David Halberstam — The Best and The Brightess — 20th Anniversary Edition — Videos

Posted on December 27, 2016. Filed under: American History, Articles, Blogroll, Books, College, Congress, Constitution, Corruption, Documentary, Education, Federal Government, Freedom, government, government spending, Heroes, history, Law, liberty, Life, Links, media, Non-Fiction, People, Philosophy, Photos, Politics, Press, Rants, Raves, Video, Wealth, Welfare, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , |

Image result for David Halberstam in vietnamImage result for The Best and the Brightest David HalberstamImage result for David Halberstam in vietnamImage result for David Halberstam in vietnamImage result for David Halberstam in vietnamImage result for Car Accident David HalberstamImage result for Car Accident David HalberstamImage result for Car Accident David HalberstamImage result for David Halberstam in vietnamImage result for David Halberstam in vietnamImage result for David HalberstamImage result for Car Accident David HalberstamImage result for Car Accident David Halberstam

David Halberstam, 1934-2007

David Halberstam on Covering War in the Vietnam War

David Halberstam Talks About Vietnam

Published on May 16, 2012

David Halberstam begins his career in 1955 as a reporter with the West Point, Miss., Daily Times Leader. By 1962, he’s reporting for The New York Times in Vietnam. Halberstam wins a Pulitzer Prize for international reporting in 1964. Among the books he authors are “The Best and the Brightest” (1972) and “The Powers That Be” (1979).

Vietnam War and the Presidency: Keynote Speaker

Published on Apr 23, 2014

David Halberstam, the Pulitzer Prize-winning reporter, gives the opening lecture at “Vietnam and the Presidency”, a national conference where leading historians, key policymakers of the Vietnam War era, and journalists who covered the war examine the antecedents of the war, presidential decision-making, media coverage, public opinion, lessons learned and the influence of the Vietnam experience on subsequent US foreign policy.

The Vietnam War was the longest and most controversial war that the United States ever fought. It claimed the lives of more than 58,000 Americans and over three million Vietnamese. From the arrival of the first US military advisors in the 1950s to the fall of Saigon on April 30, 1975, US involvement in Viet Nam was central to the Cold War foreign policies of Presidents Eisenhower, Kennedy, Johnson, Nixon and Ford. The war has continued to affect the policies of subsequent presidents, and its legacy is particularly relevant today during America’s war on terror.

David Halberstam – America Then and Now – 04/27/06

Published on Feb 12, 2014

David Halberstam is a legendary figure in American journalism. A graduate of Harvard University, he joined The New York Times in 1960 and was awarded a Pulitzer Prize for his reporting on the Vietnam War. His landmark trilogy of books on power in America, The Best and the Brightest, The Powers that Be, and The Reckoning, received wide critical acclaim. He is the author of fourteen bestselling books, including The Next Century, where he explores the American agenda for the 21st century; The Fifties, which examines the decade he considers seminal in shaping America today; and War in a Time of Peace, which recounts the impact of Vietnam on current U.S. foreign policy.

Conversations with History: Daniel Ellsberg

Daniel Ellsberg: Secrets – Vietnam and the Pentagon Papers

“Terminate With Extreme Prejudice” Daniel Ellsberg Talks About CIA Plot To Assassinate Him

Conversations with History: Neil Sheehan

The Early Years of the Vietnam War: Young War Correspondents (1996)

Published on Dec 4, 2014

Cornelius Mahoney “Neil” Sheehan (born October 27, 1936) is an American journalist. As a reporter for The New York Times in 1971, Sheehan obtained the classified Pentagon Papers from Daniel Ellsberg. His series of articles revealed a secret U.S. Department of Defense history of the Vietnam War and led to a U.S. Supreme Court case when the United States government attempted to halt publication.

He received a Pulitzer Prize and a National Book Award for his 1988 book A Bright Shining Lie, about the life of Lieutenant Colonel John Paul Vann and the United States involvement in the Vietnam War.

Born in Holyoke, Massachusetts and raised on a farm nearby, Sheehan graduated from Mount Hermon School (later Northfield Mount Hermon) and Harvard University with a B.A. in 1958. He served in the U.S. Army from 1959 to 1962, when he was assigned to Korea, and then transferred to Tokyo, where he did work moonlighting in the Tokyo bureau of United Press International (UPI). After his stint in the army he spent two years covering the war in Vietnam as UPI’s Saigon bureau chief. Sheehan relied heavily for information on Phạm Xuân Ẩn, who was later revealed to be a North Vietnamese agent. In 1963, during the Buddhist crisis, he and David Halberstam debunked the claim by the Ngô Đình Diệm regime that the Army of the Republic of Vietnam regular forces had perpetrated the Xá Lợi Pagoda raids, which U.S. authorities initially accepted. They showed instead that the raiders were Special Forces loyal to Diệm’s brother, Nhu, and motivated to frame the army generals. In 1964 he joined The New York Times and worked the city desk for a while before returning to the Far East, first to Indonesia and then to spend another year in Vietnam.

http://en.wikipedia.org/wiki/Neil_She…

Vietnam- A turning point for reporting war

Published on Aug 9, 2012

27/08/2010 – Join us for this special event to discuss the iconic war reportage, to mark 35 years since the end of the Vietnam War.

This special event brings together reporters who covered Vietnam to reflect on the war that changed the way the public think about conflict.

Saturation bombing, worldwide protests, napalm, agent orange and an estimated two million lives lost.

Has any war since had such an impact on the public psyche? Why was the reaction to the carnage in Vietnam so strong? Was it because of a lack of conviction in the cause the US was fighting for? Or was it because of these reporters and photographers and their work that so poignantly captured the brutality of war?

Jon Swain was the only British journalist in Phnom Penh when it fell to the Khmer Rouge in April 1975. His coverage of these events and their aftermath won him the British Press Award for Journalist of the Year. His story was retold in the Oscar-winning film, The Killing Fields and his bestselling book River of Time. Swain wrote an article about covering Vietnam in his early 20s in the most recent issue of Frontline: A Broadsheet.

French war photographer Patrick Chauvel was only 18 when he started covering the Vietnam war. In the years that followed he has covered over 20 wars and in 1995 won the World Press Photo award for Spot News. He is the author of two books in French, Rapporteur de Guerre and Sky.

John Laurence, author of the prize-winning memoir The Cat from Hue, covered the war for CBS News from 1965 to 1970 and made the multi-award winning documentary The World of Charlie Company. He also covered 15 other wars in Asia, Africa, the Middle East and Europe.

This special event will be moderated by Michael Nicholson OBE, former senior foreign correspondent for ITN. Nicholson reported for over 25 years from 15 conflicts, including Vietnam. The film Welcome to Sarajevo and his book Natasha’s Story were both based on his experiences covering the war in Bosnia.

The Best and the Brightest Who Advised Presidents: Shaping Modern Liberalism (1999)

vietnam war documentary [full documentary]

‘Vietnam in HD’: The Truth About the Vietnam War Told by the People Who Fought It past 2

David Halberstam’s The Fifties: “The Fear and the Dream” Part 1

David Halberstam’s The Fifties: “The Fear and the Dream” Part 2

David Halberstam’s The Fifties: “Let’s Play House”

David Halberstam’s The Fifties: “Selling The American Way”

David Halberstam’s The Fifties: “A Burning Desire”

David Halberstam’s The Fifties: “The Beat”

David Halberstam’s The Fifties: “THE RAGE WITHIN”

David Halberstam’s The Fifties: “The Road to the Sixties”

David Halberstam on the Global Economy and Middle Class Existence

David Halberstam on the Economic Fears of Americans

Author David Halberstam on the U.S. Deficit

Notebook: David Halberstam (CBS News)

C Span: Orville Schell on the death of David Halberstam

David Halberstam

From Wikipedia, the free encyclopedia
This article is about the author and journalist. For the radio sports announcer and executive, see David J. Halberstam.
David Halberstam
David Halberstam 1978.JPG

Halberstam in 1978
Born April 10, 1934
New York City, U.S.
Died April 23, 2007 (aged 73)
Menlo Park, California, U.S.
Occupation Journalist, historian, writer
Nationality American
Education Harvard University
Genre Non-fiction
Spouse Elżbieta Czyżewska (1965–1977; divorced)
Jean Sandness Butler (1979-2007; his death; 1 child)

David Halberstam (April 10, 1934 – April 23, 2007) was an American journalist and historian, known for his work on the Vietnam War, politics, history, the Civil Rights Movement, business, media, American culture, and later, sports journalism.[1] He won a Pulitzer Prize for International Reporting in 1964. In 2007, while doing research for a book, Halberstam was killed in a car crash.[2][3]

Early life and education

Halberstam was born in New York City and raised in Winsted, Connecticut, where he was a classmate of Ralph Nader, moving to Yonkers, New York and graduating from Roosevelt High School in 1951.[4] In 1955 he graduated from Harvard College in the bottom third of his class[5] with a BA after serving as managing editor of The Harvard Crimson.

Career

Halberstam’s journalism career began at the Daily Times Leader in West Point, MS, the smallest daily newspaper in Mississippi. He covered the beginnings of the Civil Rights Movement for The Tennessean in Nashville.[citation needed]

Vietnam

Halberstam arrived in Vietnam in the middle of 1962, to be a full-time Vietnam reporter for The New York Times.[6] Halberstam, like many other US journalists covering Vietnam, relied heavily for information on Phạm Xuân Ẩn, who was later revealed to be a secret North Vietnamese agent.[7]

In 1963, Halberstam received a George Polk Award for his reporting at The New York Times, including his eyewitness account of the self-immolation of Vietnamese Buddhist monk Thích Quảng Đức.[8]

During the Buddhist crisis, he and Neil Sheehan debunked the claim by the Diệm regime that the Army of the Republic of Vietnam regular forces had perpetrated the brutal raids on Buddhist temples, which the American authorities had initially believed, but that the Special Forces, loyal to Diệm’s brother and strategist Nhu, had done so to frame the army generals. He was also involved in a scuffle with Nhu’s secret police after they punched fellow journalist Peter Arnett while the pressmen were covering a Buddhist protest.[citation needed]

Halberstam left Vietnam in 1964, at age 30, and was awarded the Pulitzer Prize for International Reporting that year.[2] He is interviewed in the 1968 documentary film on the Vietnam War entitled In the Year of the Pig.[citation needed]

Civil Rights Movement and Poland

In the mid-1960s, Halberstam covered the Civil Rights Movement for The New York Times. He was sent on assignment to Poland, where he soon became ‘an attraction from behind the Iron Curtain’ to the artistic boheme in Warsaw. The result of that fascination was a 12-year marriage to one of the most popular young actresses of that time, Elżbieta Czyżewska, on June 13, 1965.

Initially well received by the communist regime, two years later he was expelled from the country as persona non grata for publishing an article in The New York Times, criticizing the Polish government. Czyżewska followed him, becoming an outcast herself; that decision disrupted her career in the country where she was a big star, adored by millions. In the spring of 1967, Halberstam travelled with Martin Luther King Jr. from New York City to Cleveland and then to Berkeley, California for a Harper’s article, “The Second Coming of Martin Luther King”. While at the Times, he gathered material for his book The Making of a Quagmire: America and Vietnam during the Kennedy Era.

Foreign policy, media works

Halberstam next wrote about President John F. Kennedy‘s foreign policy decisions on the Vietnam War in The Best and the Brightest. In 1972, Halberstam went to work on his next book, The Powers That Be, published in 1979 and featuring profiles of media titans like William S. Paley of CBS, Henry Luce of Time magazine, and Phil Graham of The Washington Post.

In 1980 his brother, cardiologist Michael J. Halberstam, was murdered during a burglary.[9] His only public comment related to his brother’s murder came when he and Michael’s widow castigated Life magazine, then published monthly, for paying Michael’s killer $9,000 to pose in jail for color photographs that appeared on inside pages of the February 1981 edition of Life.[10]

In 1991, Halberstam wrote The Next Century, in which he argued that, after the end of the Cold War, the United States was likely to fall behind economically to other countries such as Japan and Germany.[11]

Sports writing

Later in his career, Halberstam turned to sports, publishing The Breaks of the Game, an inside look at Bill Walton and the 1979-80 Portland Trail Blazers basketball team; Playing for Keeps, an ambitious book on Michael Jordan in 1999; Summer of ’49, on the baseball pennant race battle between the New York Yankees and Boston Red Sox; and The Education of a Coach, about New England Patriots head coach Bill Belichick. Much of his sports writing, particularly his baseball books, focuses on the personalities of the players and the times they lived in as much as on the games themselves.

In particular, Halberstam depicted the 1949 Yankees and Boston Red Sox as symbols of a nobler era, when blue-collar athletes modestly strove to succeed and enter the middle class, rather than making millions and defying their owners and talking back to the press. In 1997, Halberstam received the Elijah Parish Lovejoy Award as well as an honorary Doctor of Laws degree from Colby College.

Later years

After publishing four books in the 1960s, including the novel The Noblest Roman, The Making of a Quagmire, and The Unfinished Odyssey of Robert Kennedy, he wrote three books in the 1970s, four books in the 1980s, and six books in the 1990s, including his 1999 The Children which chronicled the 1959–1962 Nashville Student Movement. He wrote four more books in the 2000s and was working on at least two others at the time of his death.

In the wake of 9/11, Halberstam wrote a book about the events in New York City, Firehouse, which describes the life of the men from Engine 40, Ladder 35 of the New York City Fire Department. The Coldest Winter: America and the Korean War, the last book Halberstam completed, was published posthumously in September 2007.

Death

Halberstam died on April 23, 2007 at 10:30 a.m. in a traffic accident in Menlo Park, California near the Dumbarton Bridge, one week and six days after his 73rd birthday.[12]

After Halberstam’s death, the book project was taken over by Frank Gifford, who played for the losing New York Giants in the 1958 game, and was titled The Glory Game, published by HarperCollins in October 2008 with an introduction dedicated to David Halberstam.[13]

Mentor to other authors

Halberstam was generous with his time and advice to other authors. To cite just one instance, author Howard Bryant in the Acknowledgments section of Juicing the Game, his 2005 book about steroids in baseball, said of Halberstam’s assistance: “He provided me with a succinct road map and the proper mind-set.” Bryant went on to quote Halberstam on how to tackle a controversial non-fiction subject: “Think about three or four moments that you believe to be the most important during your time frame. Then think about what the leadership did about it. It doesn’t have to be complicated. What happened, and what did the leaders do about it? That’s your book.”[citation needed]

Criticism

Pulitzer Prize-winning Korean War correspondent Marguerite Higgins was the staunchest pro-Diệm journalist in the Saigon press corps, frequently clashing with her younger male colleagues such as Neil Sheehan, Peter Arnett, and Halberstam. She claimed they had ulterior motives, saying “reporters here would like to see us lose the war to prove they’re right.”[14]

Conservative military and diplomatic historian Mark Moyar[15] claimed that Halberstam, along with fellow Vietnam journalists Neil Sheehan and Stanley Karnow helped to bring about the 1963 South Vietnamese coup against President Diệm by sending negative information on Diệm to the U.S. government in news articles and in private, all because they decided Diệm was unhelpful in the war effort. Moyar claims that much of this information was false or misleading.[16] Sheehan, Karnow, and Halberstam all won Pulitzer Prizes for their work on the war.[citation needed]

Newspaper opinion editor Michael Young says Halberstam saw Vietnam as a moralistic tragedy, with America’s pride deterministically bringing about its downfall. Young writes that Halberstam reduced everything to human will, turning his subjects into agents of broader historical forces and coming off like a Hollywood movie with a fated and formulaic climax.[17]

Awards and honors

Books

See also

https://en.wikipedia.org/wiki/David_Halberstam

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Tea Party and Conservatives Revolt Over Trivial Budget Deal — Videos

Posted on December 11, 2013. Filed under: American History, Banking, Blogroll, Communications, Economics, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Investments, Law, liberty, Life, Links, media, Monetary Policy, Money, Obamacare, People, Philosophy, Politics, Rants, Raves, Strategy, Tax Policy, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , |

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

                                                        ACCOUNTING DATE:  11/13

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

     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,342                 -2,883
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923
     SEPTEMBER                                                                 301,469                226,355                -75,114

       YEAR-TO-DATE                                                          2,774,011              3,454,243                680,232

   CURRENT YEAR

     OCTOBER                                                                   198,927                290,520                 91,592
     NOVEMBER                                                                  182,453                317,679                135,226

       YEAR-TO-DATE                                                            381,380                608,199                226,819

U.S. National Debt Clock

http://www.usdebtclock.org/

House Speaker Boehner Slams Conservative Groups For Opposing Budget Deal – Cavuto

 Sen. Mike Lee • ObamaCare • Budget Deal • Hannity • 12/11/13 •

Rand Paul on Budget Deal: ‘I Can’t Believe Any Conservative Would Consider This Budget Deal’

Mark Levin to Paul Ryan: Budget Deal is ‘Mickey Mouse’

Two year budget deal announced to avoid gov’t shut down

Reaction to lawmakers announcing budget agreement

New Budget Deal Announced By Ryan and Murray

Key congressional budget negotiators on Tuesday said they reached a budget agreement to avert a government shutdown and bring a rare dose of stability to Congress’s fiscal policy-making over the next two years.

http://www.washingtontimes.com/news/2013/dec/11/tea-partiers-turn-capitol-hill-budget-deal/

New budget accord saves $23 billion — after $65 billion spending spree

By Jacqueline Klimas

Key lawmakers from both parties announced Tuesday a bipartisan budget proposal that would avoid another government shutdown and restore some defense spending that would have been lost to upcoming sequester cuts.

Rep. Paul Ryan, brushing aside objections from some fiscal conservatives that the proposal would undo spending caps that have helped slow the growth of the federal deficit, told reporters the compromise is a win for the GOP.


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Mr. Ryan, at a joint news conference with Sen. Patty Murray, Washington Democrat, said the spending plan calls for reducing the deficit by $23 billion over 10 years without raising taxes.

The Wisconsin Republican, the House’s chief budget writer, said the deal would reverse about $65 billion in previously agreed-upon automatic spending cuts to the military and other government programs.

“I see this agreement as a step in the right direction,” he said. “In divided government, you don’t always get what you want. That said, we still can make progress toward our goals. I see this agreement as that kind of progress.”

President Obama and House Appropriations Committee Chairman Harold Rogers, Kentucky Republican, welcomed the proposal, which both chambers of Congress could vote on before the end of the week.

“Earlier this year, I called on Congress to work together on a balanced approach to a budget that grows our economy faster and creates more jobs — not through aimless, reckless spending cuts that harm our economy now, but by making sure we can afford to invest in the things that have always grown our economy and strengthened our middle class,” Mr. Obama said. “Today’s bipartisan budget agreement is a good first step.”

The House-Senate deal sets the top-line spending number at $1.012 trillion for the rest of the current fiscal year, which ends Sept. 30, and $1.014 trillion for fiscal 2015, which begins Oct. 1.


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The proposed spending is more than the levels lawmakers approved in the 2011 Budget Control Act, which would have capped non-mandatory government spending at $967 billion in 2014, with the cuts coming from, among other places, the military, Veterans Affairs and the FBI.

The details of the deal remained sketchy as of press time, though Mr. Ryan and Mrs. Murray said they would post the proposal on their respective websites and it would require that federal employees and members of the military pay more for their retirement benefits.

“We think it’s only right and fair that they pay something more toward their pensions just like the hardworking taxpayer who pays for those pensions in the first place,” Mr. Ryan said.

The deal faces challenges from both the political left and the right, with conservatives warning that they could not support a deal that increased spending levels and liberals pushing back against making federal employees contribute more to their pensions.

Democrats also are frustrated with the growing prospect that Congress will not come up with the $26 billion to extend unemployment benefits for more than 1.3 million people through the end of next year.

Mrs. Murray acknowledged that neither side got everything it wanted, but that the compromise will bring some stability to a government that has been run by fiscal crisis for years.

“We have some differences in policies, but we agree that our country needs some certainty and we need to show that we can work together,” she said.

Conservative groups, meanwhile, pushed back against reports that the deal includes higher “fees” and other gimmicks that critics say are tax hikes in disguise, including fees on airline tickets.

Chris Edwards, editor of DownsizingGovernment.org at the Cato Institute, said it would be hard for Republicans to get conservatives to back a proposal that surrenders ground on the sequesters.

“Politically, I just think it’s crazy for Republicans. Here is the one big thing, they can say, ‘We held President Obama’s feet to the fire and passed the Budget Control Act of 2011.’ It’s really paying dividends now, spending has been flat for the past two years,” he said. “They are going to be throwing away their single biggest accomplishment on fiscal policy for the past few years. It would be like President Obama throwing away Obamacare.”

By breaking the budget caps set in 2011, the deal also sets the precedent that the numbers can be changed in future years, Mr. Edwards said.

“[Appropriators] are just playing trench warfare, pushing the trench forward a year at a time. If they break the cap this year, they’ll feel empowered to push hard and try to break the caps next year,” he said.

Heritage Action said that it could not support a budget deal that “would increase spending in the near-term for promises of woefully inadequate long-term reductions.”

“While imperfect, the sequester has proven to be an effective tool in forcing Congress to reduce discretionary spending, and a gimmicky, spend-now-cut-later deal will take our nation in the wrong direction,” the conservative think tank said in a statement.

Mr. Ryan said the House would vote on the plan before the end of the week and launched a pre-emptive strike against potential critics of the plan.

“As a conservative, I deal with the situation as it exists,” Mr. Ryan said. “I deal with the way things are, not necessarily the way I want them to be.”

http://www.washingtontimes.com/news/2013/dec/10/house-and-senate-negotiators-reach-two-year-budget/

US congressional leaders unveil two-year budget deal

• Bipartisan deal will fix federal spending at $1.012tn
• Deal will relieve worst effects of the sequester
 in Washington

Congress was on the verge of the first bipartisan budget deal in nearly three decades on Tuesday night after Democrat and Republican negotiators unveiled a proposal to fix federal spending at $1.012tn.

The long-awaited agreement struck between senator Patty Murray and congressman Paul Ryan staves off the threat of another government shutdown for two years and will relieve the worst effects of blanket budget cuts known as the sequester.

Aspects of the deal may alarm both parties, particularly Democrats, who are being asked to accept additional spending cuts, no new taxes and increased pension contributions from public sector workers.

Nevertheless the prospect of ending years of political deadlock appeared to satisfy political leaders of both parties, whose expectations have been lowered by the recent government shutdown and a virtual standstill on a host of other issues.

Barack Obama declared the budget deal “a good first step” and both House speaker John Boehner and and majority leader Eric Cantor indicated they would allow a vote to pass with a mixture of Republican and Democrat support.

Congress has been deadlocked over the budget since Democrats lost control of the House in the 2010 midterm elections and the proposal from Murray and Ryan represents the first realistic chance of a divided government agreeing a formal budget since 1986.

If passed by the House and Senate, the two-year deal would fix federal spending at $1.012tn in 2014 and $1.014tn in 2015 – roughly halfway between the $1.058tn sought by Democrats in the Senate and the $967bn proposed by the Republican-controlled House.

The blanket sequester cuts would be reduced by $63bn over the two years, split equally between defence and non-defence spending, although Republicans also succeeded in negotiating a further $20-$23bn in deficit reduction.

Rather than raising new taxes to pay for the sequester relief – something Republicans were implacably opposed to – negotiators agreed to raise additional government revenue through fees, such as airport charges and by demanding that federal workers pay more toward their pensions.

Union umbrella group, the AFL-CIO, has already hit out at the proposal, arguing that federal workers were acting as a “punching bag” for Republicans.

There was also no agreement over the vexed issue of long-term unemployment benefits, which are due to expire shortly, or any agreement on medicare or social security reforms, which Republicans had been pushing for.

Senator Patty Murray, Democratic chair of the budget committee, admitted much was missing from the deal.

We need to acknowledge that there are long-term structural problems that this deal does not address,” she told reporters. “This deal does not solve all of our problems but it is an important step.”

“For far too long here in Washington DC, compromise has been a dirty word, especially when it comes to the budget,” added Murray.

“For years we have lurched from crisis to crisis. That uncertainty was devastating to our fragile economic recovery.”

Ryan also portrayed the deal as a major breakthrough but played down expectations among his own supporters.

“The agreement is a clear improvement on the status quo … it makes sure we don’t lurch from crisis to crisis,” said the chairman of the House budget committee.

“We have been talking all year, but that hard work has paid off. In divided government you don’t always get what you want.”

The proposal, which will be voted on by the House later this week, was also welcomed by the White House.

“This agreement doesn’t include everything I’d like – and I know many Republicans feel the same way,” President Obama said in a statement. “That’s the nature of compromise. But it’s a good sign that Democrats and Republicans in Congress were able to come together and break the cycle of short-sighted, crisis-driven decision-making to get this done.”

http://www.theguardian.com/world/2013/dec/10/us-congress-reaches-budget-deal

All-out war breaks out in GOP over budget

Tea party groups and fiscal conservatives wasted no time Wednesday in savaging a bipartisan budget agreement negotiated between House Republicans and Senate Democrats, drawing an unusually angry response from House Speaker John A. Boehner, Ohio Republican.

All sides were rating the winners and losers in the deal struck a day earlier between House Budget Committee Chairman Paul Ryan, Wisconsin Republican, and Senate Budget Committee Chairwoman Patty Murray, Washington Democrat. The modest deficit-cutting deal had some sweeteners for defense contractors and oil drillers, while air travelers, federal workers and some corporate executives would take a hit.


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But most of the passion focused on the politics of the deal, with Mr. RyanMr. Boehner and the House GOP leadership defending their handiwork from attacks from conservative colleagues on Capitol Hill and from outside groups such as the Club for Growth, Heritage Action and Americans for Prosperity. Critics said the agreement effectively raised taxes in the form of higher fees, failed to restrain entitlement programs and permitted new spending in the short term in exchange for vague promises of long-term cuts.

Rep. Jim Jordan, Ohio Republican, said in an interview that Republicans sacrificed their biggest point of leverage — the tough “sequester” spending cuts that were already in force — in the rush to get a short-term deal that did not address the long-term costs of Social Security, Medicare and Medicaid.

“I am against [the deal] from just a basic point that we embarked on a position at the beginning of the year that said, ‘We will keep the sequester in place unless we get to make changes on mandatory spending that will save those program and put the budget on path to balance within the next 10 years,’” Mr. Jordan said.

Added Chris Chocola, president of the fiscally hawkish Club for Growth, “Apparently, there are some Republicans who don’t have the stomach for even relatively small spending reductions that are devoid of budgetary smoke and mirrors. If Republicans work with Democrats to pass this deal, it should surprise no one when Republican voters seek alternatives who actually believe in less spending when they go to the ballot box.”

Despite conservative unhappiness and tepid reviews from many House Democrats, the proposal could be voted on in the House as early as Thursday and Mr. Ryan said Wednesday on CNN that he is confident he has the votes to pass the bill.

Mr. Boehner used unusually pointed language in hitting back at conservative opponents of the deal, charging that critics opposed the agreement even before knowing what was in it.


SEE ALSO: Rand Paul: Budget deal ‘shameful,’ ‘huge mistake’


“They’re using our members and the American people to their own purposes,” an angry Mr. Boehner said. “This is ridiculous.”

But several Republican senators, including Kentucky’s Rand Paul and Oklahoma’s Tom Coburn, immediately came out against the deal and many other Republican senators are expected to oppose the accord.

The Congressional Budget Office estimated Wednesday that the bulk of the plan’s deficit reduction would come in the final three years of the deal, while the new spending would happen over the next two years.

The estimate followed news that the U.S. government ran a $135.2 billion budget deficit through the first two months of the year — well short of the $226.8 billion deficit the nation had built up by this time a year ago. The Treasury Department said that more revenue was coming into the federal government thanks to higher tax rates and an improving economy.

The Ryan-Murray agreement increases spending in 2014 to $1.012 trillion and in 2015 to $1.014 trillion and restores more than $60 billion in sequester spending cuts.

The new spending is offset in part by lowering the cost-of-living adjustment for military retirees, requiring higher pension contributions from recently hired federal employees and raising fees on travelers collected by the Transportation Security Administration.

Some winners in the deal included the Pentagon and the defense industry, where much of the defense-related sequester cuts were restored, and the energy industry, which won expanded rights for joint drilling along the U.S.-Mexico border and in the Gulf of Mexico.

Industries and interests that emerged as losers in the final deal were quick to make their unhappiness known.

“As we have said consistently, airlines and our customers are already overtaxed, and we are disappointed that fees on air travel were increased, and believe those higher taxes will impact demand, jobs and our economy,” said Katie Connell, spokeswoman for Airlines for America, a Washington-based trade group representing U.S. airlines.

The National Treasury Employees Union launched a pre-emptive strike against the proposal, saying last week that federal employees had suffered enough under pay freezes and furloughs.

“We continue to believe that there should be zero cuts to federal pay and benefits in this deal and that federal employees are being asked to contribute a disproportionate share toward deficit reduction,” the group said Wednesday.

National Nurses United took issues with the cuts aimed at federal workers, especially nurses working in Veterans Affairs hospitals.

“There is no reason to cheer an agreement that requires unwarranted pension cuts for federal workers, including VA nurses who earned that pension, underfunds nutrition programs and fails to extend assistance for the long-term unemployed,” said Jean Ross, co-president of the nurses group.

Military members said they are also bearing more than their fair share of the government’s financial problems. Military retirees’ cost-of-living allowance will be decreased to 1 percent below the inflation rate, leading to a 20 percent cut to retirement benefits over their lives, according to a statement from Iraq and Afghanistan Veterans of America.

“The budget agreement balances the budget on the backs of military retirees. It’s the latest example of how Washington is broken, forcing those who have sacrificed the most over the last 10 years to choose between this deal, sequestration or government shutdown,” said Paul Rieckhoff, chief executive officer of IAVA.

Many liberal lawmakers said the federal budget should not be balanced on the backs of federal workers and that the bill could have trouble passing if it does not extend unemployment insurance for the 1.3 million Americans who are set to get kicked off the rolls before the end of the year.

“That does put the overall effort at risk,” said Rep. Chris Van Hollen, Maryland Democrat.

Senate Majority Leader Harry Reid, Nevada Democrat and supporter of the plan, tried to ease some of the concerns coming from his side of the aisle by vowing to push for an extension of unemployment insurance and for an increase in the minimum wage when the Senate returns to Washington after the new year.
http://www.washingtontimes.com/news/2013/dec/11/tea-partiers-turn-capitol-hill-budget-deal/?page=2

Tea partiers turn on Capitol Hill budget deal

By Jacqueline Klimas

Tea party and conservative groups pounced on the budget proposal that congressional leaders carved out behind closed doors, saying that the plan is based on the faulty premise of increasing spending now in exchange for future spending cuts that will never materialize.

They said that House Budget Committee Chairman Paul Ryan, the GOP budget negotiator, can kiss goodbye any chance of winning over grassroots activists if he chooses to run for president in 2016 after he surrendered ground on across-the-board “sequester” cuts to spending rolled back in the new deal.

“While no one was expecting a grand bargain, we hoped that the budget leaders would stand by the only fiscally responsible accomplishment of Obama’s presidency: sequestration,” said Amy Kremer, chairwoman of the Tea Party Express. “This budget deal creates a faux peace in Washington, D.C., while burdening taxpayers by sweeping the impending fiscal crisis under the rug.”

Mr. Ryan and Senate Budget Committee Chairwoman Patty Murray, Washington Democrat, announced late Tuesday that they had reached a two-year budget deal that would reduce the deficit by $23 billion over ten years without raising taxes.

The proposal restored $63 billion on the across-the-board “sequester” cuts to defense and non-defense programs. It also included higher fees on airline travel and requires federal employees to contribute more for their retirement benefits.

Judson Phillips, the leader of Tea Party Nation, likened the proposal to a character in the long-running comic strip Popeye, calling it “the Wellington Wimpy budget deal.”

Paul Ryan is telling America that he will gladly pay us Tuesday for a hamburger today,” Mr. Phillips said. “It should forever dissuade us of the idea that the Republican Party is the party of fiscal conservatism.”

Mr. Phillips said that Mr. Ryan has shown that he is “is another Washington insider who will talk to the public about how fiscally conservative he is and then he goes to Washington and wants to spend money like a drunken Democrat.”

“As far as the conservative movement is concern, Ryan is not only the 2016 candidate of ‘no,’ but ‘hell no.’ There is no way he will have grassroots support after this deal,” he said.

For his part, Mr. Ryan, who has no ruled out a presidential run, told reporters that the the plan is a step in the right direction because it achieves deficit reduction without increasing taxes.

“As a conservative, I deal with the situation as it exists,” Mr. Ryan said. “I deal with the way things are, not necessarily the way things I want them to be.”

http://www.washingtontimes.com/news/2013/dec/11/tea-partiers-turn-capitol-hill-budget-deal/

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Tea Party Budget Vs. Lunatic Left Democrats In Deep Denial Out About Out-of-Control Government Spending Results In Deficits and Debt — Videos

Posted on October 20, 2013. Filed under: American History, Blogroll, College, Communications, Computers, Constitution, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Macroeconomics, Tax Policy | Tags: , , , , , , , |

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White House Budget Request for FY 2013

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Congressional Budget Office, The 2013 Long Term Debt Outlook

Deficits & the Debt

Budget Chef Presents: How to Balance the Budget W/O Raising Taxes!

If Tea Party Can Balance Budget In Four Years, Why Can’t Obama?

03/17/11: Sen. Rand Paul Introduces Five-Year Balanced Budget Plan

Van Hollen Opening Statement at Hearing on CBO’s Long-Term Budget Outlook

Huffman Reminds Budget Committee Why We Have A Deficit—Hint: It’s Not Obamacare…

CBO Long-Term Outlook Understates Danger, FOX Reports

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Government Spending Is The Problem and The Interest on The National Debt Will Stop It As Will Stopping The Spending — Videos

Posted on October 20, 2013. Filed under: American History, Blogroll, College, Communications, Constitution, Economics, Education, Employment, European History, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, government spending, history, Illegal, Immigration, Inflation, Investments, IRS, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, People, Philosophy, Photos, Politics, Psychology, Public Sector, Rants, Raves, Tax Policy, Taxes, Terrorism, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , |

niall-ferguson

“For the fiscal position of the federal government is in fact much worse today than is commonly realized. As anyone can see who reads the most recent long-term budget outlook—published last month by the Congressional Budget Office, and almost entirely ignored by the media—the question is not if the United States will default but when and on which of its rapidly spiraling liabilities.”

~Niall Ferguson

National Debt Tops $17 Trillion As DC Punts On Spending Cuts

Niall Ferguson: “The “age of debt” has come to an end.”

Niall Ferguson – The $1 8 Trillion Tax You’ve Never Heard Of

Niall Ferguson It’s the Stupid Economy

Niall Ferguson at Charlie Rose 2011

Niall Ferguson Says 100% Certain Greece Will Default

Sequester Cuts Actually Helping, Not Hurting Our Economy

U.S. National Debt and Tax Policies: The Future of American Fiscal Policy (2013)

Niall Ferguson to Paul Krugman: You’re Still Wrong About Government Spending

Niall Ferguson: The Shutdown Is a Sideshow. Debt Is the Threat

An entitlement-driven disaster looms for America, yet Washington persists with its game of Russian roulette.

 

In the words of a veteran investor, watching the U.S. bond market today is like sitting in a packed theater and smelling smoke. You look around for signs of other nervous sniffers. But everyone else seems oblivious.

Yes, the federal government shut down this week. Yes, we are just two weeks away from the point when the Treasury secretary says he will run out of cash if the debt ceiling isn’t raised. Yes, bond king Bill Gross has been on TV warning that a default by the government would be “catastrophic.” Yet the yield on a 10-year Treasury note has fallen slightly over the past month (though short-term T-bill rates ticked up this week).

Part of the reason people aren’t rushing for the exits is that the comedy they are watching is so horribly fascinating. In his vain attempt to stop the Senate striking out the defunding of ObamaCare from the last version of the continuing resolution, freshman Sen. Ted Cruz managed to quote Doctor Seuss while re-enacting a scene from the classic movie “Mr. Smith Goes to Washington.”

Meanwhile, President Obama has become the Hamlet of the West Wing: One minute he’s for bombing Syria, the next he’s not; one minute Larry Summers will succeed Ben Bernanke as chairman of the Federal Reserve, the next he won’t; one minute the president is jetting off to Asia, the next he’s not. To be in charge, or not to be in charge: that is indeed the question.

According to conventional wisdom, the key to what is going on is a Republican Party increasingly at the mercy of the tea party. I agree that it was politically inept to seek to block ObamaCare by these means. This is not the way to win back the White House and Senate. But responsibility also lies with the president, who has consistently failed to understand that a key function of the head of the executive branch is to twist the arms of legislators on both sides. It was not the tea party that shot down Mr. Summers’s nomination as Fed chairman; it was Democrats like Sen. Elizabeth Warren, the new face of the American left.

Yet, entertaining as all this political drama may seem, the theater itself is indeed burning. For the fiscal position of the federal government is in fact much worse today than is commonly realized. As anyone can see who reads the most recent long-term budget outlook—published last month by the Congressional Budget Office, and almost entirely ignored by the media—the question is not if the United States will default but when and on which of its rapidly spiraling liabilities.

True, the federal deficit has fallen to about 4% of GDP this year from its 10% peak in 2009. The bad news is that, even as discretionary expenditure has been slashed, spending on entitlements has continued to rise—and will rise inexorably in the coming years, driving the deficit back up above 6% by 2038.

A very striking feature of the latest CBO report is how much worse it is than last year’s. A year ago, the CBO’s extended baseline series for the federal debt in public hands projected a figure of 52% of GDP by 2038. That figure has very nearly doubled to 100%. A year ago the debt was supposed to glide down to zero by the 2070s. This year’s long-run projection for 2076 is above 200%. In this devastating reassessment, a crucial role is played here by the more realistic growth assumptions used this year.

As the CBO noted last month in its 2013 “Long-Term Budget Outlook,” echoing the work of Harvard economists Carmen Reinhart and Ken Rogoff : “The increase in debt relative to the size of the economy, combined with an increase in marginal tax rates (the rates that would apply to an additional dollar of income), would reduce output and raise interest rates relative to the benchmark economic projections that CBO used in producing the extended baseline. Those economic differences would lead to lower federal revenues and higher interest payments. . . .

“At some point, investors would begin to doubt the government’s willingness or ability to pay U.S. debt obligations, making it more difficult or more expensive for the government to borrow money. Moreover, even before that point was reached, the high and rising amount of debt that CBO projects under the extended baseline would have significant negative consequences for both the economy and the federal budget.”

Just how negative becomes clear when one considers the full range of scenarios offered by CBO for the period from now until 2038. Only in three of 13 scenarios—two of which imagine politically highly unlikely spending cuts or tax hikes—does the debt shrink from its current level of 73% of GDP. In all the others it increases to between 77% and 190% of GDP. It should be noted that this last figure can reasonably be considered among the more likely of the scenarios, since it combines the alternative fiscal scenario, in which politicians in Washington behave as they have done in the past, raising spending more than taxation.

Only a fantasist can seriously believe “this is not a crisis.” The fiscal arithmetic of excessive federal borrowing is nasty even when relatively optimistic assumptions are made about growth and interest rates. Currently, net interest payments on the federal debt are around 8% of revenues. But under the CBO’s extended baseline scenario, that share could rise to 20% by 2026, 30% by 2049, and 40% by 2072. By 2088, the last date for which the CBO now offers projections, interest payments would—absent any changes in current policy—absorb just under half of all tax revenues. That is another way of saying that policy is unsustainable.

The question is what on earth can be done to prevent the debt explosion. The CBO has a clear answer: “[B]ringing debt back down to 39 percent of GDP in 2038—as it was at the end of 2008—would require a combination of increases in revenues and cuts in noninterest spending (relative to current law) totaling 2 percent of GDP for the next 25 years. . . .

“If those changes came entirely from revenues, they would represent an increase of 11 percent relative to the amount of revenues projected for the 2014-2038 period; if the changes came entirely from spending, they would represent a cut of 10½ percent in noninterest spending from the amount projected for that period.”

Anyone watching this week’s political shenanigans in Washington will grasp at once the tiny probability of tax hikes or spending cuts on this scale.

It should now be clear that what we are watching in Washington is not a comedy but a game of Russian roulette with the federal government’s creditworthiness. So long as the Federal Reserve continues with the policies of near-zero interest rates and quantitative easing, the gun will likely continue to fire blanks. After all, Fed purchases of Treasurys, if continued at their current level until the end of the year, will account for three quarters of new government borrowing.

But the mere prospect of a taper, beginning in late May, was already enough to raise long-term interest rates by more than 100 basis points. Fact (according to data in the latest “Economic Report of the President”): More than half the federal debt in public hands is held by foreigners. Fact: Just under a third of the debt has a maturity of less than a year.

Hey, does anyone else smell something burning?

Correction: Net interest payments on the federal debt are about 8% of revenues. The Oct. 5 op-ed “The Shutdown Is a Sideshow. Debt Is the Threat” misstated the payments as a percentage of GDP.

Mr. Ferguson’s latest book is “The Great Degeneration: How Institutions Decay and Economies Die” (Penguin Press, 2013).

http://online.wsj.com/news/articles/SB10001424052702304906704579113661593684356

 

Niall Ferguson Gets It Backwards, The Budget Deficit ‘Threat’ Is An Opportunity

John Tamny,

 

Back in 2008 in the lead-up to the 2008 presidential elections, John Stewart’s Comedy Channel show did a feature on John McCain going back to 1980. Each year offered a video clip of the Arizona Senator warning of a looming fiscal crisis related to the nation’s budget deficit.

Though one would be foolish to use The Daily Show as an economics lesson, the underlying point of the McCain segment was valid. Politicians, economists and mere members of the U.S. citizenry have been predicting deficit doom for as long as this writer’s been sentient, and probably even as long McCain’s been kicking.

All of which brings us to a recent Wall Street Journal Op-ed by British historian extraordinaire, Niall Ferguson. Though he seems to admit to joining an echo chamber that’s rather long in the tooth, Ferguson is the latest, and surely not the last to, in his own words, yell that the fiscal “theater is indeed burning.”  At this point we could fill several Rose Bowls with prominent individuals who’ve made the same argument. As he wrote last Saturday:

“For the fiscal position of the federal government is in fact much worse today than is commonly realized. As anyone can see who reads the most recent long-term budget outlook—published last month by the Congressional Budget Office, and almost entirely ignored by the media—the question is not if the United States will default but when and on which of its rapidly spiraling liabilities.”

This is in no way meant to dismiss Ferguson’s basic point. Maybe the horrid deficit tomorrow that never seems to come is on our doorstep, but at least for now it should be said that the television version of The Boy Who Cried Wolf made for modern consumption would star an angry adult male predicting deficit doom. Or maybe this is much ado about nothing. Better yet, maybe the proper way to look at the deficit question is to cease all the doom and gloom, and view the deficit as an opportunity.

For one, assuming we reach the point that all the deficit worriers talk about whereby the U.S. budget is consumed by interest payments, let’s look at the positives. Figure if Congressional appropriations are reduced to interest payments, it will be much more difficult for the fiscally incontinent members of both political parties to dream up new ways to waste our money.

Taking the debt discussion local for a moment, California has long been fingered by the same deficit-fearing crowd as a likely default prospect, but if so, does anyone think Apple AAPL +0.87%, Google GOOG +13.8%, and Intel INTC -0.19% will suffer higher rates for debt finance alongside the profligate State of California if the latter defaults?

Applied nationally, assuming Treasury goes explicit in its default in the way it’s long been implicit (the dollar that Treasuries pay out bought 1/35th of an ounce of gold in 1971, yet today it buys roughly 1/1300th) in its stiffing of creditors, is it really a certainty that Armageddon awaits as Ferguson presumes? Or is it more likely that investors, burned by Treasury, will migrate away from U.S. debt, along with government debt more broadly?

If so, never explained by the doomsayers is why this would be so bad. Creditors and investors won’t just sit on their money, rather they’ll find better, more hospitable places to put their capital to work. Assuming they charge Treasury 10% for 30-year debt, does anyone think Coca-Cola KO +0.6% will see its debt finance costs rise to a similar level?

If readers assume yes, that market panic would drive rates well beyond the aforementioned number, that too wouldn’t be a forever concept. High prices by virtue of being high naturally beget lower prices down the line as the high rates of interest lure profit-focused investors into the arena. Needless to say, whether investors simply tire of lending to Treasury such that they jack up rates, or if they raise rates in response to an actual default, financial capital won’t sit idle forever. Eventually investors will find new, and infinitely more productive places to deploy their funds. At risk of sounding too ‘tea party-ish’ given Ferguson’s not-so-veiled contempt for the movement, it’s not a reach to suggest that Amazon.com’s Jeff Bezos, FedEx’s Fred Smith, and Berkshire Hathaway’s Warren Buffett are much better allocators of capital than are John Boehner, Nancy Pelosi, and Harry Reid.

Of course to highly influential people like Ferguson, Treasury Secretary Jack Lew, and Fed Chairman Bernanke, default is the unthinkable, and would surely lead to the ‘Mother of All Great Depressions’ as interest rates skyrocket amid panic in the markets, and also in the street. Fair enough, but also wholly unproven. Lest we forget, it was the same crowd, or a reasonable facsimile (Bernanke at least), who told us that a failure to save Citigroup (bailed out five times in 22 years by the Fed) would lead to a decades-long recession.  Yes, in Bernanke’s world the capitalist system can only sustain itself if we run away from capitalism with lightning speed in order to prop up that which the markets don’t want.  Oh well, at the very least consider where all of this default/crisis talk is coming from.

Importantly, there’s another option that’s not talked of enough as a path out of a deficit ‘crisis’ that they regularly warn us about. How about economic growth? It’s really that simple, and if the political class had a clue about how economies grow (they don’t, but too many of us blindly accept their warnings about bank failures, default, global contraction as though they do), they might turn all the deficit worrying to their advantage.

Simply put, economic growth is easy. Taxes are a penalty placed on work and investment, so reduce the penalty on both to get more of both. Regulations don’t work (see the banks overseen by the Fed, SEC and the rest), but they do inhibit the profit motive for distracting executives who should be focused on the shareholder, and by extension, the customer. Trade is why we get up for work each day so that we can exchange our surplus for that of others, so when barriers to trade are put up, we foster inefficiency all the while taxing the purpose of work. Money is how we measure the value of the goods we exchange, and the investments we enter into, so stabilize its value. Notable with money is that in his masterful book, The Cash Nexus, Ferguson wrote of ‘forever’ British debt instruments that forever paid out low rates of interest precisely because the Pound had a stable definition in terms of gold.

To make basic what already is, growing countries never have to worry about deficits simply because their debt is so attractive. Greece isn’t suffering a debt crisis because it owes too much money, rather it’s in trouble because its even more hapless political class doesn’t understand that its debt problems would disappear if it adopted growth policies like the ones listed above. As Forbes contributor Louis Woodhill has pointed out regularly, interest rates on Greek debt became even more onerous once its politicians raised taxes to ‘fix’ the problem. What they missed is that the deficit problem was one of too little growth. It’s much the same here.

In short, rather than worry about a debt ‘threat’ that never seems to materialize, we should view the deficit as an opportunity to implement policies that always work, and that may even turn people like John McCain into optimists. If so, we can then get serious about the real economic problem which is the size of government itself. The raging fire in the theater of the latter is largely smoke free, but it represents all the future Microsofts and Intels, cancer and heart disease cures, and transportation innovations that have never revealed themselves thanks to our wasteful political class consuming so much of our capital. Government spending is what Ferguson et al might focus on if they weren’t so blinded by the ‘horrific’ deficit problems of tomorrow that never seem to come, and that wouldn’t matter much even if they did.

http://www.forbes.com/sites/johntamny/2013/10/10/niall-ferguson-gets-it-backwards-the-budget-deficit-threat-is-an-opportunity/

 

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U.S. Dirty Debt Bomb Exploding — The First Shock Wave Hits — National Debt Increases Record $328 Billion in One Day — National Debt Over $17 Trillion — By February Will Hit $17.5 Trillion — Videos

Posted on October 18, 2013. Filed under: Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government Budget, Fiscal Policy, government spending, Inflation, Investments, IRS, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Raves, Regulations, Tax Policy, Taxes, Video, War, Wealth, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , |

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Pronk Pops Show 152: October 18, 2013

Pronk Pops Show 151: October 17, 2013

Pronk Pops Show 150: October 16, 2013

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Pronk Pops Show 144: October 7, 2013

Pronk Pops Show 143: October 4 2013

Pronk Pops Show 142: October 3, 2013

Pronk Pops Show 141: October 2, 2013

Pronk Pops Show 140: September 30, 2013

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Segment 0: U.S. Dirty Debt Bomb Exploding  — The First Shock Wave Hits — National Debt Increases Record $328 Billion in One Day — National Debt Over $17 Trillion — By February Will Hit $17.5 Trillion — Videos

U.S. Debt Clock

http://www.usdebtclock.org/

Not Raising Debt Ceiling Won’t Put U.S. In Default – Ron Paul

tom_a_coburn_the_debt_bomb

Tom Coburn Tears Credit Card Poster On Senate Floor

GOP Sen. Tom Coburn Rips Up US Government Credit Card on TV, Gretchen Carlson Thanks Him

Coburn on Greatest Threat Facing the Country: Our Debt

Dr. Coburn addressing his colleagues in the Senate today, warning Congress of the dire consequences that will ensue if politics in Washington continues as usual: “Our country has a history of doing hard things. What we lack is leadership to call us to do those hard things. We find ourselves at a point in time where the greatest threat to our nation is our debt and our economy. We’re risking our future, not only our future economically but our future of liberty.”

Dr. Coburn on Charlie Rose on US Debt Crisis, Leadership Deficit in Washington

Senator Tom Coburn: Two Years Till Severe Debt Crisis

Senator Tom Coburn on the “Debt Bomb”

The Debt Bomb book Glenn Beck w/ Senator Tom Coburn on GBTV Stop Washington from Bankrupting America

Debt Ceiling, Gold, and Janet Yellen – Hype vs. Reality

“US’ DEBT BOMB CLOCK” IS TICKING!

Peter Schiff – Debt Ceiling Not The Problem; It’s the Lending Ceiling

Peter Schiff The Reality Is We’re Living In A Bubble And ALL

Bubbles Burst

[youtub3e=http://www.youtube.com/watch?v=mCISlJ_qOtU]

Obama Lies About the Implications of Raising the Debt Ceiling

USA: A Nation In Debt- A Ticking Time Bomb

Will Higher Tax Rates Balance the Budget?

How Raising Taxes Will Not Balance the Budget: More Evidence

U.S. debt jumps $300 billion — tops $17 trillion for first time

Does Government Have a Revenue or Spending Problem?

What If the National Debt Were Your Debt?

What Are the Dangers of Too Much Debt?

Why Not Print More Money?

How to Fix Our Fiscal Crisis

How Big Is the U.S. Debt?

Uploaded on Feb 11, 2011

For more details on the total Federal debt, start on slide 35 of this PowerPoint presentation: http://www.antolin-davies.com/present…

Economics professor Antony Davies illustrates the size the U.S. federal government’s debt and unfunded obligations. He breaks down the total U.S. debt and obligations into parts and compares them with the size of the GDP of countries around the world, showing the magnitude of America’s fiscal situation.

Want to give that graph a closer look? Prof. Davies has made it available on his website here:
http://www.antolin-davies.com/convent…

By Stephen Dinan

U.S. debt jumped more than $300 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.

The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.

The $328 billion increase is an all-time record, shattering the previous high of $238 billion set two years ago.

The giant jump comes because the government was replenishing its stock of “extraordinary measures” — the federal funds it borrowed from over the last five months as it tried to avoid bumping into the debt ceiling.

Under the law, that replenishing happens as soon as there is new debt space.

In this case, the Treasury Department borrowed $400 billion from other funds beginning in May, awaiting a final deal from Congress and Mr. Obama.

Usually Congress sets a borrowing limit, or debt ceiling, that caps the total amount the government can be in the red.

But under the terms of this week’s deal, Congress set a deadline instead of a dollar cap. That means debt can rise as much as Mr. Obama and Congress want it to, until the Feb. 7 deadline.

Judging by the rate of increase over the last five months, that could end up meaning Congress just granted Mr. Obama a debt increase of $700 billion or more.

Republicans initially sought to attach strings to the debt increase, but surrendered this week, instead settling on a bill that reopened the government and included some special earmark projects, but didn’t include any spending cuts.

Democrats insisted that the debt increase be “clean,” meaning without any strings attached. They say the debt increase only allows Mr. Obama to pay for the bills he and Congress already racked up, and that it doesn’t encourage new spending.

U.S. debt jumped more than $300 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.

The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.

The $328 billion increase is an all-time record, shattering the previous high of $238 billion set two years ago.

The giant jump comes because the government was replenishing its stock of “extraordinary measures” — the federal funds it borrowed from over the last five months as it tried to avoid bumping into the debt ceiling.

Under the law, that replenishing happens as soon as there is new debt space.

In this case, the Treasury Department borrowed $400 billion from other funds beginning in May, awaiting a final deal from Congress and Mr. Obama.

Usually Congress sets a borrowing limit, or debt ceiling, that caps the total amount the government can be in the red.

But under the terms of this week’s deal, Congress set a deadline instead of a dollar cap. That means debt can rise as much as Mr. Obama and Congress want it to, until the Feb. 7 deadline.

Judging by the rate of increase over the last five months, that could end up meaning Congress just granted Mr. Obama a debt increase of $700 billion or more.

Republicans initially sought to attach strings to the debt increase, but surrendered this week, instead settling on a bill that reopened the government and included some special earmark projects, but didn’t include any spending cuts.

Democrats insisted that the debt increase be “clean,” meaning without any strings attached. They say the debt increase only allows Mr. Obama to pay for the bills he and Congress already racked up, and that it doesn’t encourage new spending.

http://www.washingtontimes.com/news/2013/oct/18/us-debt-jumps-400-billion-tops-17-trillion-first-t/

Analysis: Debt fight dings U.S. Treasury bills’ status

By Richard Leong

(Reuters) – The safe-haven reputation of U.S. Treasury bills took a beating during the latest debt ceiling fight in Washington, and it won’t be regained soon, even after the last-minute deal to avert a threatened default.

The temporary agreement to lift the government’s debt limit may only pave the way for another political struggle between President Barack Obama and Republican lawmakers in early 2014 over the federal budget and borrowing levels.

While others measure the toll on the economy from the 16-day federal government shutdown, Wall Street is fretting over the future appetite for U.S. debt and its effect on federal borrowing costs.

During the next three-and-a-half months before the next debt ceiling deadline, the U.S. government might pay higher interest rates on its short-term debt.

Before the shutdown, the Treasury was selling one-month debt at next to nothing. The rise in yields as a result of the crisis will cost the Treasury an estimated $56 million more in interest payments than it would have incurred had this month’s auctions been sold in September.

While some one-month T-bill rates saw their yields decline to 0.02 to 0.03 percent after jumping above 0.70 percent less than 24 hours earlier, bills maturing in February still showed modestly elevated yields. If Washington repeats the battle that ended on Wednesday, bill rates would likely jump again.

“There’s a fundamental change in their risk profile. There’s a growing lack of confidence. It’s going to be problematic,” said Tom Nelson, chief investment officer at Reich & Tang, a New York-based cash management firm that oversees more than $33 billion in assets.

Investors are frustrated that they are forced to shun certain T-bill issues because of the self-imposed fiscal deadlines of politicians. Some of them want additional compensation to buy T-bills given the possibility of default every few months, even though most think the risk is very low.

Chances of a default seemed almost unfathomable three weeks ago before the debt ceiling showdown that accompanied the first partial government shutdown in 17 years.

“The reason you’re holding short Treasuries is because of their unparalleled safety and liquidity. If you’re not getting safety and liquidity, there’s no point in having them,” said Gregory Whiteley, who manages a $53 billion government bond portfolio at DoubleLine Capital in Los Angeles.

Before the political impasse ended, interest rates on T-bill issues set to mature in the second half of October through the first half of November hit five-year highs.

“This is the kind of volatility we have never seen. I’m afraid this will get worse and worse,” Reich’s Nelson said.

DEFAULT SKITTISHNESS

The surge in T-bill rates stemmed partly from major money market fund operators, including Fidelity, JPMorgan, BlackRock and PIMCO, dumping their holdings of T-bill issues that mature in the next four weeks because they were seen most vulnerable if the government did not raise the debt ceiling in time.

Reich’s Nelson took more drastic action.

He said he cleared his funds of all T-bills that mature between now and the end of the year and did not jump back to buy them, even after President Obama signed the debt ceiling deal into law before midnight.

In the meantime, default anxiety caused retail investors to rush to redeem their money fund shares.

Money funds posted their biggest weekly outflows in nearly a year, as assets fell $44.77 billion to $2.606 trillion in the week ended October 15, according to iMoneynet’s Money Fund Report.

The asset drop, while large, was still much less than the $103.21 billion plunge in the week ended August 2, 2011 during the first debt ceiling showdown between the White House and top Republican lawmakers.

COST OF A SHORT-TERM DEAL

A pick-up in interest costs, if it persists, would be a setback for the government as its deficit has been shrinking.

“There are costs associated with going through this each time, costs embedded into Treasuries securities, costs the Treasury has to incur in higher risk premiums at auction,” said Rob Toomey, associate general counsel at the Securities Industry and Financial Markets Association (SIFMA), on a call with reporters on Wednesday.

Bidding at last week’s one-month T-bill sale was the weakest since March 2009. Demand at this week’s bill auctions improved on hopes of a debt agreement, but interest rates remained higher than where they were almost three weeks ago.

Fitch Ratings on Tuesday warned it might strip the United States of its top AAA-rating due to the debt ceiling fight.

“This highlights the risk in the United States. It’s not good for investors. If investors want to diversify from the U.S., this gives them a reason to,” said Brian Edmonds, head of rates trading at Cantor Fitzgerald in New York.

Skittishness in owning T-bills hurt Wall Street firms too. The 21 primary dealers, those top-tier investment banks that do business directly with the U.S. Federal Reserve, are required to buy the debt issued by the government at auctions.

“There are too much uncertainties. That’s dangerous especially if you are a primary dealer when you have to underwrite Treasury debt,” said Edmonds.

http://www.reuters.com/article/2013/10/17/us-usa-fiscal-debtrisk-analysis-idUSBRE99G12R20131017

Debt ceiling 101: What you need to know

By Alexandra Thomas

If you’ve kept up with U.S. news at all lately, you might’ve heard this: If Congress and the White House cannot reach a deal on the debt ceiling crisis by October 17, the U.S. government won’t have enough money to pay its bills. That sounds pretty scary — especially if you’re not quite sure what it all means.

So what exactly is the debt ceiling, anyway? And how can it affect you?

The debt ceiling crisis is not the same as the partial government shutdown

Yes, it’s confusing to other people as well. Two very complicated crises are happening in Washington simultaneously, and both are happening because lawmakers cannot come to an agreement.

The government shut down because lawmakers couldn’t agree on a deal to fund the government before the start of the new fiscal year. The debt ceiling refers to debt outstanding — bills for which the government has already approved the spending and has already committed to paying.

The shutdown only slightly changes the government’s payment schedule. When the government is closed, the number of daily payments the Department of the Treasury needs to make decreases, since many things are closed. But even during the shutdown, the U.S. government is still required to make a lot of other payments, including Social Security, Medicare and interest on the debt. And these are big payments that may impact the livelihood of millions of Americans.

The Treasury Department says if the limit (the debt ceiling) isn’t raised, the government could default on the bills it owes, which could then lead to a financial crisis similar to the events of 2008.

What is the debt ceiling?

The debt ceiling is the borrowing limit that Congress has set for itself as a way to control government spending. The difference between the amount of money the U.S. government takes in and the amount of money it spends each year is called the deficit. The ongoing deficit then adds up to the overall debt.

Congress usually approves more spending than it collects in tax revenue, so the Treasury has to borrow the rest of the money from other government accounts and by issuing IOUs, in order to pay those bills. Congress sets a cap on how much debt the government can have — called the debt ceiling. The debt ceiling is the maximum amount the Treasury can borrow, and right now that limit is set at about $16.699 trillion.

Interactive: What’s up with the debt ceiling?

The U.S. government can borrow that amount, and no more, unless Congress votes to raise the debt ceiling.

In May, the government actually reached that limit, but over the past few months, the Treasury has been able to shuffle money around from various accounts to avoid taking on any more debt. That luxury is about to go away.

According to Treasury Secretary Jack Lew, the government will soon run out of money, except for about $30 billion, and the Treasury will either need to increase revenue or take on more debt — or it won’t be able to pay certain bills.

How the government funds its spending

The government funds its spending in two ways: taxes and borrowing. The government borrows money by issuing Treasury bonds, or IOUs. When someone buys a Treasury bond, they’re basically lending the government money and racking up interest on the loan, which the government pays each month. On October 17, the government owes an interest payment of about $13 billion — the first payment the government won’t be able to make without raising the debt ceiling.

The cap on borrowing applies to debt owed to the public, anyone who buys Treasury bonds and debt owed to federal government trust funds — such as those set up for Social Security and Medicare.

After October 17, the government will only be bringing in enough money to pay about 68% of its bills, according to a recent survey by the Bipartisan Policy Center. According to the center’s analysis, beginning on October 18, the Treasury will be about $106 billion short of making the $328 billion in payments that are already scheduled through November 15. Normally, when the debts are due, the government just issues new debts (by selling bonds), however if the government doesn’t have the full amounts it owes, certain payments will be delayed.

Who would be impacted if the government goes into default?

The government typically spends, or owes, about $10 billion per day for various things. And if the government can’t make those payments, the first people to be affected will be people who get pay or benefits from the government. That includes members of the military and people who receive benefits such as Social Security and Medicare. Here’s a breakdown of the dates when the government is supposed to pay some of its biggest bills:

Oct. 23: $12 billion in Social Security payments.

Oct. 31: $6 billion in interest on its debt.

Nov. 1: $58 billion in Social Security payments, disability benefits, Medicare payments, military pay and retiree pay.

So what happens if the government can’t pay those bills?

Ideally, the government would be able to prioritize which bills it pays first, but that’s not a realistic possibility because of how the Treasury payment system works. The Treasury issues about 100 million monthly payments through a computer system, which pays the bills automatically as they come due, according to the Bipartisan Policy Center. So, no one knows which checks will be issued at exactly what time. And if it begins making payments it doesn’t have the money for, checks will start bouncing. It’s just unclear at this point which ones would bounce.

So the government could pay some bills in full and delay others, or, it could delay all bills until it has enough money to pay each day’s bills in full. The problem with delaying them all is that, with each day that goes by, the total amount the government owes will continue to increase drastically.

Some federal contractors may accept an IOU, with higher interest, but people who depend on Social Security checks on a regular basis probably won’t want an IOU from the government that’s worth nothing right now. Plus, if the government misses a payment to bondholders, that could impact the stability of the U.S. bond market and confidence in the U.S. dollar.

If some payments are delayed, people could get payments, like Social Security checks, a few weeks late.

So what’s next?

Economists say missing the debt ceiling deadline won’t trigger an immediate recession. However, the longer Congress waits, the worse the problem could get.

According to Patrick O’Keefe, director of economic research at accounting firm Cohn Reznick, “Merely missing the debt ceiling deadline will not trigger a recession, but the risks will rise rapidly with each week after the deadline passes.”

Congress could agree on a short-term increase of the debt ceiling to allow the government to pay its bills, but a longer-term agreement must be reached eventually.

http://www.hlntv.com/article/2013/10/10/what-debt-ceiling-deadline-congress

BPC’s Debt Limit Projection: Key Takeaways

Unless the debt limit is increased, there will come a point when Treasury does not have enough cash to pay all bills in full and on time

On September 10, the Bipartisan Policy Center (BPC) released its comprehensive debt limit analysis for fall 2013. On May 19 of this year, the debt limit was reinstated at a new, higher level, after having been suspended since February. Upon its reinstatement, the U.S. found itself up against the debt limit with the Treasury Department continuing to operate through the limited borrowing authority provided by extraordinary measures.

In July, BPC had projected that the X Date – the point at which extraordinary measures and cash on hand are exhausted and Treasury can no longer meet all federal financial obligations in full and on time – would be reached between mid-October and mid-November. With updated government financial data and a more extensive analysis of daily transactions that will occur in September, October, and November, BPC has narrowed that projected window to October 18 – November 5. This range will be regularly updated in the coming weeks, as warranted by the data.

We have already hit the debt limit. The U.S. officially reached its statutory borrowing limit of about $16.699 trillion on May 19, 2013. (Technically, Treasury has stayed $25 million below the actual limit of $16,699,421,000,000 since that time). To raise additional funds for paying the nation’s obligations beyond that date, the Treasury Secretary has been using some of the approximately $303 billion in available extraordinary measures. As of August 31, roughly $108 billion of these measures remained. Unless the debt limit is increased, eventually there will come a point when Treasury does not have enough cash to pay all bills in full and on time, and the government will be forced to default on some of its obligations. BPC refers to this date as the “X Date.”

BPC now projects that the “X Date” will occur between October 18 and November 5. This represents a range, which can be thought of as a confidence interval. A more precise estimate is not yet appropriate due to the volatility of revenue and the nature of the government’s financial obligations leading up to and during this period. Furthermore, even BPC’s estimated range for the X Date is a projection, which is subject to some uncertainty. The most significant sources of uncertainty are the quarterly tax payments due in mid-September, which tend to be volatile, along with general economic conditions. While federal government revenue has been strong compared to the previous fiscal year – coinciding with greater employment, increased corporate earnings, and slow-but-steady economic growth – there is no guarantee that these trends will continue.

How will Treasury make payments on or after the X Date? We don’t know. This would be an unprecedented situation. If the X Date arrived on October 18 (the start of BPC’s X-Date window), we project that Treasury would be $106 billion short of making $328 billion in scheduled payments through November 15, meaning that 32 percent of those obligations would go unpaid.

In one scenario, Treasury might prioritize some payments over others; our full report provides an illustrative example. Treasury, however, may not find that it has the legal authority or the technical capability to do this (because such prioritization could require extensive reprogramming of computer systems, which may not be possible in a short timeframe). An alternative approach would be for Treasury to wait until enough revenue is collected to make an entire day’s worth of payments at a time, meaning that all payments would be made in turn, but everyone anticipating funds from the government would see delays. While payment delays would be short in the beginning (one or two days), they would quickly cascade. If Treasury were to delay payments in this manner, and the X Date were reached on October 18, for example, Social Security payments due on November 1 would not be received by beneficiaries until November 13.

In any scenario, we assume that Treasury would do whatever it could to ensure that interest on the debt is paid in full and on time.

Substantial debt is scheduled to roll over after the X Date. From October 18 through November 15, over $370 billion in debt is expected to mature. Normally, this would be rolled over in a standard procedure by issuing new debt. Uncertainty surrounding the debt limit, however, could force Treasury to pay higher interest rates on this newly issued debt. Also, while very unlikely, there is a possibility that in a post-X Date environment, Treasury may not have sufficient buyers to complete its standard auction operation.

How much would the debt limit need to be increased in order to get through next year? BPC has projected the magnitude of the debt limit increase necessary to enable Treasury to meet all obligations through calendar year 2014. An increase of approximately $1.1 trillion would be required. There is a great amount of uncertainty in this estimate, however, given the amount of time that is covered.

Expect more updates. BPC will continue to update and refine our X-Date estimates as new information becomes available. To learn more, view our full report.

http://bipartisanpolicy.org/blog/2013/09/10/bpc%E2%80%99s-debt-limit-projection-key-takeaways

Dollar Slips as Fed Worries Continue

Treasury Yields Fall as Investors Focus on Effects of Government Shutdown

By

MICHELE MAATOUK

Expectations that the Federal Reserve will have to keep its easy-money policies in place for longer following the partial U.S. government shutdown pushed the dollar close to its lowest point of the year against the euro and U.S. Treasury debt prices to their highest point since July.

Yields on the 10-year Treasury note, which move inversely to prices, touched 2.538%, the lowest level since July 24, according to CQG. The dollar continued its slide against major rivals, including the euro, the yen and the pound. The euro recently bought $1.3686 from $1.3676 late Thursday, while the pound fetched $1.6186 from $1.6165. The greenback traded at ¥97.71 from ¥97.93.

The drop in the dollar and the rise in Treasury debt prices were set in train earlier this week after lawmakers reached a temporary solution to raise the so-called debt ceiling, showing that investors doubt the Fed can start to reel in its stimulus measures—a process dubbed tapering—for as long as economic performance and data is compromised by the now-ended shutdown, and as long as the risk of repeat shutdowns lingers.

“As policy remains uber accommodative, the dollar has adjusted downwards,” said Scott Jamieson, head of multi-asset investing at Kames Capital in London, with $24 billion under management.

“While we have been inclined to see tapering next year, the market is only now coming to appreciate this,” said analysts at Brown Brothers Harriman. “After the September disappointment, surveys suggest that a majority shifted their expectations to December. Now in light of the fiscal drag and new uncertainty, the mid-January and mid-February limits on spending and debt issuance will loom large at the December Federal Open Market Committee meeting, and likely reduces the possibility of tapering then. The focus is likely to shift to the March 2014 FOMC meeting for the first tapering,” they said.

U.S. stocks traded mostly higher. The S&P 500 added 0.4% to 1740, pushing further into record territory. The Nasdaq Composite Index rose 0.8% to 3893. The Dow Jones Industrial Average lagged behind, dropping 0.2% to 15370.

On Thursday, stocks staged a late-session comeback that helped push the S&P 500 to an all-time high close of 1733.15.

European stocks edged higher, supported by the late bounce in the U.S. and encouraging Chinese growth figures.

Now that Congress has temporarily approved a bill to raise the debt ceiling, attention is likely to shift back to earnings and fundamentals. And as investors reassess their expectations for any withdrawal of stimulus from the Fed, all eyes will be on the economic data that was delayed by the partial government shutdown. The next focus will beSeptember’s nonfarm payrolls report, which is due on Oct. 22.

http://online.wsj.com/news/articles/SB10001424052702303680404579142850162694282

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Obama’s SAD Deal — Videos

Posted on October 17, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Computers, Constitution, Crime, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, IRS, Language, Law, Macroeconomics, Math, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Rants, Raves, Regulations, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

us-federal-debt-percentage-gdp-by-president-political-party

us_gross_debt

TR Square Deal

Square Deal – Wiki Article

Theodore Roosevelt’s Square Deal

Roosevelt and the New Deal Part 1

Roosevelt and the New Deal Part 2

HARRY TRUMAN, PRESIDENT OF THE U.S

Harry S. Truman – Wiki Article

Obama Commends Lawmakers on Debt Deal | Shutdown News

Ted Cruz Speaks Before Senate Deal Vote | Shutdown News

Pres Obama’s Statement on Shutdown Deal

President calls for new approach after shutdown

Forex! US.DEBT CEILING! Why The Muted Reaction To A Deal

Relief as US approves debt deal

The Government Is Broke And They’re Coming For Your Cash — Episode 190

Peter Schiff – A Dangerous Person, at a Dangerous Time, Heading a Dangerous Institution

Peter Schiff – QE is Like a Drug – The More You Take the More You Need

Obama’s SAD Deal

By Raymond Thomas Pronk

Presidents like to make deals with the American people that supposedly will fix things.

Theodore Roosevelt had his Square Deal, Franklin D. Roosevelt had his New Deal, Harry Truman had his Fair Deal, and President Barack Obama has his SAD (Spending Addiction Disorder) deal.

The most recent developments in Obama’s SAD deal are the federal government will be completely open for business and funded through Jan. 15, 2014 under yet another continuing resolution passed on Wednesday by Congress and signed by the president. The gross national debt ceiling was suspended until Feb. 7, 2014. By then the national debt will be approaching $17.5 trillion and will exceed the entire gross domestic product for 2013 estimated to be about $16 trillion.

In other words the SAD deal means more government spending and taxes, more massive budgetary deficits, more government debt and more money and credit creation by the Federal Reserve System to finance the SAD habit.

Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) announced on Wednesday that they had reached an agreement to open the government until Jan. 15, 2014 and extend the debt ceiling through Feb. 7, 2014.

Sen. Ted Cruz (R-Texas) said, “The deal that has been cut provides no relief to the millions of Americans who are hurting because of Obamacare. The deal that has been cut provides no relief to all the young people coming out of school who can’t find a job because of Obamacare. It provides no relief to all the single parents who have been forced into part-time work, struggling to feed their kids on 29 hours a week.”

Unfortunately, the SAD deal will continue the annual massive budgetary deficits that over the last five years have averaged more than $1.2 trillion per year and will increase the burden of debt on existing and future generations of the American people. Under Obama’s SAD deal the gross national debt has been increased over $6 trillion to fund the fiscal year deficits from 2009 through 2013. The White House has optimistically estimated that the fiscal year deficit for 2014 will be only $750 billion!

The SAD deal has resulted in the worse post-World War II economic recovery with unemployment rates exceeding 7 percent for the 56 months of the Obama’s presidency. Tens of millions of Americans are searching for a permanent full-time job.

House Majority Leader Eric Cantor (R-Va.) at the Republican conference meeting on Oct. 16 said, “We all agree Obamacare is an abomination. We all agree taxes are too high. We all agree spending is too high. We all agree Washington is getting in the way of job growth. We all agree we have a real debt crisis that will cripple future generations. We all agree on these fundamental conservative principles.”

The American people agree that the Washington ruling elite of both the Democrat and Republican parties are simply incapable of controlling their SAD habit.

Cruz is right. The ruling elite are not listening to the American people.

The American people want federal spending and taxes to be cut, a balanced budget, the national debt paid off and Obamacare repealed. The American people can no longer afford to pay for Obama’s SAD deal.

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Fear, Uncertainty, Doubt — FUD Over Not Raising National Debt Ceiling — When Will Government Spending and The Budget Balanced? — The American People Would Like To Know! — Videos

Posted on October 7, 2013. Filed under: American History, Blogroll, College, Communications, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, History of Economic Thought, Illegal, Immigration, Law, liberty, Life, Links, Literacy, media, People, Philosophy, Photos, Politics, Press, Rants, Raves, Regulations, Resources, Talk Radio, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , |

U.S. National Debt Clock

http://www.usdebtclock.org/

US GOVERNMENT COLLAPSE was all THEATRE says TRENDS journalist ‘GERALD CELENTE’ (ECONOMIC CS)

Obama Lies About the Implications of Raising the Debt Ceiling

JIM ROGERS on U.S. GOVERNMENT SHUTDOWN – U.S. NOT on Brink of DEFAULT & will PRINT more MONEY

Jack Lew attacks Ted Cruz and Tea Party – says they are dangerous exttremists

Dan Mitchell Debunking Myths about the Partial Government Shutdown

Does Government Have a Revenue or Spending Problem?

Funding Government by the Minute

What Can We Cut to Balance the Budget

Will Higher Tax Rates Balance the Budget?

Will Taxing the Rich Fix the Deficit?

What Are the Dangers of Too Much Debt?

How Big Is the U.S. Debt?

[youtube=

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

                                                        ACCOUNTING DATE:  08/13

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

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

   CURRENT YEAR

     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,342                 -2,883
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923

       YEAR-TO-DATE                                                          2,472,542              3,227,888                755,345

http://www.fms.treas.gov/mts/mts0813.txt

REPORT ID: STM0P082
 USER ID  :     
 DATE: 2013-09-10 TIME: 22.20.06                                                                                         PAGE   1(2)
1                                                    BUREAU OF THE FISCAL SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE
                            TABLE 3.  SUMMARY OF RECEIPTS AND OUTLAYS OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  08/13

                                                                         ACTUAL          ACTUAL       ACTUAL COMP.     BUDGET EST.
   CLASSIFICATION                                                      THIS MONTH    THIS FY TO DATE  PRIOR PERIOD       FULL FY
+  _________________________________________________________________ _______________ _______________ _______________ _______________
   BUDGET RECEIPTS

   INDIVIDUAL INCOME TAXES                                                    85,286       1,175,536       1,015,419       1,309,683
   CORPORATION INCOME TAXES                                                    3,595         216,360         186,272         278,684

   SOCIAL INSURANCE AND RETIREMENT RECEIPTS:

     EMPLOYMENT AND GENERAL RETIREMENT (OFF-BUDGET)                           54,771         614,010         521,335         674,143
     EMPLOYMENT AND GENERAL RETIREMENT (ON-BUDGET)                            16,703         194,450         186,822         214,817
     UNEMPLOYMENT INSURANCE                                                    5,969          56,524          66,145          58,593
     OTHER RETIREMENT                                                            313           3,256           3,449           3,746
   EXCISE TAXES                                                                6,315          72,894          69,420          85,334
   ESTATE AND GIFT TAXES                                                       1,253          17,783          13,026          17,690
   CUSTOMS DUTIES                                                              2,843          28,859          27,570          32,154
   MISCELLANEOUS RECEIPTS                                                      8,322          92,871          98,069         101,719
   ALLOWANCES                                                                 ......          ......          ......          ......

       ;BTOTAL RECEIPTS                                                      185,370       2,472,542       2,187,527       2,776,563

         ;C(ON-BUDGET)                                                       130,599       1,858,532       1,666,192       2,102,420
         ;C(OFF-BUDGET)                                                       54,771         614,010         521,335         674,143

   ;CBUDGET OUTLAYS

   LEGISLATIVE BRANCH                                                            345           3,955           4,097           4,792
   JUDICIAL BRANCH                                                               669           6,508           6,650           7,283
   DEPARTMENT OF AGRICULTURE                                                  10,859         146,486         129,810         159,620
   DEPARTMENT OF COMMERCE                                                        682           8,322           9,513           9,391
   DEPARTMENT OF DEFENSE-MILITARY PROGRAMS                                    53,367         559,942         601,176         610,266
   DEPARTMENT OF EDUCATION                                                     7,028          38,725          53,177          44,431
   DEPARTMENT OF ENERGY                                                        1,650          22,576          29,635          25,977
   DEPARTMENT OF HEALTH AND HUMAN SERVICES                                    94,535         832,894         793,470         903,970
   DEPARTMENT OF HOMELAND SECURITY                                             3,633          52,272          43,932          58,377
   DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT                                 2,289          32,545          46,807          56,518
   DEPARTMENT OF THE INTERIOR                                                  1,153           8,455          11,393           9,964
   DEPARTMENT OF JUSTICE                                                       2,428          27,125          28,226          29,897
   DEPARTMENT OF LABOR                                                         5,972          75,930          98,314          86,163
   DEPARTMENT OF STATE                                                         1,714          21,774          23,222          29,536
   DEPARTMENT OF TRANSPORTATION                                                7,730          67,605          66,944          78,505

   DEPARTMENT OF THE TREASURY:

     INTEREST ON TREASURY DEBT SECURITIES (GROSS)                             25,488         395,826         342,541         414,655
     OTHER                                                                     2,619          23,821         135,586         -10,700
   DEPARTMENT OF VETERANS AFFAIRS                                             17,996         131,489         118,198         138,901

http://www.fms.treas.gov/mts/mts0813.txt

Debt ceiling: Understanding what’s at stake

By

ALAIN SHERTER /

MONEYWATCH

It is the economic calamity that no one expects and everyone fears.

Experts agree that failing to raise the nation’s debt ceiling by Oct. 17, when U.S. officials say the government will run out of money to pay its bills, would gravely wound the economy, and perhaps even throw it back into recession. Because Treasury bonds and the dollar are cornerstones of the global financial system, meanwhile, the shock wave would be felt around the world.

“The potential is disastrous,” said Gus Faucher, senior economist with PNC Financial Services Group. “We would see interest rates spike across the board. We’d see a huge crash in the dollar. People count on lending their money to the federal government and getting it back, and if that trust is taken away — it’s never happened that we haven’t met our obligations as a nation — then that has very, very negative consequences for the U.S. economy.”

The consequences are so severe that, even as the government shutdown enters its second week, most seasoned political observers still expect Congress to ultimately reach an eleventh-hour deal to lift the government’s borrowing limit.

But what exactly is the debt ceiling, and exactly how worried should Americans be that it could come crashing down?

What is the debt ceiling?

The debt ceiling is the total amount of money the U.S. government can borrow (by selling Treasury bonds) to pay its obligations, including interest on the national debt, Social Security and Medicare benefits, and many other payments. That limit is currently $16.7 trillion, although technically the government already exceeded it in May. The Treasury Department has since used various measures to continue borrowing.

During World War I, amid uncertainty regarding the total costs of funding U.S. involvement in the conflict, Congress created the cap in 1917 to put an upper limit on federal borrowing. Since 1960, Congress has raised the debt ceiling 78 times.

How is the debt ceiling changed?

Lawmakers can adjust it by passing a standalone bill or by including it in another piece of legislation as an amendment.

Does raising the debt ceiling increase the federal debt?

No. Lifting the borrowing limit simply allows the government to pay its existing bills. That debt exists whether or not Congress authorizes additional borrowing, and to avoid default it must be paid.

Why can’t Congress and the White House avoid lifting the cap by cutting federal spending?

Because preventing the government from borrowing to meet its obligations would require all discretionary spending, such as for defense, education, housing and other annual appropriations, to stop, according to the Congressional Research Service. Most of the outlays for mandatory programs, such as Social Security, also would have to be halted, while taxes would need to rise to ensure the government had money to spend. Deep spending cuts and tax hikes would throw the economy into recession.

Why is Oct. 17 a critical date?

Treasury Secretary Jacob Lew recently forecastthat on Oct. 17 the government would have about $30 billion on hand. That isn’t enough because the government spends as much as $60 billion per day. “If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history,” he said last week in a letter to congressional leaders.

What happens if Congress doesn’t raise the debt ceiling?

If the government runs low on cash, it will have to withhold a range of payments. Retirees might not get their Social Security checks, especially worrisome for the millions of Americans who depend almost entirely on the social insurance program for income. The same goes for Medicare and Medicaid recipients. Holders of Treasury notes, from Wall Street and other global banks to foreign governments, also could get stiffed, jeopardizing the solvency of many financial institutions and choking off global credit flows.

The U.S. also would struggle to pay the interest on its debt, including a $6 billion payout due at the end of the month. At that point, the U.S. would be in default of its obligations. The value of Treasury bonds and the dollar would nosedive. The nation’s borrowing costs would soar as anxious investors demanded a higher return to buy suddenly shaky U.S. debt. And because the interest rate on Treasuries provides a benchmark for rates on other loans, from mortgages and credit cards to car and student loans, borrowing would become far more costly for consumers and businesses. Stock markets in the U.S. and elsewhere around the world would almost certainly plunge.

“When stock prices fall, investment or other spending to expand a business is more costly,” the Treasury Department said in a report last week outlining the potential impact of the debt-ceiling fight. “The effects on households and businesses, moreover, are reinforcing. Less capacity and willingness of households to spend, when businesses have less incentive to invest, hire and expand production, all lead to weaker economic activity.”

In short, the already fragile economic recovery could stall.

Haven’t we been here before?

There is recent precedent for such turmoil. Consumer confidence plummeted after lawmakers squared off over the debt ceiling in the summer of 2011, while the Standard & Poor’s 500 stock index dropped nearly 20 percent. Hiring among small businesses slowed. Ever after a deal was struck to raise the cap in August of that year, credit rating agency Standard & Poor’s downgraded U.S. debt for the first time ever.

Beyond the immediate economic fallout of defaulting on its debt, for the U.S. the symbolic blow might be even greater. In the post-World War II era, Treasuries and the greenback have — for better and for worse — served as the foundation of the global financial system. A default would shatter the faith on which that system relies.

How much danger are we in?

Although financial markets are not yet in panic mode, the standoff in Washington has them worried. Unlike during the 2011 dispute, when Republicans and most Democrats favored cutting federal spending, the stark division over Obamacare suggests there may be less room for compromise this time around. One clear sign of distress: Interest rates on short-term Treasury bonds rose last week, as investors seek greater yields to offset what they perceive as the greater risk of holding the debt.

Still, most economists, stock analysts and, for all the pointed rhetoric on Capitol Hill, even congressional leaders themselves downplay the chances of a default. The belief is that common sense, or at least a sense of political self-preservation, will prevail.

http://www.cbsnews.com/8301-505123_162-57606253/debt-ceiling-understanding-whats-at-stake/

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No Tapering! — Spending Addiction Disorder (SAD) — Fed Must Continue Massive Financing of Deficits and Debt of Federal Government — Digital Electronic Money (DEM) Creation Continues At $85 Billion Per Month or $1,020 Billion Per Year Pace — U.S. Economy Stagnating Below 3 Percent GDP Growth Trend Line — U.S. Dollar Devalued — Currency War Continues — Abolish The Fed Videos

Posted on September 19, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, European History, Federal Government, Federal Government Budget, Fiscal Policy, government spending, history, History of Economic Thought, Inflation, Investments, IRS, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Photos, Politics, Programming, Psychology, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , |

5-reasons-the-fed-taper-will-kick-off-in-september

Tracking-the-Fed-September

U.S. National Debt Clock

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

                                                        ACCOUNTING DATE:  08/13

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

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

   CURRENT YEAR

     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,342                 -2,883
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923

       YEAR-TO-DATE                                                          2,472,542              3,227,888                755,345

http://www.fms.treas.gov/mts/mts0813.txt

civilian_labor_participation_rate

InflationAug2013

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savings

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When-To-Taper

fed_taper

wrong_way

US Chairman of the Federal Reserve Ben Bernanke listens to questions as he testifies before a House Budget Committee on Capitol Hill in Washington

2013-09-17-bernanke-hands-over-control

janet_yellen

Tracking-the-Fed-September

Federal Reserve Vice Chair Janet Yellen addresses a conference in Washington

No Fed Taper: What Does It Mean for Your Money? (9/18/13)

Federal Reserve: No Taper (9/18/13)

Ron Paul: Fed Decision To Not Taper Is A Really Bad Sign

Ron Paul: Taper Fakeout Means Fed Is Worried

Breaking News: Federal Reserve Will Not Taper

Rick Santelli Reacts to Federal Reserve No Taper

Why The Fed. Will INCREASE, NOT DECREASE, It’s QE/Money Printing. By Gregory Mannarino

In Business – Fed Taper Pause Fuels Commodities Rally

To Taper, or Not to Taper

FED Says No Taper — We Need A War, Gun Confiscation And Control Of Internet First — Episode 166

JIM RICKARDS: Fed Will TAPER in September or Never, and the Looming MONETARY System COLLAPSE [50]

James Rickards on “Why The Fed Will NOT Taper Quantitative Easing”

Peter Schiff: “The party is coming to an end”.

JIM ROGERS – When the FED stops PRINTING FIAT CURRENCY the COLLAPSE will be here. PREPARE NOW

Fed decision Just idea of tapering caused huge ruckus

Background Articles and Videos

Milton Friedman – Abolish The Fed

Milton Friedman On John Maynard Keynes

Free to Choose Part 3: Anatomy of a Crisis (Featuring Milton Friedman)

Murray Rothbard – To Expand And Inflate

The Founding of the Federal Reserve | Murray N. Rothbard

The Origin of the Fed – Murray N. Rothbard

Murray Rothbard on Hyperinflation and Ending the Fed

Murray N. Rothbard on Milton Friedman (audio – removed noise) part 1/5

Keynes the Man: Hero or Villain? | Murray N. Rothbard

WASHINGTON (AP) — The Federal Reserve has decided against reducing its stimulus for the U.S. economy, saying it will continue to buy $85 billion a month in bonds because it thinks the economy still needs the support.

The Fed said in a statement Wednesday that it held off on tapering because it wants to see more conclusive evidence that the recovery will be sustained.

Stocks spiked after the Fed released the statement at the end of its two-day policy meeting.

In the statement, the Fed says that the economy is growing moderately and that some indicators of labor market conditions have shown improvement. But it noted that rising mortgage rates and government spending cuts are restraining growth.

The bond purchases are intended to keep long-term loan rates low to spur borrowing and spending.

The Fed also repeated that it plans to keep its key short-term interest rate near zero at least until unemployment falls to 6.5 percent, down from 7.3 percent last month. In the Fed’s most recent forecast, unemployment could reach that level as soon as late 2014.

Many thought the Fed would scale back its purchases. But interest rates have jumped since May, when Fed Chairman Ben Bernanke first said the Fed might slow its bond buys later this year. But Bernanke cautioned that the reduction would hinge on the economy showing continued improvement.

In its statement, the Fed says that the rise in interest rates “could slow the pace of improvement in the economy and labor market” if they are sustained.

The Fed also lowered its economic growth forecasts for this year and next year slightly, likely reflecting its concerns about interest rates.

The statement was approved on a 9-1 vote. Esther George, president of the Federal Reserve Bank of Kansas City, dissented for the sixth time this year. She repeated her concerns that the bond purchases could fuel the risk of inflation and financial instability.

The decision to maintain its stimulus follows reports of sluggish economic growth. Employers slowed hiring this summer, and consumers spent more cautiously.

Super-low rates are credited with helping fuel a housing comeback, support economic growth, drive stocks to record highs and restore the wealth of many Americans. But the average rate on the 30-year mortgage has jumped more than a full percentage point since May and was 4.57 percent last week — just below the two-year high.

The unemployment rate is now 7.3 percent, the lowest since 2008. Yet the rate has dropped in large part because many people have stopped looking for work and are no longer counted as unemployed — not because hiring has accelerated. Inflation is running below the Fed’s 2 percent target.

The Fed meeting took place at a time of uncertainty about who will succeed Bernanke when his term ends in January. On Sunday, Lawrence Summers, who was considered the leading candidate, withdrew from consideration.

Summers’ withdrawal followed growing resistance from critics. His exit has opened the door for his chief rival, Janet Yellen, the Fed’s vice chair. If chosen by President Barack Obama and confirmed by the Senate, Yellen would become the first woman to lead the Fed.

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The Obama Avalanche: Obamacare and Obama’s Scandals (Benghazi, AP, Fox’s James Rosen, DOJ, IRS, NSA) Lead To Failed Lame Duck Presidency — Videos

Posted on July 5, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, IRS, Language, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Raves, Security, Talk Radio, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

obama_going_downhill

bird_of_a_feather

OBAMACARE_BOMB

obamacare

WhatBenghaziCoverUp-big

Obama-Scandals

Key Part of Obamacare Delayed for Another Year

Dr. Benjamin Carson & Mark Levin: New Calls To Repeal HealthCare Law After Employer Mandate Delayed

Lois Lerner Demands Immunity In Exchange For Testimony On IRS Scandal – Cavuto

Obama Is BIG BROTHER And He’s A LIAR!”

Total Surveillance : N.S.A. data mining all computers, phone calls, internet, emails (Jun 07, 2013)

“A Massive Surveillance State”: Glenn Greenwald Exposes Covert NSA Program Collecting Calls, Emails

We speak with Guardian columnist Glenn Greenwald, who broke the story Thursday that the National Security Agency has obtained access the central servers of nine major internet companies — including Google, Microsoft, Apple, Yahoo and Facebook. The Guardian and the Washington Post revealed the top secret program, code-named PRISM, after they obtained several slides from a 41-page training presentation for senior intelligence analysts. It explains how PRISM allows them to access emails, documents, audio and video chats, photographs, documents and connection logs that allow them to track a person or trace their connections to others. One slide lists the companies by name and the date when each provider began participating over the past six years. “Hundreds of millions of Americans, and hundreds of millions — in fact billions of people around the world — essentially rely on the internet exclusively to communicate with one another,” Greenwald says. “Very few people use landline phones for much of anything. So when you talk about things like online chat, and social media messages, and emails, what you’re really talking about is the full extent of human communication.” This comes after Greenwald revealed Wednesday in another story that the NSA has been collecting the phone records of millions of Verizon customers. “They want to make sure that every single time human beings interact with one another … that they can watch it, and they can store it, and they can access it at any time.”

Health Insurance Options Delayed For Small Businesses

Key Piece Of ObamaCare Set To Miss Major Deadline 

ObamaCare’s Tax Surprise

Morning Joe Panel Rips GOP Strategist Over Obamacare Delay  You Just Want ‘Election Year Issue’ 

The Political Insiders on NSA, Immigration, and More!

Mark Levin on Hannity talking IRS, Benghazi and AP scandals

The Obama IRS Targeting Scandal in Five Minutes – Unbelievable Abuse of Power

An IRS Cover-up? –  New Evidence Emerges In IRS Scandal – On The Record

Dr Ben Carson Talks Obamacare Future Disaster Waiting to Hap

Megyn Kelly Explodes At Liberal Guest Over Benghazi   Come On! Can We Have Some Honesty!

2013-05-28, Tues_Glenn Beck, The Blaze TV

Background Articles and Videos

Know The TRUTH ~ Step By Step ~ Bret Baier’s ~ ‘Death and Deceit in Benghazi’

House hearing on IRS scandal

Eric Holder testifies before House Judiciary committee

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The Skyrocketing U.S. National Debt and Unfunded Liabilities For Medicare and Social Security — Videos

Posted on May 4, 2013. Filed under: American History, Banking, Blogroll, Climate, College, Constitution, Demographics, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government spending, history, Immigration, Inflation, Investments, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Raves, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , |

U.S. Debt Clock

http://www.usdebtclock.org/

What Are the Dangers of Too Much Debt?

national debt cartoon

national-debt-skyrocket-606

national-debt-burden-606

obama-budget-debt-606

budget-create-deficits-606

chart_5

CBO_-_Revenues_and_Outlays_as_percent_GDP

Publicly_Held_Federal_Debt_1790-2012

US-Public-Debt-Ownership

Federal_Debt_RR

Economy Is Still Americans’ Top Concern

american_concerns_about_14_major_issues

http://www.gallup.com/poll/146708/americans-worries-economy-budget-top-issues.aspx

Most Important Problem

economy_problem

major_concerns_of_america

top_issues

http://www.gallup.com/poll/146708/americans-worries-economy-budget-top-issues.aspx

Democrats Split On How To Deal With Nation’s Debt, Key Leaders Come Out Against Spending Cuts

Chairman Hensarling Opening Statement at Hearing with Federal Reserve Chairman Bernanke

Chairman Hensarling’s Opening Statement at Hearing with FHFA Director Edward J. DeMarco

US Debt A Threat To National Security

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

U.S. National Debt Documentary Part 6

‘US hides real debt, in worse shape than Greece’

Does Government Have a Revenue or Spending Problem?

What If the National Debt Were Your Debt?

How Big Is the U.S. Debt?

Funding Government by the Minute

Why Not Print More Money?

Yaron Answers: Can The U.S. Go Bankrupt?

US Debt Crisis – Perfectly Explained

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

Capitalism Without Guilt – Yaron Brook on morals of capitalism.

The Budget and Economic Outlook: Fiscal Years 2013 to 2023

Economic growth will remain slow this year, CBO anticipates, as gradual improvement in many of the forces that drive the economy is offset by the effects of budgetary changes that are scheduled to occur under current law. After this year, economic growth will speed up, CBO projects, causing the unemployment rate to decline and inflation and interest rates to eventually rise from their current low levels. Nevertheless, the unemployment rate is expected to remain above 7½ percent through next year; if that happens, 2014 will be the sixth consecutive year with unemployment exceeding 7½ percent of the labor force—the longest such period in the past 70 years.

If the current laws that govern federal taxes and spending do not change, the budget deficit will shrink this year to $845 billion, or 5.3 percent of gross domestic product (GDP), its smallest size since 2008. In CBO’s baseline projections, deficits continue to shrink over the next few years, falling to 2.4 percent of GDP by 2015. Deficits are projected to increase later in the coming decade, however, because of the pressures of an aging population, rising health care costs, an expansion of federal subsidies for health insurance, and growing interest payments on federal debt. As a result, federal debt held by the public is projected to remain historically high relative to the size of the economy for the next decade. By 2023, if current laws remain in place, debt will equal 77 percent of GDP and be on an upward path, CBO projects (see figure below).

federal_debt_held_by_public

Such high and rising debt would have serious negative consequences: When interest rates rose to more normal levels, federal spending on interest payments would increase substantially. Moreover, because federal borrowing reduces national saving, the capital stock would be smaller and total wages would be lower than they would be if the debt was reduced. In addition, lawmakers would have less flexibility than they might ordinarily to use tax and spending policies to respond to unexpected challenges. Finally, such a large debt would increase the risk of a fiscal crisis, during which investors would lose so much confidence in the government’s ability to manage its budget that the government would be unable to borrow at affordable rates.

Under Current Law, Federal Debt Will Stay at Historically High Levels Relative to GDP

The federal budget deficit, which shrank as a percentage of GDP for the third year in a row in 2012, will fall again in 2013, if current laws remain the same. At an estimated $845 billion, the 2013 imbalance would be the first deficit in five years below $1 trillion; and at 5.3 percent of GDP, it would be only about half as large, relative to the size of the economy, as the deficit was in 2009. Nevertheless, if the laws that govern taxes and spending do not change, federal debt held by the public will reach 76 percent of GDP by the end of this fiscal year, the largest percentage since 1950.

With revenues expected to rise more rapidly than spending in the next few years under current law, the deficit is projected to dip as low as 2.4 percent of GDP by 2015. In later years, however, projected deficits rise steadily, reaching almost 4 percent of GDP in 2023. For the 2014–2023 period, deficits in CBO’s baseline projections total $7.0 trillion. With such deficits, federal debt would remain above 73 percent of GDP—far higher than the 39 percent average seen over the past four decades. (As recently as the end of 2007, federal debt equaled just 36 percent of GDP.) Moreover, debt would be increasing relative to the size of the economy in the second half of the decade.

Those projections are not CBO’s predictions of future outcomes. As specified in law, CBO’s baseline projections are constructed under the assumption that current laws generally remain unchanged, so that they can serve as a benchmark against which potential changes in law can be measured.

Revenues

Federal revenues will increase by roughly 25 percent between 2013 and 2015 under current law, CBO projects. That increase is expected to result from a rise in income because of the growing economy, from policy changes that are scheduled to take effect during that period, and from policy changes that have already taken effect but whose full impact on revenues will not be felt until after this year (such as the recent increase in tax rates on income above certain thresholds).

As a result of those factors, revenues are projected to grow from 15.8 percent of GDP in 2012 to 19.1 percent of GDP in 2015—compared with an average of 17.9 percent of GDP over the past 40 years. Under current law, revenues will remain at roughly 19 percent of GDP from 2015 through 2023, CBO estimates.

Outlays

In CBO’s baseline projections, federal spending rises over the next few years in dollar terms but falls relative to the size of the economy. During those years, the growth of spending will be restrained both by the strengthening economy (as spending for programs such as unemployment compensation drops) and by provisions of the Budget Control Act of 2011 (Public Law 112-25). Although outlays are projected to decline from 22.8 percent of GDP in 2012 to 21.5 percent by 2017, they will still exceed their 40-year average of 21.0 percent. (Outlays peaked at 25.2 percent of GDP in 2009 but have fallen relative to GDP in the past few years.)

After 2017, if current laws remain in place, outlays will start growing again as a percentage of GDP. The aging of the population, increasing health care costs, and a significant expansion of eligibility for federal subsidies for health insurance will substantially boost spending for Social Security and for major health care programs relative to the size of the economy. At the same time, rising interest rates will significantly increase the government’s debt-service costs. In CBO’s baseline, outlays reach about 23 percent of GDP in 2023 and are on an upward trajectory.

Changes from CBO’s Previous Projections

The deficits projected in CBO’s current baseline are significantly larger than the ones in CBO’s baseline of August 2012. At that time, CBO projected deficits totaling $2.3 trillion for the 2013–2022 period; in the current baseline, the total deficit for that period has risen by $4.6 trillion. That increase stems chiefly from the enactment of the American Taxpayer Relief Act of 2012 (P.L. 112-240), which made changes to tax and spending laws that will boost deficits by a total of $4.0 trillion (excluding debt-service costs) between 2013 and 2022, according to estimates by CBO and the staff of the Joint Committee on Taxation. CBO’s updated baseline also takes into account other legislative actions since August, as well as a new economic forecast and some technical revisions to its projections.

Looming Policy Decisions May Have a Substantial Effect on the Budget Outlook

Current law leaves many key budget issues unresolved, and this year, lawmakers will face three significant budgetary deadlines:

  • Automatic reductions in spending are scheduled to be implemented at the beginning of March; when that happens, funding for many government activities will be reduced by 5 percent or more.
  • The continuing resolution that currently provides operational funding for much of the government will expire in late March. If no additional appropriations are provided by then, nonessential functions of the government will have to cease operations.
  • A statutory limit on federal debt, which was temporarily removed, will take effect again in mid-May. The Treasury will be able to continue borrowing for a short time after that by using what are known as extraordinary measures. But to avoid a default on the government’s obligations, the debt limit will need to be adjusted before those measures are exhausted later in the year.

Budgetary outcomes will also be affected by decisions about whether to continue certain policies that have been in effect in recent years. Such policies could be continued, for example, by extending some tax provisions that are scheduled to expire (and that have routinely been extended in the past) or by preventing the 25 percent cut in Medicare’s payment rates for physicians that is due to occur in 2014. If, for instance, lawmakers eliminated the automatic spending cuts scheduled to take effect in March (but left in place the original caps on discretionary funding set by the Budget Control Act), prevented the sharp reduction in Medicare’s payment rates for physicians, and extended the tax provisions that are scheduled to expire at the end of calendar year 2013 (or, in some cases, in later years), budget deficits would be substantially larger over the coming decade than in CBO’s baseline projections. With those changes, and no offsetting reductions in deficits, debt held by the public would rise to 87 percent of GDP by the end of 2023 rather than to 77 percent.

In addition to those decisions, lawmakers will continue to face the longer-term budgetary issues posed by the substantial federal debt and by the implications of rising health care costs and the aging of the population.

GDP_and_potential_GDP

Economic Growth Is Likely to Be Slow in 2013 and Pick Up in Later Years

The U.S. economy expanded modestly in calendar year 2012, continuing the slow recovery seen since the recession ended in mid-2009. Although economic growth is expected to remain slow again this year, CBO anticipates that underlying factors in the economy will spur a more rapid expansion beginning next year.

Even so, under the fiscal policies embodied in current law, output is expected to remain below its potential (or maximum sustainable) level until 2017 (see figure below). By CBO’s estimates, in the fourth quarter of 2012, real (inflation-adjusted) GDP was about 5½ percent below its potential level. That gap was only modestly smaller than the gap between actual and potential GDP that existed at the end of the recession because the growth of output since then has been only slightly greater than the growth of potential output. With such a large gap between actual and potential GDP persisting for so long, CBO projects that the total loss of output, relative to the economy’s potential, between 2007 and 2017 will be equivalent to nearly half of the output that the United States produced last year.

The Economic Outlook for 2013

CBO expects that economic activity will expand slowly this year, with real GDP growing by just 1.4 percent. That slow growth reflects a combination of ongoing improvement in underlying economic factors and fiscal tightening that has already begun or is scheduled to occur—including the expiration of a 2 percentage-point cut in the Social Security payroll tax, an increase in tax rates on income above certain thresholds, and scheduled automatic reductions in federal spending. That subdued economic growth will limit businesses’ need to hire additional workers, thereby causing the unemployment rate to stay near 8 percent this year, CBO projects. The rate of inflation and interest rates are projected to remain low.

The Economic Outlook for 2014 to 2018

After the economy adjusts this year to the fiscal tightening inherent in current law, underlying economic factors will lead to more rapid growth, CBO projects—3.4 percent in 2014 and an average of 3.6 percent a year from 2015 through 2018. In particular, CBO expects that the effects of the housing and financial crisis will continue to fade and that an upswing in housing construction (though from a very low level), rising real estate and stock prices, and increasing availability of credit will help to spur a virtuous cycle of faster growth in employment, income, consumer spending, and business investment over the next few years.

Nevertheless, under current law, CBO expects the unemployment rate to remain high—above 7½ percent through 2014—before falling to 5½ percent at the end of 2017. The rate of inflation is projected to rise slowly after this year: CBO estimates that the annual increase in the price index for personal consumption expenditures will reach about 2 percent in 2015. The interest rate on 3 month Treasury bills—which has hovered near zero for the past several years—is expected to climb to 4 percent by the end of 2017, and the rate on 10-year Treasury notes is projected to rise from 2.1 percent in 2013 to 5.2 percent in 2017.

The Economic Outlook for 2019 to 2023

For the second half of the coming decade, CBO does not attempt to predict the cyclical ups and downs of the economy; rather, CBO assumes that GDP will stay at its maximum sustainable level. On that basis, CBO projects that both actual and potential real GDP will grow at an average rate of 2¼ percent a year between 2019 and 2023. That pace is much slower than the average growth rate of potential GDP since 1950. The main reason is that the growth of the labor force will slow down because of the retirement of the baby boomers and an end to the long-standing increase in women’s participation in the labor force. CBO also projects that the unemployment rate will fall to 5.2 percent by 2023 and that inflation and interest rates will stay at about their 2018 levels throughout the 2019–2023 period.

Updated February 5, 2013, to correct an error in note “a” to Table 1-7.

http://www.cbo.gov/publication/43907

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Jumping off the fiscal cliff and bouncing back towards peace and prosperity with bungee budgets!–Videos

Posted on December 4, 2012. Filed under: American History, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, People, Philosophy, Politics, Psychology, Public Sector, Raves, Resources, Security, Strategy, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Weather, Wisdom | Tags: , , , , , , |

bungee_jumping_off_fiscal_cliff

FISCAL CLIFF, OH NOES!!

World’s Tallest Bungee Jump HD (Backwards)

Aussie tourist’s bungee cord snaps

Fiscal Cliff: What Republicans, Democrats Agree on So Far

Dan Mitchell Commenting on Republican Weakness in Fiscal Cliff Negotiations

Grover Norquist: Obama “Thinks Somebody Made Him King”

Peter Schiff: Many Other Cliffs Await the US Economy – CNBC 12/05/2012

“Grover Norquist confident Republicans will abide by no tax pledge” Grover Scares The GOP

Fiscal Cliff solution: Simpson-Bowles?

Fiscal Cliff GOP Plan Offered by John Boehner White House Rejects Plan

Obama – Finally An Aggressive Progressive?!

White House ‘Reluctantly’ Willing to Go Off Fiscal Cliff?

Obama On Rejecting GOP Plan: It’s Just A Matter Of Math’

Sen. Hatch: Obama’s “fiscal cliff” plan a “bait and switch”

Joe Scarborough Hammers Fiscal Cliff Offer: Was It Necessary For Obama ‘To Be So Provocative?’

Charles Krauthammer Fiscal Cliff Analogy: Obama Offer Worse Than Appomattox

Timothy Geithner ‘This Week’ Interview: Fiscal Cliff is in the GOP’s Court

Dr. Coburn on OUTFRONT with Erin Burnett Regarding Speaker Boehner’s Offer and Fiscal Cliff

Fiscal Cliff Hangout – Nov. 30, 2012

The Engineered Fiscal Cliff

Jumping off the fiscal cliff and bouncing back towards peace and prosperity with bungee budgets!

By Raymond Thomas Pronk

The year-end fiscal cliff time bomb of massive tax increases and huge spending cuts is ticking louder and louder.

On Nov. 29, President Barack Obama sent Treasury Secretary Tim Geithner to Congress to present his opening proposal to increase tax revenues by $1.6 trillion over the next 10 years, a possible extension of the temporary Social Security payroll tax cut and increased presidential power to raise the national debt without limit. Obama would support $600 billion in spending cuts including $350 billion from Medicare and other health programs.

However, Obama wants an additional $200 billion in new spending outlays for jobless benefits, aid for struggling homeowners and at least $50 billion for public works infrastructure projects—another stimulus package. In summary, Obama wants four times as much in tax increases as spending cuts.  Obama’s so-called balanced approach offer was dead on arrival in the Republican-controlled House..

House Speaker John Boehner, R-Ohio, and other Republican leaders responded by sending Obama the GOP plan in a Dec. 3 letter that includes $800 billion in higher tax revenues over the next decade. The letter pointed out that Erskine Bowles, co-chair of Obama’s debt commission, recommended a balanced middle ground approach that included significant spending cuts as well as $800 billion in new tax revenue.

However, the GOP plan would keep the Bush marginal tax rates for all brackets, including those for higher income earners in place. The Republican letter pointedly said,

“The new revenue in the Bowles plan would not be achieved through higher tax rates, which we continue to oppose and will not agree to in order to protect small businesses and our economy.”

The Republican plan would also cut over ten years $600 billion from costly health care programs including Medicare, $300 billion from national defense and domestic programs and another $300 billion from other proposals including forcing federal workers to contribute toward their pension plans. The Republican plan would produce an estimated $2.2 trillion in savings over 10 years.

Neither the Democratic nor Republican proposals to avoid the year-end fiscal cliff would balance the budget in the next ten years. The Republicans as much as admitted this in their letter by stating, “This is by no means an adequate long-term solution, as resolving our long-term fiscal crisis will require fundamental entitlement reform. Indeed, the Bowles’ plan is exactly the kind of imperfect but fair middle ground that allows us to avert the fiscal cliff without hurting our economy and destroying jobs.”

The president after reading the Republican proposal letter, rejected the GOP plan out of hand because it did not increase the marginal tax rates on those earning more than $250,000, the majority of whom are successful business owners who create wealth, income and jobs.

The table below summarizes the failed 10 year record of both political parties in controlling government spending that have produced massive fiscal-year deficits and an ever increasing national debt.

Summary of Tax Receipts and Spending Outlays of the

United States Government for Fiscal Years 2002-2012

[in million of dollars]

Fiscal Year Tax Receipts Spending Outlays Deficits (+)  or Surplus (-)

2002

1,853,225 2,011,016 157,791
2003 1,782,108 2,159,246 377,139
2004 1,879,783 2,292,628 412,845
2005 2,153,350 2,472,095 318,746
2006 2,406,675 2,654,873 248,197
2007 2,567,672 2,729,199 161,527
2008 2,523,642 2,978,440 454,798
2009 2,104,358 3,520,082 1,415,724
2010 2,161,728 3,455,931 1,294,204
2011 2,302,495 3,601,109 1,298,614
2012 2,449,093 3,538,446 1,089,353
Source: Department of the Treasury, Final Monthly Treasury Statements of Receipts and Outlays of the United States Government for Fiscal Years 2002-2012, table 1.

Neither the Democratic Party led by President Obama, Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi nor the Republican Party led by House Speaker Boehner, House Majority Leader Eric Cantor and Senate Minority Leader Mitch McConnell, are capable of balancing the budget of the U.S. government.

U.S. government budget deficits are financed or paid for by the issuing of debt in the form of Treasury bills, notes or bonds by the Department of the Treasury. The sale of Treasury securities results in an increase in the national debt and an increase in the interest that must be paid by the American people to those who purchase the Treasury securities.

The Federal Reserve, the central bank of the United States, has been artificially suppressing interest rates for more than four years, to near zero rates (.25 percent) for federal funds, money loaned overnight by commercial banks to each other. Once inflation or a rise in the general price level hits the economy, interest rates will quickly rise to market levels. The interest paid by the federal government on its Treasury securities will quickly double and triple to more than $750 billion per year.

Until the U.S. government lives within the means of the American people by balancing its budget, the economy:

(1)   will grow at relatively low rates between 1 and 2 percent per year,

(2)   have persistently high unemployment rates in the 8 to 10 percent range,

(3)   and inflation or price increases will exceed 3 to 6 percent or more per year.

Economists describe such a situation as stagflation, a portmanteau of stagnation and inflation

Forget about the fiscal cliff. Focus on economic growth and job creation. Balance the budget.

A balanced budget is one in which total spending outlays equal total tax receipts. A budget deficit is one in which total spending outlays exceed total tax receipts. A budget surplus is one in which total tax receipts exceed total spending outlays.

Balance the U.S. government’s budget by Sept. 30, 2016, the end of fiscal year 2016, by cutting total government spending $250 billion or about 7 percent per year for four years until the budget is balanced or in surplus.

Federal government spending outlays would be capped at the following fiscal-year levels:

The Bungee Budgets

Balancing The United States Government Budget

By Sept. 30, 2016

Estimated Tax Receipts, Spending Outlays, Deficits, and Surpluses

[in million of dollars]

Fiscal Year Estimated Tax Receipts* Estimated Spending Outlays**  EstimatedDeficits (+)  or Surplus(-)
2013 2,475,000 3,288,000 813,000
2014 2,500,000 3,038,000 538,000
2015 2,525,000 2,788,000 263,000
2016 2,550,000 2,538,000 -12,000
*Estimated tax receipts are based on the current Internal Revenue Code being extended for four years and increasing tax receipts of $25 billion per fiscal year.**Spending outlays are reduced $250 billion from the previous fiscal year.

Extend the so-called Bush marginal tax rates for four years or until the current complex Internal Revenue Code and regulations are replaced by either a single flat income tax or a broad-based national consumption retail sales tax—the FairTax. The proposed bungee budgets for fiscal years 2013-2016 require leaders with courage, vision and wisdom to pass and implement them. The possibility of the above proposal being passed by Congress and signed into law by the president are slim and none.

Today the U.S. has a national debt exceeding $16 trillion and unfunded liabilities for Social Security and Medicare exceeding $63 trillion according to the latest report of the trustees of both programs. The unfunded liability is the amount the government has promised in benefits looking indefinitely into the future less the payroll taxes and premiums the government expects to collect.

The U.S. government’s national debt and unfunded liabilities now exceed $80 trillion or more than five times the total estimated U.S. real gross domestic product for 2012. The U.S. warfare and welfare state has already fallen off the fiscal cliff and is accelerating toward a default on its Treasury debt.

Yet the political theater in Washington, D.C., over the phony fiscal cliff crisis will continue into 2013. The American people deserve the leadership they voted for in November. Now the American people will pay the price as the economy heads toward another recession. The party is over. Happy New Year!

Raymond Thomas Pronk is host of the Pronk Pops Show on KDUX web radio from 3-5 p.m. Fridays and author of the companion blog http://www.pronkpops.wordpress.com.

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U.S. Debt By Presidents–Obama: $5.073 Trillion in Four Years, Bush: $3.294 Trillion in Eight Years–Videos

Posted on November 27, 2012. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, Energy, Enivornment, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, government spending, Health Care, Homes, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Public Sector, Rants, Raves, Regulations, Security, Talk Radio, Tax Policy, Transportation, Unemployment, Unions, Video, Wealth, Wisdom | Tags: , , , |

U.S. Debt Clock

http://www.usdebtclock.org/

http://www.federalbudget.com/

The bar chart comes directly from the Monthly Treasury Statement published by the U. S. Treasury Department. <<< Click on the chart for more info.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 interestinformation. 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 the DEFICIT 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 cuts into our budget big time.

http://www.federalbudget.com/

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

                                                        ACCOUNTING DATE:  10/12

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

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

   CURRENT YEAR

     OCTOBER                                                                   184,316                304,311                119,995

       YEAR-TO-DATE                                                            184,316                304,311                119,995

http://www.fms.treas.gov/mts/mts1012.txt

Another Day Older & Deeper In Debt: Federal Deficit to Top $1 Trillion for Fiscal Year  2012

Peter Schiff U.S. Debt Crisis

Vicious cycle of the US Debt & Deficit

President Obama Blaming Bush for Debt

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

Public Opinion for Libertarians – Bryan Caplan

Social Security trustees: We’re going broke

John C. Goodma

“…Here’s some bad news: The latest report of the Social Security and Medicare trustees shows an unfunded liability for both programs of $63 trillion. That is equal to about 4.5 times the entire U.S. gross domestic product.

The unfunded liability is the amount we have promised in benefits, looking indefinitely into the future, minus the payroll taxes and premiums we expect to collect. It’s the amount we must have in the bank today, earning interest, for these entitlement programs to be solvent.

We not only don’t have the money in the bank, no one has a serious plan to put it there.

Now — some really bad news. The actual liability is almost twice what the government is reporting. In 2009, the trustees calculated the two programs’ unfunded liability at about 6.5 times the size of the U.S. economy. But the next year the unfunded liability was cut in half. The reason: “Obamacare.” The minute President Barack Obama signed his health reform bill, he cut Medicare’s unfunded liability by more than $50 trillion.

You would think this accomplishment would be an occasion for great joy — for dancing and celebration in the streets. If you’re like most Americans, however, you probably haven’t heard about it. Certainly, the Obama administration isn’t talking.

Here is what’s going on: Obamacare uses cuts in Medicare to pay for more than half the cost of expanding health insurance for young people. So even if the Medicare cuts take place, they won’t reduce the government’s overall obligations. They just replace entitlements for seniors with entitlements for young people. In addition, the health reform bill contains no serious plan for making Medicare more efficient.

So the only realistic way to make cuts in Medicare spending is a mechanism that will pay less and less to doctors and hospitals over time.

The Center for Medicare & Medicaid Service’s Office of the Actuaries has predicted what this can mean for seniors. By the end of this decade, the fees that Medicare pays to doctors will be lower than what Medicaid pays. From an economic view, seniors will represent a less profitable sector than welfare mothers represent. Also by the end of the decade, one in seven hospitals will be forced out of business. In the decades that follow, the consequences only seem to get worse.

Many serious people inside the Beltway believe these cuts will never take place, however. The reason: Congress has been unwilling to allow similar reductions in doctor fees for nine straight years under previous legislation.

In fact, the possibility of “Obamacare” policies cutting Medicare’s unfunded liability in half is so unlikely that Medicare’s chief actuary, Richard Foster, provides an “alternative” report, in addition to the official trustees report, in which he projects much higher levels of Medicare spending.

What about the Medicare trust fund? Workers have been repeatedly told that their payroll taxes are being securely held in trust funds. But they are actually spent the very minute they arrive in the Treasury’s bank account. No money has been saved. No investments have been made. No cash has been stashed in bank vaults. Today’s payroll tax payments are being spent to pay medical bills for today’s retirees. And if any surplus materializes, it is spent on other government programs. As a result, when today’s workers reach the eligibility age of 65, they will be able to receive benefits only if future taxpayers pay (even higher) taxes to support them.

To address these defects, Medicare must be truly reformed. That means shifting from the current “pay as you go” system to one in which workers pay their own way.

My colleagues and I have calculated that workers (and their employers) must save and invest 4 percent of payroll. Eventually, we will reach the point where each generation of retirees will pay for the bulk of its own post-retirement medical care — with a payroll tax no higher than the one we have today.

We also need other reforms, of course. Seniors should be free to manage more of their own health care dollars. Doctors should be free to repackage their services in ways that lower the cost to patients and raise the quality of care. Seniors should also have access to more services, whose price is set in the marketplace rather than dictated by governments.

Most importantly, we need bipartisan commitment from those on Capitol Hill who can make all of this happen.

John C. Goodman is president of the National Center for Policy Analysis, research fellow at the Independent Institute and author of the book “Priceless: Curing the Healthcare Crisis,” due out in June. …”

Read more: http://www.politico.com/news/stories/0412/75603.html#ixzz2DRkCo9CU

US could be on path to fifth straight $1 trillion deficit after government runs $120 billion October deficit

“…The federal government started the 2013 budget year with a $120 billion deficit, an indication that the nation is on a path to its fifth straight $1 trillion-plus deficit.

Another soaring deficit puts added pressure on President Barack Obama and Congress to seek a budget deal in the coming weeks.

The Treasury Department said Tuesday that the October deficit — the gap between the government’s tax revenue and its spending — was 22 percent higher than the same month last year.

Tax revenue increased to $184.3 billion — 13 percent greater than the same month last year. Still, spending also rose to $304.3 billion, a 16.4 percent jump. The budget year begins on Oct. 1. Officials said last year’s figures were held down by a quirk in the calendar: the first day of October fell on a Saturday, which resulted in some benefits being paid in September 2011.

The deficit, in simplest terms, is the amount of money the government has to borrow when revenues fall short of expenses. The government ran a $1.1 trillion annual budget deficit in fiscal year that ended in September. That was lower than the previous year but still painfully high by historical standards.

Obama’s presidency has coincided with four straight $1 trillion-plus deficits — the first in history and record he had to vigorously defend during his successful re-election campaign.

The size and scope of this year’s deficit will largely depend on what happens with the so-called fiscal cliff — a package of tax increases and spending cuts set to take effect in January unless the White House and Congress reach a budget deal by then.

If the economy goes over the fiscal cliff, this year’s deficit would shrink to $641 billion, according to the Congressional Budget Office. But the CBO also warns that the economy would sink into recession in the first half of 2013.

If the White House and Congress can reach a budget deal that extends the tax cuts and avoids the spending cuts, the deficit will end up roughly $1 trillion for the budget year, the CBO says.

The deficits have been growing for more than a decade but reached a record $1.41 trillion in 2009, Obama’s first year in office. That was largely because of the worst recession since the Great Depression. Tax revenue plummeted during the downturn, while the government spent more on stimulus programs.

The deficits first began to widen after President George W. Bush won approval for broad tax cuts and launched wars in Afghanistan and Iraq.

One of the biggest challenges for the federal budget is the aging of the baby boom generation. That is raising government spending on Social Security and on Medicare and Medicaid. At the same time, the fragile economy, along with tax cuts, has reduced government revenue.

Over the past three years, revenue has fallen below 16 percent of the total economy as measured by the gross domestic product. Spending has exceeded 22 percent of GDP. The government has been forced to borrow to make up the gap, which has pushed the federal debt to $16.2 trillion.

The government is expected to hit its borrowing limit of $16.39 trillion by the end of December, unless Congress votes to raise it again. …”

http://www.foxnews.com/politics/2012/11/13/us-government-runs-120-billion-october-deficit/

Read more: http://www.foxnews.com/politics/2012/11/13/us-government-runs-120-billion-october-deficit/#ixzz2DRXL3c6c

The Facts About Budget Deficits: How The Presidents Truly Rank

James K. Glassman, Contributor

“…Please forgive me. Over and over, I hear misinformation about deficits in prior administrations, and I can’t keep quiet any longer. I have to correct the record.

The latest was on “Squawk Box” on Monday morning. Joe Kernan, the host, is interviewing former Vermont Gov. Howard Dean, ex-candidate for president and chairman of the Democratic National Committee. Kernen cites campaign comments about “bad policies” going back “decades” affecting the high rate of unemployment today.

He asks, “What specific policies in the Bush Administration do you think are still being used to explain 8 percent unemployment?”

Dean responds, “The biggest ones are the deficits that were run up…. The deficits were enormous

Let’s shed some factual light on the situation by turning to table B-79 of the current Economic Report of the President. There we find the official statistics on federal spending, receipts, and deficits (or surpluses) as proportions of Gross Domestic Product. These are the figures that economists use in determining the relationship of the deficit to the overall economy, answering the question, “How much more are we spending than taking in?”

We can average the deficit-to-GDP ratio during a presidential term and get a good take on whether “deficits were enormous” in historic terms or not. The only tricky part is whether to give a president credit (or blame) for his incoming and outgoing years. For example, President Reagan took office on Jan. 20, 1980, but fiscal year 1980 started four months earlier. Similarly, he left office Jan. 20, 1989, but fiscal 1989 still had four months to run.

I decided to use three sets of calculations for each president: first, the deficit-to-GDP ratio from the fiscal year he took office to the fiscal year he left minus one (thus, for Reagan: 1981-88); second, from his first fiscal year plus one to the fiscal year he left (thus, 1982-89); and third, an average of the first two

Here are the ratios of deficit to GDP for the past five presidents:

Ronald Reagan 1981-88 4.2 % 1982-89 4.2 Average 4.2

George H. W. Bush 1989-92 4.0 1990-93 4.3 Average 4.2

Bill Clinton 1993-2000 0.8 1994-2001 0.1 Average 0.5

George W. Bush 2001-08 2.0 2002-09 3.4 Average 2.7

Barack Obama 2009-12* 9.1 2010-12 8.7 Average 8.9 *fiscal 2012 ends Sept. 30, 2012, so this figure is estimated

Source: Economic Report of the President, February 2012

The results for President Bush are skewed by the 10.1 percent deficit/GDP ratio in fiscal 2009. A large chunk of spending in that year went to the Troubled Asset Relief Program, or TARP. In fiscal 2009, TARP contributed $151 billion to the budget deficit, but in 2010 and 2011, $147 billion of that amount was recouped and thus reduced the size of the deficit during President Obama’s watch. (These calculations are complicated and are laid out by the Office of Management and Budget. See http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/spec.pdf, p. 49.)

As for spending itself, during the George W. Bush years (2001-08), federal outlays averaged 19.6 percent of GDP, a little less than during the Clinton years (1993-2000), at 19.8% and far below Reagan, whose outlays never dropped below 21 percent of GDP in any year and averaged 22.4%. Even factoring in the TARP year (2009), Bush’s average outlays as a proportion of the economy was 20.3 percent – far below Reagan and only a half-point below Clinton. As for Obama, even excluding 2009, his spending has averaged 24.1 percent of GDP – the highest level for any three years since World War II.

Americans can judge for themselves whether deficits are “enormous”– but only if they have the facts. In this case, there is no denying the order in which the last five presidents rank on the basis of deficits: Clinton, Bush 43, Bush 41 and Reagan in a virtual tie, and Obama. …”

http://www.forbes.com/sites/jamesglassman/2012/07/11/the-facts-about-budget-deficits-how-the-presidents-truly-rank/

U.S. Debt by President

By Kimberly Amadeo, About.com Guide

The Best Way to Measure Debt by President:

“…Therefore, the most accurate way to measure the debt by President is to sum all the budget deficits. That’s because the President is responsible for his budget priorities. It takes into account spending, and anticipated revenue from proposed tax cuts or hikes.

There are a few caveats, however. First, Congress does have a role, since it must approve the budget. Second, each President inherits a previous President’s policies. For example, every President has had to compensate for lower revenue thanks to President Reagan’s tax cuts. That’s because tax increases are a sure way to prevent re-election.

Third, while every President has had to deal with a recession, all recessions were not created equal. Furthermore, some Presidents have had to deal with unusual events, like the 9/11 terrorist attack and Hurricane Katrina. While these weren’t part of the business cycle, they required responses that came with economic price tags.

President Barack Obama:

President Obama contributed the most to the debt, with cumulative deficits totaling $5.073 trillion in just four years. Obama’s budgets included the economic stimulus package, which added $787 billion by cutting taxes, extending unemployment benefits, and funding job-creating public works projects. The Obama tax cuts added $858 billion to the debt over two years. Obama’s budget included increased defense spending to around $800 billion a year. Federal income was down, thanks to lower tax receipts from the 2008 financial crisis.Both Presidents Bush and Obama had to contend with higher mandatory mandatory spending for Social Security and Medicare. He also sponsored the Patient Protection and Affordable Care Act, which was designed to reduce the debt by $143 billion over 10 years. However, these savings didn’t show up until the later years.

President George W. Bush:

President Bush is next, racking up $3.294 trillion over two terms. He responded to the attacks on 9/11 by launching the War on Terror. This drove military spending to a new records, between $600-$800 billion a year. President Bush also responded to the 2001 recession by passing EGTRRA and JGTRRA, otherwise known as the Bush tax cuts.

President Ronald Reagan:

President Reagan added $1.412 trillion to the debt during his two terms. He fought the 1982 recession by cutting the top income tax rate from 70% to 28%, and the corporate rate from 48% to 34%.  He also increased government spending by 2.5% a year. This included a 35% increase in the defense budget, and an expansion of Medicare. Although $1.412 trillion doesn’t sound like a lot, compared to 2012 debt levels, in fact Reagan’s economic policies doubled the debt during his Presidency.

President George H.W. Bush:

President George H.W. Bush added $1.03 trillion to the debt in one term. He responded to Iraq’s invasion of Kuwait with Desert Storm. He oversaw the $125 billion bailout to end the 1989 Savings and Loan crisis. Part of his debt contribution was due to lost tax revenue from the 1991 recession.
Although many other Presidents added to the debt, none comes close to these four in terms of overall spending. Part of that is because the U.S. economy, as measured by GDP, was so much smaller for other Presidents.  For example, in 1981 GDP was only $3 trillion, growing by five times to $15 trillion in 2012. See the table below for a year-by-year detail of each President’s budget deficit since President Woodrow Wilson. (Updated September 12, 2012)

Budget Deficits by Fiscal Year Since 1960:

President Barack Obama: First Term = $5.073 trillion.

  • FY 2013 – $901 billion.
  • FY 2012 – $1.327 trillion.
  • FY 2011 – $1.299 trillion.
  • FY 2010 – $1.546 ($1.293 trillion plus $253 billion from the Obama Stimulus Act that was attached to the FY 2009 budget).

President George W. Bush: First Term = $1.267 trillion.  Second Term = $2.027 trillion. Total = $3.294.

  • FY 2009 – $1.16 trillion. ($1.416 trillion minus $253 billion from Obama’s Stimulus Act)
  • FY 2008 – $458 billion.
  • FY 2007 – $161 billion.
  • FY 2006 – $248 billion.
  • FY 2005 – $318 billion.
  • FY 2004 – $413 billion.
  • FY 2003 – $378 billion.
  • FY 2002 – $158 billion.

President Bill Clinton: First Term = $496 billion. Second Term = ($559 billion surplus). Total = ($63 billion surplus).

  • FY 2001 – $128 billion surplus.
  • FY 2000 – $236 billion surplus.
  • FY 1999 – $126 billion surplus.
  • FY 1998 – $69 billion surplus.
  • FY 1997 – $22 billion.
  • FY 1996 – $107 billion.
  • FY 1995 – $164 billion.
  • FY 1994 – $203 billion.

President George H.W. Bush: First Term = $1.03 trillion.

  • FY 1993 – $255 billion.
  • FY 1992 – $290 billion.
  • FY 1991 – $269 billion.
  • FY 1990 – $221 billion.

President Ronald Reagan: First Term = $733 billion. Second Term = $679 billion. Total = $1.412 trillion.

  • FY 1989 – $153 billion.
  • FY 1988 – $155 billion.
  • FY 1987 – $150 billion.
  • FY 1986 – $221 billion.
  • FY 1985 – $212 billion.
  • FY 1984 – $185 billion.
  • FY 1983 – $208 billion.
  • FY 1982 – $128 billion.

President Jimmy Carter: First Term = $253 billion

  • FY 1981 – $79 billion.
  • FY 1980 – $74 billion.
  • FY 1979 – $41 billion.
  • FY 1978 – $59 billion.

President Gerald Ford: Three Years = $181 billion.

  • FY 1977 – $54 billion.
  • FY 1976 – $74 billion.
  • FY 1975 – $53 billion.

President Richard Nixon: First Term = $64 billion. First Year of Second Term = $6 billion. Total = $70 billion.

  • FY 1974 – $6 billion.
  • FY 1973 – $15 billion.
  • FY 1972 – $23 billion.
  • FY 1971 – $23 billion.
  • FY 1970 – $3 billion.

President Lyndon B. Johnson: Two Years in First Term = $7 billion.  Second Term = $35 billion. Total = $42 billion.

  • FY 1969 – $3 billion surplus.
  • FY 1968 – $25 billion.
  • FY 1967 – $9 billion.
  • FY 1966 – $4 billion.
  • FY 1965 – $1 billion.
  • FY 1964 – $6 billion.

President John F. Kennedy: Two Years in First Term = $11 billion.

  • FY 1963 – $5 billion.
  • FY 1962 – $7 billion.

President Dwight Eisenhower: First Term = $3 billion surplus. Second Term = $19 billion. Total = $16 billion.

  • FY 1961 – $3 billion.
  • FY 1960 – $0 billion (slight surplus).
  • FY 1959 – $13 billion.
  • FY 1958 – $3 billion.
  • FY 1957 – $3 billion surplus.
  • FY 1956 – $4 billion surplus.
  • FY 1955 – $3 billion.
  • FY 1954 – $1 billion.

President Harry Truman: First Term = $1 billion surplus. Second Term = $4 billion. Total = $3 billion.

  • FY 1953 – $6 billion.
  • FY 1952 – $1 billion.
  • FY 1951 – $6 billion surplus.
  • FY 1950 – $3 billion.
  • FY 1949 – $1 billion surplus.
  • FY 1948 – $12 billion surplus.
  • FY 1947 – $4 billion surplus.
  • FY 1946 – $16 billion.

President Franklin D. Roosevelt: First Term = $13 billion. Second Term = $11 billion. Third Term = $172 billion. Total = $196 billion.

  • FY 1945 – $48 billion.
  • FY 1944 – $48 billion.
  • FY 1943 – $55 billion.
  • FY 1942 – $21 billion.
  • FY 1941 – $5 billion.
  • FY 1940 – $3 billion.
  • FY 1939 – $3 billion.
  • FY 1938 – $0 billion (slight deficit).
  • FY 1937 – $2 billion.
  • FY 1936 – $4 billion.
  • FY 1935 – $3 billion.
  • FY 1934 – $4 billion.

President Herbert Hoover: First Term = $5 billion.

  • FY 1933 – $3 billion.
  • FY 1932 – $3 billion.
  • FY 1931 – $0 billion (slight deficit).
  • FY 1930 – $1 billion surplus.

President Calvin Coolidge: Two Years of First Term = $2 billion surplus. Second Term = $4 billion surplus. Total = $6 billion surplus.

  • FY 1929 – $1 billion surplus.
  • FY 1928 – $1 billion surplus.
  • FY 1927 – $1 billion surplus.
  • FY 1926 – $1 billion surplus.
  • FY 1925 – $1 billion surplus.
  • FY 1924 – $1 billion surplus.

President Warren G. Harding: Two Years of First Term = $2 billion surplus.

  • FY 1923 – $1 billion surplus.
  • FY 1922 – $1 billion surplus.

President Woodrow Wilson: First Term = $1 billion. Second Term = $21 billion. Total = $22 billion.

  • FY 1921 – $1 billion surplus.
  • FY 1920 – $0 billion (slight surplus).
  • FY 1919 – $13 billion.
  • FY 1918 – $9 billion.
  • FY 1917 – $1 billion.
  • FY 1916 – $0 billion (slight surplus).
  • FY 1915 – $0 billion (slight surplus).
  • FY 1914 – $0 billion.

FY 1789 – FY 1913 – $24 billion surplus. (Source: OMB, Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits: 1789–2017) …”

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Bill Gross US Addicted to Budgetary Crystal Meth–Videos

Posted on October 3, 2012. Filed under: American History, Blogroll, Business, College, Communications, Crime, Drug Cartels, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Inflation, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, People, Philosophy, Politics, Psychology, Raves, Regulations, Strategy, Tax Policy, Technology, Unemployment, Video, War, Wealth | Tags: , , , , , , , , , , , , |

CNBC: Bill Gross US Addicted to Budgetary Crystal Meth 10/02/2012

USA Debt Clock

http://www.usadebtclock.com/

US Debt Clock

http://www.usdebtclock.org/

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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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Woodrow Wilson Won Democratic Presidential Nomination on 46th Ballot–Will Ron Paul Be The Black Swan Republican Nominee?–Videos

Posted on March 15, 2012. Filed under: Blogroll, Business, College, Communications, Economics, Education, Employment, Inflation, Investments, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Psychology, Public Sector, Raves, Talk Radio, Taxes, Unemployment, Unions, Video, War, Wealth | Tags: , , , , , , , , , , , , , |

United States presidential election of 1912  

“…The United States presidential election of 1912 was a rare four-way contest.[1] Incumbent President William Howard Taft was renominated by the Republican Party with the support of its conservative wing. After former President Theodore Roosevelt failed to receive the Republican nomination, he called his own convention and created the Progressive Party (nicknamed the “Bull Moose Party”). It nominated Roosevelt and ran candidates for other offices in major states. Democrat Woodrow Wilson was finally nominated on the 46th ballot of a contentious convention, thanks to the support of William Jennings Bryan, the three-time Democratic presidential candidate who still had a large and loyal following in 1912. Eugene V. Debs was the nominee of the Socialist Party of America.

Wilson defeated Taft, Roosevelt, and Debs in the general election, winning a huge majority in the Electoral College and 42% of the popular vote, while his nearest rival, Roosevelt, won only 27%. Wilson became the only elected president from the Democratic Party between 1892 and 1932. He was the second of only two Democrats to be elected president between 1860 and 1932. This was the last election in which a candidate who was not a Republican or Democrat came second in either the popular vote or the Electoral College and the first election in which all 48 states of the continental United States participated. …”

http://en.wikipedia.org/wiki/United_States_presidential_election,_1912

10 Bull Moose Party, 1912 Campaign

“The Black Swan” author Nassim Taleb Cheers Ron Paul’s Economic Platform on CNBC

RON PAUL HAS GOT THE BIGGEST CAUCUS!

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Barack Obama Out of Silver Bullets In Reducing Gas Prices–Target Excessive Speculation In Crude Oil Future Conracts–The Silver Bullets–Overall Volume Limits, Individual Position Limits and Higher Margin Requirements–A Belt Load of Silver Bullets–Any Questions Mr. President?–Videos

Posted on March 7, 2012. Filed under: Agriculture, American History, Blogroll, Business, College, Communications, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Natural Gas, Oil, People, Philosophy, Politics, Raves, Regulations, Resources, Security, Tax Policy, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , |

” Our markets have gone crazy and there is 200 times as much speculation as there is investing.”

 – John Bogle, founder of the Vanguard Group; USA Today, December 23, 2011

Fig. 2: Annual motor gasoline retail price ($/gallon). This figure was constructed the national average gasoline prices for each year from 1919 to 2010 provided by the EIA. [4] These nominal prices were converted to 2010 dollars by adjusting for inflation. In fact, the gasoline price from 1919 was 18% higher than the current gasoline price.

http://large.stanford.edu/courses/2010/ph240/bui1/

 

Gas Buddy.com

 AAA Current State Averages: Click on state for detailed information *Prices Are In US Dollars Per Gallon.

High Oil Prices and Recessions

When Consumers spend more at the pump, they often cut back on discretionary purchases.

The WSJ shows this graph, linking oil price hikes to recessions:

http://oilprice.com/Energy/Oil-Prices/High-Oil-Prices-and-Recessions.html

[Original TV Clip] Obama Mocks Fox News Gas Prices Attack!!! 3/6/2012

Banksters & Speculation Behind High Food-Oil Prices

Under Questioning by Cantwell, Exxon CEO Estimates Oil Should Cost $60-70 Per Barrel

On May 12, 2011, when questioned by U.S. Senator Maria Cantwell (D-WA) at a Senate Finance Committee hearing, Exxon Mobil Chairman and Chief Executive Officer Rex Tillerson said that oil should cost between $60 and $70 per barrel, if the price of oil were based on supply and demand fundamentals. Oil was trading at $98 per barrel on Thursday morning, after inexplicitly plunging 5.5 percent yesterday.

Ron Paul on Oil Prices

Obama’s Got America Singin’ the Blues     

Obama Supports High Gas Prices If They’re Gradually Hiked

Obama admits his intentions are to skyrocket oil prices

Obama admits his intentions are to skyrocket oil prices to force the American people into renewable energy submission. So if oil is so bad then why did we just invest $2 Billion in Brazil.

15 Times Obama and Top Dems Blame Bush For Gas Prices

OBAMA TALKS $12-A-GALLON FOR GAS 

 

Gas Price Hypocrisy

“…In 2006 the Democrats and the media screamed bloody murder over the high price of gas. When Barack Obama was inaugurated, the average gas price was $1.87 a gallon. Now that the price has more than doubled, what are the Democrats and the administration saying now? If you guessed that high gas prices under Obama are somehow a good thing, give yourself a pat on the back. The liberal mindset is always an amazing thing to behold. …”

What’s fueling high gas prices

Excessive Speculation, High Leverage with Low Margins,

Cheap Money Policy and Devaluing the Dollar Driving Gas Prices Up!

Regulations on Speculation Weak, But Better Than Nothing

Oil Speculation and Rising Gas Prices

Congressman Jeff Fortenberry questions representatives of the U.S. Commodity Futures Trading Commission about the cause of rising fuel prices in the United States.

Crack Down on Excessive Speculation in Oil Markets

Secret Exemptions Allowed Speculators to Distort Futures Markets

Will CFTC Limit Excessive Speculation?

Speculation and Watered Down Regulation

How Wall St Speculation Drives Up Gas Prices   

Food, Speculation and Parasitical Trading

What Can We Do about Gasoline Prices? | Mark Brandly

Here we go again…are speculators driving oil prices higher? 

Jim Rogers on Ben Bernanke, the Dollar and “Saving the Saver”

END FED: Greatest Con Exposed; Fed=Cheap Money, Bankers=Bailed Out, Gov=Bad Law, You=Patsy

END FED: Bernanke Explains How To Devalue the Dollar, Quantitative Easing AKA Asset Purchase

PETER SCHIFF -The Truth About Gas Prices

James Grant 

More Cheap Fed Money Won’t Create Jobs

Energy and Power Subcommittee Examines High Gas Prices

U.S. Senator Jeff Bingaman on Gas Prices and Domestic Oil and Gas Production

FLASHBACK: Fox News On Gas Prices In 2008

How Wall Street Speculation is Driving Up Gasoline Prices Today

Robert Pollin and James Heintz

Political Economy Research Institute

University of Massachusetts, Amherst

“…While the market for energy futures contracts is not new, what is new is that the

amount of trading of crude oil futures contracts has exploded over the past decade.

For example, the overall level of futures market trading of crude oil contracts

on the New York Mercantile Exchange is currently 400 percent greater than it

was in 2001, and 60 percent higher than it was only two years ago. Measured

relative to the increases in the physical production of global oil supplies, trading

is still 300 percent greater today than it was in 2001, and 33 percent greater than

only 2 years ago.

The reason the crude oil futures market has exploded is that a new type of trader

has come to dominate the futures market. These traders entered the market with

enormous financial resources, enabling them to influence the ups and downs of

market prices to an unprecedented degree. To a large extent, these traders are

affiliated with major investment banks, such as Goldman Sachs or UBS. They

became involved in this market to buy energy futures contracts as an alternative

to holding stocks, bonds, or other types of derivative assets, such as mortgagebacked

securities. But when these traders came to hold dominant positions in the

market, they also gained the power to move prices up or down through their own

trading decisions. Among other strategies, they can make large profits by staying

ahead of other market participants. For example, when market prices are rising,

they can buy large numbers of futures contracts, aiming to push prices up further

upward, then sell their contracts at market peaks.

This type of speculative activity on the crude oil futures market influences the

prices today (spot prices) of both crude oil and gasoline at the pump by affecting

expectations of future price changes. That is, traders in the market for current

supplies (the spot market) look to the speculative futures market to determine

where to set prices today.

http://ourfinancialsecurity.org/blogs/wp-content/ourfinancialsecurity.org/uploads/2011/06/PERI-AFR-Research-Brief-June2011.pdf

2012 Energy Prices

By Ed Wallace

“…Gambling on Black Gold Prices

Americans won’t just have to endure the daily reality of gas prices hiked by the speculation in the oil markets; we’ll also get to listen to vested traders trying to convince us that they’re not to blame – those high crude prices result solely from supply shortages. Oh well, that hasn’t actually been the case in the last eight years; maybe this year it will be.

However, unlike three and a half years ago, more people understand that the oil market has always been not a “just in time” inventory system, but a “five minutes after you needed the oil” inventory system.

Certainly Gary Gensler, head of the Commodity Futures Trading Commission, admitted months ago that 80 – 90 percent of all oil contracts are now held by speculators, not by legitimate hedgers trying to purchase oil for refining. Likewise John Bogle, considered one of the finest investors ever to grace the halls of Wall Street, seems infuriated that our financial industry is no longer geared toward long-term investment in America, but instead is solely focused on the quick buck that can be made in the gambling hell we call commodities speculation.

We Adapt, Improvise, and Overcome

Of course the world’s economy to varying degrees is being held hostage to this ramped-up speculation – and that includes the automobile industry.

True, car sales improved again for 2011, in spite of the record high annual cost for gasoline. Many factors combined to make this happen; one is the fact that, as we saw with the Energy Crises of 1973 and 1979, over time the average American family adjusts its spending to compensate for its higher fuel costs.

Also helping in 2011 was that, for the first time in decades, the humble four-cylinder engine was our best selling power plant in new cars, beating even the V-6. But more than anything else, we’ve been driving fewer miles in order to lessen the amount of gasoline we use. The Energy Information Administration’s weekly report for the last week of December shows that, for the four-week average that started in late November, gasoline demand in this country fell by an incredible 5.6 percent from a year earlier. And in 2010 we were not buying or using anywhere near as much gasoline as we were before the 2008 financial meltdown.

Shorten Gas Supplies to Raise Prices

That’s right, we not only reduced our overall gasoline use in America, reversing a century-long trend, but in 2011 we dropped our demand for gasoline once again. This likely explains why in December WTI oil jumped by close to $7 a barrel, but the futures market for gasoline barely budged, moving just a few cents in either direction.

Another way to look at it is in the percentage of utilization of our refineries for this time of year. According to the government’s data, the last week of December our refineries ran at 84.2 percent of capacity. But if one compares that week to the same week in the boom years, 2003 to 2007, our refineries were running at 91.7 percent, 94.2 percent, 88.9 percent, 90.9 percent and 89.4 percent. For those who have forgotten, that last figure in that chain, marking the last week of December 2007, also denotes the month we officially slipped into a recession. Interestingly, data released by the International Energy Agency in September of 2008 showed oil and fuel demand falling worldwide starting in August of 2007. …”

“…Almost four years ago in this space, armed with 1,500 pages of oil data, I laid out in five columns the facts proving that the price of oil was no longer based on supply and demand, but was totally under the control of speculators. BusinessWeek republished my work with a sixth column added, and it changed the national discussion on the oil equation. Today, even one of the most respected investors in American history, John Bogle, is blasting the new Wall Street culture and warning of the long-term economic damage to everyone because we no longer invest in America, we simply gamble on commodities.

Yet nothing changes.

Well, one thing has changed: How you and I deal with it. Today our car market is flooded with impressive cars that get 39 to 40 miles to the gallon on the highway. And more are coming throughout this year. This on top of the fact that for the fourth year running we have purposely used less gasoline. And there’s one major positive to all of this, and that’s the fact that when we see record high prices for oil, those profits flood into Texas. That’s why our state has done so well in the past decade.

It would be nice to see the government finally put a lid on excessive speculation and give the average American family a break. That’s not happening, but at least they told the car companies they had to improve the fuel efficiency of their corporate fleets. Which, if nothing else, gives us more great choices.

“Bona Fide Hedging” Exemption Reinflates Oil Bubble

Published July 1st, 2009 in Natural Resources

http://www.tradersnarrative.com/bona-fide-hedging-exemption-reinflates-oil-bubble-2712.html

As oil rallies, passive investors increase their holdings

Investments linked to commodity indexes rise as Congress eyes new regulation

“…Big pension and endowment funds that invest in commodities by modeling their exposure on popular indexes have increased their purchases of crude rapidly in recent months, an analysis of regulatory data shows.

This stake has likely contributed to the doubling in oil prices this year, a swift advance that has brought the role of financial speculators back onto the radar of policy-makers — some of whom say financial investments in commodities should be curbed.

Passive investors increased their crude-oil holdings to the equivalent of more than 600 million barrels in June, up more than 30% from the end of last year, a MarketWatch analysis of Commodity Futures Trading Commission data and the most popular commodities indexes shows. See detailed description of MarketWatch’s findings.

Over the same period, crude futures have jumped 60%, topping $70 a barrel in early June on the New York Mercantile Exchange. Oil rallied 41% in the second quarter alone, the biggest three-month gain in 19 years, even as energy agencies forecast a second-straight yearly decline in global oil demand this year.

The correlation between rising oil prices and increased index investment has reawakened calls to restrict the ability of financial investors to take large stakes in commodities.

Unlike in past decades, though, shadowy hedge funds and secretive financiers aren’t getting the major blame. Instead, it’s long-term investors like California’s biggest public-employee pension fund and Harvard University’s endowment that have gradually widened to include assets beside stocks and bonds.

http://www.marketwatch.com/story/index-investors-hike-stake-in-oil-as-prices-rise?pagenumber=1

U.S. EIA predicts gasoline prices will spike to nearly $4 in May, stay nearly as high over the summer, return to where they are now through 2013

By John Funk, The Plain DealerThe Plain Dealer

“…What you paid for gasoline this week is roughly what you will be paying for the next two years, federal forecasters predicted. 

And this summer, average prices could approach $4 a gallon, the U.S. Energy Information Administration said. There is a slight chance that gasoline will average $5 a gallon in May, according to the agency.

Locally, however, average prices may lag as they have in the past, barring Midwest refinery problems.

Average prices in Northeast Ohio on Tuesday were $3.74 a gallon, while the national average was $3.76, according the AAA and the Oil Price Information Service. And that’s not too different from what the Energy Administration sees at the pumps through 2013.

In its March Short Term Energy Outlook released Tuesday, the agency said consumers can expect gasoline prices across the nation to average $3.79 per gallon this year and $3.72 per gallon in 2013.

http://www.cleveland.com/business/index.ssf/2012/03/us_eia_predicts_gasoline_price.html

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Reelect Obama and Taxes Increase By 30% According to Congressional Budget Office (CBO)–Your Share of National Debt Up $16,000 Under Obama!–Videos

Posted on January 31, 2012. Filed under: American History, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, Language, Law, liberty, Life, Links, Macroeconomics, media, Philosophy, Politics, Talk Radio, Tax Policy, Video, War, Wealth | Tags: , , , , , , , , , , , , , |

http://www.cbo.gov/budget/budget.cfm

http://www.federalbudget.com

U.S Debt Clock Real Time

http://www.usdebtclock.org/

Fair share? – Each American’s share of debt up $16,000 under Obama

US Treasury: Will borrow $444 bln Jan.-Mar. CCTV News

Ron Paul Ad – Plan 

Ron Paul: Preserve Social Security Benefits, Cut Foreign Spending, End Wasteful Agencies 

Ron Paul: Save Social Security by Cutting Spending

Ron Paul on taxes 

Ron Paul on Extending the Tax Cut 

WSJ Economist: Ron Paul’s 0% Income Tax = Massive Insourcing of Jobs into America 

Debt Crisis Explained: Similarities, Differences and Lessons Learned from the US

What exactly is this US debt crisis? Why does a country borrow? When a country spends more than it earns through revenues, it has to borrow money from the global market to meet the expenditure. The country also needs to pay back the debt in installments over a period of time. This is called as debt obligations. So once a country borrows, the expenditure of the country shoots up. Hence the next time the country has to borrow more to meet not just the expenditure but also the debt obligations. From this you can understand that the countries’ debt amount goes on increasing with time as they borrow more and more. United States is no different and is also under a huge debt of $14.3 trillion at present. In fact, lending money to US is considered as a safe and promising investment. It is very common for a country to spend more than its revenues. So it is also normal for a country to borrow. In 2011 federal budget, the US government estimated the expenditure at $3.82 trillion and revenues at something more than $2 trillion. That implies a deficit of around $1.5 trillion. Under normal situation, US govt. would have borrowed and compensated this deficit. But they couldn’t because of the debt ceiling that is set by the US Congress. ●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●
What is debt ceiling? Debt ceiling is a cap set by the US Congress on the amount of debt the government can borrow. The limit was first set in 1917 at $11.5 billion. Whenever the govt. reaches the ceiling, it can’t borrow more. Every time the cap is reached the Congress approves a higher debt ceiling and directs the treasury to borrow more. To raise the cap, a legislation has to be passed in both the houses of the Congress: the Senate and the House of Representatives. The cap was last raised to $14.3 trillion which the current govt. reached in May this year. Since then the US is not being able to borrow more debt. ●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●

The Crisis of Credit Visualized – HD 

CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

“…The amount of money the federal government takes out of the U.S. economy in taxes will increase by more than 30 percent between 2012 and 2014, according to the Budget and Economic Outlook published today by the CBO.

At the same time, according to CBO, the economy will remain sluggish, partly because of higher taxes.

“In particular, between 2012 and 2014, revenues in CBO’s baseline shoot up by more than 30 percent,” said CBO, “mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect.” …”

“…According to the CBO report, federal tax revenues equaled $2.302 trillion in fiscal 2011, and will increase to $2,523 trillion in fiscal 2012, $2,988 trillion in fiscal in 2013, and $3,313 trillion in 2014.

As a percentage of GDP, according to CBO, federal tax revenues were 15.4 percent in fiscal 2011, and will be 16.3 percent in 2012, 18.8 percent in 2013, and 20.0 percent in fiscal 2014. …”

http://cnsnews.com/news/article/cbo-taxes-will-shoot-more-30-percent-over-next-2-years

The Budget and Economic Outlook

January2012

The Economic Outlook

http://www.slideshare.net/cbo/charts-from-cbos-january-2012-budget-and-economic-outlook

Summary

Each January, CBO prepares “baseline” budget projections spanning the next 10 years. Those projections are not a forecast of future events; rather, they are intended to provide a benchmark against which potential policy changes can be measured. Therefore, as specified in law, those projections generally incorporate the assumption that current laws are implemented.

But substantial changes to tax and spending policies are slated to take effect within the next year under current law. So CBO has also prepared projections under an “alternative fiscal scenario,” in which some current or recent policies are assumed to continue in effect, even though, by law, they are scheduled to change. The decisions made by lawmakers as they confront those policy choices will have a significant impact on budget outcomes in the coming years.

CBO’s Current-Law Baseline

CBO projects a $1.1 trillion federal budget deficit for fiscal year 2012 if current laws remain unchanged. Measured as a share of the nation’s output (gross domestic product, or GDP), that shortfall of 7.0 percent is nearly 2 percentage points below the deficit recorded in 2011, but still higher than any deficit between 1947 and 2008. Over the next few years, projected deficits in CBO’s baseline decline markedly, dropping to under $200 billion and averaging 1.5 percent of GDP over the 2013–2022 period.

Revenues

Much of the projected decline in the deficit occurs because, under current law, revenues are projected to shoot up by almost $800 billion, or more than 30 percent, between 2012 and 2014—from 16.3 percent of GDP in 2012 to 20.0 percent in 2014. That increase is mostly the result of of the recent or scheduled expirations of tax provisions, such as those initially enacted in 2001, 2003, and 2009 that lower income tax rates and those that limit the number of people subject to the alternative minimum tax (AMT).

Under current law, CBO projects that revenues will continue to rise relative to GDP after 2014 largely because increases in taxpayers’ inflation-adjusted income will push more income into higher tax brackets and subject more of it to the AMT.

Spending

Outlays in CBO’s baseline projections decline modestly relative to GDP over the next several years before turning up again later in the decade. The modest declines are the result of an expanding economy and statutory caps on discretionary appropriations. The aging of the population and rising costs for health care drive increases in spending in later years.

Projected spending in CBO’s baseline averages 21.9 percent of GDP over the 2013–2022 period. That figure is less than the 23.2 percent CBO estimates for 2012, but it remains elevated by historical standards. As a share of GDP, discretionary spending is projected to decline to its lowest level in the past 50 years by 2022, but that decline will be partially offset by increases in spending for mandatory programs, which are projected to climb from 13.3 percent of GDP in 2013 to 14.3 percent in 2022. Driven by higher interest rates and additional accumulation of debt, net interest costs will grow significantly—from 1.4 percent of GDP this year to 2.5 percent in 2022.

CBO’s Alternative Fiscal Scenario

CBO’s baseline projections are heavily influenced by changes in tax and spending policies that are embodied in current law—changes that in some cases represent a significant departure from recent policies.

CBO’s alternative fiscal scenario shows the budgetary consequences of maintaining certain tax and spending policies that have recently been in effect. That scenario incorporates the following assumptions:

  • Expiring tax provisions (other than the payroll tax reduction) are extended [under current law, those expirations will boost individual income taxes in a variety of ways by amounts totaling $3.8 trillion from 2013 through 2022];
  • The AMT is indexed for inflation after 2011 [under current law, its parameters are fixed, and the number of taxpayers affected by the AMT will jump from 4 million in calendar year 2011 to 30 million in 2012];
  • Medicare’s payment rates for physicians’ services are held constant at their current level [under current law, those rates are scheduled to drop by 27 percent this March and more in later years]; and
  • The automatic spending reductions required by the Budget Control Act do not take effect [under current law, they will impose reductions totaling about $109 billion a year starting in January 2013].

Under that alternative fiscal scenario, far larger deficits and much greater debt would result than are shown in CBO’s baseline. Deficits would average 5.4 percent of GDP over the 2013–2022 period, rather than the 1.5 percent reflected in CBO’s baseline projections. Debt held by the public would climb to 94 percent of GDP in 2022, the highest figure since just after World War II.

The Economic Outlook

In part because of the dampening effect of the higher tax rates and curbs on spending scheduled to occur this year and next, CBO expects that the economy will continue to recover slowly, with real GDP growing by 2.0 percent this year and 1.1 percent next year (as measured by the change from the fourth quarter of the previous calendar year). CBO expects economic activity to quicken after 2013 but to remain below the economy’s potential until 2018.

In CBO’s forecast, the unemployment rate remains above 8 percent both this year and next, a consequence of continued weakness in demand for goods and services. As economic growth picks up after 2013, the unemployment rate will gradually decline to around 7 percent by the end of 2015, before dropping to near 5½ percent by the end of 2017.

While the economy continues to recover during the next few years, inflation and interest rates will remain low. In CBO’s forecast, the price index for personal consumption expenditures increases by just 1.2 percent in 2012 and 1.3 percent in 2013, and rates on 10-year Treasury notes average 2.3 percent in 2012 and 2.5 percent in 2013. As the economy’s output approaches its potential later in the decade, inflation and interest rates will rise to more normal levels.

Many developments could produce economic outcomes that differ from CBO’s forecast. For example:

  • The forces that have restrained the economy’s recovery could fade more rapidly than anticipated.
  • A significant worsening of the banking and fiscal problems in Europe could spill over to U.S. financial markets and greatly weaken the economy here.
  • Changes in fiscal policy that diverge from those in CBO’s baseline could affect economic growth.

CBO’s alternative fiscal scenario represents one possible set of changes in fiscal policy. Under that scenario, real GDP would be noticeably higher in the next few years than it is in CBO’s baseline economic forecast: CBO estimates that, with such changes in policy, real GDP in the fourth quarter of 2013 would be between 0.5 percent and 3.7 percent greater than in the baseline forecast, and that the unemployment rate would be between 0.3 and 1.8 percentage points lower. But, over time, the resulting larger deficits would reduce private investment in productive capital and result in real GDP that would fall increasingly below the level in CBO’s baseline projections.

http://www.cbo.gov/doc.cfm?index=12699

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

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

The Super Committee Sham

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

DEMS WALK AWAY FROM SUPER COMMITTEE November 09, 2011

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

For ‘Super Committee’, time runs short

Deficit Super Committee Stuck in Stalemate as Deadline Nears

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

Sen. Pat Toomey on Fox News Sunday

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

Ron Paul: Super Congress “Monstrous,” Unconstitutional?

Newt Gingrich: Super Committee Is Washington’s Dumbest Idea

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

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

Is Super Congress Constitutional?

Super Committee: Already Bought?

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

National Debt Clock

http://www.usdebtclock.org/

Recent US Federal Deficit Numbers

Obama Deficits

Bush Deficits

FY 2012: $1,101 billion

FY 2009: $1,413 billion

FY 2011: $1,299 billion

FY 2008: $248 billion

FY 2010: $1,293 billion

FY 2007: $161 billion

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

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

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

Table 1. Total Receipts, Outlays, and Deficit (in billions of dollars)
Receipts
Outlays
Deficit
FY 2010 Actual
2,162
3,456
-1,294
    Percentage of GDP
15.1%
24.1%
9.0%
FY 2011 Estimates:
    2012 Budget
2,174
3,819
-1,645
    2012 Mid-Session Review
2,314
3,630
-1,316
FY 2011 Actual
2,302
3,601
-1,299
    Percentage of GDP
15.4%
24.1%
8.7%
FINANCIAL MANAGEMENT SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE
             TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  10/11

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

     OCTOBER                                                                   145,951                286,384                140,432
     NOVEMBER                                                                  148,970                299,364                150,394
     DECEMBER                                                                  236,875                315,009                 78,134
     JANUARY                                                                   226,550                276,346                 49,796
     FEBRUARY                                                                  110,656                333,163                222,507
     MARCH                                                                     150,894                339,048                188,154
     APRIL                                                                     289,543                329,929                 40,387
     MAY                                                                       174,936                232,577                 57,641
     JUNE                                                                      249,658                292,738                 43,080
     JULY                                                                      159,063                288,439                129,376
     AUGUST                                                                    169,246                303,388                134,143
     SEPTEMBER                                                                 240,153                301,699                 61,546

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

   CURRENT YEAR

     OCTOBER                                                                   163,072                261,539                 98,466

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

http://www.fms.treas.gov/mts/mts1011.txt
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Eat The Rich!–Vote Obama In 2012 For More Spending, More Taxes, More Deficits, More Debt, More Unemployment, More Recession–No Hope–No Change–No Deal!–Videos

Posted on September 20, 2011. Filed under: Banking, Blogroll, Books, Business, Communications, Economics, Employment, Fiscal Policy, Macroeconomics, Microeconomics, Monetary Policy, Money, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , , , , , , , , |

EAT THE RICH!

 

Obama sets the record straight: It’s not class warfare …It’s MATH

 

President Obama – It’s Not Class Warfare to Ask Millionaire to Pay Same Tax Rate as Secretary

 

Obama the Socialist wants to spread YOUR money around

Obama – Taxes, Capital Gains

 

President Barack Obama, September 19, 2011

“…So I am ready, I am eager, to work with Democrats and Republicans to reform the tax code to make it simpler, make it fairer, and make America more competitive.  But any reform plan will have to raise revenue to help close our deficit.  That has to be part of the formula.  And any reform should follow another simple principle:  Middle-class families shouldn’t pay higher taxes than millionaires and billionaires.  That’s pretty straightforward.  It’s hard to argue against that.  Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett.  There is no justification for it.

It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million. Anybody who says we can’t change the tax code to correct that, anyone who has signed some pledge to protect every single tax loophole so long as they live, they should be called out.  They should have to defend that unfairness — explain why somebody who’s making $50 million a year in the financial markets should be paying 15 percent on their taxes, when a teacher making $50,000 a year is paying more than that — paying a higher rate.  They ought to have to answer for it.  And if they’re pledged to keep that kind of unfairness in place, they should remember, the last time I checked the only pledge that really matters is the pledge we take to uphold the Constitution. …”

2011 Tax Rates & 2011 Tax Brackets

Here are the federal income tax rates for 2011 from the IRS:

2011 Tax Rates & 2011 Tax Brackets

Here are the federal income tax rates for 2011 from the IRS:

Tax Rate Single Married Filing Joint Married Filing Separate Head of Household
10% Up to $8,500 Up to $17,000 Up to $8,500 Up to $12,150
15% $8,501 – $34,500 $17,001 – $69,000 $8,501 – $34,500 $12,151 – $46,250
25% $34,501 – $83,600 $69,001 – $139,350 $34,501 – $69,675 $46,251 – $119,400
28% $83,601 – $174,400 $139,351 – $212,300 $69,676 – $106,150 $119,401 – $193,350
33% $174,401 – $379,150 $212,301 – $379,150 $106,151 – $189,575 $193,351 – $379,150
35% Over $379,150 Over $379,150 Over $189,575 Over $379,150

In addition to the tax brackets above, you may owe tax under the alternative minimum tax. You can review the 2011 AMT exemption to see if it will apply to you.

Proposed 2012 Tax Rates & Tax Brackets

Tax Rate Single Married Filing Joint Head of Household
10% Up to $8,600 Up to $17,200 Up to $12,250
15% $8,601 – $34,900 $17,201 – $69,800 $12,251 – $46,750
25% $34,901 – $84,500 $69,801 – $140,850 $46,751 – $120,700
28% $84,501 – $195,950 $140,851 – $237,700 $120,701 – $216,800
36% $195,951 – $383,350 $237,701 – $383,350 $216,801 – $383,350
39.6% Over $383,350 Over $383,350 Over $383,350

Married Filing Separate was not included in the release. I’ll update the 2012 federal tax tables for all filing statuses as soon as the information is available.

2012 Tax Rates vs 2011 Tax Rates

Want to compare the proposed 2012 tax brackets to the current year to see the changes?

The biggest changes in the proposal are expanding the 28% bracket and replacing the 33% and 35% brackets with 36% and 39.6% brackets.

http://www.mydollarplan.com/tax-brackets/

FACT CHECK: Are rich taxed less than secretaries?

“…This year, households making more than $1 million will pay an average of 29.1
percent of their income in federal taxes, including income taxes, payroll taxes
and other taxes, according to the Tax Policy Center, a Washington think
tank.

Households making between $50,000 and $75,000 will pay an average of 15
percent of their income in federal taxes.

Lower-income households will pay less. For example, households making between
$40,000 and $50,000 will pay an average of 12.5 percent of their income in
federal taxes. Households making between $20,000 and $30,000 will pay 5.7
percent.

The latest IRS figures are a few years older — and limited to federal income
taxes — but show much the same thing. In 2009, taxpayers who made $1 million or
more paid on average 24.4 percent of their income in federal income taxes,
according to the IRS.

Those making $100,000 to $125,000 paid on average 9.9 percent in federal
income taxes. Those making $50,000 to $60,000 paid an average of 6.3
percent.

Obama’s claim hinges on the fact that, for high-income families and
individuals, investment income is often taxed at a lower rate than wages. The
top tax rate for dividends and capital gains is 15 percent. The top marginal tax
rate for wages is 35 percent, though that is reserved for taxable income above
$379,150.

With tax rates that high, why do so many people pay at lower rates? Because
the tax code is riddled with more than $1 trillion in deductions, exemptions and
credits, and they benefit people at every income level, according to data from
the nonpartisan Joint Committee on Taxation, Congress’ official scorekeeper on
revenue issues.

The Tax Policy Center estimates that 46 percent of households, mostly low-
and medium-income households, will pay no federal income taxes this year. Most,
however, will pay other taxes, including Social Security payroll taxes. …”

http://www.google.com/hostednews/ap/article/ALeqM5iP3lhS4ZQ-UhyUvFfUgdPCiu-jJA?docId=47a565563a294b2bad96544a7f0ddc1b

Table 1. Summary of Federal Individual Income Tax Data, 2008(Updated October 2010)

Number of Returns with Positive AGI AGI ($ millions) Income Taxes Paid ($ millions) Group’s Share of Total AGI Group’s Share of Income Taxes Income Split Point Average Tax Rate
All Taxpayers 139,960,580 8,426,625 1,031,512 100% 100% 12.24%
Top 1% 1,399,606 1,685,472 392,149 20.00% 38.02% $380,354 23.27%
1-5% 5,598,423 1,241,229 213,569 14.73% 20.70% 17.21%
Top 5% 6,998,029 2,926,701 605,718 34.73% 58.72% $159,619 20.70%
5-10% 6,998,029 929,761 115,703 11.03% 11.22% 12.44%
Top 10% 13,996,058 3,856,462 721,421 45.77% 69.94% $113,799 18.71%
10-25% 20,994,087 1,821,717 169,193 21.62% 16.40% 9.29%
Top 25% 34,990,145 5,678,179 890,614 67.38% 86.34% $67,280 15.68%
25-50% 34,990,145 1,673,932 113,025 19.86% 10.96% 6.75%
Top 50% 69,980,290 7,352,111 1,003,639 87.25% 97.30% >$33,048 13.65%
Bottom 50% 69,980,290 1,074,514 27,873 12.75% 2.70% <$33,048 2.59%
Source: Internal Revenue Service
Table 6
Total Income Tax Shares, 1980-2008 (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%
Source: IRS
Table 8
Average Tax Rate, 1980-2008 (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%
Source: IRS

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

Summary of Outlays, Revenues (Receipts), Deficits, Surpluses Fiscal Years 1980-2010(Nominal Dollars in Millions)
Fiscal Year Outlays Revenues (Receipts) Deficits (-), Surpluses
1980 590,941 517,112 -73,830
1981 678,241 599,272 -78,968
1982 745,743 617,766 -127,977
1983 808,364 600,562 -207,802
1984 851,805 666,488 -185,367
1985 946,344 734,037 -212,308
1986 990,382 769,155 -221,277
1987 1,004,017 854,288 -149,730
1988 1,064,417 854,288 -155,178
1989 1,143,744 991,105 -152,639
1990 1,252,994 1,031,958 -221,036
1991 1,324,226 1,054,988 -269,238
1992 1,381,529 1,091,208 -290,321
1993 1,409,386 1,154,335 -255,051
1994 1,461,753 1,258,566 -203,186
1995 1,515,742 1,351,790 -163,392
1996 1,560,484 1,453,053 -107,431
1997 1,601,116 1,579,232 -21,884
1998 1,652,458 1,721,728 69,270
1999 1,701,842 1,827,452 125,610
2000 1,788,950 2,025,191 236,241
2001 1,862,846 1,991,082 128,236
2002 2,010,894 1,853,136 -157,758
2003 2,159,899 1,782,314 -377,585
2004 2,292,841 1,880,114 -412,727
2005 2,471,957 2,153,611 -318,346
2006 2,655,050 2,406,869 -248,181
2007 2,728,686 2,567,985 -160,701
2008 2,982,544 2,523,991 -458,553
2009 3,517,677 2,104,989 -1,412,688
2010 3,456,213 2,162,724 -1,293,489
2011 Est. 3,818,819 2,173,700 -1,645,119
2012 Est. 3,728,686 2,627,449 -1,101,237
2013 Est. 3,770,876 3,003,345 -767,531

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/hist01z1.xls

http://www.taxfoundation.org/news/show/250.html#Data

Obama lied, it is Marxist class warfare as the above charts clearly show! Marxist Math!

The Story of Spending

Is Washington Bankrupting America?

Obama sets the record straight: It’s not class warfare …It’s MATH

President Obama – It’s Not Class Warfare to Ask Millionaire to Pay Same Tax Rate as Secretary

President Obama on Economic Growth and Deficit Reduction

Six Reasons Why the Capital Gains Tax Should Be Abolished

Saving Social Security with Personal Retirement Accounts

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

Eight Reasons Why Big Government Hurts Economic Growth

The Empirical Evidence Against Big Government

Background Articles and Videos

What We Believe, Part 1: Small Government and Free Enterprise

What We Believe, Part 2: The Problem with Elitism

What We Believe, Part 3: Wealth Creation

What We Believe, Part 4: Natural Law

What We Believe, Part 5: Gun Rights

What We Believe, Part 6: Immigration

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Democratic and Republican Party’s Dirty Secret: The National Debt Will Increase Over $7,000 Billion In Next 10 Years and Over $1,000 Billion In Fiscal Year 2012–Unbelievably Irresponsbile And Arrogant–Videos

Posted on July 30, 2011. Filed under: Blogroll, Communications, Computers, Foreign Policy, government, Inflation, Investments, Language, Law, liberty, People, Philosophy, Politics, Rants, Raves, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , |

National Cancer: ‘No plan treats debt, just its growth speed’

 

Brother, Can You Spare A Trillion?: Government Gone Wild!

 

The National Debt Road Trip

The only thing both political parties argue about is the rate of growth of the budget baseline.

Neither party actual cuts the budget baseline.

As a result the Fiscal Year 2012 budget which starts on October 1 and end September 30, 2012 will be about $1,000 billion in deficit!

This is not being fiscally responsible.

For the next ten years the total deficits will exceed over $7,000 billion.

Thus the National Debt will increase over $7,000 billion and Federal government outlays will increase in every Fiscal Year.

The so-called political ruling class are addicted to spending the American people money.

Both political parties refuse to balance the budget.

Through the bums out!

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Progressive Radical Socialists Wrecking The U.S. Economy–More Deficits, More Inflation, More Ultimatums-The Road To Serfdom–The Miracle of Freedom–Videos

Posted on June 13, 2011. Filed under: Blogroll, Business, Communications, Demographics, Diasters, Economics, Employment, Energy, Federal Government, government, government spending, Health Care, Investments, Language, Law, liberty, Life, Links, People, Philosophy, Politics, Raves, Regulations, Security, Technology, Video, War, Wealth, Wisdom | Tags: , , , , , , , |

 

Glenn Beck-06/13/11-A

 

Glenn Beck-06/13/11-B

 

 

Glenn Beck-06/13/11-C

 

Glenn Beck Interviews Miracle of Freedom Author

 

The Miracle of Freedom

 

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Pronk Pops Shows 1-27–Podcasts or Download–Give It A Listen!

Posted on May 12, 2011. Filed under: Agriculture, American History, Babies, Banking, Baseball, Blogroll, Books, Business, Climate, College, Communications, Crime, Culture, Demographics, Diasters, Economics, Education, Employment, Energy, Enivornment, Entertainment, European History, Farming, Federal Government, Films, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, media, Medicine, Monetary Policy, Money, Movies, Music, Narcissism, Natural Gas, Nuclear Power, Oil, People, Philosophy, Politics, Private Sector, Psychology, Public Sector, Quotations, Rants, Raves, Regulations, Resources, Reviews, Science, Security, Sports, Strategy, Talk Radio, Taxes, Technology, Transportation, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Listen To Pronk Pops Podcast or Download Shows 27

 

Listen To Pronk Pops Podcast or Download Shows 22 (Part 2)-26

 

Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

 

Listen To Pronk Pops Podcast or Download Shows 10-15

 

Listen To Pronk Pops Podcast or Download Shows 1-9

 

Pronk Pops Show 27 

May 11, 2011 10:13 AM PDT

Pronk Pops Show 27, May 10, 2011

Segment 1: Bureau of Labor Statistics Official Unemployment Rate (U-3) Increased To 9.0% With 13.7 Million Americans Unemployed and Total Unemployment Rate (U-6) Increased To 15.9% With 24.4 Million Americans Seeking Full Time Job–Economy Adds 244,000 Jobs But Initial Unemployment Claims Hit Eight Month High of 474,000!–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/05/09/pronk-pops-show-27-may-9-2011-segment-1-bureau-of-labor-statistics-offical-unemployment-rate-u-3-increased-to-9-0-with-13-7-million-americans-unemployed-and-total-unemployment-rate-u-6-increas/

Segment 2: OMI-Obama Misery Index–U.S. Misery Index Is Rising As Both The Unemployment Rate and Inflation Rate Increase!–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/05/10/pronk-pops-show-27-may-10-2011-segment-2-omi-obama-misery-index-u-s-misery-index-is-rising-as-both-the-unemployment-rate-and-inflation-rate-increase-vidoes/

Segment 3: Segment 3: Speaker Boehner’s Address to the Economic Club of New York on Jobs, Debt, Gas Prices–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/05/10/pronk-pops-show-27-may-10-2011-segment-3-speaker-boehners-address-to-the-economic-club-of-new-york-on-jobs-debt-gas-prices/

 

 

Pronk Pops Show 26

April 27, 2011 11:28 AM PDT

Pronk Pops Show 25, April 26, 2011

Segment 0: Eva Cassidy–A Singer’s Singer

Segment 1: Ron Paul Is Running For President of The United States In 2012!–The Third Time Is The Charm–A Man Of Integrity–A Candidate For Peace and Prosperity–Neither A Big Government Warfare Republican Nor A Massive Government Welfare Democrat–A Man Of And For The American People–A Tea Party Patriot–Ron Paul–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/26/pronk-pops-show-25-april-26-2011-segment-0-eva-cassidy-a-singers-singer-segment-1-ron-paul-is-running-for-president-of-the-united-states-in-2012%E2%80%93the-third-time-is-the-charm%E2%80%93a/?preview=true&preview_id=808&preview_nonce=d3d9842e9a

Segment 3: President Obama Is The Reason Your Gasoline Prices Are Going Up!–American People Favor Drilling For Oil and Gas!–Drill Baby Drill–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/26/pronk-pops-show-25-april-26-2011-segment-3-president-obama-is-the-reason-your-gasoline-prices-are-going-up-american-people-favor-drilling-for-oil-and-gas-drill-baby-drill-videos/

Pronk Pops Show 24

April 20, 2011 12:47 PM PDT

Pronk Pops Show 24: April 19, 2011

Segment 0: S&P Rating Outlook Changed From “Stable” To “Negative” For U.S. Treasury Debt–Videos

Segment 1: Who is John Galt? Who is Ayn Rand–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/17/pronk-pops-show-24-april-19-2011-segment-1-who-is-john-galt-who-is-ayn-rand-videos/

Segment 2: President Obama’s Fiscal Year 2012 Budget Speech Of April 13, 2011–Eat The Rich And Killing The American Dream Class Warfare–Cuts National Security Spending and Raise Taxes On The Rich–Produces Massive Deficits, National Debt, and Higher Unemployment For 12 More Years–Progressive Radical Socialist Economic Stagflation–Videos

For additional information and videos:
http://pronkpops.wordpress.com/2011/04/18/pronk-pops-show-24-april-18-2011-segment-2-president-obamas-fiscal-year-2012-budget-speech-of-april-13-2011-eat-the-rich-and-killing-the-american-dream-class-warfare-cuts-national-security-sp/

Segment 3: The FairTax (National Consumption Sales Tax) vs. The Flat Tax (One Rate Federal Income Tax)–Who Pays The Most Federal Individual Income Tax? Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/18/pronk-pops-show-24-april-19-2011-segment-3-the-fairtax-national-consumption-sales-tax-vs-the-flat-tax-one-rate-federal-income-tax-who-pays-the-most-federal-individual-income-tax-videos/

Pronk Pops Show 23

April 13, 2011 10:31 AM PDT

Pronk Pops Show 23: April 12, 2011

Segment 0: Sidney Lumet–Rest In Peace–Videos

Segment 1: Tea Party Movement Demands Passage of Balanced Budget Amendment and The FairTax As The Price For Raising The National Statutory Debt Limit of $ 14,294,000,000 One Last Time By $1,000,000,000,000!–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/11/tea-party-movement-demands-passage-of-balance-budget-amendment-and-balanced-budget-rule-as-the-price-for-raising-the-national-debt-ceiling-one-last-time-by-1000000000000-videos/?preview=true&preview_id=701&preview_nonce=5e679dbc1d

Segment 2: The FairTax (National Consumption Sales Tax) vs. The Flat Tax (One Rate Federal Income Tax)–Who Pays The Most Federal Individual Income Tax? Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/11/pronk-pops-show-23-april-12-2011-segment-2the-fairtax-national-consumption-sales-tax-vs-the-flat-tax-one-rate-federal-income-tax-who-pays-the-most-federal-individual-income-tax-videos/

Pronk Pops Show 22 (Part 2)

April 08, 2011 11:16 AM PDT

Pronk Pops Show 22, April 7, 2011

Segment 1: 3,500,000 Million Americans Unemployed in March 2011 Still Exceeds Great Depression High of 13,000,000 In March 1933–The Obama Depressions Continues–Bureau of Labor Statistics: 8.8% Official Unemployment Rate (U-3) vs. Gallup Unemployment Rate of 10.0%–Nonfarm Payroll Increased By 216,000–The Government Makes The Depression Worse!–Videos

Segment 2: Obama’s Anti-American, Anti-Capitalist, Anti-Growth, Anti-Jobs, and Anti-Security Energy Policy–Videos

Segment 3: Republican Establishment Will Propose A Ten Year $6,200 Billion Cut In Spending Over Ten Years–The Problem Is It Does Not Balance The Budget For Another Five Years At The Earliest–Tea Party Movement Demands Balanced Budgets Starting In 2012 For The Next Ten Years!–A Jet Plane To Prosperity Not A Path To Prosperity–Videos

Segment 4: Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!–Videos

For additional information and videos on the above segments:

http://pronkpops.wordpress.com/2011/04/04/pronk-pops-show-22-april-5-2011-segment-113500000-million-americans-unemployed-in-march-2011-still-exceeds-great-depression-high-of-13000000-in-march-1933%E2%80%93the-obama-depressions-contin/

Pronk Pops Show 22 (Part 1)

April 07, 2011 10:41 AM PDT

Pronk Pops: Show 22, April 7, 2011

Segment 0: Glenn Beck Ending His Show At Fox News

Segment 1: 3,500,000 Million Americans Unemployed in March 2011 Still Exceeds Great Depression High of 13,000,000 In March 1933–The Obama Depressions Continues–Bureau of Labor Statistics: 8.8% Official Unemployment Rate (U-3) vs. Gallup Unemployment Rate of 10.0%–Nonfarm Payroll Increased By 216,000–The Government Makes The Depression Worse!–Videos

Segment 2: Obama’s Anti-American, Anti-Capitalist, Anti-Growth, Anti-Jobs, and Anti-Security Energy Policy–Videos

Segment 3: Republican Establishment Will Propose A Ten Year $6,200 Billion Cut In Spending Over Ten Years–The Problem Is It Does Not Balance The Budget For Another Five Years At The Earliest–Tea Party Movement Demands Balanced Budgets Starting In 2012 For The Next Ten Years!–A Jet Plane To Prosperity Not A Path To Prosperity–Videos

Segment 4: Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!–Videos

For additional information and videos on the above segments:

http://pronkpops.wordpress.com/2011/04/04/pronk-pops-show-22-april-5-2011-segment-113500000-million-americans-unemployed-in-march-2011-still-exceeds-great-depression-high-of-13000000-in-march-1933%E2%80%93the-obama-depressions-contin/

Pronk Pops Show 21

March 29, 2011 03:41 PM PDT

Pronk Pops Show 21, March 29, 2010

Segment 1: The Truth And Consequences About Undeclared Wars–Real Strange Bedfellows–Obama Allies U.S. with Libyan Rebels Including Islamic Jihadists, Moslem Brotherhood, and Al-Qaeda!–Give Peace A Chance–AC-130 Gunship–A-10 Warthogs–F-15E Strike Eagles and Special Operation Smash Squads

For Additional Information and Videos:

http://pronkpops.wordpress.com/2011/03/29/pronk-pops-show-21-march-29-2011-the-truth-and-consequences-about-undeclared-wars%E2%80%93real-strange-bedfellows%E2%80%93obama-allies-u-s-with-libyan-rebels-including-islamic-jihadists-moslem-b/

Pronk Pops Show 20

March 23, 2011 12:02 PM PDT

Pronk Pops Show 20: March 22, 2011

Segment 1:F-15 Crashes In Libya

Segment 2surprisedne Unconstitutional and Undeclared War Too Many: The Great Pretender, Peace Candidate And Noble Peace Prize Winner, President Barack Obama Undeclared War On Libya’s Muammar Ghaddafi In Defense Of Libyian Islamic Fighting Group (LIFG) Rebels Linked To al-Qaeda and The BP Libyian Oil Deal Linked To Obama Campaign Contributions–A Political Payoff!–Obama Has To Go In 2012–Videos

Segment 3:Earthquake Damages Japanese Nuclear Plant At Fukushima Daiichi, Four Explosions and Four Nuclear Reactors Flooded With Seawater To Contain Release Of Radioactive Material and Plant Released Radioactive Materials To Stop Pressure Buildup–Partial Meltdown Of Nuclear Core Feared–Radioactive Material Escaping From Plant–Over 250,000 Ordered Evacuated From 20 Kilometer (12.4 Miles) Radius From Plant–Videos

For Additional Information and Videos:

http://pronkpops.wordpress.com/2011/03/22/pronk-pops-show-20-march-22-2011-segment-1-f-15-crashes-in-libya-segment-2-videos/?preview=true&preview_id=569&preview_nonce=40500c814b

Pronk Pops Show 19

March 09, 2011 10:57 AM PST

Pronk Pops Show 19: March 8, 2011

Segment 1: The Washington Political Elites of Both Parties Are Not Serious About Balancing The Federal Budget And Funding Entitlement Liabilities–Send In The Clowns–Don’t Bother There Here–Videos

Segment 2, Gallup–U.S. Unemployment Hits 10.3% In February 2011 Vs. Bureau of Labor Statistics (BLS) U.S. Unemployment Rate Declined By .1% To 8.9% in February 2011 With Job Creation of 192,000 In February 2011–Over 13.7 Million Americans Unemployed More Than Worse Month of Great Depression!

For more information and videos related to this show click on links below:

http://pronkpops.wordpress.com/2011/03/08/pronk-pops-show-19-march-8-2011segment-1-the-washington-political-elites-of-both-parties-are-not-serious-about-balancing-the-federal-budget-and-funding-entitlement-liabilities-send-in-the-clowns/

http://pronkpops.wordpress.com/2011/03/08/pronk-pops-show-19-march-8-2010-segment-2-gallup-u-s-unemployment-hits-10-3-in-february-2011-vs-bureau-of-labor-statistics-bls-u-s-unemployment-rate-declined-by-1-to-8-9-in-february-2011-wi/

Pronk Pops Show 18

March 03, 2011 03:35 PM PST

Pronk Pops Show 18: March 3, 2011

Segment 1: Remembering The Brooklyn Dodgers and Duke Snider

Segment 2: The National Debt Will Hit $20,000,000,000,000 By 2020!

Segment 3 Public Sector Unions vs. The America People: Replacing The American Dream With The Socialist Union Nightmare

For additional information and videos on the above segments:

http://pronkpops.wordpress.com/2011/03/01/pronk-pops-show-18-march-1-2011-remembering-the-brooklyn-dodgers-and-duke-snider-the-union-corruption-of-government-delusion-of-the-unconstrained-vision-of-unlimited-government-and-the-2000000/

Pronk Pop Show 17

February 22, 2011 03:47 PM PST

Pronk Pops Show 17: February 22, 2011

Black History Month–Progressives–Eugenics–Black Population Control–Abortion–Black Genocide–Planned Parenthood–Barack Obama

For more information and videos relating to the show:

http://pronkpops.wordpress.com/2011/02/22/pronk-pops-show-17-february-22-2011-black-history-month-progressives-eugenics-black-population-control-abortion-black-genocide-planned-parenthood-barack-obama-videos/

Pronk Pops Show 16

February 15, 2011 03:49 PM PST

Pronk Pops Show 16: February 15, 2011

Conservative Political Action Conference 2011

President Obama’s Saint Valentine’s Massacre of The American People–Fiscal Year 2012 Budget Buster–Spending $3,729 Billion–Taxes $2,627 Billion–Deficit $1,101 Billion–Dead On Arrival–DOA– 3 Million Tea Party Patriots To March On Washington D.C. On Friday, April 15, 2011 In Protest!

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2011/02/15/pronk-pops-show-16-february-15-2011-conservative-political-action-conference-cpac-2011-and-president-obamas-saint-valentines-massacre-of-the-american-people-fiscal-year-2012-budget-buster-s/

Pronk Pops Show 15: Hour 3

February 10, 2011 03:32 PM PST

Pronk Pops Show 15:February 8,2011, Hour 3

Lies, Damn Lies, Statistics, and Obama’s Unbelievable Unemployment Numbers

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2011/02/08/pronk-pops-show-15-february-8-2011-from-texas-snow-storm-to-washington-snow-job-lies-damn-lies-statistics-and-obamas-unbelievable-unemployment-numbers-obama-care-unconstitutional-and-void-pa-2/

Pronk Pops Show 15: Hour 2

February 10, 2011 03:23 PM PST

Pronk Pops Show 15: February 8, 2011 Hour 2

Rolling Power Outages in Texas

Obama Care Declared Unconstitutional and Void By Federal Judge

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2011/02/08/pronk-pops-show-15-february-8-2011-from-texas-snow-storm-to-washington-snow-job-lies-damn-lies-statistics-and-obamas-unbelievable-unemployment-numbers-obama-care-unconstitutional-and-void-pa/

Pronk Pops Show 15: Hour 1

February 10, 2011 03:10 PM PST

Pronk Pops Show 15: February 8,2011, Hour 1

Super Storm and Super Bowl In Dallas, Texas

Man-Made Carbon Dioxide Emission and Global Warming–Science vs. Politics

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2011/02/08/pronk-pops-show-15-february-8-2011-from-texas-snow-storm-to-washington-snow-job-lies-damn-lies-statistics-and-obamas-unbelievable-unemployment-numbers-obama-care-unconstitutional-and-void-pa/

Pronk Pops Show 14

January 28, 2011 02:10 PM PST

Pronk Pops Show 14: January 27, 2011

The Big Lie and Free Speech

President Obama’s State of the Union Campaign Speech

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2011/01/27/pronk-pops-show-14-january-27-2011-the-big-lie-and-free-speech-and-president-obamas-state-of-the-union-campaign-speech-videos/

Pronk Pops Show 13

December 09, 2010 01:22 PM PST

Pronk Pops Show 13: December 9, 2010

Latest News Update on WikiLeaks

Federal Reserve Unconventional Monetary Policy

President Obama and Republicans Agree To Two Year Tax Rate Extension and

One Year Unemployment Benefit Extension–More Deficit Spending and Debt!

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/12/09/pronk-pops-show-december-9-2010-president-obama-and-republican-cut-tax-and-spend-deal-time-for-serious-spending-cuts-balance-budgets-and-the-flat-tax/

Pronk Pops Show 12

December 08, 2010 04:18 PM PST

Pronk Pops Show 12: December 8, 2010

News Update On WikiLeaks and Julian Assange

The Chairman of The Federal Reserve and Quantitative Easing 2

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/12/08/pronk-pops-show-12-december-8-2010-news-update-on-julian-assange-wikileaks-ben-benanke-the-fed-barack-obama-tax-and-spend-democrats-videos/

Pronk Pops Show 11

December 03, 2010 02:18 PM PST

Pronk Pops Show 11: December 3, 2010

News and Commentary On November 2010 Unemployment Rate and Level Statistics

WikiLeaks

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/12/03/pronk-pops-show-11-december-3-2010-news-unemployment-rate-up-to-9-8-with-over-15-million-unemployed-wikileaks-food-prices-rising-the-fairtax-videos-2/?preview=true&preview_id=245&preview_nonce=e49c7ff2d2

Pronk Pops Show 10

December 02, 2010 12:35 PM PST

Pronk Pops Show 10: December 1, 2010

Update on new TSA Airport Screening Procedures

Portland, Oregon Terrorist Bomber Arrested by F.B.I.

WikiLeaks Posts Department of State Cables

For more information and videos related to this show click on link below:
http://pronkpops.wordpress.com/2010/11/24/pronk-pops-show-10-november-24-2010-food-prices-rising-fairtax-updates-on-tsa-and-quantitative-easing-money-printing-videos/

Pronk Pops Show 9

November 19, 2010 02:23 PM PST

Pronk Pops Show 9: November 19, 2010

Federal Reserve Chairman Bernanke Responds To Critics of Monetary Policy

Transportation Security Administration or TSA New Screening Procedures:
Full Body Scanners and Extended Pat-Downs

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/11/15/pronk-pops-show-9-november-17-2010-quantitative-easing-2-update-g-20-summit-a-bust-tsa-tyrants-scanning-americans-videos/

Pronk Pops Commentary 1

November 11, 2010 03:42 PM PST

Pronk Pops Commentary 1: November 11, 2010

Stop Federal Reserve Quantitative Easing or Money Printing

Pronk Pops Show 8

November 10, 2010 04:24 PM PST

Pronk Pops Show 8: November 10, 2010

Tea Party Major Issues: Jobs, Spending, Deficits, Debt, Taxes, Health Care and Illegal Immigration

Tea Party Stars: Senators: Rand Paul and Marco Rubio

Republican Tea Party Test: Cutting Federal Spending By Over $1,000 Billion To Balance The Budget For Fiscal Years 2011, 2012, and 2013.

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/11/10/pronk-pops-show-8-november-10-2010-fiscal-policy-cut-spending-balanced-budgets-no-new-taxes-monetary-policy-no-quantitative-easing-or-printing-money-hidden-tax-videos/

Pronk Pops Show 7

November 09, 2010 02:45 PM PST

Pronk Pops Show 7: November 9, 2010

Unemployment News

Tea Party Effect On 2010 Elections

Key Issues: Federal Budget Deficits and National Debt

Cutting Federal Government Spending and Balancing The Federal Budget

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/11/05/pronk-pops-show-7-november-8-2010-the-tea-party-effect-what-is-next-and-update-on-feds-qe2/

Pronk Pops Show 6

November 03, 2010 03:58 PM PDT

Pronk Pops Show 6: November 3, 2010

Winning Elections With MOMMA (Money, Organization, Message, Momentum, Ambition) and The Tea Party Movement Effect

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/11/03/pronk-pops-show-6-november-3-2010-winning-elections-with-momma-money-organization-message-momentum-ambition-and-the-tea-party-movement-effect-videos/

Pronk Pops Show 5

October 28, 2010 03:49 PM PDT

Pronk Pops Show 5: October 27, 2010

Democratic Party’s National Attack Ad Campaign on Candidates and the Flat Tax

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/10/28/pronk-pops-show-5-october-27-2010-democratic-party-national-attack-ad-campaign-on-fairtax-videos/

Pronk Pops Show 4

October 28, 2010 03:43 PM PDT

Pronk Pops Show 4: October 20, 2010

Money, Quantitative Easing and Inflation in the United States Economy

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/10/20/pronk-pops-number-4-videosquantitive-easying-ii-printing-money-to-finance-federal-govenment/

Pronk Pops Show 3

October 28, 2010 03:32 PM PDT

Pronk Pops Show 3: October 14, 2010

Unemployment and inflation in the United States economy

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/10/28/pronk-pops-show-3-october-14-2010unemployment-and-inflation/

Pronk Pops Show 2

October 28, 2010 03:27 PM PDT

Pronk Pops Show 2: October 13, 2010

The 10:10 carbon emission ad campaign on climate change

http://www.youtube.com/watch?v=wliC2Eiwoyw

http://www.1010global.org/uk

Secretary of State Hillary Clinton replacing Vice President Joseph Biden on the 2010 Democratic Party ticket

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/10/05/pronk-pops-number-2-october-6-2010-1010-campaign-the-progressive-radical-socialists-method-of-cutting-carbon-emissions-kill-those-who-disagree-with-you-no-pressure-your-choice-the-big-lie-v/

Pronk Pops Show 1

October 28, 2010 03:01 PM PDT

Pronk Pops Show 1: September 29, 2010

University of Texas at Austin shooting/suicide

The Tea Party Movement in the United States

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/09/29/pronk-pops-program-number-1-september-29-2010-clips-and-notes-videos/

Listen To Pronk Pops Podcast or Download Shows 27

 

Listen To Pronk Pops Podcast or Download Shows 22 (Part 2)-26

 

Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

 

Listen To Pronk Pops Podcast or Download Shows 10-15

 

Listen To Pronk Pops Podcast or Download Shows 1-9

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Glenn Beck Asks: Will The American People Choose Liberty or Security?–Videos

Posted on May 5, 2011. Filed under: American History, Blogroll, Communications, Federal Government, government, government spending, history, Homes, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Rants, Raves, Security, Talk Radio, Taxes, Technology, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , |

Glenn Beck-05/04/11-A

 

Glenn Beck-05/04/11-B

 

Glenn Beck-05/04/11-C

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The Political Establishment In Washington D.C. Continues To Lie To The American People About Balancing the Budget and Reducing Deficits and The National Debt–Videos

Posted on April 22, 2011. Filed under: American History, Blogroll, Communications, Employment, Federal Government, Foreign Policy, government, government spending, history, Law, liberty, Life, Links, media, People, Philosophy, Politics, Private Sector, Public Sector, Raves, Security, Strategy, Taxes, Technology, Unions, Video, War, Wisdom | Tags: , , , , , , |

Pronk Pops Show 24: April 19, 2011

Pronk Pops Show 23: April 12, 2011

Pronk Pops Show 22 (Part 2): April 7, 2011

Pronk Pops Show 22 (Part 1): April 7, 2011

 

U.S. Debt Clock

http://www.usdebtclock.org/

  

Sunday Soundbite Analysis- 4/17/2011

 U.S. Debt Rating Drops to “Negative”

Summary of Outlays, Revenues (Receipts), Deficits, Surpluses Fiscal Years 1980-2010(Nominal Dollars in Millions)
Fiscal Year Outlays Revenues (Receipts) Deficits (-), Surpluses
1980 590,941 517,112 -73,830
1981 678,241 599,272 -78,968
1982 745,743 617,766 127,977
1983 808,364 600,562 -207,802
1984 851,805 666,488 -185,367
1985 946,344 734,037 -212,308
1986 990,382 769,155 -221,277
1987 1,004,017 854,288 -149,730
1988 1,064,417 854,288 -155,178
1989 1,143,744 991,105 -152,639
1990 1,252,994 1,031,958 -221,036
1991 1,324,226 1,054,988 -269,238
1992 1,381,529 1,091,208 -290,321
1993 1,409,386 1,154,335 -255,051
1994 1,461,753 1,258,566 203,186
1995 1,515,742 1,351,790 -163,392
1996 1,560,484 1,453,053 -107,431
1997 1,601,116 1,579,232 -21,884
1998 1,652,458 1,721,728 69,270
1999 1,701,842 1,827,452 125,610
2000 1,788,950 2,025,191 236,241
2001 1,862,846 1,991,082 128,236
2002 2,010,894 1,853,136 157,758
2003 2,159,899 1,782,314 -377,585
2004 2,292,841 1,880,114 -412,727
2005 2,471,957 2,153,611 -318,346
2006 2,655,050 2,406,869 -248,181
2007 2,728,686 2,567,985 -160,701
2008 2,982,544 2,523,991 -458,553
2009 3,517,677 2,104,989 -1,412,688
2010 3,456,213 2,162,724 -1,293,489

For a history of the Federal Government’s Receipts (Revenues), Outlays, and Deficits and Surpluses

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

Ryan Unveils Much Anticipated 2012 Budget Plan

 

Which Budgets Are Balanced And Living Within The Means of The American People?

Republican Party Budget Proposals

S-1 FY2012 Chairman’s Markup

(Nominal Dollars in Billions)

Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,618 2,230 -1,388 10,351
2012 3,529 2,533 -995 11,418
2013 3,559 2,860 -699 12,217
2014 3,586 3,094 -492 12,801
2015 3,671 3,237 -434 13,326
2016 3,858 3,377 -481 13,886
2017 3,998 3,589 -408 14,363
2018 4,123 3,745 -379 14,800
2019 4,352 3,939 -414 15,254
2020 4,544 4,142 -402 15,681
2021 4,739 4,354 -385 16,071
2012-2021 39,958 34,870 -5,088 n.a.

http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf

Democratic Party Budget Proposals

S-1 FY2012 President’s Budget(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,819 2,174 -1,645 10,856
2012 3,729 2,627 -1,101 11,881
2013 3,771 3,003 -768 12,784
2014 3,977 3,333 -646 13,562
2015 4,190 3,583 -607 14,301
2016 4,468 3,819 -649 15,064
2017 4,669 4,042 -627 15,795
2018 4,876 4,257 -619 16,513
2019 5,154 4,473 -681 17,284
2020 5,442 4,686 -735 18,103
2021 5,697 4,923 -774 18,967
2012-2021 45,952 38,747 -7,205 n.a.

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf

Tea Party Budget Proposals

S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues Surpluses Debt Held By Public
2012 2,500 2,500 0 10,900
2013 2,800 2,800 0 10,900
2014 3,000 3,000 0 10,900
2015 3,200 3,200 0 10,900
2016 3,300 3,300 0 10,900
2017 3,400 3,500 100 10,800
2018 3,500 3,700 200 10,600
2019 3,600 3,900 300 10,300
2020 3,700 4,000 300 10,000
2021 3,800 4,300 500 9,500
2012-2021 32,800 34,200 1,400 n.a.

The tea party movement’s budget would require the Federal Government to have a balanced or surplus budget in every fiscal year starting in 2012 with a declining national debt starting in Fiscal Year 2017.

Neither the Republican nor Democratic Party is capable of living within the means of the American people.

The Republicans are proposing a budget for Fiscal Year 2012 of $3,618 billion compared with the President Obama’s $3,729 billion.

This results in a deficit of $995 billion for the Republican budget and $1,101 billion for President Obama’s budget.

As the above tables clearly show, neither party is capable of balancing the budget in the next ten years. Actually, both parties budgets do not balance until Fiscal Year 2040 at the earliest!

The above budgets are needed to support a warfare and welfare economy with a collectivist state.

The above budgets are not a pathway to a peace and prosperity economy with a constitutional republic.

The budget needs to be balanced starting in fiscal year 2012 at $2,500 billion or less.

The tea party movement demands that from here on out that all budgets be either balanced or in surplus with no tax increases.

Before either political party attempts to reform so-called entitlement programs such as Social Security, Medicare, or Medicaid, the tea party movement demands that ten Federal Departments be permanently closed and the budgets of remaining Federal Departments be reduced by 25%.

03/17/11: Sen. Rand Paul Introduces Five-Year Balanced Budget Plan

It’s Simple to Balance The Budget Without Higher Taxes

There Are too Many Bureaucrats and They Are Paid too Much

Eight Reasons Why Big Government Hurts Economic Growth

The Empirical Evidence Against Big Government

 

Neither political party is serious about balancing the budget and cutting Federal government spending in the next  thirty years, if then.

The so-called fight about the National Debt statutory ceiling or debt is a farce. They periodically increase it when they need to.

Both parties will agree to increase the National Debt Ceiling by over $1,000 billion to cover just the Fiscal Year 2011 deficit.

The American people are waking up to this big con game to protect the size and scope of the Federal Government, the bureaucracy, and the political establishment.

Neither party is advocating the closing of  a single Federal Department when ten need to be closed permanently to balance the budget.

Run for Congress if you are tired of the lying and spinning of both political parties in Washington, D.C.

 

 

 

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An American Tune–An American Dream–What Good Is Dreaming It If You Don’t Actually Do It?–I took the one less traveled by, And that has made all the difference–Living Within Ones Means–Videos

Posted on April 21, 2011. Filed under: Art, Blogroll, Books, Business, Comedy, Communications, Cult, Culture, Economics, Education, Employment, Entertainment, Federal Government, Fiscal Policy, government, government spending, Law, liberty, Life, Links, media, Monetary Policy, Music, People, Philosophy, Politics, Raves, Strategy, Talk Radio, Taxes, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , |

“All that we see or seem is but a dream within a dream.”

~Edgar Allan Poe

 

 Paul Simon – American Tune (1975)

Many’s, the time I’v been mistaken
And many times confused
Yes, and often felt forsaken
And certainly misused
But I’m all right, I’m all right
I’m just weary to my bones
Still, you don’t expect to be
Bright and bon vivant
So far away from home, so far away Irom home

And I don’t know a soul who’s not been battered
I don’t have a friend who feels at ease
I don’t know a dream that’s not been shattered
or driven to its knees
But it’s all right, it’s all right
We’ve lived so well so long
Still, when I think of the road
we’re traveling on
I wonder what went wrong
I can’t help it, I wonder what went wrong

And I dreamed I was dying
And I dreamed that my soul rose unexpectedly
And looking back down at me
Smiled reassunngly
And I dreamed I was flying
And high up above my eyes could clearly see
The Statue of Liberty
Sailing away to sea
And I dreamed I was flying

We come on the ship they call the Mayflower
We come on the ship that sailed the moon
We come in the age’s most uncertain hour
and sing an American tune
But it’s all right, it’s all right
You can’t be forever blessed
Still, tomorrow’s going to be another working day
And I’m trying to get some rest
That’s all I’m trying to get some rest

 ~Paul Simon

 

Simon and Garfunkel – American Tune

 President Barack Obama’s Plan For America

 

 

Congressman Paul  Ryan’s Pathway To Prosperity

 

Citizen Raymond Pronk’s  Takeoff To Peace and Prosperity

 

Eva Cassidy – Somewhere Over the Rainbow

  

 

Which Budgets Are Balanced And Are Living Within Ones Means?

 Obama’s Plan For America

Democratic Party Budget Proposals 

S-1 FY2012 President’s Budget(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,819 2,174 -1,645 10,856
2012 3,729 2,627 -1,101 11,881
2013 3,771 3,003 -768 12,784
2014 3,977 3,333 -646 13,562
2015 4,190 3,583 -607 14,301
2016 4,468 3,819 -649 15,064
2017 4,669 4,042 -627 15,795
2018 4,876 4,257 -619 16,513
2019 5,154 4,473 -681 17,284
2020 5,442 4,686 -735 18,103
2021 5,697 4,923 -774 18,967
2012-2021 45,952 38,747 -7,205 n.a.

 http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf

Ryan’s Pathway To Properity

Republican Party Budget Proposals

S-1 FY2012 Chairman’s Markup(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,618 2,230 -1,388 10,351
2012 3,529 2,533 -995 11,418
2013 3,559 2,860 -699 12,217
2014 3,586 3,094 -492 12,801
2015 3,671 3,237 -434 13,326
2016 3,858 3,377 -481 13,886
2017 3,998 3,589 -408 14,363
2018 4,123 3,745 -379 14,800
2019 4,352 3,939 -414 15,254
2020 4,544 4,142 -402 15,681
2021 4,739 4,354 -385 16,071
2012-2021 39,958 34,870 -5,088 n.a.

 http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf

 

Pronk’s  Takeoff To Peace and Prosperity

Tea Party Budget Proposals

S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues Surpluses Debt Held By Public
2012 2,500 2,500 0 10,900
2013 2,800 2,800 0 10,900
2014 3,000 3,000 0 10,900
2015 3,200 3,200 0 10,900
2016 3,300 3,300 0 10,900
2017 3,400 3,500 100 10,800
2018 3,500 3,700 200 10,600
2019 3,600 3,900 300 10,300
2020 3,700 4,000 300 10,000
2021 3,800 4,300 500 9,500
2012-2021 32,800 34,200 1,400 n.a.

 

Eva Cassidy – Chain Of Fools

 

What Good Is Dreaming It If You Don’t Actually Do It?

 

Milton Friedman on Libertarianism (Part 4 of 4)

 

The FairTax: It’s Time

 

Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveller, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;

Then took the other, as just as fair,
And having perhaps the better claim,
Because it was grassy and wanted wear;
Though as for that the passing there
Had worn them really about the same,

And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads on to way,
I doubted if I should ever come back.

I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I–
I took the one less traveled by,
And that has made all the difference

~Robert Frost

 

 

Background Articles and Videos

“Extreme Spending”

Stop Spending Our Future – The Crisis

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

 

 

Summary of Outlays, Revenues (Receipts), Deficits, Surpluses Fiscal Years 1980-2010(Nominal Dollars in Millions)
Fiscal Year Outlays Revenues (Receipts) Deficits (-), Surpluses
1980 590,941 517,112 -73,830
1981 678,241 599,272 -78,968
1982 745,743 617,766 127,977
1983 808,364 600,562 -207,802
1984 851,805 666,488 -185,367
1985 946,344 734,037 -212,308
1986 990,382 769,155 -221,277
1987 1,004,017 854,288 -149,730
1988 1,064,417 854,288 -155,178
1989 1,143,744 991,105 -152,639
1990 1,252,994 1,031,958 -221,036
1991 1,324,226 1,054,988 -269,238
1992 1,381,529 1,091,208 -290,321
1993 1,409,386 1,154,335 -255,051
1994 1,461,753 1,258,566 203,186
1995 1,515,742 1,351,790 -163,392
1996 1,560,484 1,453,053 -107,431
1997 1,601,116 1,579,232 -21,884
1998 1,652,458 1,721,728 69,270
1999 1,701,842 1,827,452 125,610
2000 1,788,950 2,025,191 236,241
2001 1,862,846 1,991,082 128,236
2002 2,010,894 1,853,136 157,758
2003 2,159,899 1,782,314 -377,585
2004 2,292,841 1,880,114 -412,727
2005 2,471,957 2,153,611 -318,346
2006 2,655,050 2,406,869 -248,181
2007 2,728,686 2,567,985 -160,701
2008 2,982,544 2,523,991 -458,553
2009 3,517,677 2,104,989 -1,412,688
2010 3,456,213 2,162,724 -1,293,489

 

Year Gross Debt in Billions undeflated[11] as % of GDP Debt Held By Public ($Billions) as % of GDP
1910 2.6 unk. 2.6 unk.
1920 25.9 unk. 25.9 unk.
1928 18.5[12] unk. 18.5 unk.
1930 16.2 unk. 16.2 unk.
1940 50.6 52.4 42.8 44.2
1950 256.8 94.0 219.0 80.2
1960 290.5 56.0 236.8 45.6
1970 380.9 37.6 283.2 28.0
1980 909.0 33.4 711.9 26.1
1990 3,206.3 55.9 2,411.6 42.0
2000 5,628.7 58.0 3,409.8 35.1
2001 5,769.9 57.4 3,319.6 33.0
2002 6,198.4 59.7 3,540.4 34.1
2003 6,760.0 62.6 3,913.4 35.1
2004 7,354.7 63.9 4,295.5 37.3
2005 7,905.3 64.6 4,592.2 37.5
2006 8,451.4 65.0 4,829.0 37.1
2007 8,950.7 65.6 5,035.1 36.9
2008 9,985.8 70.2 5,802.7 40.8
2009 12,311.4 86.1 7,811.1 54.6
2010 (31 Dec) 14,025.2 95.2 (3rd Q) 9,390.5 63.7 (3rd Q)

Eva Cassidy – Time After Time

 

Tennessee Waltz by Eva Cassidy

 

 

Eva Cassidy – Nightbird

 

 

 

Eva Marie Cassidy

“…Eva Marie Cassidy (February 2, 1963 – November 2, 1996) was an American vocalist known for her interpretations of jazz, blues, folk, gospel, country and pop classics. In 1992 she released her first album, The Other Side, a set of duets with go-go musician Chuck Brown, followed by a live solo album, Live at Blues Alley in 1996. Although she had been honored by the Washington Area Music Association, she was virtually unknown outside her native Washington, D.C. when she died of melanoma in 1996.

Four years later, Cassidy’s music was brought to the attention of British audiences when her version of “Over the Rainbow” was played by Terry Wogan on BBC Radio 2. Following the overwhelming response, a camcorder recording of “Over the Rainbow”, taken at the Blues Alley, was shown on BBC Two’s Top of the Pops 2. Shortly afterwards, the compilation album Songbird climbed to the top of the UK Albums Charts, almost three years after its initial release. The chart success in the United Kingdom and Ireland led to increased recognition worldwide; her posthumously released recordings, including three UK #1s, have sold more than ten million copies.[1] Her music has also charted top 10 positions in Australia, Germany, Sweden, Norway and Switzerland.[2] …”

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

Eva Cassidy – Autumn Leaves

  

 

Eva Cassidy-Songbird

Eva Cassidy – What a Wonderful World

 

 

“Beauty of whatever kind, in its supreme development, invariably excites the sensitive soul to tears.”

~Edgar Allan Poe

 

 

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President Barack Obama–Tax and Spend–High Unemployment and Inflation–Videos

Posted on April 14, 2011. Filed under: Banking, Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Taxes, Uncategorized, Video, Wealth, Wisdom | Tags: , , , , |

“It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.”

~Thomas Jefferson

U. S Debt Clock

http://www.usdebtclock.org/index.html#

Year Gross Debt in Billions undeflated[11] as % of GDP Debt Held By Public ($Billions) as % of GDP
1910 2.6 unk. 2.6 unk.
1920 25.9 unk. 25.9 unk.
1928 18.5[12] unk. 18.5 unk.
1930 16.2 unk. 16.2 unk.
1940 50.6 52.4 42.8 44.2
1950 256.8 94.0 219.0 80.2
1960 290.5 56.0 236.8 45.6
1970 380.9 37.6 283.2 28.0
1980 909.0 33.4 711.9 26.1
1990 3,206.3 55.9 2,411.6 42.0
2000 5,628.7 58.0 3,409.8 35.1
2001 5,769.9 57.4 3,319.6 33.0
2002 6,198.4 59.7 3,540.4 34.1
2003 6,760.0 62.6 3,913.4 35.1
2004 7,354.7 63.9 4,295.5 37.3
2005 7,905.3 64.6 4,592.2 37.5
2006 8,451.4 65.0 4,829.0 37.1
2007 8,950.7 65.6 5,035.1 36.9
2008 9,985.8 70.2 5,802.7 40.8
2009 12,311.4 86.1 7,811.1 54.6
2010 (31 Dec) 14,025.2 95.2 (3rd Q) 9,390.5 63.7 (3rd Q)

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

 

 

 

Democratic Party Budget Proposals 

S-1 FY2012 President’s Budget(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,819 2,174 -1,645 10,856
2012 3,729 2,627 -1,101 11,881
2013 3,771 3,003 -768 12,784
2014 3,977 3,333 -646 13,562
2015 4,190 3,583 -607 14,301
2016 4,468 3,819 -649 15,064
2017 4,669 4,042 -627 15,795
2018 4,876 4,257 -619 16,513
2019 5,154 4,473 -681 17,284
2020 5,442 4,686 -735 18,103
2021 5,697 4,923 -774 18,967
2012-2021 45,952 38,747 -7,205 n.a.

Glenn Beck-04/13/11-A

Glenn Beck-04/13/11-B

Glenn Beck-04/13/11-C

 

Related Posts On Pronk Palisades

 

President Obama’s Fiscal Year 2012 Budget Speech Of April 13, 2011–Eat The Rich And Killing The American Dream Class Warfare–Cuts National Security Spending and Raise Taxes On The Rich–Produces Massive Deficits, National Debt, and Higher Unemployment For 12 More Years–Progressive Radical Socialist Economic Stagflation–Videos

Ron Paul, Michele Bachmann And Rand Paul–Stop Spending Money You Don’t Have!–Balance The Budget–Tea Party Budget Gets It Right–Videos

Republican Party Establishment Ruling Class Betrays The Tea Party Movement and American People With A Fiscal Year 2012 Budget Resolution With A Deficit of $995 Billion And Budgets Not Balanced In Next Ten Years–Replace Republican Party Leadership–Videos

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Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!

The FairTax (National Consumption Sales Tax) vs. The Flat Tax (One Rate Federal Income Tax)–Who Pays The Most Federal Individual Income Tax? Videos

The Washington Political Elites of Both Parties Are Not Serious About Balancing The Federal Budget And Funding Entitlement Liabilities–Send In The Clowns–Don’t Bother There Here–Videos

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

Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!

Posted on April 5, 2011. Filed under: Agriculture, American History, Banking, Blogroll, Business, Communications, Demographics, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, media, Medicine, Monetary Policy, Money, Music, People, Philosophy, Politics, Private Sector, Public Sector, Rants, Raves, Regulations, Strategy, Talk Radio, Taxes, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , |

Give it a listen!

Pronk Pops Show 24: April 19, 2011

Pronk Pops Show 23: April 12, 2011

Pronk Pops Show 22 (Part 2): April 7, 2011

Pronk Pops Show 22 (Part 1): April 7, 2011

April 08, 2011 11:16 AM PDT

Pronk Pops Show 22, April 7, 2011

Segment 1: 3,500,000 Million Americans Unemployed in March 2011 Still Exceeds Great Depression High of 13,000,000 In March 1933–The Obama Depressions Continues–Bureau of Labor Statistics: 8.8% Official Unemployment Rate (U-3) vs. Gallup Unemployment Rate of 10.0%–Nonfarm Payroll Increased By 216,000–The Government Makes The Depression Worse!–Videos

Segment 2: Obama’s Anti-American, Anti-Capitalist, Anti-Growth, Anti-Jobs, and Anti-Security Energy Policy–Videos

Segment 3: Republican Establishment Will Propose A Ten Year $6,200 Billion Cut In Spending Over Ten Years–The Problem Is It Does Not Balance The Budget For Another Five Years At The Earliest–Tea Party Movement Demands Balanced Budgets Starting In 2012 For The Next Ten Years!–A Jet Plane To Prosperity Not A Path To Prosperity–Videos

Segment 4: Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!–Videos

For additional information and videos on the above segments:

http://pronkpops.wordpress.com/2011/04/04/pronk-pops-show-22-april-5-2011-segment-113500000-million-americans-unemployed-in-march-2011-still-exceeds-great-depression-high-of-13000000-in-march-1933%E2%80%93the-obama-depressions-contin/

Johnny Mathis – The Twelfth Of Never

Ryan Unveils Much Anticipated 2012 Budget Plan

Sean Interviews Paul Ryan

S-1 FY2012 Chairman’s Markup

(Nominal Dollars in Billions)

Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,618 2,230 -1,388 10,351
2012 3,529 2,533 -995 11,418
2013 3,559 2,860 -699 12,217
2014 3,586 3,094 -492 12,801
2015 3,671 3,237 -434 13,326
2016 3,858 3,377 -481 13,886
2017 3,998 3,589 -408 14,363
2018 4,123 3,745 -379 14,800
2019 4,352 3,939 -414 15,254
2020 4,544 4,142 -402 15,681
2021 4,739 4,354 -385 16,071
2012-2021 39,958 34,870 -5,088 n.a.

 

http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf

 

S-1 FY2012 President’s Budget

(Nominal Dollars in Billions)

Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,819 2,174 -1,645 10,856
2012 3,729 2,627 -1,101 11,881
2013 3,771 3,003 -768 12,784
2014 3,977 3,333 -646 13,562
2015 4,190 3,583 -607 14,301
2016 4,468 3,819 -649 15,064
2017 4,669 4,042 -627 15,795
2018 4,876 4,257 -619 16,513
2019 5,154 4,473 -681 17,284
2020 5,442 4,686 -735 18,103
2021 5,697 4,923 -774 18,967
2012-2021 45,952 38,747 -7,205 n.a.

 

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf

The tea party movement’s budget would require the Federal Government to have a balanced or surplus budget in every fiscal year starting in 2012 with a declining national debt starting in Fiscal Year 2017.

S-1 FY2012 Tea Party’s Balanced/Surplus Budget

(Nominal Dollars in Billions)

Fiscal Year Outlays Revenues Surpluses Debt Held By Public
2012 2,500 2,500 0 10,900
2013 2,800 2,800 0 10,900
2014 3,000 3,000 0 10,900
2015 3,200 3,200 0 10,900
2016 3,300 3,300 0 10,900
2017 3,400 3,500 100 10,800
2018 3,500 3,700 200 10,600
2019 3,600 3,900 300 10,300
2020 3,700 4,000 300 10,000
2021 3,800 4,300 500 9,500
2012-2021 32,800 34,200 1,400 n.a.

Summary of Outlays, Revenues (Receipts), Deficits, Surpluses

Fiscal Years 1980-2010

(Nominal Dollars in Millions)

Fiscal Year Outlays Revenues (Receipts) Deficits (-), Surpluses
1980 590,941 517,112 -73,830
1981 678,241 599,272 -78,968
1982 745,743 617,766 -127,977
1983 808,364 600,562 -207,802
1984 851,805 666,488 185,367
1985 946,344 734,037 -212,308
1986 990,382 769,155 221,277
1987 1,004,017 854,288 -149,730
1988 1,064,417 854,288 -155,178
1989 1,143,744 991,105 -152,639
1990 1,252,994 1,031,958 -221,036
1991 1,324,226 1,054,988 -269,238
1992 1,381,529 1,091,208 -290,321
1993 1,409,386 1,154,335 -255,051
1994 1,461,753 1,258,566 -203,186
1995 1,515,742 1,351,790 -163,392
1996 1,560,484 1,453,053 -107,431
1997 1,601,116 1,579,232 -21,884
1998 1,652,458 1,721,728 69,270
1999 1,701,842 1,827,452 125,610
2000 1,788,950 2,025,191 236,241
2001 1,862,846 1,991,082 128,236
2002 2,010,894 1,853,136 -157,758
2003 2,159,899 1,782,314 -377,585
2004 2,292,841 1,880,114 -412,727
2005 2,471,957 2,153,611 -318,346
2006 2,655,050 2,406,869 -248,181
2007 2,728,686 2,567,985 -160,701
2008 2,982,544 2,523,991 -458,553
2009 3,517,677 2,104,989 -1,412,688
2010 3,456,213 2,162,724 -1,293,489

For a history of the Federal Government’s Receipts (Revenues), Outlays, and Deficits and Surpluses

Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2016

“…Historical Tables provides data on budget receipts, outlays, surpluses or deficits, Federal debt, and Federal employment over an extended time period, generally from 1940 or earlier to 2012 or 2016.

To the extent feasible, the data have been adjusted to provide consistency with the 2012 Budget and to provide comparability over time.

To download the Historical Tables as a single PDF, click here (360 pages, 3.2 MB) …”

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

Neither the Republican nor Democratic Party is capable of living within the means of the American people.

The political class or elites are not serious and do not understand the problem.

If they did they would have a sense of urgency which is lacking in both the Democratic and Republican proposed budgets.

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

The Republicans are proposing a budget for Fiscal Year 2012 of $3,618 billion compared with the President Obama’s $3,729.

This results in a deficit of $995 billion for the Republican budget and $1,101 billion for President Obama’s budget.

As the above tables clearly show, neither party is capable of balancing the budget in the next ten years.

The above budgets are needed to support a warfare and welfare economy with a collectivist state.

The above budgets are not a pathway to a peace and prosperity economy with a constitutional republic.

The budget needs to be balanced starting in fiscal year 2012 at $2,500 billion or less.

The tea party movement demands that from here on out that all budgets be either balanced or in surplus with no tax increases.

Please do not tell me Congressman Ryan that the budget will me in primary balance by 2015.

Primary balance means you exclude interest on the national debt  from expenditures or outlays.

A budget in primary balance is just a rather lame-duck president’s attempt to confuse the American people.

I am not confused or amused by President Obama totally irresponsible Fiscal Year 2012 budget proposal.

Nor am I impressed with the so-called path to a balanced budget and a path to prosperity for the United States economy.

The tea party movement does not want a path to prosperity but a jet plane ride to a balanced budget in Fiscal Year 2012 without any new taxes.

Start permanently shutting down ten Federal Departments before you even begin to think about  cutting mandatory spending or entitlements including Social Security, Medicare and Medicaid.

The American people want the FairTax not the continuation of an overly complicated Federal Income taxation system even with a lower rate of 25% for individuals and corporations.

The FairTax: It’s Time

President Obama’s Fiscal Year 2012 budget gets a F and it will cost him his re-election.

The American people have no intention of getting in the Democratic Party’s car driven by Nancy Pelosi and Barack Obama:

The American people have no intention of getting on the Republican Party’s path to prosperity either.

The Republican Fiscal Year 2012 budget gets a D+.

Milton Friedman would give you a D-:

The  American people demand fiscal responsibility or living within ones means for the Federal Government starting with the Fiscal Year 2012 Federal Government Budget.

The American people were listening when the Republican establishment’s leadership said they heard the American people.

Republicans roll out “Pledge to America”

Pledge to America Preamble

“Pledge to America” Unveiled by Republicans (Full Text)

http://www.cbsnews.com/8301-503544_162-20017335-503544.html

The Republican Pledge to America clearly stated that:

“We have a plan to impose fiscal discipline and cut government down to size.”

The Republican Pathway to Prosperity is that plan and it does not impose fiscal discipline  nor does it cut down the size of the Federal Government.

Over the next ten fiscal years, there is not one single year in which the fiscal discipline of a balanced budget is met.

The Republican Pledge to America clearly stated that:

“With common-sense exceptions for seniors, veterans, and our troops, we will roll back government spending to pre-stimulus, pre-bailout levels, saving us at least $100 billion in the first year alone and putting us on a path to balance the budget and pay down the debt. We will also establish strict budget caps to limit federal spending from this point forward.”

For Fiscal Year 2008 the total actual outlays were $2,982 billion and total actual revenues or receipts from taxation were $2,523 billion for the U.S. Federal Government with a deficit of $458 billion.

The Republican Pathway to Prosperity proposes in Fiscal Year 2012 total estimated outlays of $3,529 billion and total estimated revenues of $2,533 billion resulting in a deficit of $997 billion.

The Republican Party establishment and leadership misled and lied to the American people and the tea party movement when it said it would “roll back government spending to pre-stimulus, pre-bailout levels.”
Both the Democratic and Republican Party proposed U.S. Federal Government budgets are extremely dangerous for they  generate increasing uncertainty among business owners and consumers as to where this ultimately leads the economy and nation.

“Extreme Spending”

The Republican establishment’s leadership in Washington D.C.  needs to be replaced for they have refused to learn the lessons of the 2006 and 2008 elections and apparently need to learn another lesson in 2012.

If you are a tea party movement patriot challenge all House and Senate seats currently held by Republicans if they vote for this fiscally irresponsible and unbalanced budget for Fiscal Year 2012.

The tea party movement  has been betrayed by the Republican Party leadership and establishment in Washington, D.C.

Dan Mitchell gets a A+.

It’s Simple to Balance The Budget Without Higher Taxes

Controlling Leviathan: The Battle for Limited Government

Question and Answer Session: The Fight Against Big Government

I didn’t leave the Republican Party, the Republican Party left me.

The independents and the tea party movement have given up on both political parties.

The Pathway to Prosperity is the Republican Party’s timid attempt to capture the independents and tea party movement.

No sale.

The tea party movement will not be pleased.

They will be leaving on a jet plane.

I will be voting for Ron Paul for President in 2012 and Michele Bachmann for Vice-President.

SA@TAC – Ron Paul’s Pledge to America

P.S. You really disappointed me Congressman Ryan, your proposal is neither bold nor timid, it is fiscally irresponsible and gutless.

Suggest Paul Ryan talk to some Senators who understand the problem and what needs to be done now.

Rand Paul and Mike Lee on “Glenn Beck” with Judge Napolitano 03/07/11

ELVIS PRESLEY TWELVE OF NEVER

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Republican Party Establishment Ruling Class Betrays The Tea Party Movement and American People With A Fiscal Year 2012 Budget Resolution With A Deficit of $995 Billion And Budgets Not Balanced In Next Ten Years–Replace Republican Party Leadership–Videos

Republican Establishment Will Propose A Ten Year $6,200 Billion Cut In Spending Over Ten Years–The Problem Is It Does Not Balance The Budget For Another Five Years At The Earliest–Tea Party Movement Demands Balanced Budgets Starting In 2012 For The Next Ten Years!–Videos

Tea Party Movement Demands Passage of Balanced Budget Amendment and The FairTax As The Price For Raising The National Statutory Debt Limit of $ 14,294,000,000 One Last Time By $1,000,000,000,000!–Videos

The Washington Political Elites of Both Parties Are Not Serious About Balancing The Federal Budget And Funding Entitlement Liabilities–Send In The Clowns–Don’t Bother There Here–Videos

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Posted on March 10, 2011. Filed under: Banking, Blogroll, Books, Business, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Law, liberty, Life, Links, media, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Resources, Talk Radio, Taxes, Technology, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , |

Glenn Beck-03/10/11-A

 

Glenn Beck-03/10/11-B

 

 

Glenn Beck-03/10/11-C

 

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The Washington Political Elites of Both Parties Are Not Serious About Balancing The Federal Budget And Funding Entitlement Liabilities–Send In The Clowns–Don’t Bother There Here–Videos

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Happy Saint Valentine’s Day Massacre–Obama’s Fiscal Year 2012 Federal Budget of $4,000 Billion: Driving America Off The Cliff–Videos

Posted on January 31, 2011. Filed under: Banking, Blogroll, Communications, Culture, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, history, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , , , , |

 

Thelma & Louise

 

Stop Spending Our Future – The Crisis

 

After listening to President Obama’s State of the Union’s address last week I was curious as to the total Fiscal Federal Budget for Fiscal Year 2012 would be in terms of outlays, receipt and deficits.

At first I expected that the President would submit a budget between $3,700 billion to $4,000 billion.

For fiscal year 2011 President Obama budget estimated outlays at $3,834 billion, tax receipts at $2,567 billion and the deficit at $1,267 billion.

Table S-1. Budget Totals

(in billions of dollars)

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

The more I thought about the various investments or “stimulus” spending the President proposed in this speech, I concluded the President would pull out all constraints and stops and propose a budget over $4,000 billion.

The reason is simple.

The Republican establishment is calling for a Fiscal Year 2008 level budget or about $3,000 billion in outlays.

The tea party, conservative and libertarian movements are all calling for massive cuts in Federal government spending, balanced budgets and no increase in the debt ceiling.

A balanced budget would require a $2,500 billion budget for Fiscal Year 2012 which is slightly above the level of  Fiscal Year 2005 outlays of $2,471 billion when tax receipts were $2,153 billion and the deficit was $318 billion.

A balance budget assumes tax receipts would be $2,500 billion for Fiscal Year 2012 which could be optimistic.

Historical Tables Budget of the U.S. Government

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

 

President Obama’s Fiscal Year 2012 Federal Budget will most likely be $4,000 billion in outlays, $2,500 billion in receipts, and a deficit of $1,500 billion. However, he might fudge the tax receipts number and estimate it to be $3,000 billion with a deficit of $1,000 billion.

For Fiscal Year 2010 that ended on September 30, 2010, the actual outlays were $3,455 billion, actual receipts $2,161 billion and the deficit was $1,294 billion.

Monthly Treasury Statement of Receipts and Outlays of the United States Government

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

One day after President Obama’s speech the Congressional Budget Office revised its estimate of the Fiscal Year 2011 Federal Budget to $1,500 billion.

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

 

President Obama’s Fiscal Year 2012 Federal Budget will be dead on arrival when it reaches the House of Representatives.

President Obama’s state of the union address was really the launch of his 2012 run for a second term as president.

The American people will soon become aware of President Obama’s Valentine present of a $4,000 billion budget.

With the official unemployment rate remaining above 9% and the total unemployment rate running above 16% for the next 24 months, President Obama is now a lame duck one term president.

President Obama’s budget will be a Saint Valentine’s Day massacre of the Democratic Party.

The American people have stop listening to President Obama and the Democratic Party for the simple reason that they have ignored their primary concerns–high unemployment, out of control government spending and massive increases in the national debt.

 

St Valentine’s Day Massacre

May they rest in peace.

How sweet it is!

Jackie Gleason – How Sweet it Is 

 

Background Articles and Videos

 

FY 2012 budget readied for Valentine’s Day release

By Suzanne Kubota

“…Although the President’s fiscal 2012 budget is confirmed to be released on February 14th, don’t expect there to be hearts and flowers flowing up and down Pennsylvania Avenue.

The president has already said he wants a 5-year, non-security discretionary spending freeze, while promoting other investment spending.

Republicans, however, pledge deeper cutbacks in view of Congressional Budget Office estimates the deficit will hit $1.48 trillion in fiscal 2011. …”

http://www.federalnewsradio.com/?nid=35&sid=2254253

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

President Obama and The American Ruling Class Panicked And Passed A Two Year Tax Rate Extension To Prevent Forecasted Decline In GDP & Resulting Increase Of Over 2,500,000 Additional Unemployed Americans If Tax Rates Were Increased In 2011–Videos

Posted on December 17, 2010. Filed under: Banking, Blogroll, Communications, Demographics, Economics, Education, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, Immigration, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Taxes, Technology, Video, War, Wisdom | Tags: , , , , , , , , , , , , |

 

 

Congressional Budget Office (CBO) Summary

The Economic Outlook and Fiscal Policy  Choices

“…In sum, and as CBO has reported before, perma􀀐
nently or temporarily extending all or part of the
expiring income tax cuts would boost income and
employment in the next few years relative to what
would occur under current law. However, even a
temporary extension would add to federal debt and
reduce future income if it was not accompanied by
other changes in policy. A permanent extension of all
of those tax cuts without future increases in taxes or
reductions in federal spending would roughly dou􀀐
ble the projected budget deficit in 2020; a perma􀀐
nent extension of those cuts except for certain
provisions that would apply only to high􀀐income
taxpayers would increase the budget deficit by
roughly three􀀐quarters to four􀀐fifths as much. As a
result, if policymakers then wanted to balance the
budget in 2020, the required increases in taxes
or reductions in spending would amount to a sub􀀐
stantial share of the budget—and without significant
changes of that sort, federal debt would be on an
unsustainable path that would ultimately reduce
income. …”

http://www.cbo.gov/ftpdocs/118xx/doc11874/EconOutloook_SummaryforWeb.pdf

 

http://njs.truebluewebllc.netdna-cdn.com/images/stories/njs/graphs/website_graphic.jpg

Dems, GOP Compromise; Agree to Tax Deal

 

 

 

Parker / Spitzer: DeFazio: Obama makes ‘the end’ pitch

 

Will Tax Cut Deal Kill Obama’s Reelection Bid?

 

House Democrats Reject Obama Tax Compromise

 

Mark Levin – Remmeber Nancy Reagan – Just Say No

 

Limbaugh’s Take On Obama’s Tax Deal “We Could Have Got More”

  

 

Ron Paul : Backlash Over Tax Compromise

 

Hatch Discusses Extending ’01 and ’03 Tax Relief

 

Hatch Talks with Fox News About Extending Tax Relief

 

12-15-10 Hatch Talks Taxes with Greta Van Susteren

 

 

Both  Democrat and Republican politicians  ignored the will of the American people and their demand for fiscal responsibility–balanced budgets– and a lower Federal  tax burden  with  comprehensive tax reform–either the flat tax or the  FairTax!

A balanced budget would require  cutting Federal Government expenditures by  over $1,000 billion per budget year for the next three years.

This in turn would require permanently shutting down Federal Departments, agencies and programs and drastically cutting the budgets of all remaining Federal Departments including the Department of Defense.

The American people  want lower Federal tax rates with comprehensive Federal tax reform–the flat tax or preferably the FairTax.

Dan Mitchell on the Flat Tax

Dan Mitchell explains the fair tax

 

The FairTax: It’s Time

 

The American people want the enforcement of existing Federal immigration laws including the deportation of illegal aliens who live and work in United States illegally.

Ron Paul on Illegal Immigration & Illegals Protest in the USA – Nation of Aztlan

Michael Savage – The Impact of Illegal Immigration on America’s Teens and Young Adults

Apparently both political  parties recognized that if they went ahead with President Obama’s cam