of whether Paul Ryan is on the Republican ticket, he will be a key figure in the fall campaign. The Ryan Plan, named after the 42-year-old, seven-term congressman from southern Wisconsin, will be a focal point of the presidential election. This controversial program involves major cuts to virtually every single government program as a way to both pay down the deficit and significantly cut taxes.

Romney already has endorsed the Ryan Plan, as has the Republican Party en masse, but putting Ryan on the ticket would reinforce the salience of the issue. Although Ryan is personable and has a rapport with Romney, he would have to give up his seat in the House for a vice presidential bid, which could make it less tempting for him to sign up—and is one of the reason Intrade has him at just 8.9 percent.

5. Rob Portman

Rob Portman is a dull and uncharismatic fiscal conservative, just like Mitt Romney. But Portman comes from the crucial swing state of Ohio, and his political operation is credited by some for putting Romney over the top in that state’s hard-fought Super Tuesday primary against Rick Santorum. The result has generated some buzz for Portman as the safe and steady choice for the number two spot, and garnered him an 8.4 percent chance on Intrade of being picked.

The first-term Ohio senator also is a long-time Washington insider, having served 12 years in Congress before joining the Bush administration. Such inside-the-Beltway ties run counter to Romney’s message as a problem solver from outside of Washington. …”

http://news.yahoo.com/romney-vp-shortlist-084500575.html

Why a Mitt Romney-Paul Ryan ticket seems unlikely

By James Pethokoukis

“…He veered into some 2012 territory, too. Ryan repeated that he will not run for president next year, but added that he didn’t think it served the party well to merely nominate the “next person in line.” Most analysts would say that person was Mitt Romney. That does not mean Ryan opposes Romney. Ryan might think Romney would be a fine candidate — but should not get the gig just because he arguably was the 2008 runner up.

But then again Ryan made a few cracks about Romney’s signature public policy achievement, healthcare reform in Massachusetts. He said it was  not “dissimilar” from Obamacare and was heading into a financial “death spiral.” Ouch.

If Romney were to win the nomination and pick Ryan, you could end up with a weird situation where Obama and Romney would support the Massachusetts plan, with Ryan opposing. Politics is a strange business, but I don’t see how that one would work. Then again, finding conservatives who like Romneycare isn’t easy. So where would Team Mitt find its veep? …”

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Paul’s Jolt: Peace and Prosperity Full Employment Economy with Balanced Budgets vs. Obama’s Volt: Welfare and Warfare Economy With High Unemployment and Rising Debts and Prices–Videos

Posted on March 29, 2012. Filed under: Agriculture, American History, Babies, Banking, Blogroll, Books, Business, College, Communications, Demographics, Diasters, Economics, Education, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , |

http://www.federalbudget.com/chartinfo.html

Fiscal Year 2013 Historical Tables Budget of the U.S. Government

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/hist.pdf

Department of Treasury, Monthly Treasury Statement

http://www.fms.treas.gov/mts/index.html

Reality Check: Ron Paul’s Budget Plan

CNN: Ron Paul is the JOLT America needs 

Ron Paul Plan to Balance Budget and End Government Overspending

Ron Paul Ad – Plan 

It’s Simple to Balance The Budget Without Higher Taxes

Ronald Reagan Talks About Balancing the Budget on “The Tonight

President Obama: When I leave the White House, I’m buying a Volt

The President’s Budget in 62 Seconds 

Obama’s Budget compared to Bush’s Last One

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“Read My Lips No New Taxes” Mitt Romney?–Will Big Government Neoconservative Progressive Mitt Romney Add Another New Value Added Tax or VAT To Pay For Future Aggressive Interventionist Wars With Iran and Syria?–Videos

Posted on January 9, 2012. Filed under: Blogroll, Communications, Economics, Federal Government Budget, Fiscal Policy, Law, liberty, Life, Links, media, Raves, Tax Policy, Wealth, Wisdom | Tags: , , , , , |

Taxman 

Mitt Romney Open To Value Added Tax (VAT) ! 

The Value Added Tax: A Hidden New Tax to Finance Much Bigger Government

Controlling Leviathan: The Battle for Limited Government

Rest in Peace Tony Blankey.

The Republican Party neoconservative progressive establishment candidate, Mitt Romney, is playing with dynamite if he proposes a value added tax or VAT in addition to the current Federal tax burden of the American people.

Mitt Romney: “My Views Are Progressive”

The tea party and the conservative movement will revolt and throw-out both Democrats and Republican progressive candidates that dare to propose such a tax.

I do not trust Mitt Romney.

He is perfectly capable of flip-flopping on “no new taxes” just like President George H.W. Bush did.

Both Democratic and Republican progressive are noted liars and flip-floppers.

Guiliani Skewers Mitt Romney as a Flip-Flopper on Morning Joe 

The American people should not trust any progressives–Democratic or Republican.

George H. W. Bush 

Ron Paul: Mitt Romney and Newt Gingrich Flip Flop 

Newt Gingrich Supported A National Sales Tax

Guess who endorsed Mitt Romney–Republican neoconservative progressives Bush and McCain:

President George H.W. Bush and Barbara Like Gov. Mitt Romney

Mitt Romney gets Endorsement from George H.W. Bush (12-22-11)

John McCain Endorses Mitt Romney (Mistakenly President Obama) For 2012 

Bomb bomb bomb, bomb bomb Iran 

Daniel Mitchell: Beware as GOP Hints of VAT Tax

Daniel Mitchell
“…Republican heavyweights like Mitt Romney, House Budget Committee Director Paul Ryan and Herman Cain have hinted they’d consider looking at implementing a Value-Added Tax, or VAT tax, which levies taxes on goods along the chain of production.While the argument goes that such a tax raises revenue without crimping income or investment, voters should view it with suspicion, says Daniel J. Mitchell, a senior fellow at the Cato Institute, a Libertarian think tank.

A VAT tax, like any tax, leads to bigger government, which would ultimately serve as a victory for the left.

“The most important thing to realize is that many people in Washington want bigger government, and a VAT is a necessary condition for that to happen,” Mitchell writes in a Wall Street Journal column.

“Simply stated, there is no way to turn America into a European-style welfare state without this new source of revenue.”

Imposing more taxes on the wealthy won’t generate enough revenue to create bigger government embraced by those on the left, Mitchell argues.

“And that’s why, looking at the long-run fiscal situation, the left needs a VAT. It’s is the only realistic way to collect the huge amount of revenue that will be necessary to finance the mountainous benefits promised by our entitlement programs.”

That’s why Republicans must resist the idea. …”

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American People Demand From Congress Balanced Budgets–Not A Path To Balanced Budgets Or An Amendment–A Balanced Budget For Fiscal Year 2012–Videos

Posted on January 13, 2011. Filed under: Banking, Blogroll, Communications, Crime, Demographics, Economics, Employment, Fiscal Policy, government, government spending, history, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Raves, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , |

 Ronald Reagan – Curbing the Size of Government

 

It’s Simple to Balance The Budget Without Higher Taxes

 

Deficits are Bad, but the Real Problem is Spending

 

Milton Friedman on Libertarianism (Part 4 of 4)

 

The Optimum Size of Government

 

The Rahn Curve and the Growth-Maximizing Level of Government

 

Background Articles and Videos

Dan Mitchell From The Cato Institute On Government Spending

Eight Reasons Why Big Government Hurts Economic Growth

 

David Stockman on TARP, the Fed, Ron Paul and Reagan [FULL VERSION]

 

The tea party movement supports limited constitutional representative government–limited in both size and scope by the United States Constitution.

The tea party movement demands not only massive cutting of Federal government spending but also fiscal responsibility with either balanced budgets or surplus budgets.

The tea party movement does not want a path to balanced budgets or a balanced budget amendment some time in the distant future.

The  tea party movement demands balanced budgets now!

With Federal Government revenues or taxes running just over $2,200 billion, Federal expenditures cannot exceed this level.

Current budget estimates for Fiscal Year 2012 are over $3,500 billion.

In other words Congress must cut approximately $1,300 billion to achieve a balanced budget.

Neither the Democrats nor Republicans have the will, vision and leadership required to balance the budget in Fiscal Year 2012 that starts October 1, 2011.

The Republicans are talking about spending cuts of $100 to $500 billion tops.

Ron Paul: U.S. Government Must Admit Bankruptcy and Stop Cheating People with Devalued Money

This would mean a Fiscal Year 2012 budget for expenditures of over $3,000 billion, not $2,200 billion to balance expenditures with estimated revenues.

The tea party movement is watching its representatives and senators to see what, if anything, they do to cut Federal spending and balance the budget.

Stop all this nonsense about a path to a balanced budget in three to five years.

President Reagan said the same thing and the Democrats guaranteed that this promise was never kept.

Reagan on Balanced Budget

 

Reagan Balanced Budget

 

Reagan; Taxes and Budget Deficit

 

Either enact  balanced budgets in Fiscal Year 2012 and 2013 or face defeat in the 2012 elections.

The choice is yours.

The American people are far ahead of the political establishment in Washington, D.C.

The tea party movement advice to members of Congress is either lead, follow or get out of the way.

Start with balanced budgets in Fiscal Year in 2012 and 2013.

Then pass the FairTax.

Business as usual will simply not cut it. 

The tea party movement wants a peace and prosperity economy and not a warfare and welfare economy.

 

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National Debt Will Hit $20,000,000,000,000 By 2020 If Debt Ceiling Is Increased!

Debt Ceiling Battle–Tea Party Balanced Budget Constitutional Conservatives vs. Republican Party Unbalanced Budgets Establishment–The Party’s Over–The Piper Must Be Paid–Videos

 

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Dan Mitchell–Videos

Posted on July 23, 2010. Filed under: Blogroll, Books, Communications, Demographics, Education, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , |

 

The Bush/Obama Years (Dan Mitchell)

Dan Mitchell on the Deficit

There Are too Many Bureaucrats and They Are Paid too Much

 

Deficits are Bad, but the Real Problem is Spending

 

It’s Simple to Balance The Budget Without Higher Taxes 

 

Free Markets and Small Government Produce Prosperity

The Empirical Evidence Against Big Government

Eight Reasons Why Big Government Hurts Economic Growth

Want Less Corruption? Shrink the Size of Government

Dan Mitchell discusses Wall Street Campaign Funding

 

Obama’s So-Called Stimulus: Good For Government, Bad For the Economy

Dan Mitchell discusses Ineffectiveness of Stimulus Spending

Stimulus II: A Sequel America Can’t Afford

A Red-Ink Train Wreck: The Real Fiscal Cost of Government-Run Healthcare

Dan Mitchell discusses Obama’s Insurance Premium Spin

Dan Mitchell on cutting the Dept. of Education on CNBC

The Failure of Anti-Money Laundering Laws

Dan Mitchell Discusses CEO Pay on 20/20

Dan Mitchell discusses tax hikes on FOX

Dan Mitchell on Soaking the Rich

Six Reasons Why the Capital Gains Tax Should Be Abolished

President Obama’s Deferral Proposal: Hamstringing American Companies, Reducing American Jobs

Dan Mitchell on Taxing the Middle Class

Daniel J. Mitchell discusses Taxes on MSNBC News Live

The Laffer Curve, Part I: Understanding the Theory

The Laffer Curve, Part II: Understanding the Theory

 

 

Dan Mitchell on our tax system

 

Dan Mitchell explains the fair tax

Flat Tax vs. National Sales Tax

Dan Mitchell on the value-added tax

 

Dan Mitchell discusses the VAT

Dan Mitchell discusses Taxes on Businesses

The Global Flat Tax Revolution

Dan Mitchell discusses Taxing Risk

 

Dan Mitchell Slams Obama Budget Plan

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

Question and Answer Session: The Fight Against Big Government

President Obama’s Dishonest Demagoguery on So-Called Tax Havens

Dan Mitchell’s Tax Haven Speech on Capitol Hill — Part 1

Dan Mitchell’s Tax Haven Speech on Capitol Hill — Part 2

Tax Havens: Myths and Facts

The Economic Case for Tax Havens

The Moral Case for Tax Havens

 

Background Articles and Videos

 

The FairTax: It’s Time

 

Neal Boortz Explain the FAIRTAX

Tom Wright On The FairTax–Videos

 

FairTax facts from CNN’s Your Money

Daniel J. Mitchell

“..Daniel J. Mitchell is a top expert on tax reform and supply-side tax policy. Mitchell is a strong advocate of a flat tax and international tax competition. Prior to joining Cato, Mitchell was a senior fellow with The Heritage Foundation, and an economist for Senator Bob Packwood and the Senate Finance Committee. He also served on the 1988 Bush/Quayle transition team and was Director of Tax and Budget Policy for Citizens for a Sound Economy. His articles can be found in such publications as the Wall Street Journal, New York Times, Investor’s Business Daily, and Washington Times. He is a frequent guest on radio and television and a popular speaker on the lecture circuit. Mitchell holds bachelor’s and master’s degrees in economics from the University of Georgia and a Ph.D. in economics from George Mason University. …”

http://www.cato.org/people/daniel-mitchell

 

Dan Mitchell

“…Dan Mitchell is a libertarian economist, senior fellow at the Cato Institute. He is one of the nation’s experts on the flat tax[citation needed] and has been the leading international voice in the fight to preserve tax competition, financial privacy, and fiscal sovereignty[citation needed].

Personal life

Dan Mitchell was born on June 28, 1958 in Mt Kisco, New York and grew up in Portchester, NY and Wilton, Connecticut. He graduated from Wilton High School in 1976, and went on to attend the University of Georgia in Athens, Georgia. After graduating from UGA in 1981 with a Bachelors in Economics, Mitchell went on to earn a Masters in Economics from UGA in 1985. Mitchell moved to the Washington, D.C. metropolitan area in 1985 to pursue a Ph.D. in Economics from George Mason University.[citation needed]

Professional life

Mitchell’s career as an economist began in the United States Senate, working for Oregon Senator Bob Packwood. Mitchell left that position in 1990 and began a long career at the Heritage Foundation. At Heritage, Mitchell worked on tax policy issues and began advocating for income tax reform. In 2007, Mitchell left the Heritage Foundation, and joined the Cato Institute as a Senior Fellow. Mitchell continues to work in tax policy, and deals with issues such as the flat tax and international tax competition. In addition to his Cato Institute responsibilities, Mitchell co-founded the Center for Freedom and Prosperity, an organization formed to protect international tax competition.

Publications

Mitchell’s work has been published in the Wall Street Journal, New York Times, Washington Times, Washington Post, National Review, Villanova Law Review, Public Choice, Journal of Regulation and Social Cost, Emory Law Journal, Forbes, USA Today, Offshore Investment, Playboy, Investor’s Business Daily, and Worldwide Reinsurance Review. He is the author of The Flat Tax: Freedom, Fairness, Jobs, and Growth (1996), and co-author of Global Tax Revolution: The Rise of Tax Competition and the Battle to Defend It (2008).

Television appearances

Mitchell is a frequent commentator on television and has appeared on all the major networks, including CBS, NBC, ABC, CNBC, FOX, CNN, CNBC, and C-SPAN. He currently makes a weekly appearances on Street Signs (CNBC) on Mondays at 2:00pm ET.[citation needed] …”

http://en.wikipedia.org/wiki/Daniel_J._Mitchell

Should Tax Havens be Banned? part 1/4

Should Tax Havens be Banned? part 2/4

Should Tax Havens be Banned? part 3/4

Should Tax Havens be Banned? part 4/4

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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

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

Henry Hazlitt–Economics In One Lesson–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

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Paul Krugman–Videos 

Hunter Lewis–Where Keynes Went Wrong–Videos 

Liberal Fascism–Jonah Goldberg–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

Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos

Murray Rothbard–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

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

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

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Dan Mitchell-The Bush/Obama Years–Videos

Posted on July 22, 2010. Filed under: Blogroll, Books, Communications, Demographics, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, Homes, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Raves, Regulations, Resources, Security, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , |

The Bush/Obama Years (Dan Mitchell)

 

Background Articles and Videos

Understanding the Financial Crisis (Johan Norberg)

Dan Mitchell discusses Taxes on Businesses

 

Advice to Tea Partiers

Related Posts On Pronk Palisades

Economists

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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

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

Henry Hazlitt–Economics In One Lesson–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

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Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Paul Krugman–Videos 

Hunter Lewis–Where Keynes Went Wrong–Videos 

Liberal Fascism–Jonah Goldberg–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

Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos

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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

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

Thomas E. Woods–The Market Economy–Videos

Tom Woods On Personal Rights and Property Ownership

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Tom Woods–Who Killed The Constitution

Tom Wright On The FairTax–Videos

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Memo To Bill Bennett: Economists For Your Morning In America Show: Sowell, Woods, Goodman, Higgs, Mitchell, Boskin, and Lazear

Posted on July 21, 2010. Filed under: Blogroll, College, Economics, Education, Employment, Energy, Farming, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Immigration, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Raves, Regulations, Resources, Strategy, Taxes, Video | Tags: , , , , , , , , , , , |

“The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”

~Thomas Sowell

 

Bill,

A caller to your July 21, 2010 show made an excellent suggestion that in addition to having Bryon York on every Monday morning that you have economists on your show on a regular basis.

Since every day there is one or more stories in the news that an economist could easily comment upon, I suggest the following seven savvy conservative or classical liberal economists/economic historians for a  interview with you in one or more segments of your show:

Monday: Thomas Sowell

Thomas Sowell on the Housing Boom and Bust

Tuesday: Thomas E. Woods/ John C. Goodman

Keynesian Predictions vs. American History | Thomas E. Woods, Jr.

John Goodman on Health Care Reform

Wednesday: Robert Higgs

Robert Higgs on C-SPAN2’s Book TV, Part 1 of 3

Thursday: Dan Mitchell

There Are too Many Bureaucrats and They Are Paid too Much

Friday: Michael Boskin/Edward Lazear

Edward Lazear and Michael Boskin — Economic Headwinds

I look forward to Bryon York’s insights on Monday morning and the above economists would take your radio show to the next level.

Better watch out Rush and Glenn.

Great Show.

Raymond

” Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidise it”

~President Ronald Reagan

Addendum

“…The most important player on Ronald Reagan’s economic team is Ronald Reagan. The person most responsible for creating the economic program that came to be known as Reaganomics is Reagan himself. For over twenty years he observed the American economy, read and studied the writings of some of the best economists in the world, including the giants of the free market economy — Ludwig von Mises, Friedrich Hayek and Milton Friedman — and he spoke and wrote on the economy, going through the rigorous mental discipline of explaining his thoughts to others. Over the years he made all the key decisions on the economic strategies he finally embraced. He always felt comfortable with his knowledge of the field and he was in command all the way. …”

~Martin Anderson, in Revolution (1988), p. 164

PS

The Presidential History of Golf

Byron York talks about liberal efforts to ‘pre-tar’ the Tea Party protests as a violent movement

 

Background Articles and Videos

Bill Bennett’s Morning in America

http://www.billbennett.com/

 

Book TV: Bill Bennett on Radio and Writing

http://www.youtube.com/watch?v=40aMjFjZh6A

 

In Depth: Bill Bennett

http://www.youtube.com/watch?v=yhPa2SSfQx4

 

Thomas Sowell

http://www.tsowell.com/

“…Thomas Sowell (born June 30, 1930), is an American economist, social critic, political commentator and author. He often writes as an advocate of laissez-faire economics. He is currently a senior fellow of the Hoover Institution at Stanford University. In 1990, he won the Francis Boyer Award, presented by the American Enterprise Institute. In 2002 he was awarded the National Humanities Medal for prolific scholarship melding history, economics, and political science. In 2003, he was awarded the Bradley Prize for intellectual achievement.[1] …”

http://en.wikipedia.org/wiki/Thomas_Sowell

Thomas E. Woods

http://www.thomasewoods.com/

“…Thomas E. Woods, Jr. (born August 1, 1972) is an American historian and New York Times bestselling author.[1]

http://en.wikipedia.org/wiki/Thomas_Woods

John C. Goodman

 

http://www.ncpa.org/about/john-c-goodman

 

“…John C. Goodman is a libertarian economist and the founding president of the Dallas based, conservative think-tank the National Center for Policy Analysis.[1] The Wall Street Journal called Goodman the “father of Health Savings Accounts [1]. …”

http://en.wikipedia.org/wiki/John_C._Goodman

 

Robert Higgs

 http://www.independent.org/aboutus/person_detail.asp?id=489

 “…Robert Higgs (born 1 February 1944) is an American economist of the Austrian School and a libertarian anarchist. His writings in economics and economic history have most often focused on the causes, means, and effects of government growth. …”

 http://en.wikipedia.org/wiki/Robert_Higgs

Dan Mitchell 

http://www.cato.org/people/daniel-mitchell 

  

“…Dan Mitchell is a libertarian economist, senior fellow at the Cato Institute. He is one of the nation’s experts on the flat tax[citation needed] and has been the leading international voice in the fight to preserve tax competition, financial privacy, and fiscal sovereignty…”

http://en.wikipedia.org/wiki/Daniel_J._Mitchell

Michael J. Boskin

 

“…Michael Jay Boskin (born September 23, 1945 in New York City) is the T. M. Friedman Professor of Economics and Senior Fellow, Hoover Institution, Stanford University. He also is Chief Executive Officer and President of Boskin & Co., an economic consulting company.[1][2] …”

http://en.wikipedia.org/wiki/Michael_Boskin

Edward Lazear

 

http://www.hoover.org/fellows/9826

 

“…Edward Paul “Ed” Lazear (born 1948) is an award-winning American economist, considered the founder of personnel economics, and was the chief economic advisor to President George W. Bush. …”

http://en.wikipedia.org/wiki/Edward_Lazear

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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

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

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David Gordon–The Confused Literature of Globalization–Videos

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Robert Higgs–Why Are Politicians Always Trying to Scare Us?–Videos

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Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

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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

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

Tom Woods–Lectures On Liberty–Videos

Thomas E. Woods–The Market Economy–Videos

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Tom Woods–Who Killed The Constitution

Tom Wright On The FairTax–Videos

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Read Full Post | Make a Comment ( None so far )

The Great Depression and The Obama Depression–Videos

Posted on April 14, 2010. Filed under: Blogroll, College, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Monetary Policy, Video, Wisdom | Tags: , , , , , , , , , |

 

Obama’s New New Deal: As bad as the old new deal?

The Truth About the Great Depression (by Thomas DiLorenzo)

Robert Higgs on Hoover’s Great Depression Policies ?

The Great Depression and the Current Recession (Robert Higgs)

“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.

His writings in economics and economic history have most often focused on the causes, means, and effects of government growth. Some of the books he has authored include, Crisis and Leviathan: Critical Episodes in the Growth of American Government; Resurgence of the Warfare State: The Crisis Since 9/11, and Depression, War and Cold War: Studies in Political Economy. He is also the editor of the collections, Re-Thinking Green: Alternatives to Environmental Bureaucracy; The Challenge of Liberty: Classical Liberalism Today; and Opposing the Crusader State: Alternatives to Global Interventionism.”

80 Years Later: Parallels Between 1929 and 2009

 

 

A Recipe for the Next Great Depression

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

 

Obama’s So-Called Stimulus: Good For Government, Bad For the Economy

Ron Paul: Obama Stimulus Package Will Turn Recession Into Depression

 

UCLA’s Lee Ohanian: Hoover, Roosevelt and the Great Depression

Robert Higgs on Economic Prospects for 2010

 

Background Articles and Videos

Higgs and Liebowitz on Causes of the Economic Crisis ?

Robert Higgs on C-SPAN2’s Book TV, Part 1 of 3

Robert Higgs on C-SPAN2’s Book TV, Part 2 of 3

Robert Higgs on C-SPAN2’s Book TV, Part 3 of 3

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