Mark K. Updegrove — Indomitable Will: LBJ in the Presidency — Videos

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BookTV: Mark Updegrove, “Indomitable Will: LBJ in the Presidency”

“Indomitable Will: LBJ in the Presidency” — Mark Updegrove

“LBJ” with Mark Updegrove, Rob Reiner & Woody Harrelson

Indomitable Will: LBJ in the Presidency

Published on May 11, 2012

Mark Updegrove, named “one of the country’s best historians” by CNN, is director of the Lyndon Baines Johnson Presidential Library and Museum. He discussed his book, “Indomitable Will,” which provides a portrait of LBJ through the stories and recollections of those who were with him everyday during his presidency. The session was moderated by Terri Garner, director of the William J. Clinton Presidential Library.

This footage has been provided by the Clinton School of Public Service. The Clinton School of Public Service is the only school in the nation to offer a Master’s Degree in public service. It is located on the grounds of the William J. Clinton Presidential Library. The Clinton School’s Distinguished Lecture Series are speakers whom speak at the Clinton School, and can be attended by the general public through reserving a seat. More about the Clinton School of Public Service can be found at the link below;

An Intimate View of the Indomitable LBJ

LBJ: The 36th President of the United States

36 Lyndon Johnson

PBS LBJ Part 1

Presidency of LBJ

LBJ Documentary “The Great Society”

LBJ: From Senate Majority Leader to President, 1958-1964

How LBJ Mastered the Senate: The Most Riveting Political Biography of Our Time (2002)

The Most Riveting Political Biography of Our Time: The Definitive Portrait of LBJ (2002)

How Did LBJ Make His Money? The Disturbing Story of His Political Rise and Corruption (1990)

The Open Mind: The Years of Lyndon Johnson: The Passage of Power, Part 1 of 3.

The Open Mind: The Years of Lyndon Johnson: The Passage of Power, Part 2 of 3.

The Open Mind: The Years of Lyndon Johnson: The Passage of Power, Part 3 of 3.

The Open Mind: Lyndon Johnson – ‘Master of the Senate’

The Open Mind: Lyndon Johnson – ‘Master of the Senate’ Part 2

The Open Mind: On History, Biography, Literature… and Robert Caro, Part 1 of 2

The Open Mind: On History, Biography, Literature… and Robert Caro, Part 2 of 2

How to Write a Great Biography: Authors Explain the Secrets to Success (1999)

Q&A: Robert Caro – Part 1

Published on May 7, 2012

Pulitzer prize winning author and historian Robert Caro discusses his newly released biography of Lyndon Johnson entitled “The Years of Lyndon Johnson: The Passage of Power.” This is his fourth book in the Johnson biographical series and Caro promises a fifth and final book in the future. The period covered in the book is from 1958 until early 1964.

Q&A: Robert Caro – Part 2

Robert Caro: Understanding Power (Full Length Version)

The Art of Political Power, with Robert Caro and William Hague

LBJ Versus The Kennedy’s: Chasing Demons

Death of LBJ as it broke

Indomitable Will

From Wikipedia, the free encyclopedia
Indomitable Will: LBJ in the Presidency
Indomitable Will - LBJ in the Presidency.jpg
Author Mark K. Updegrove
Country United States
Language English
Publisher Crown Publishing Group
Publication date
March 13, 2012
Media type Hardcover
Pages 400

Indomitable Will: LBJ in the Presidency is a biography of Lyndon Baines Johnson by Mark K. Updegrove, published in 2012.

Plot summary

Indomitable Will is a compilation of original interviews, personal accounts and recollections of individuals who knew, worked with and for President Lyndon Johnson during his five years as President of the United States. Sources include the Reverend Billy Graham, Carl Bernstein, Liz Carpenter, George H. W. Bush, Walter Mondale, Harry Middleton, Rose Kennedy, Gerald R. Ford, Helen Thomas, Ted Kennedy, and Bill Moyers, who served as White House Press Secretary in the Johnson Administration.[1]

The book focuses on the extensive legislation passed during Johnson’s Presidency and includes photographs, transcripts from his telephone conversations, and previously unpublished documents.[2][3]

The author is a Presidential historian who has written two additional non-fiction works based on the lives of American Presidents: Baptism by Fire: Eight Presidents Who Took Office in Times of Crisis (2009), and Second Acts: Presidential Lives and Legacies After the White House (2006).[4]

References

  1. Jump up^ Hendricks, David. “Express-News business writer and columnist”. MySanAntonio. Retrieved 5 June 2012.
  2. Jump up^ Langan, Michael. “News Book Reviewer”. Buffalo News. Retrieved 5 June 2012.
  3. Jump up^ Monaco, Frances. “Reviewer”. The Post and Courier. Retrieved 5 June 2012.
  4. Jump up^ “The U.S. National Archives and Records Administration”. The U.S. National Archives and Records Administration. Retrieved 5 June 2012.

External links

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

Mark K. Updegrove[1] (born August 25, 1961) is an American author, historian, journalist, television commentator, and director of the Lyndon Baines Johnson Library and Museum in Austin, Texas.

Early life and education

Updegrove was born outside Philadelphia in Abington, PA, on Aug. 25, 1961. He attended high school in Newtown, PA, at the George School, which honored him with its Distinguished Alumnus Award in 2015.[2] He attended Guilford College in Greensboro, NC, and graduated from the University of Maryland, College Park, with a Bachelor of Arts in economics in 1984.

Career

Magazine Publishing

Updegrove spent much of his early career in magazine publishing, including serving as manager of Time Magazine in Los Angeles; president of Time Canada, Time’s separate Canadian edition and operation; and, publisher of Newsweek.

Lyndon Baines Johnson Library and Museum

Since October 2009, Updegrove has served as the fourth director of the Lyndon Baines Johnson Presidential Library in Austin, Texas.

Former U.S. Secretary of State Henry Kissinger and Mark Updegrove at The Vietnam War Summit at the LBJ Presidential Library in 2016. Photo by Jay Godwin.

Under Updegrove’s direction, the library partnered with the Aspen Institute on Medicare and Medicaid Turn 50, in Washington, D.C, in April 2015, and in November 2015, partnered with WETA-TV, on In Performance at the White House: A Celebration of American Creativity, which aired on PBS, to mark the 50th anniversary of the creation of the National Endowment for the Arts and the National Endowment for the Humanities.

Early in his tenure at the library, Updegrove oversaw the $11 million renovation of the library’s core exhibits on Lyndon Johnson and his administration, which opened in December 2012.[3][4]

Updegrove’s December 2014 Politico article, What ‘Selma’ Gets Wrong,[5] ignited a controversy over the portrayal of Lyndon Johnson as an obstructionist on voting rights in the film Selma, touching off a debate about the importance of accuracy in films based on historic events. In January 2015, Updegrove addressed the issue on CBS’ Face the Nation.[6]

Adjunct Professor/Lecturer

In 2013 and 2015, Updegrove taught The Johnson Years for Liberal Arts Honors students as an adjunct professor at The University of Texas at Austin. He has spoken extensively at numerous colleges and universities, museums, presidential libraries, and other public speaking forums.

Selected publications

Books

  • Destiny of Democracy: The Civil Rights Summit at the LBJ Presidential Library (University of Texas Press, 2015)
  • Indomitable Will: LBJ in the Presidency (Crown Publishers, 2012)[7]
  • Baptism By Fire: Eight Presidents Who Took Office During Times of Crisis (St. Martins Press, 2009)[8]
  • Second Acts: Presidential Lives and Legacies After the White House (Lyons Press, 2006)[9]

References

  1. Jump up^ Staff, Public Affairs. “Mark Updegrove Named New Director of LBJ Library”. The U.S. National Archives and Records Administration. The U.S. National Archives and Records Administration. Retrieved 9 April 2012.
  2. Jump up^ “Alumni Award Recipient 2015 – George School”. Retrieved 2016-08-15.
  3. Jump up^ Shannon, Kelley. “LBJ library in Austin to unveil $10 million update Dec. 22”. The Dallas Morning News. Retrieved 24 January 2013.
  4. Jump up^ Baskas, Harriet. “Oval Office audio tapes highlight redesigned LBJ Presidential Library”. NBC News. Retrieved 24 January 2013.
  5. Jump up^ “What ‘Selma’ Gets Wrong”. Politico. Retrieved 13 May 2015.
  6. Jump up^ “Does the film “Selma” portray LBJ unfairly?”. Face the Nation. Retrieved 15 August 2016.
  7. Jump up^ Ealy, Charles. “‘Indomitable Will’ seeks to give LBJ due credit”. statesman.com. Retrieved 14 April 2012.
  8. Jump up^ Heilbrunn, Jacob. “Crisis Management”. The New York Times Company. Retrieved 16 January 2009.
  9. Jump up^ “Second Acts: Presidential Lives and Legacies After the White House”. Publishers Weekly. Retrieved 6 June 2006. |first1= missing |last1= in Authors list (help)

External links

https://en.wikipedia.org/wiki/Mark_K._Updegrove

 

The Years of Lyndon Johnson

From Wikipedia, the free encyclopedia
  (Redirected from The Passage of Power)

The Years of Lyndon Johnson is a biography of Lyndon B. Johnson by the American writer Robert Caro. Four volumes have been published, running to more than 3,000 pages in total, detailing Johnson’s early life, education, and political career. A fifth volume will deal with the bulk of Johnson’s presidency. The series is published by Alfred A. Knopf.

Book One: The Path to Power (1982)

In the first volume, The Path to Power, Caro retraced Johnson’s early life growing up in the Texas Hill Country and Washington, D.C.. (Caro moved to these areas for months to interview numerous people who knew Johnson and his family.) This volume covers Johnson’s life through his failed 1941 campaign for the United States Senate. This book was released on November 12, 1982. It won the 1982 National Book Critics Circle Award. It was a finalist for the 1983 National Book Award, hardcover autobiography or biography.[1]

Book Two: Means of Ascent (1990)

In the second volume, Means of Ascent, Caro detailed Johnson’s life from the aftermath of Johnson’s first bid to his election to the U.S. Senate in 1948. Much of the book deals with Johnson’s bitterly contested Democratic primary against Coke R. Stevenson in that year. The book was released on March 7, 1990.

Book Three: Master of the Senate (2002)

In the third volume, Master of the Senate, Caro chronicles Johnson’s rapid ascent in United States Congress, including his tenure as Senate majority leader. This 1,167-page work examines in particular Johnson’s battle to pass a landmark civil rights bill through Congress without it tearing apart his party, whose southern bloc was anti-civil rights with the northern faction more supportive of civil rights. Although its scope was limited, the ensuing Civil Rights Act of 1957 was the first such legislation since the Reconstruction era. The book was released on April 23, 2002. It won the 2003 Pulitzer Prize for Biography or Autobiography, the 2002 National Book Award for Nonfiction,[2] the 2002 Los Angeles Times Book Prize for Biography, and the 2002 D.B. Hardeman Prize.[3]

Book Four: The Passage of Power (2012)

In the fourth volume, The Passage of Power, Caro covers Johnson’s life from 1958 to 1964, the challenges Johnson faced upon his assumption of the presidency, and the significant accomplishments in the months after Kennedy’s assassination.[4] The 736-page book was released on May 1, 2012. It won the National Book Critics Circle Award (2012; Biography),[5] the Los Angeles Times Book Prize (2012; Biography),[6] the Mark Lynton History Prize (2013), the American History Book Prize (2013)[7] and the Biographers International Organization‘s Plutarch Award (2013).[8] It was a finalist for the National Book Award for Nonfiction (2012).[9] It was selected as one of Time magazine’s Best Books of the Year (non-fiction #2).

Book five

In November 2011, Caro estimated that the fifth and final volume would require another two to three years to write.[10] In March 2013, he affirmed a commitment to completing the series with a fifth volume.[11] As of April 2014, he was continuing to research the book.[12]

Themes of the series

Throughout the biography, Caro examines the acquisition and use of political power in American democracy, from the perspective both of those who wield it and those who are at its mercy. In an interview with Kurt Vonnegut and Daniel Stern, he once said: “I was never interested in writing biography just to show the life of a great man,” saying he wanted instead “to use biography as a means of illuminating the times and the great forces that shape the times—particularly political power.”[13]

Caro’s books portray Johnson as alternating between scheming opportunist and visionary progressive. Caro argues, for example, that Johnson’s victory in the 1948 runoff for the Democratic nomination for the U.S. Senate was achieved through extensive fraud and ballot stuffing, just as Johnson had lost his 1941 senate race because his opponent stuffed the ballot boxes more than Johnson. Caro also highlights some of Johnson’s campaign contributions, such as those from the Texas construction firm Brown & Root; in 1962 the company was acquired by another Texas firm, Halliburton, which became a major contractor in the Vietnam War. Despite these criticisms, Caro’s portrayal of Johnson also notes his struggles on behalf of progressive causes such as the Voting Rights Act of 1965.

Influence of the series

Politicians in particular have responded most strongly to The Years of Lyndon Johnson:

  • Tom Daschle, a former Senate majority leader, once told the newspaper Roll Call after reading Master of the Senate that “I think the thing you learn from reading that magnificent book is that every day, this body makes history.”
  • Walter Mondale, a former US vice president, described Master of the Senate as a “superb work of history.”
  • Gordon Brown, a former British prime minister, said of the series: “It’s a wonderfully written set of books. The stories are quite breathtaking … These books challenge the view of history that politics is just about individual maneuvering. It’s about ideas and principled policy achievements. That’s what makes it one of the great political biographies.”[14]
  • William Hague, a former British Conservative Party leader and foreign secretary, nominated Means of Ascent as the book he would most like to have with him on a desert island, in the BBC Radio 4 program Desert Island Discs. He later wrote: “I explained that it was the best political biography of any kind, that I had ever read. I said it conveyed more brilliantly than any other publication what it really feels like to be a politician … When a fourth volume finally completes the set, this will be nothing short of a magnificent history of 20th century America.”[14]
  • Michael Howard, another former Conservative Party leader, encountered the series after swapping houses with Caro for a holiday. He said, “For Caro, writing a biography is writing a thriller—in Johnson’s case, a Western. You can’t stop turning the pages. He doesn’t like Johnson, but the facts are there so you can make your own judgments. I can’t recommend this book highly enough.”[14]

See also

Bibliography

  • Caro, Robert A., The Years of Lyndon Johnson: The Path to Power. 1982. Alfred a Knopf Inc., New York. (ISBN 0-679-72945-3). xxiii + 882 p. + 48 p. of plates: illus.
  • Caro, Robert A., The Years of Lyndon Johnson: Means of Ascent. 1990. Alfred a Knopf Inc., New York. (ISBN 0-679-73371-X). xxxiv + 506 pp.
  • Caro, Robert A., Master of the Senate: The Years of Lyndon Johnson. 2002. Alfred a Knopf Inc, New York. (ISBN 0-394-72095-4). xxiv + 1167 pp.
  • Caro, Robert A., The Passage of Power: The Years of Lyndon Johnson. 2012. Alfred a Knopf Inc, New York. (ISBN 0-375-71325-5). 736 pp.

References

  1. Jump up^ “National Book Awards – 1983”. National Book Foundation. Retrieved 2012-02-20.
  2. Jump up^ “National Book Awards – 2002”. National Book Foundation. Retrieved 2012-02-20. (With acceptance speech.)
  3. Jump up^ “Recipients of the D. B. Hardeman Prize”. LBJ Foundation. Retrieved 18 October 2014.
  4. Jump up^ Kakutani, Michiko (April 29, 2012). “A Nation’s Best and Worst, Forged in a Crucible”. New York Times.
  5. Jump up^ John Williams (March 1, 2013). “Robert A. Caro, Ben Fountain Among National Book Critics Circle Winners”. New York Times. Retrieved March 1, 2013.
  6. Jump up^ Staff writer (April 19, 2013). “Announcing the 2012 Los Angeles Times Book Prize winners”. LA Times. Retrieved April 21, 2013.
  7. Jump up^ Jennifer Schuessler (February 20, 2013). “Another Prize for Robert Caro”. New York Times. Retrieved December 3, 2013.
  8. Jump up^ “Biographers International Organization, The Plutarch Award”.
  9. Jump up^ “National Book Award Finalists Announced Today”. Library Journal. October 10, 2012. Retrieved 2012-11-15.
  10. Jump up^ Associated Press (November 1, 2011). “APNewsBreak: Caro’s fourth LBJ book coming in May”. CNSNews.com. Retrieved May 29, 2014.
  11. Jump up^ Erik Spanberg (March 8, 2013). “Catching up with award-winning LBJ biographer Robert Caro”. The Christian Science Monitor. Retrieved May 29, 2014.
  12. Jump up^ Patrick Beach (April 5, 2014). “Caro, LBJ biographer, is hard at work on book No. 5”. Austin American-Statesman. Retrieved May 29, 2014.
  13. Jump up^ Barbara Stone, ed. (1999). “The Round Table: Fiction, Biography And The Use Of Power”. Hampton Shorts. Water Mill, N.Y.: Hamptons Literary Publications. IV. ISBN 0-9658652-2-3.
  14. ^ Jump up to:a b c “Reviews”. http://www.robertcaro.com. Robert A. Caro. Retrieved 6 November 2015.

External links

https://en.wikipedia.org/wiki/The_Years_of_Lyndon_Johnson#Book_Four:_The_Passage_of_Power_.282012.29

Robert Caro

From Wikipedia, the free encyclopedia
Robert Caro
Robert Caro at the 2012 Texas Book Festival.
Born Robert Allan Caro
October 30, 1935 (age 81)
New York City, New York, United States
Residence Upper West Side
Education
Occupation Biographer
Notable work The Power Broker
The Years of Lyndon Johnson
Religion Judaism
Spouse(s) Ina Joan Sloshberg Caro (m. 1957)[3]
Children Chase A. Caro
Parent(s) Benjamin and Cele (Mendelow) Caro
Writing career
Genre Non-fiction
Notes
MAYBE LATER

 Dear readers in the U.S., time is running out in 2016 to help Wikipedia. To protect our independence, we’ll never run ads. We’re sustained by donations averaging about $15. Only a tiny portion of our readers give. If everyone reading this right now gave $3, we could keep Wikipedia thriving for years to come. That’s right, the price of a cup of coffee is all we need. If Wikipedia is useful to you, please take one minute to keep it online and growing. Thank you.

Robert Allan Caro (born October 30, 1935) is an American journalist and author known for his celebrated biographies of United States political figures Robert Moses and Lyndon B. Johnson.

After working for many years as a reporter, Caro wrote The Power Broker (1974), a biography of New York urban planner Robert Moses, which was chosen by the Modern Library as one of the hundred greatest nonfiction books of the twentieth century.[5] He has since written four of a planned five volumes of The Years of Lyndon Johnson (1982, 1990, 2002, 2012), a biography of the former president.

For his biographies, he has won two Pulitzer Prizes in Biography, the National Book Award, the Francis Parkman Prize (awarded by the Society of American Historians to the book that “best exemplifies the union of the historian and the artist”), two National Book Critics Circle Awards, the H.L. Mencken Award, the Carr P. Collins Award from the Texas Institute of Letters, the D.B. Hardeman Prize, and a Gold Medal in Biography from the American Academy of Arts and Letters.

Life and career[edit]

Caro was born in New York City, the son of Cele (née Mendelow) and Benjamin Caro.[3] He “grew up on Central Park West at 94th Street. His father, a businessman, spoke Yiddish as well as English, but he didn’t speak either very often. He was ‘very silent,’ Caro said, and became more so after Caro’s mother died, after a long illness, when he [Caro] was 12.” It was his mother’s deathbed wish that he should go to the Horace Mann School, an exclusive private school in the Riverdale section of The Bronx. As a student there, Caro translated an edition of his school newspaper into Russian and mailed 10,000 copies to students in the USSR. He graduated in 1953.[6] He went on to Princeton University, where he majored in English. He became managing editor of The Daily Princetonian, second to R.W. Apple, Jr., later a prominent editor at The New York Times.[7]

His writings, both in class and out, had been lengthy since his years at Horace Mann. A short story he wrote for The Princeton Tiger, the school’s humor magazine, took up almost an entire issue. His senior thesis on existentialism in Hemingway was so long, Caro claims, that the university’s English department subsequently established a maximum length for senior theses by its students. He graduated cum laude in 1957.[1][7]

According to a 2012 New York Times Magazine profile, “Caro said he now thinks that Princeton, which he chose because of its parties, was one of his mistakes, and that he should have gone to Harvard. Princeton in the mid-1950s was hardly known for being hospitable towards the Jewish community, and though Caro says he did not personally suffer from anti-Semitism, he saw plenty of students who did.” He had a sports column in the Princetonian and also wrote for the Princeton Tiger humor magazine.[7] He was a Carnegie Fellow at Columbia University and a Nieman Fellow at Harvard University.

Caro began his professional career as a reporter with the New Brunswick Daily Home News (now merged into the Home News Tribune) in New Jersey. He took a brief leave to work for the Middlesex County Democratic Party as a publicist. He left politics after an incident where he was accompanying the party chair to polling places on election day. A police officer reported to the party chair that some African-Americans Caro saw being loaded into a police van, under arrest, were poll watchers who “had been giving them some trouble.” Caro left politics right there. “I still think about it,” he recalled in the 2012 Times Magazine profile. “It wasn’t the roughness of the police that made such an impression. It was the—meekness isn’t the right word—the acceptance of those people of what was happening.”[7]

From there he went on to six years as an investigative reporter with the Long Island newspaper Newsday. One of the articles he wrote was a long series about why a proposed bridge across Long Island Sound from Rye to Oyster Bay, championed by Robert Moses, would have been inadvisable, requiring piers so large it would disrupt tidal flows in the sound, among other problems. Caro believed that his work had influenced even the state’s powerful governor Nelson Rockefeller to reconsider the idea, until he saw the state’s Assembly vote overwhelmingly to pass a preliminary measure for the bridge.[7]

“That was one of the transformational moments of my life,” Caro said years later. It led him to think about Moses for the first time. “I got in the car and drove home to Long Island, and I kept thinking to myself: ‘Everything you’ve been doing is baloney. You’ve been writing under the belief that power in a democracy comes from the ballot box. But here’s a guy who has never been elected to anything, who has enough power to turn the entire state around, and you don’t have the slightest idea how he got it.'”[7]

Work[edit]

The Power Broker[edit]

Main article: The Power Broker

Caro spent the academic year of 1965–1966 as a Nieman Fellow at Harvard University. During a class on urban planning and land use, the experience of watching Moses returned to him.

They were talking one day about highways and where they got built…and here were these mathematical formulas about traffic density and population density and so on, and all of a sudden I said to myself: “This is completely wrong. This isn’t why highways get built. Highways get built because Robert Moses wants them built there. If you don’t find out and explain to people where Robert Moses gets his power, then everything else you do is going to be dishonest.”[7]

To do so, Caro began work on a biography of Moses, The Power Broker: Robert Moses and the Fall of New York, also a study of Caro’s favorite theme: the acquisition and use of power. He expected it would take nine months to complete, but instead it took him until 1974.[7] The work was based on extensive research and 522 interviews, including seven interviews with Moses himself, several with Michael Madigan (who worked for Moses for 35 years); and numerous interviews with Sidney Shapiro (Moses’s general manager for forty years); as well as interviews with men who worked for and knew Moses’s mentor, New York Governor Al Smith.

His wife Ina functioned as his research assistant. Her master’s thesis on the Verrazano-Narrows Bridge stemmed from this work. At one point she sold the family home and took a teaching job so Robert would be financially able to finish the book.[7]

The Power Broker is widely viewed [1] as a seminal work because it combined painstaking historical research with a smoothly flowing narrative writing style. The success of this approach was evident in his chapter on the construction of the Cross-Bronx Expressway, where Caro reported the controversy from all perspectives, including that of neighborhood residents. The result was a work of powerful literary as well as academic interest.

The Years of Lyndon Johnson[edit]

Following The Power Broker, Caro turned his attention to President Lyndon B. Johnson. Caro retraced Johnson’s life by temporarily moving to rural Texas and Washington, D.C., in order to better understand Johnson’s upbringing and to interview anyone who had known Johnson. The work, entitled The Years of Lyndon Johnson, was originally intended as a trilogy, but is projected to encompass five volumes:

  1. The Path to Power (1982) covers Johnson’s life up to his failed 1941 campaign for the United States Senate.
  2. Means of Ascent (1990) commences in the aftermath of that defeat and continues through his election to that office in 1948.
  3. Master of the Senate (2002) chronicles Johnson’s rapid ascent and rule as Senate Majority Leader.
  4. The Passage of Power (2012) details the 1960 election, LBJ’s life as vice president, the JFK assassination and his first days as president.
  5. In November 2011, Caro announced that the full project had expanded to five volumes with the fifth requiring another two to three years to write.[8][9][10] It will cover Johnson and Vietnam, the Great Society and civil rights era, his decision not to run in 1968, and eventual retirement.

Caro’s books portray Johnson as a complex and contradictory character: at the same time a scheming opportunist and visionary progressive. Caro argues, for example, that Johnson’s victory in the 1948 runoff for the Democratic nomination for the U.S. Senate was only achieved through extensive fraud and ballot box stuffing, though this is set in the practices of the time and in the context of Johnson’s previous defeat in his 1941 race for the Senate, the victim of exactly similar chicanery. Caro also highlighted some of Johnson’s campaign contributions, such as those from the Texas construction firm Brown and Root; in 1962 the company was acquired by another Texas firm, Halliburton, which became a major contractor in the Vietnam War. In addition, Caro argued that Johnson was awarded the Silver Star in World War II for political as well as military reasons, and that he later lied to journalists and the public about the circumstances for which it was awarded. Caro’s portrayal of Johnson also notes his struggles on behalf of progressive causes such as the Voting Rights Act, and his consummate skill in getting this enacted in spite of intense opposition from Southern Democrats.

Among sources close to the late president, Johnson’s widow Lady Bird Johnson “spoke to [Caro] several times and then abruptly stopped without giving a reason, and Bill Moyers, Johnson’s press secretary, has never consented to be interviewed, but most of Johnson’s closest friends, including John Connally and George Christian, Johnson’s last press secretary, who spoke to Caro practically on his deathbed, have gone on the record”.[7]

Publisher-editor[edit]

Caro’s books have been published by Alfred A. Knopf, first under editor in chief Robert Gottlieb and then by Sonny Mehta, “who took over the Johnson project – enthusiastically – after Gottlieb’s departure in 1987.” Gottlieb, five years Caro’s senior, suggested the Johnson project to Caro in 1974 in preference to the planned follow-up to the Moses volume, a biography of Fiorello LaGuardia that was then abandoned. The ex-President had recently died and Caro had already decided, before meeting with Gottlieb on the subject, to undertake the Texan’s biography; he “wanted to write about power”.[11] Gottlieb has continued as editor of Caro’s books since leaving Knopf and excerpted Volume 2 of the Johnson biography at The New Yorker when he was editor in chief there.[7]

Awards[edit]

For his biographies of Robert Moses and Lyndon Johnson, Robert A. Caro has twice won the Pulitzer Prize for Biography, twice won the National Book Critics Circle Award for the Best Nonfiction Book of the Year, and has won virtually every other major literary honor, including the National Book Award, the Gold Medal in Biography from the American Academy of Art and Letters, and the Francis Parkman Prize.

In October 2007, Caro was named a “Holtzbrinck Distinguished Visitor” at the American Academy in Berlin, Germany but then was unable to attend.

In 2010, he received the National Humanities Medal from President Obama, the highest award in the humanities given in the United States. Delivering remarks at the end of the ceremony, the President said, “I think about Robert Caro and reading The Power Broker back when I was 22 years old and just being mesmerized, and I’m sure it helped to shape how I think about politics.”[12] In 2011, Robert Caro was the recipient of the 2011 BIO Award given each year by members of Biographers International “to a colleague who had made a major contribution in the advancement of the art and craft of real life depiction.”[13]

Family[edit]

Caro has described his wife, Ina Caro, as “the whole team” on all five of his books. She sold their house and took a job teaching school to fund work on The Power Broker and is the only person other than himself who conducted research for his books.[20]

Ina is the author of The Road from the Past: Traveling through History in France (1996),[21] a book which Arthur Schlesinger Jr. called, at the presentation of her honorary Doctor of Humane Letters from The City University of New York in 2011, “the essential traveling companion… for all who love France and its history.”[22] Newsweek reviewer Peter Prescott commented, “I’d rather go to France with Ina Caro than with Henry Adams or Henry James. The unique premise of her intelligent and discerning book is so startling that it’s a wonder no one has thought of it before.”[23] Ina frequently writes about their travels through France in her Paris to the Past blog. In June 2011, W. W. Norton published her second book, Paris to the Past: Traveling through French History by Train (2011).[24]

The Caros have a son, Chase, a disbarred lawyer, and three grandchildren. Chase Caro was sentenced to 2.5 to 7.5 years in prison by County Court Judge Susan Cacace after pleading guilty to grand larceny.[25][relevant? ] Caro has a younger sibling, Michael, who is now a retired real estate manager.[7]

Pop culture references[edit]

In film[edit]

In The Stepford Wives (2004), Nicole Kidman‘s character attends a book club meeting with the Stepford wives and attempts to discuss the third volume of Caro’s The Years of Lyndon Johnson, but the group chooses to review a book of Christmas crafts.

In television[edit]

In the last episode of season one of the U.S. TV series House of Cards, a copy of The Passage of Power can be seen lying on the desk of protagonist Frank Underwood (played by Kevin Spacey).

In the television series The Simpsons, the episode “Treehouse of Horror XVI” features the character Lisa seen reading Master of the Senate in the vignette “Bart A.I.” Caro later guest-starred on the episode “Love Is a Many-Splintered Thing“.

Bibliography[edit]

  • Caro, Robert A., The Power Broker: Robert Moses and the Fall of New York. 1974. Alfred A. Knopf Inc., New York. (ISBN 0394480767). ix + 1246 pp. + xxxiv pp.: illus.
  • Caro, Robert A., The Years of Lyndon Johnson: The Path to Power. 1982. Alfred A. Knopf Inc., New York. (ISBN 0394499735). xxiii + 882 p. + 48 p. of plates: illus.
  • Caro, Robert A., The Years of Lyndon Johnson: Means of Ascent. 1990. Alfred A. Knopf Inc., New York. (ISBN 0394528352). xxxiv + 506 pp.
  • Caro, Robert A., The Years of Lyndon Johnson: Master of the Senate. 2002. Alfred A. Knopf Inc, New York. (ISBN 0-394-52836-0). xxiv + 1167 pp.
  • Caro, Robert A., The Years of Lyndon Johnson: The Passage of Power. 2012. Alfred A. Knopf Inc, New York. (ISBN 978-0-679-40507-8). 752 pp.
  • Zinsser, William Knowlton (ed.), Extraordinary Lives: The Art and Craft of American Biography, Houghton Mifflin, ISBN 0-395-48617-3

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

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Lawrence B. Lindsey — The Growth Experiment Revisited: Why Lower, Simpler Taxes Really Are The Best Hope For Recover — Videos

Posted on September 18, 2016. Filed under: Articles, Banking, Books, Business, Communications, Computers, Congress, Constitution, Corruption, Crisis, Economics, Education, Elections, Employment, Federal Government Budget, Fiscal Policy, Freedom, government, History of Economic Thought, Illegal, Immigration, Inflation, Law, Legal, liberty, Life, Links, Literacy, Macroeconomics, Microeconomics, Monetary Policy, Money, Non-Fiction, People, Philosophy, Photos, Raves, Tax Policy, Trade Policiy, Video, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , |

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Malzberg | Lawrence B. Lindsey discusses his book

Lindsey: Low interest rates buy time, but don’t force structural reform

Zero Hedge: Larry Lindsey “the hangover is going to be pretty bad”

Larry Lindsey – Global Economic Collapse 2016 2017

Lawrence Lindsey Reveals US Economy’s Real Prospects

A Keynote Conversation with Dr. Lawrence Lindsey

Doomsday Machine of the U.S. Economy – Seib & Wessel

People Who Control America ? Mind Blowing Documentary HQ

Overdose: The Next Financial Crisis

Lawrence B. Lindsey

From Wikipedia, the free encyclopedia
Lawrence B. Lindsey
Director of the National Economic Council
In office
January 20, 2001 – December 12, 2002
President George W. Bush
Preceded by Gene Sperling
Succeeded by Steve Friedman
Personal details
Born July 18, 1954 (age 62)
Peekskill, New York, U.S.
Political party Republican
Spouse(s) Susan Lindsey
Children 3
Alma mater Bowdoin College
Harvard University

Lawrence B. Lindsey was director of the National Economic Council (2001–2002), and the assistant to the president on economic policy for the U.S. President George W. Bush. He played a leading role in formulating President Bush’s $1.35 trillion tax cut plan, convincing candidate Bush that he needed an “insurance policy” against an economic turndown. He left the White House in December 2002 and was replaced by Stephen Friedman after a dispute over the projected cost of the Iraq War. Lindsey estimated the cost of the Iraq War could reach $200 billion, while Defense Secretary Donald Rumsfeld estimated that it would cost less than $50 billion.[1]

Biography and achievements

Lindsey was born on July 18, 1954 in Peekskill, New York. He graduated from Lakeland Senior High School in Shrub Oak, New York in 1972. An alumnus of Alpha Rho Upsilon fraternity at Bowdoin College, he received his A.B. magna cum laude and Phi Beta Kappa from Bowdoin and his A.M. and Ph.D. in economics from Harvard University.

He is the author of The Growth Experiment: How the New Tax Policy is Transforming the U.S. Economy (Basic Books, New York, 1990, ISBN 978-0465050703), Economic Puppetmasters: Lessons from the Halls of Power (AEI Press, Washington, D.C., 1999, ISBN 978-0844740812), What A President Should Know …but most learn too late: An Insiders View On How To Succeed In The Oval Office (Rowman & Littlefield Publishers, Inc., Maryland, 2008, ISBN 978-0742562226), and Conspiracies of the Ruling Class: How to Break Their Grip Forever (Simon & Schuster, 2016, ISBN 978-1501144233). Also he has contributed numerous articles to professional publications. His honors and awards include the Distinguished Public Service Award of the Boston Bar Association, 1994; an honorary degree from Bowdoin College, 1993; selection as a Citicorp/Wriston Fellow for Economic Research, 1988; and the Outstanding Doctoral Dissertation Award from the National Tax Association, 1985.

During the Reagan Administration, he served three years on the staff of the Council of Economic Advisers as Senior Staff Economist for Tax Policy. He then served as Special Assistant to the President for Policy Development during the first Bush administration

Lindsey served as a Member of the Board of Governors of the Federal Reserve System for five years from November 1991 to February 1997. Additionally, Lindsey was Chairman of the Board of the Neighborhood Reinvestment Corporation, a national public/private community redevelopment organization, from 1993 until his departure from the Federal Reserve.

From 1997 to January 2001, Lindsey was a Resident Scholar and holder of the Arthur F. Burns Chair in Economics at the American Enterprise Institute in Washington, D.C. He was also Managing Director of Economic Strategies, an economic advisory service based in New York City. During 1999 and throughout 2000 he served as then-Governor George W. Bush’s chief economic advisor for his presidential campaign. He is a former associate professor of Economics at Harvard University.

Lindsey is Chief Executive Officer of the Lindsey Group, which he runs with a former colleague from the National Economic Council and writes for The Wall Street Journal, Weekly Standard and other publications. He is a visiting scholar at the American Enterprise Institute.

Controversies

Lindsey is famous for spotting the emergence of the late 1990s U.S. stock market bubble back in 1996 while a Governor of the Federal Reserve. According to the meeting transcripts for September of that year, Lindsey challenged the expectation that corporate earnings would grow 11½ percent a year continually. He said, “Readers of this transcript five years from now can check this fearless prediction: profits will fall short of this expectation.” According to the Bureau of Economic Analysis, corporate profits as a share of national income eroded from 1997 until 2001. Stock prices eventually collapsed, starting their decline in March 2000, though the S&P500 remained above its 1996 level, casting doubt on the assertion that there was a stock market bubble in 1996.

In contrast to Chairman Greenspan, Lindsey argued that the Federal Reserve had an obligation to prevent the stock market bubble from growing out of control. He argued that “the long term costs of a bubble to the economy and society are potentially great…. As in the United States in the late 1920s and Japan in the late 1980s, the case for a central bank ultimately to burst that bubble becomes overwhelming. I think it is far better that we do so while the bubble still resembles surface froth and before the bubble carries the economy to stratospheric heights.” During the 2000 Presidential campaign, Governor Bush was criticized for picking an economic advisor who had sold all of his stock in 1998.[citation needed]

According to the Washington Post,[2] Lindsey was on an advisory board to Enron along with Paul Krugman before joining the White House. Lindsey and his colleagues warned Enron that the economic environment was riskier than they perceived.

Cost of the Iraq War

On September 15, 2002, in an interview with the Wall Street Journal, Lindsey estimated the high limit on the cost of the Bush administration’s plan in 2002 of invasion and regime change in Iraq to be 1–2% of GNP, or about $100–$200 billion.[3][4] Mitch Daniels, Director of the Office of Management and Budget, discounted this estimate as “very, very high” and Defense Secretary Donald Rumsfeld stated that the costs would be under $50 billion.[1] Rumsfeld called Lindsey’s estimate “baloney”.[5]

As of 2007 the cost of the invasion and occupation of Iraq exceeded $400 billion, and the Congressional Budget Office in August 2007 estimated that appropriations would eventually reach $1 trillion or more.[6]

In October 2007, the Congressional Budget Office estimated that by 2017, the total costs of the wars in Iraq and Afghanistan could reach $2.4 trillion. In response, Democratic Representative Allen Boyd criticized the administration for firing Lindsey, saying “They found him a job outside the administration.”[7]

References

  1. ^ Jump up to:a b Wolk, Martin (2006-05-17). “Cost of Iraq war could surpass $1 trillion”. MSNBC. Retrieved 2008-03-10. Back in 2002, the White House was quick to distance itself from Lindsey’s view. Mitch Daniels, director of the White House budget office, quickly called the estimate “very, very high.” Lindsey himself was dismissed in a shake-up of the White House economic team later that year, and in January 2003, Defense Secretary Donald Rumsfeld said the budget office had come up with “a number that’s something under $50 billion.” He and other officials expressed optimism that Iraq itself would help shoulder the cost once the world market was reopened to its rich supply of oil.
  2. Jump up^ Once a Friend and Ally, Now a Distant Memory. Washington Post
  3. Jump up^ Davis, Bob (September 16, 2002). “Bush Economic Aide Says the Cost Of Iraq War May Top $100 Billion”. The Wall Street Journal. Reprinted in Congressional Record, vol. 148, issue 117, 107th Congress, pp. S8643-S8644.[dead link]
  4. Jump up^ Engel, Matthew (September 17, 2002). “Cost of war put at $200bn, but that’s nothing, says US adviser”. The Guardian. Retrieved July 23, 2011.
  5. Jump up^ Bryne, John (2008-03-18). “Price of Iraq war now outpaces Vietnam”. The Raw Story. Archived from the original on 2008-03-21. Retrieved 2008-03-18.
  6. Jump up^ Bender, Bryan (2007-08-01). “Analysis says war could cost $1 trillion”. The Boston Globe. Retrieved 2008-03-10.
  7. Jump up^ “Congress told of war costs up to $2.4 trillion by 2017”. The Register-Guard. October 25, 2007. Retrieved 2007-10-25.[dead link]

External links

Political offices
Preceded by
Gene Sperling
Director of the National Economic Council
2001–2002
Succeeded by
Steve Friedman
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Part 2 of 3: An American Renaissance, The Road To Peace and Prosperity: Faith, Family, Friends, and Freedom ~ First — Videos

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

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 474 May 29, 2015

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Pronk Pops Show 470 May 22, 2015

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Pronk Pops Show 468 May 20, 2015

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Pronk Pops Show 458 May 1, 2015

Pronk Pops Show 457 April 30, 2015

Pronk Pops Show 456: April 29, 2015

Pronk Pops Show 455: April 28, 2015

Pronk Pops Show 454: April 27, 2015

Pronk Pops Show 453: April 24, 2015

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Pronk Pops Show 448: April 17, 2015

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Pronk Pops Show 445: April 14, 2015

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Pronk Pops Show 443: April 9, 2015

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Pronk Pops Show 441: April 6, 2015

Pronk Pops Show 440: April 2, 2015

Pronk Pops Show 439: April 1, 2015

Pronk Pops Show 438: March 31, 2015

Pronk Pops Show 437: March 30, 2015

Pronk Pops Show 436: March 27, 2015

Pronk Pops Show 435: March 26, 2015

Pronk Pops Show 434: March 25, 2015

Pronk Pops Show 433: March 24, 2015

Pronk Pops Show 432: March 23, 2015

Pronk Pops Show 431: March 20, 2015

Pronk Pops Show 430: March 19, 2015

Pronk Pops Show 429: March 18, 2015

Pronk Pops Show 428: March 17, 2015

Pronk Pops Show 427: March 16, 2015

Pronk Pops Show 426: March 6, 2015

Pronk Pops Show 425: March 4, 2015

Pronk Pops Show 424: March 2, 2015

Pronk Pops Show 423: February 26, 2015

Pronk Pops Show 422: February 25, 2015

Pronk Pops Show 421: February 20, 2015

Pronk Pops Show 420: February 19, 2015

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Pronk Pops Show 418: February 16, 2015

Pronk Pops Show 417: February 13, 2015

Pronk Pops Show 416: February 12, 2015

Pronk Pops Show 415: February 11, 2015

Pronk Pops Show 414: February 10, 2015

Pronk Pops Show 413: February 9, 2015

Pronk Pops Show 412: February 6, 2015

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Pronk Pops Show 409: February 3, 2015

Pronk Pops Show 408: February 2, 2015

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

Part 2

US Debt Clock.org

http://www.usdebtclock.org/

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

US Debt Crisis – Perfectly Explained

The Collapse of The American Dream Explained in Animation

George Carlin on the American Dream

chart

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

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

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

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

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

federal-government-spending-problem-680

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

Sen Rand Paul on Baseline Budgeting

Ending Baseline Budgeting | House GOP Twitter Response

2014 U.S. Federal Budget: Taxes & Revenue

2014 U.S. Federal Budget: Budget Process

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

2014 U.S. Federal Budget: Debt and Deficit

US Congress has raised the debt ceiling 78 times since 1960

Baseline Budgeting

Rep. Louie Gohmert Applauds The Baseline Reform Act

Baseline Budgeting Explained

Underwhelming Spending Cuts from Congress and Obama

Understanding the National Debt and Budget Deficit

Part 1

fairtax

fair_tax_factst

FairTax: Fire Up Our Economic Engine (Official HD)

The FairTax: It’s Time

Flat Tax vs. National Sales Tax

Dan Mitchell Discussing Federal Tax Burden on CNBC

Eight Reasons Why Big Government Hurts Economic Growth

Dan Mitchell Explaining How Government Screws Up Everything

What is the FairTax legislation?

Cato Institute Senior Fellow Daniel J. Mitchell

How does the FairTax rate compare to today’s?

What assumptions does the FairTax make about government spending?

How does the FairTax rate compare to today’s?

Is the FairTax truly progressive?

How does the “prebate” work?

Will the prebate create a massive new entitlement system?

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

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

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

How does the FairTax impact the middle class?

Why is the FairTax better than a flat income tax?

Is the FairTax rate really 23%?

Is consumption a reliable source of revenue?

How does the FairTax affect compliance costs?

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

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

How does the FairTax affect tax preparers and CPAs?

Are any significant economies funded by a sales tax?

How will the FairTax affect state sales tax systems?

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

How will Social Security payments be calculated under the FairTax?

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

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

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

How will the FairTax® help me save money?

Why Should Grandparents support FairTax®?

Congressman Woodall Discusses the FairTax

“The Case for the Fair Tax”

Freedom from the IRS! – FairTax Explained in Detail

John Stossel speaks to the Fair Tax Rally

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

Mind blowing speech by Robert Welch in 1958

Robert Welch Speaks: In One Generation (1974)

comparison

GOP Taxonomy: The Flat Taxers and the Fair Taxers

by Aman Batheja

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

National Review: The FairTax Makes a Comeback

by: Ryan Lovelace

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

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Part 3 of 3: American People Leaving Both Democratic and Republican Parties In Search of A Party With Principles and Leaders With Integrity and Defenders of The United States Constitution — A New Direction For America — Videos

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Story 1: Part  3 of 3: American People Leaving Both Democratic and Republican Parties In Search of A Party With Principles and Leaders With Integrity and Defenders of The United States Constitution — A New Direction For America — Videos

Ageing population in U.S. skyrockets as baby boomers retire

Demographic Winter – the decline of the human family

Demographic Winter: Decline of the Human Family

One of the most ominous events of modern history is quietly unfolding.  Social scientists and economists agree – we are headed toward a demographic winter which threatens to have catastrophic social and economic consequences.  The effects will be severe and long lasting and are already becoming manifest in much of Europe.

A groundbreaking film, Demographic Winter: Decline of the Human Family, reveals in chilling soberness how societies with diminished family influence are now grimly seen as being in social and economic jeopardy.

Demographic Winter draws upon experts from all around the world – demographers, economists, sociologists, psychologists, civic and religious leaders, parliamentarians and diplomats.  Together, they reveal the dangers facing society and the worlds economies, dangers far more imminent than global warming and at least as severe.  These experts will discuss how:

The population bomb not only did not have the predicted consequences, but almost all of the developed countries of the world are now experiencing fertility rates far below replacement levels.  Birthrates have fallen so low that even immigration cannot replace declining populations, and this migration is sapping strength from developing countries, the fertility rates for many of which are now falling at a faster pace than did those of the developed countries.

The economies of the world will continue to contract as the human capital spoken of by Nobel Prize winning economist Gary Becker, diminishes.   The engines of commerce will be strained as the workers of today fail to replace themselves and are burdened by the responsibility to support an aging population.

View the entire documentary below

The New Economic Reality Demographic Winter Part 1

The New Economic Reality Demographic Winter Part 2

Ageing population in U.S. skyrockets as baby boomers retire

New Study: Many Americans Will Not Be Able to Retire Until Their 80s

Laziness, Greed, Entitlement – Baby Boomers Defined

The End of the World as We Know It, with Mark Steyn

Gallup: Partisan split at historic level

Gallup Poll: Americans Overwhelmingly Want GOP Congress to Set Country’s Agenda, Not Obama

Most Political Independents Ever In USA

How Are Conservative And Liberal Brains Different?

Poll Record High 42 Percent Americans Identify As Independents

Against the USA, Naked Communist Conspiracy Is Unfolding, NWO

1.U.S. acceptance of coexistence as the only alternative to atomic war.
2.U.S. willingness to capitulate in preference to engaging in atomic war.
3.Develop the illusion that total disarmament by the United States would be a demonstration of moral strength.
4.Permit free trade between all nations regardless of Communist affiliation
5.Extension of long-term loans to Russia & satellites.
6.Provide American aid to all nations regardless
7.Grant recognition of Red China. Admission of Red China to the U.N.
8.Set up East and West Germany as separate states under supervision of the U.N.
9.Prolong the conferences to ban atomic tests because the U.S. has agreed to suspend tests as long as negotiations are in progress.
10.Allow all Soviet satellites individual representation in the U.N.
11.Promote the U.N. as the only hope for mankind. Demand that it be set up as a one-world government with its own independent armed forces.
12.Resist any attempt to outlaw the Communist Party.
13.Do away with all loyalty oaths.
14.Continue giving Russia access to the U.S. Patent Office.
15.Capture one or both of the political parties.
16.Use technical decisions of the courts to weaken by claiming their activities violate civil rights.
17.Get control of the schools. Promote Communist propaganda. Soften the curriculum. Get control of teachers’ associations.
18.Gain control of all student newspapers.
19.Use student riots to foment public protests against programs or organizations which are under Communist attack.
20.Infiltrate the press. Get control of book-review assignments, editorial writing, policymaking positions.
21.Gain control of key positions in radio, TV, and motion pictures.
22.Continue discrediting American culture by degrading all forms of artistic expression. “eliminate all good sculpture from parks and buildings, substitute shapeless, awkward and meaningless forms.”
23.Control art critics and directors of art museums.
24.Eliminate all laws governing obscenity by calling them “censorship” and a violation of free speech.
25.Break down cultural standards of morality by promoting pornography and obscenity 26.Present homosexuality, degeneracy and promiscuity as “normal, natural, healthy.”
27.Infiltrate the churches and replace revealed religion with “social” religion. Discredit the Bible as a “religious crutch.”
28.Eliminate prayer or religious expression in the schools
29.Discredit the American Constitution by calling it inadequate, old-fashioned, a hindrance to cooperation between nations on a worldwide basis.
30.Discredit the American Founding Fathers.
31.Belittle all forms of American culture and discourage the teaching of American history
32.Support any socialist movement to give centralized control over any part of the culture; education, social agencies, welfare programs, mental health clinics, etc.
33.Eliminate all laws or procedures which interfere with the operation of communism
34.Eliminate the House Committee on Un-American Activities.
35.Discredit and eventually dismantle the FBI.
36.Infiltrate and gain control of more unions.
37.Infiltrate and gain control of big business.
38.Transfer some of the powers of arrest from the police to social agencies. Treat all behavioral problems as psychiatric disorders which no one but psychiatrists can understand or treat.
39.Dominate the psychiatric profession and use mental health laws as a means of gaining coercive control over those who oppose Communist goals.
40.Discredit the family. Encourage promiscuity, masturbation, easy divorce.
41.Emphasize the need to raise children away from the negative influence of parents. Attribute prejudices, mental blocks and retarding to suppressive influence of parents.
42.Create the impression that violence and insurrection are legitimate aspects of the American tradition; that students and special-interest groups should rise up and use “united force” to solve economic, political or social problems.
43.Overthrow all colonial governments before natives are ready for self-government.
44.Internationalize the Panama Canal.
45.Repeal the Connally reservation so the United States cannot prevent the World Court from seizing jurisdiction over domestic problems and individuals alike.

Mind Control, Psychology of Brainwashing, Sex & Hypnosis

Fit vs. UnFit, Eugenics, Planned Parenthood & Psychology, Mind Control Report

Yuri Bezmenov: Psychological Warfare Subversion & Control of Western Society

The Subversion Factor, Part 1: Moles In High Places

The Subversion Factor, Part 2: The Open Gates of Troy

G. Edward Griffin – The Collectivist Conspiracy

youtube=https://www.youtube.com/watch?v=jAdu0N1-tvU]

The Quigley Formula – G. Edward Griffin lecture

Robert Welch in 1974 reveals NWO

Robert Welch Speaks: A Touch of Sanity (1965)

Robert Welch Speaks: In One Generation (1974)

CORPORATE FASCISM: The Destruction of America’s Middle Class

CULTURAL MARXISM: The Corruption of America

Countdown to Financial Collapse – A Conversation with G. Edward Griffin

WRCFresnoTV — G. Edward Griffin — The Federal Reserve, Taxes, The I.R.S. & Solutions

Rammstein “We’re all living in America” (HD) English Subtitle

Five Finger Death Punch – Wrong Side Of Heaven

Just How Many Baby Boomers Are There?

(April 2014) Data from the U.S. Census Bureau show that there are 76.4 million baby boomers.

There were actually a total of 76 million births in the United States from 1946 to 1964, the 19 years usually called the “baby boom.” Of the 76 million baby boomers born, nearly 11 million had died by 2012, leaving some 65.2 million survivors. However, when immigrants are included (the number of people coming into the United States from other countries, minus those moving the other way), the number grows to an estimated 76.4 million because immigrants outweighed the number of baby-boomer deaths. The flow of immigrants greatly increased after passage of the Immigration Act of 1965, just as the baby boom was ending.

So one can use the figure 76.4 million (or round it down to 76 million) to approximate the number of baby boomers living in the U.S. today. But keep in mind that of the 76 million babies were born in the United States during the baby-boom years (1946 to 1964), only 65.2 million of those babies were still alive in 2012, and the baby-boom age group (ages 50 to 68 in 2014) stood at 76.4 million in 2012 with immigrants included in the count.

These 76.4 million baby boomers represent close to one-quarter of the estimated 2012 U.S. population of 314 million. The choices they make about whether to retire or continue to work will have profound implications for job openings and Social Security spending. According to American Community Survey data, about 68 percent of baby boomers were still in the labor force (including Armed Forces) in 2012.

The Census Bureau currently projects that the baby-boom population will total 61.3 million in 2029, when the youngest boomers reach age 65. By 2031, when the youngest baby boomers reach age 67 (the age at which persons born in 1964 can receive full Social Security benefits), the baby-boom population is projected to be even lower, at 58.2 million.

The aging of the baby boomers is creating a dramatic shift in the age composition of the U.S. population. Projections of the entire older population (which includes the pre-baby-boom cohorts born before 1946) suggest that 71.4 million people will be age 65 or older in 2029. This means that the elderly ages 65 and older will make up about 20 percent of the U.S. population by 2029, up from almost 14 percent in 2012.

http://www.prb.org/Publications/Articles/2002/JustHowManyBabyBoomersAreThere.aspx

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

Series Id:           LNS15000000
Seasonally Adjusted
Series title:        (Seas) Not in Labor Force
Labor force status:  Not in labor force
Type of data:        Number in thousands
Age:                 16 years and over

World-Fertility-Rate-Map65 and olderbig-population-age-groupKeeping_Track_Age_Distributionslide_25 aging_chart1PG_14.01.29_agingFacts_4_youngOldUS800px-Uspop.svg   shrinking-families

WASHINGTON, D.C. — After reaching a more than two-year high in early 2015, Americans’ satisfaction with the direction of the U.S. continues to fall. Twenty-six percent of Americans say they are satisfied with the way things are going in the nation in May, down slightly from 32% in January and February.

Satisfaction With the Direction of the U.S.

The latest data are from Gallup’s May 6-10 poll.

Satisfaction jumped nine points in January to 32%, a promising sign that Americans’ moods were improving after a year of lower figures throughout 2014, ranging between 20% and 27%. Since February, though, satisfaction has dipped only slightly each month, but these small drops have resulted in a six-point decline since the beginning of the year. Satisfaction remains below the 36% historical average for Gallup’s trend dating back to 1979.

The drop in Americans’ satisfaction with the way things are going parallels the recent decline in economic confidence. Americans had a more positive outlook on the economy at the dawn of 2015, but these views, like satisfaction, have edged down in recent months.

Satisfaction With the Direction of the U.S. vs. Economic Confidence

Views of the nation’s direction have certainly been brighter in the past. Majorities of Americans were typically satisfied with the direction of the U.S. between 1998 and mid-2002 — including a record high of 71% in February 1999. But satisfaction declined steadily in the latter half of President George W. Bush’s presidency as the public grew disillusioned with the war in Iraq and the national economy suffered. This dip in satisfaction culminated in 7% of Americans, a record low, saying they were satisfied with the direction of the nation in October 2008 as the global economy collapsed and the U.S. stock market plummeted.

Satisfaction improved significantly during the first year of President Barack Obama’s term — reaching 36% in August 2009. It has not returned to that level since, ranging between 11% and 33% throughout Obama’s time in office.

Americans Still List Economy, Gov’t and Unemployment as Top Problems

Though the 14% of Americans who name dissatisfaction with government, Congress and politicians as the top problem facing the U.S. has fallen five points since April, it still remains the most commonly mentioned problem — a distinction it has held for six months.

The economy in general (12%) and unemployment (10%) have remained at the top of the list for several years. But mentions of these issues are down significantly from their recent peaks — the economy reached a high of 37% in 2012, and unemployment reached a high of 39% in 2011.

Trends in Top

Race relations and racism (8%), immigration (6%), a decline in moral, religious and family ethics (6%), the state of the healthcare system (5%) and terrorism (5%) were also among the most frequently cited problems facing the nation.

Most Commonly Named Problems in April 2015 vs. May 2015

Bottom Line

After years of dysfunctional government, the economy and unemployment dominating Americans’ mentions of the top problem facing the nation, fewer mention these problems now than in recent years. Still, these three problems remain at the forefront of Americans’ concerns, and may be driving Americans’ high level of dissatisfaction with the nation’s direction.

Although Americans’ confidence in the economy is higher this year than in recent years, it is still negative. And while fewer mention dysfunctional government as the nation’s top problem, Americans still strongly disapprove of Congress’ performance and remain divided on Obama’s.

Meanwhile, mentions of unemployment as a top problem have dipped as more U.S. workers report their workplaces are hiring and the unemployment rate as reported by the BLS declines. But unemployment still remains one of the most frequently cited problems.

Survey Methods

Results for this Gallup poll are based on telephone interviews conducted May 6-10, 2015, with a random sample of 1,024 adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia. For results based on the total sample of national adults, the margin of sampling error is ±4 percentage points at the 95% confidence level. All reported margins of sampling error include computed design effects for weighting.

Each sample of national adults includes a minimum quota of 50% cellphone respondents and 50% landline respondents, with additional minimum quotas by time zone within region. Landline and cellular telephone numbers are selected using random-digit-dial methods.

http://www.gallup.com/poll/183248/americans-satisfaction-direction-wanes.aspx?utm_source=Politics&utm_medium=newsfeed&utm_campaign=tiles

Trend: Party affiliation in U.S. plus leaners

Story Highlights

  • Congressional job approval at 19%, essentially unchanged
  • Approval of GOP Congress similar among Republicans and Democrats

WASHINGTON, D.C. — Congressional job approval, currently at 19%, remains stuck near historical lows, despite a number of recent high-profile legislative achievements.

Congressional Job Approval Ratings: 2001-2015

Over the past month, Congress has confirmed the stalled nomination of Attorney General Loretta Lynch and both chambers passed a bill that was signed into law regarding Medicare. Bills that would authorize limited congressional oversight on any international agreement with Iran and help victims of human trafficking passed the Senate with little or no opposition. The uptick in activity, though hardly historic, is notable compared with the past two Congresses. Those Congresses, marked by divided control of the two chambers, were known for their entrenched partisan gridlock and few legislative accomplishments. And Americans didn’t care for their inability to agree — they gave Congress its lowest approval ever over this time period. Gallup found in June 2013, six months into the previous Congress, that gridlock and ineffectiveness were the most frequently cited reason for Americans’ disapproval of Congress.

Several months into this new Congress, the accomplishments that have been realized could give one the impression that the gridlock is softening, particularly over the past month. But these achievements have had virtually no impact on Congress’s job approval compared with early April (15%).

And, of course, Congress is far from working perfectly now, even if the pace of work appears to have increased. Most dramatically, the Senate failed to overcome a Democratic filibuster Tuesday afternoon that would give the president enhanced authority in negotiating trade bills, though the May survey was conducted before this occurrence. Legislation authorizing the use of military force in Iraq and Syria to fight ISIS, proposed by the administration and which many members of Congress support, remains stalled.

GOP Congress Has Low Approval Among Republicans

A key reason the current 114th Congress appears to be having more legislative success than the two Congresses before it is that the House and Senate are now under one party’s control. Unified GOP control of Capitol Hill should, at least in theory, boost Republicans’ overall approval of Congress. But the expected “Republican rally” for Congress has yet to materialize — 21% of Republicans and Republican leaners approve of Congress, not much different from the 18% of independents and of Democrats who approve. Nor is Republican support notably higher than the 15% it reached in 2014, despite the decided Republican tilt of this year’s legislature.

Congressional Job Approval, by Party Identification, May 2015

Bottom Line

After years of dysfunction, Congress is moving forward on key pieces of legislation. No longer shackled by split control — though still facing a president of the opposite party — the legislative branch is suddenly finding some areas of agreement. But even if it appears that the gridlock is easing, the overwhelming majority of Americans still disapprove of Congress. If Congress continues passing bipartisan legislation, more Americans might soften their stance. Still, it may be that Americans are largely not aware of or impressed by Congress’ recent legislative successes. Or it may be that the hit to Congress’ reputation over the last several years — evident not only in dismal job approval ratings, but also fallinglevels of trust and confidence — will take a long time to reverse.

Survey Methods

Results for this Gallup poll are based on telephone interviews conducted May 6-10, 2015, with a random sample of 1,024 adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia. For results based on the total sample of national adults, the margin of sampling error is ±4 percentage points at the 95% confidence level. All reported margins of sampling error include computed design effects for weighting.

Each sample of national adults includes a minimum quota of 50% cellphone respondents and 50% landline respondents, with additional minimum quotas by time zone within region. Landline and cellular telephone numbers are selected using random-digit-dial methods.

http://www.gallup.com/poll/183128/five-months-gop-congress-approval-remains-low.aspx?utm_source=Politics&utm_medium=newsfeed&utm_campaign=tiles

Story Highlights

  • 31% say they are socially liberal, 31% socially conservative
  • This is the first time conservatives have not outnumbered liberals
  • Conservatives maintain edge on economic issues

PRINCETON, N.J. — Thirty-one percent of Americans describe their views on social issues as generally liberal, matching the percentage who identify as social conservatives for the first time in Gallup records dating back to 1999.

Trend: Americans' Self-Description of Views on Social Issues

Gallup first asked Americans to describe their views on social issues in 1999, and has repeated the question at least annually since 2001. The broad trend has been toward a shrinking conservative advantage, although that was temporarily interrupted during the first two years of Barack Obama’s presidency. Since then, the conservative advantage continued to diminish until it was wiped out this year.

The newfound parity on social ideology is a result of changes in the way both Democrats and Republicans describe their social views. The May 6-10 Gallup poll finds a new high of 53% of Democrats, including Democratic-leaning independents, describing their views on social issues as liberal.

Trend: Ideological Identification on Social Issues, Democrats and Democratic Leaners, 2001-2015

Democrats were more likely to describe their views on social issues as moderate rather than liberal from 2001 to 2005. Since then, socially liberal Democrats have outnumbered socially moderate Democrats in all but one year.

Meanwhile, the 53% of Republicans and Republican leaners saying their views on social issues are conservative is the lowest in Gallup’s trend. The drop in Republicans’ self-identified social conservatism has been accompanied by an increase in moderate identification, to 34%, while the percentage identifying as socially liberal has been static near 10%.

Trend: Ideological Identification on Social Issues, Republicans and Republican Leaners, 2001-2015

These trends echo the pattern in Gallup’s overall ideology measure, which dates back to 1992 and shows increasing liberal identification in recent years. As with the social ideology measure, the longer-term shifts are mainly a result of increasing numbers of Democrats describing their views as liberal rather than moderate. That may reflect Democrats feeling more comfortable in describing themselves as liberal than they were in the past, as much as a more leftward shift in Democrats’ attitudes on political, economic and social issues.

Conservatives Still Lead Liberals on Economic Issues

In contrast to the way Americans describe their views on social issues, they still by a wide margin, 39% to 19%, describe their views on economic issues as conservative rather than liberal. However, as on social ideology, the gap between conservatives and liberals has been shrinking and is lower today than at any point since 1999, with the 39% saying they are economically conservative the lowest to date.

Trend: Americans' Self-Description of Views on Economic Issues

Currently, 64% of Republicans identify as conservative economically, which is down from 70% the previous two years and roughly 75% in the early years of the Obama presidency. During George W. Bush’s administration, Republicans were less likely to say they were economic conservatives, with as few as 58% doing so in 2004 and 2005. The trends suggest Republicans’ willingness to identify as economic conservatives, or economic moderates, is influenced by the party of the president in office, and perhaps the types of financial policies the presidential administration is pursuing at the time.

Trend: Ideological Identification on Economic Issues, Republicans and Republican Leaners, 2001-2015

Democrats are also contributing to the trend in lower economic conservative identification. While the plurality of Democrats have consistently said they are economically moderate, Democrats have been more likely to identify as economic liberals than as economic conservatives since 2007. The last two years, there has been a 15-percentage-point gap in liberal versus conservative identification among Democrats on economic matters.

Trend: Ideological Identification on Economic Issues, Democrats and Democratic Leaners, 2001-2015

Implications

Americans’ growing social liberalism is evident not only in how they describe their views on social issues but also in changes in specific attitudes, such as increased support for same-sex marriage and legalizing marijuana. These longer-term trends may be attributable to changing attitudes among Americans of all ages, but they also may be a result of population changes, with younger, more liberal Americans entering adulthood while older, more conservative adults pass on. Gallup found evidence that population replacement is a factor in explaining changes in overall ideology using an analysis of birth cohorts over time.

The 2016 presidential election will thus be contested in a more socially liberal electorate — and a less economically conservative one — than was true of prior elections. Economically and socially conservative candidates may still appeal to the Republican Party base in the primaries, but it may be more important now than in the past for the GOP nominee to be a bit less conservative on social issues in order to appeal to the broader general electorate.

And while Americans are less economically conservative than in the past, economic conservatives still outnumber economic liberals by about 2-to-1. As a result, Democrats must be careful not to nominate a candidate who is viewed as too liberal on economic matters if their party hopes to hold the White House beyond 2016.

Survey Methods

Results for this Gallup poll are based on telephone interviews conducted May 6-10, 2015, with a random sample of 1,024 adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia. For results based on the total sample of national adults, the margin of sampling error is ±4 percentage points at the 95% confidence level. All reported margins of sampling error include computed design effects for weighting.

Each sample of national adults includes a minimum quota of 50% cellphone respondents and 50% landline respondents, with additional minimum quotas by time zone within region. Landline and cellular telephone numbers are selected using random-digit-dial methods.

http://www.gallup.com/poll/183386/social-ideology-left-catches-right.aspx?utm_source=Politics&utm_medium=newsfeed&utm_campaign=tiles

AGAINST THE GRAIN
Democrats’ Vanishing Future

Hillary Clinton is not the only Democratic comeback candidate on the 2016 ticket. Senate Democrats are betting on the past to rebuild their party for the future.

BY JOSH KRAUSHAAR

One of the most underappreciated stories in recent years is the deterioration of the Democratic bench under President Obama’s tenure in office. The party has become much more ideologically homogenous, losing most of its moderate wing as a result of the last two disastrous midterm elections. By one new catch-all measure, a party-strength index introduced by RealClearPolitics analysts Sean Trende and David Byler, Democrats are in their worst position since 1928. That dynamic has manifested itself in the Democratic presidential contest, where the bench is so barren that a flawed Hillary Clinton is barreling to an uncontested nomination.

But less attention has been paid to how the shrinking number of Democratic officeholders in the House and in statewide offices is affecting the party’s Senate races. It’s awfully unusual to see how dependent Democrats are in relying on former losing candidates as their standard-bearers in 2016. Wisconsin’s Russ Feingold, Pennsylvania’s Joe Sestak, Indiana’s Baron Hill, and Ohio’s Ted Strickland all ran underwhelming campaigns in losing office in 2010—and are looking to return to politics six years later. Party officials are courting former Sen. Kay Hagan of North Carolina to make a comeback bid, despite mediocre favorability ratings and the fact that she lost a race just months ago that most had expected her to win. All told, more than half of the Democrats’ Senate challengers in 2016 are comeback candidates.

On one hand, most of these candidates are the best choices Democrats have. Feingold and Strickland are running ahead of GOP Sens. Ron Johnson and Rob Portman in recent polls. Hill and Hagan boast proven crossover appeal in GOP-leaning states that would be challenging pickups. Their presence in the race gives the party a fighting chance to retake the Senate.

(RELATED: What’s Next In the House Benghazi Committee’s Hillary Clinton Investigation)

But look more closely, and the reliance on former failures is a direct result of the party having no one else to turn to. If the brand-name challengers didn’t run, the roster of up-and-coming prospects in the respective states is short. They’re also facing an ominous historical reality that only two defeated senators have successfully returned to the upper chamber in the last six decades. As political analyst Stu Rothenberg put it, they’re asking “voters to rehire them for a job from which they were fired.” Senate Democrats are relying on these repeat candidates for the exact same reason that Democrats are comfortable with anointing Hillary Clinton for their presidential nomination: There aren’t any better alternatives.

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For a portrait of the Democrats’ slim pickings, just look at the political breakdown in three of the most consequential battleground states. Republicans hold 12 of Ohio’s 16 House seats, and all six of their statewide offices. In Wisconsin, Republicans hold a majority of the state’s eight House seats and four of five statewide partisan offices. In Pennsylvania, 13 of the 18 representatives are Republicans, though Democrats hold all the statewide offices. (One major caveat: Kathleen Kane, the Democrats’ once-hyped attorney general in the state, is under criminal investigation and has become a political punchline.) These are all Democratic-friendly states that Obama carried twice.

If Strickland didn’t run, the party’s hopes against Portman would lie in the hands of 30-year-old Cincinnati Councilman P.G. Sittenfeld, who would make unexpected history as one of the nation’s youngest senators with a victory. (Sittenfeld is still mounting a long-shot primary campaign against Strickland.) Without Feingold in Wisconsin, the party’s only logical option would be Rep. Ron Kind, who has regularly passed up opportunities for a promotion. Former Milwaukee Mayor Tom Barrett already lost to Gov. Scott Walker twice, and businesswoman Mary Burke disappointed as a first-time gubernatorial candidate last year. And despite the Democratic establishment’s publicized carping over Joe Sestak in Pennsylvania, the list of alternatives is equally underwhelming: His only current intra-party opposition is from the mayor of Allentown.

(RELATED: Hillary Clinton to Launch Her Campaign, Again)

In the more conservative states, the drop-off between favored recruits and alternatives is even more stark. Hagan would be a flawed nominee in North Carolina, but there’s no one else waiting in the wings. The strongest Democratic politician, Attorney General Roy Cooper, is running for governor instead. And in Indiana, the bench is so thin that even the GOP’s embattled governor, Mike Pence, isn’t facing formidable opposition. Hill, who lost congressional reelection campaigns in both 2004 and 2010, is not expected to face serious primary competition in the race to succeed retiring GOP Sen. Dan Coats.

Even in the two swing states where the party landed young, up-and-coming recruits to run, their options were awfully limited. In Florida, 32-year-old Rep. Patrick Murphy is one of only five House Democrats to represent a district that Mitt Romney carried in 2012—and his centrism has made him one of the most compelling candidates for higher office. The Democratic Senatorial Campaign Committee quickly rallied behind his campaign (in part to squelch potential opposition from firebrand congressman Alan Grayson). But if Murphy didn’t run, the alternatives would have been limited: freshman Rep. Gwen Graham and polarizing Democratic National Committee Chair Debbie Wasserman Schultz being the most logical alternatives.

In Nevada, Democrats boast one of their strongest challengers in former state Attorney General Catherine Cortez Masto, vying to become the first Latina ever elected to the Senate. But her ascension is due, in part, to the fact that other talented officeholders lost in the 2014 statewide wipeout. Democratic lieutenant-governor nominee Lucy Flores, hyped by MSNBC as a “potential superstar,” lost by 26 points to her GOP opponent. Former Secretary of State Ross Miller, another fast-rising pol, badly lost his bid for attorney general against a nondescript Republican. By simply taking a break from politics, Cortez Masto avoided the wave and kept her prospects alive for 2016.

(RELATED: Newly Released Clinton Email Detail Benghazi Correspondence)

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This isn’t an assessment of Democratic chances for a Senate majority in 2017; it’s a glaring warning for the party’s longer-term health. If Clinton can’t extend the Democrats’ presidential winning streak—a fundamental challenge, regardless of the political environment—the party’s barren bench will cause even more alarm for the next presidential campaign. And if the Democrats’ core constituencies don’t show up for midterm elections—an outlook that’s rapidly becoming conventional wisdom—Democrats have serious challenges in 2018 as well. It’s why The New Yorker’s liberal writer John Cassidy warned that a Clinton loss next year could “assign [Republicans] a position of dominance.”

By focusing on how the electorate’s rapid change would hand Democrats a clear advantage in presidential races, Obama’s advisers overlooked how the base-stroking moves would play in the states. Their optimistic view of the future has been adopted by Clinton, who has been running to the left even without serious primary competition.

But without a future generation of leaders able to compellingly carry the liberal message, there’s little guarantee that changing demographics will secure the party’s destiny. The irony of the 2016 Senate races is that Democrats are betting on the past, running veteran politicians to win them back the majority—with Clinton at the top of the ticket. If that formula doesn’t work, the rebuilding process will be long and arduous.

http://www.nationaljournal.com/against-the-grain/democrats-vanishing-future-20150521

How Many Workers Support One Social Security Retiree?

Veronique de Rugy | May 22, 2012

With the Social Security Trust Fund exhausting faster than expected, another obstacle to the sustainability of the program is rearing its head: Social Security benefits rest on fewer and fewer taxpayers. This week’s chart by Mercatus senior research fellow Veronique de Rugy uses data from the 2012 Social Security Trustees Report to show the number of workers that need to contribute to the system to ensure the benefits for one retiree.

Most of the major shifts in worker-to-beneficiary ratios before the 1960s are attributable to the dynamics of the program’s maturity. In the early stages of the program, many paid in and few received benefits, and the revenue collected greatly exceeded the benefits being paid out. What appeared to be the program’s advantage, however, turned out to be misleading. Between 1945 and 1965, the decline in worker-to-beneficiary ratios went from 41 to 4 workers per beneficiary.

The Social Security program matured in the 1960s, when Americans were consistently having fewer children, living longer, and earning wages at a slower rate than the rate of growth in the number of retirees. As these trends have continued, today there are just 2.9 workers per retiree—and this amount is expected to drop to two workers per retiree by 2030.

The program was stable when there were more than 3 workers per beneficiary. However, future projections indicate that the ratio will continue to fall from two workers to one, at which point the program in its current structure becomes financially unsustainable.

*Note on the data: At the inception of Social Security in 1935, there were few beneficiaries and a lot of workers. (See the number of beneficiaries per 100 covered workers inTable IV.B2 of the Trustees Report). As the post-WWII baby boomers were born, the worker-to-beneficiary ratio increased. As birth rates decline and the baby boomers retire, the worker-to-beneficiary ratio is on the decline. The increased longevity of Americans only further compounds the problem.

http://mercatus.org/publication/how-many-workers-support-one-social-security-retiree

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Part II More On Jonathan Gruber, Basically PhD (Piled Higher and Deeper) on Healthcare, Obamacare and Lack of Transparency — The American Voters Were Not Stupid And Rejected Democrats Who Supported Obamacare By Voting Them Out of Office — But The Democratic Progressive Elitist Establishment Are Liars and Losers — Stupid Is As Stupid Does — Death Knell of Socialized Medicine — Repeal Obamacare Now! — Videos

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Story 1: Part II More On Jonathan Gruber, Basically PhD (Piled Higher and Deeper) on Healthcare, Obamacare and Lack of Transparency — The American Voters  Were Not Stupid And Rejected Democrats Who Supported Obamacare By Voting Them Out of Office — But The Democratic Progressive Elitist Establishment Are Liars and Losers — Stupid Is As Stupid Does — Death Knell of Socialized Medicine — Repeal Obamacare Now! — Videos

Stupid Is As Stupid Does


jonathan_gruber_1

obamacare_architect_jonathan_gruber_open_mic

“This bill was written in a tortured way to make sure CBO did not score the mandate as taxes. If CBO [Congressional Budget Office] scored the mandate as taxes, the bill dies. Okay, so it’s written to do that. In terms of risk rated subsidies, if you had a law which said that healthy people are going to pay in – you made explicit healthy people pay in and sick people get money, it would not have passed… Lack of transparency is a huge political advantage. And basically, call it the stupidity of the American voter or whatever, but basically that was really really critical for the thing to pass….Look, I wish Mark was right that we could make it all transparent, but I’d rather have this law than not.”

~Jonathan Gruber

Stupid is as stupid does, Mrs. Blue..

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When a monk passes away during the night, the toll is sounded early the following morning. It is repeated after the funeral Mass, when the monks process down to the cemetery, and ends with a peal of all the bells. These are the last few tolls of the sequence on the largest bell in the Pacific Northwest.

Please pray for the eternal repose of the soul of this monk, that he may enter into everlasting life with Christ.

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Nancy Pelosi says she doesn’t know who Jonathan Gruber is. She touted his work in 2009.

By Aaron Blake

House Minority Leader Nancy Pelosi (D-Calif.) said Thursday that, not only did Jonathan Gruber not play a significant role in drafting Obamacare, but that she doesn’t even “know who he is.”

Many have pointed out since then that Pelosi’s office has cited Gruber’s work in the past. That’s notable, but it’s very unlikely Pelosi herself wrote those press releases herself or even participated in their drafting.

But then there’s this: Pelosi herself has also mentioned Gruber and his work — back in November 2009, at the height of the Obamacare debate.

Here’s the transcript, via Nexis:

Q: As you know, the Republicans released their health- care bill this week. And I wanted to get your comment on the bill, and specifically on the CBO analysis that it would cost significantly less than the Democratic plan and that it would lower premiums.

PELOSI: Let me just say this. Anything you need to know about the difference between the Democratic bill and the Republican bill is that the Republicans do not end the health insurance companies’ discrimination against people with preexisting conditions. They let that stand. That’s scandalous, the fact that it exists. I don’t understand why they have not heard the American people, who have said preexisting conditions should not be a source of discrimination.

And secondly, the Republican plan ensures about 3 million more people than now, and ours does 36 million people. So that’s a very big difference in that.

We’re not finished getting all of our reports back from CBO, but we’ll have a side by side to compare. But our bill brings down rates. I don’t know if you have seen Jonathan Gruber of MIT’s analysis of what the comparison is to the status quo versus what will happen in our bill for those who seek insurance within the exchange. And our bill takes down those costs, even some now, and much less preventing the upward spiral.

So again, we’re confident about what we set out to do in the bill: middle class affordability, security for our seniors, and accountability to our children.

Pelosi’s office told the Washington Post that the minority leader meant that she didn’t know Gruber personally.

“She said she doesn’t ‘know who he is,’ not that she’s never heard of him,” Pelosi spokesman Drew Hammill said.

Hammill added: “We’ve cited the work of dozens upon dozens of economists over the years. As the leader said today, Mr. Gruber played no role in drafting our bill.”

Pelosi clearly wants to distance herself and Obamacare from Gruber, given Gruber’s controversial comments about “the stupidity of the American voter,” and Democrats are going to argue that Gruber wasn’t instrumental in the bill. But, as an architect of the Massachusetts health-care law and a consultant to the White House on Obamacare, he’s been regularly cited by Democrats as an authority on this issue — including, apparently, by Pelosi.

http://www.washingtonpost.com/blogs/the-fix/wp/2014/11/13/nancy-pelosi-says-she-doesnt-know-who-jonathan-gruber-is-she-touted-his-work-in-2009/

This Philly-Based Investment Adviser Has Become Obamacare’s Digital Menace

Sam Stein

You could pardon Rich Weinstein for gloating. These past few days, he’s enjoyed the type of journalistic high that comes with unearthing a particularly meaty scoop.

Except Weinstein is no journalist. He’s a Philadelphia-based investment adviser approaching 50 who, until a half-year ago, was unknown to the political world. A set of videos he found of Jonathan Gruber, a Massachusetts Institute of Technology economist who played an important role in drafting the Affordable Care Act, changed all that. The videos have become rich context for a legal challenge to the law now heading to the Supreme Court, and they’ve made Weinstein the celebration of conservative circles.

“This is going to sound a little cocky and I don’t want it to be,” Weinstein told The Huffington Post Tuesday in one of the the media interviews he’s given on his feat. “But I’m not partially responsible for finding those clips. I’m completely responsible.”

Weinstein’s story, in some respects, would be the stuff of a made-for-TV movie — if the director is a member of the tea party and eager to dramatize the Affordable Care Act’s unraveling (those two points, admittedly, are redundant).

Weinstein, who runs his own company, and his family lost their health insurance after Obamacare forced higher standards for policies. On the exchange, the only plan with similar benefits was twice the cost of his old one. Irritated, he began looking into who put together the Affordable Care Act, searching Google with the term “ACA architects.” Days consumed with researching old videos became nights.

“Remember when the husbands used to come home at night in the ’50s and ’60s and grab a newspaper and read it?” said Weinstein. “Well, I’m like that with the iPad. It was a lot of time. For the past year, I put a lot of time into this.”

His break came last winter. An op-ed in the Wall Street Journal by Scott Pruitt, the attorney general of Oklahoma, outlined a long-shot legal argument that said a direct interpretation of Affordable Care Act precluded giving subsidies to people on federally run exchanges. Weinstein had seen that argument before, albeit from a different vantage point. Months earlier, he had stumbled across video of Gruber stating that the subsidies to help low-income Americans buy insurance are reserved for state-established exchanges, if only to give states an incentive to establish an exchange

Weinstein had a smoking gun, but no one to show it to.

“I’ve got the tinfoil hat,” Weinstein said, excusing the reporters who ignored his early entreaties. “People in the media must be overwhelmed with idiots like me who think they have something.”

So he took time off — three to four months — and watched his kids play lacrosse. Then, in July, two conservative justices on a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit ruled that the subsidies for those shopping on federally run exchanges were, indeed, illegal. People were talking about the issue again.

Weinstein dropped comments about his Gruber video onto The Washington Post’s Volokh Conspiracy blog. Eventually, Ryan Radia, of the Competitive Enterprise Institute, a libertarian think tank, noticed and turned it into a blog post.

Dominos began to fall. Weinstein’s first video was included in the legal challenge to Obamacare. And that challenge — King v. Burwell — ended up making its way to the Supreme Court. “Which is crazy,” Weinstein said. “Crazy because I found it. Not crazy because it is a crazy legal case.”

This week, another of Weinstein’s videos emerged. This one is of Gruber saying that a bit of budgetary deception helped Obamacare pass in Congress (“call it the stupidity of the American voter, or whatever,” said the professor). This, too, found its way into the mainstream conversation. Gruber on Tuesday went on MSNBC to apologize for his language, though he may have return. Weinstein said he has another video of a similar comment that he will soon release.

Should the Supreme Court ultimately rule against subsidies being available on federally run insurance exchanges, it would, in some ways, make the perfect ending to a conservative-inspired Horatio Alger story.

“I’m kind of a nobody,” said Weinstein. “And, I think, people who are out there, just the average person who gets hacked off about something or has an interest about something, I think I’m a perfect lesson that any one person can make a difference. Anybody. Even guy with the tinfoil hat in his mom’s basement.”

Except life and politics aren’t that simple. There is texture. Weinstein doesn’t live in his mom’s basement. He just says it for rhetorical flair. For those who would like to dismiss him as a knee-jerk partisan, he’s not that, either. He voted for Bill Clinton, he said, before he cast a ballot for Ross Perot and, most recently, Mitt Romney. Certainly, he’s no longer a “nobody” in the fight against Obamacare. Elements of the conservative movement have geared up to both promote and protect his work.

Phil Kerpen, who founded the group American Commitment and formerly was vice president for the Koch-funded Americans for Prosperity, helped spread the second of Weinstein’s videos. Once Kerpen found out an article was in the works, he sent a tweet suggesting The Huffington Post was “doxxing” Weinstein for attacking Gruber. The tweet came just minutes after The Huffington Post asked Weinstein whether he had used an online alias before commenting on The Volokh Conspiracy.

But the real nuance is in the history and the policy details. Gruber was an architect of Obamacare. But he wasn’t the only architect. The staffs to former Sen. Max Baucus (D-Mont.) and Rep. Henry Waxman (D-Calif.), among others, deserve their fair share of credit or blame, depending on one’s perspective.

On the issue of subsidies, the Gruber statement that Weinstein unearthed remains a gem for a reason. It’s because it’s rare (Gruber called it a “speak-o” — like a typo). There has been one other instance unearthed of Gruber discussing tax incentives as a means of compelling a state to set up an exchange.

For defenders of the law, that’s still thin gruel compared with the widely accepted belief during and after the crafting of the bill that subsidies would be universal. (The IRS ruled this way in May 2012, five months after Gruber’s speech.)

For critics, it’s proof enough.

“I don’t think he misspoke at all. I don’t think he was taken out of context and I don’t think he misspoke,” said Weinstein.

And then there is the issue of practical outcomes. Weinstein became a digital archaeologist after the cost of his insurance went up two-fold. Should a lawsuit succeed in eliminating subsidies for those buying insurance on federally run exchanges, it would result in many people confronting similar, or worse, price hikes. It’s an outcome that Weinstein admitted weighs on him, even as he keeps scanning the Web for more Gruberisms.

“It does,” Weinstein said. “But the way you say it makes it sound like nothing else will happen. Like it is a straight line. Subsidies are taken away and the world ends. And I think that’s not fair. I think there will most certainly be a disruption. No doubt about it. I think some states will go build their own exchanges quickly. But, I think the markets would find a way to adjust.”

“It does bother me,” he added later. “I get it. I’m not an evil person. I just think people should see these videos. I just think people should know what’s going on. “

http://www.huffingtonpost.com/2014/11/11/rich-weinstein-jonathan-gruber_n_6142340.html

Hearings floated as Hill Republicans seize on Gruber Obamacare comments

 By Robert Costa and Jose A. DelReal

Congressional Republicans seized Wednesday on controversial commentsmade by a former health-care consultant to the Obama administration, with one leading House conservative suggesting that hearings could be called in response as part of the GOP effort to dismantle the law in the next Congress and turn public opinion ahead of the 2016 election.

“We may want to have hearings on this,” said Rep. Jim Jordan (R-Ohio), an influential voice among GOP hardliners and a member of the House Oversight and Government Reform Committee, in an interview at the Capitol. “We shouldn’t be surprised they were misleading us.”

The firestorm began when a video emerged showing Jonathan Gruber, a high-profile architect of the Affordable Care Act and one of its fiercest advocates, suggesting that the health reform law passed through Congress because of the “stupidity of the American voter” and a “lack of transparency” over its funding mechanisms. The remarks were originally made in 2013 during a panel discussion at the University of Pennsylvania but began heavy circulation on social media Monday.

“This bill was written in a tortured way to make sure CBO did not score the mandate as taxes,” Gruber said. “Lack of transparency is a huge political advantage. And basically, call it the ‘stupidity of the American voter’ or whatever, but basically that was really, really critical to getting the thing to pass.”

Gruber apologized for his incendiary remarks in an on-air interview with MSNBC Tuesday afternoon, calling his comments inappropriate and saying he was speaking “off the cuff.” On Tuesday evening, Fox News’ Megyn Kelly aired a second video, of Gruber calling voters stupid, also from 2013.

The controversy has lit a fire under conservatives eager to dismantle the law and has raised eyebrows among the law’s defenders, who are concerned that such comments will further damage the law’s already shaky standing with American voters. It also comes after a sweeping electoral victory for Republicans last Tuesday, who won control of the Senate and bolstered the size of their majority in the House.

Jordan said House Republicans have been sending each other a blizzard of e-mails and text messages this week, and he expects the interest in “bringing [Gruber] up here to talk” will gain traction as members return to Washington. House Republicans will gather Thursday evening for their first series of votes since the election.

“I just had a colleague text me saying, ‘We’ve got to look into this!” Jordan said as he glanced at his phone outside the House floor Wednesday morning.

The chatter among lawmakers echoes the outrage among the conservative grassroots over the comments. Sen. Ted Cruz in a speech last week said targeting ACA must remain the party’s top priority. “Now is the time to go after and do everything humanely possible to repeal Obamacare,” he said.

House GOP leadership aides expressed new optimism that their desire to target the ACA could get some momentum. While rhetorically committed to full repeal, in order to keep the party’s right flank on board, the party is looking more seriously at undermining specific parts of the law as it navigates divided government next year. Those moves could include repealing the medical device tax; watering down a requirement that employers offer full time workers coverage, which takes effect in January; and changing the definition of a full-time worker from someone who works at least 30 hours a week to someone who works at least 40 — all proposals which could win some Democratic support.

On the other side of the Capitol, Sen. Jeff Sessions (R-Ala.), who is slated to become chairman of the powerful Senate budget committee, also threw his support behind possible hearings. In a furious gaggle with reporters, Sessions said Gruber’s comments could make dealings with the White House more difficult, days after Republican leaders said they would seek areas of common ground.

“The strategy was to hide the truth from the American people,” Sessions said. “I’m not into this post-modern world where you can say whatever you want to in order to achieve your agenda. That is a threat to the American republic… This is far deeper and more significant than the fact that he just spoke.”

Other Senate Republicans expressed similar discomfort with Gruber, but warned conservatives to not get their hopes up about repealing the health-care law while President Obama remains in office, underscoring the tonal difference between the more rabble-rousing House GOP and the new and more even-tempered Republican Senate majority.

Heading into a party luncheon on Wednesday, retiring Sen. Tom Coburn (R-Okla.) said the health care law “is going to still be there regardless because we don’t have the votes” to undo it.

“We can talk all we want but he is going to veto whatever we send him,” Coburn said. “That’s the reality.”

Sen. Ron Johnson (R-Wis.) said he was unsure of how Senate Republicans would use the Gruber kerfuffle to go after the law, if at all. For the moment, he said, Republicans should focus on using the episode to highlight how the national press has covered the president’s signature policy.

“What Gruber said should be read and reported on by every news organization,” he said. “People should be aware of how this administration thinks.”

Several Democrats said Wednesday that they were unaware of Gruber’s comments and declined to speculate on whether there could be political consequences, underscoring how much of the discussion is being driven by Republicans. One, however, did distance herself from the arguably aloof phrasing used by Gruber. “I have not seen them,” said Sen. Patty Murrary (D-Wash). “But I do think voters are pretty smart.”

The challenge for Republicans will be balancing the conservative ire surrounding Gruber with the leaders’ political imperative to establish themselves as a governing congressional majority. House Speaker John Boehner (R-Ohio) and incoming Senate Majority Leader McConnell (R-Ky.) have pledged to bring another repeal bill to floor, but are also focused on achieving incremental legislative gains on Keystone XL and trade agreements.

http://www.washingtonpost.com/blogs/post-politics/wp/2014/11/12/hearings-floated-as-hill-republicans-seize-on-gruber-obamacare-comments/

 

 

Jon Gruber finally speaks! … to MSNBC

POSTED AT 6:01 PM ON NOVEMBER 11, 2014 BY NOAH ROTHMAN

On Saturday, Newsbusters was the first major website to feature a video posted to YouTube by AmericanCommitment of Obamacare architect Jonathan Gruber boasting in 2013 how he helped deceive the public via a lack of transparency about that bill. Some readers were anxious about that video being made better known to the public since at the time the article was published, there were only a couple of dozen views of the video on YouTube.

Well they needn’t have worried because since then the video has gone over the top viral to the extent that Rush Limbaugh led his show talking about it at length this morning as did Sean Hannity on his radio show. In addition, the video made it into the mainstream media other than Fox News when Jake Tapper showed the video today on The Lead and The Hill has an article about it as well. As of this writing the video has over 177,000 views and growing fast. Reason today had an excellent analysis of the Gruber revelations:

Massachusetts Institute of Technology Professor Jonathan Gruber was, by most accounts, one of the key figures in constructing the Affordable Care Act, better known as Obamacare. He helped designed the Massachusetts health care law on which it was modeled, assisted the White House in laying out the foundation of the law, and, according to The New York Times, was eventually sent to Capitol Hill “to help Congressional staff members draft the specifics of the legislation.” He provided the media with a stream of supportive quotes, and was paid almost $400,000 for his consulting work.

Jonathan Gruber, in other words, knows exactly what it took to get the health care law passed.

And that’s why you should take him seriously when he says, in the following video, that it was critical to not be transparent about the law’s costs and true effects, and to take advantage of the “stupidity of the American voter” in order to get it passed:

Here’s the full quote:

“This bill was written in a tortured way to make sure CBO did not score the mandate as taxes. If CBO [Congressional Budget Office] scored the mandate as taxes, the bill dies. Okay, so it’s written to do that. In terms of risk rated subsidies, if you had a law which said that healthy people are going to pay in – you made explicit healthy people pay in and sick people get money, it would not have passed… Lack of transparency is a huge political advantage. And basically, call it the stupidity of the American voter or whatever, but basically that was really really critical for the thing to pass….Look, I wish Mark was right that we could make it all transparent, but I’d rather have this law than not.”

This validates much of what critics have said about the health care law, and the tactics used to pass it, for years.

For one thing, it is an explicit admission that the law was designed in such a way to avoid a CBO score that would have tanked the bill. Basically, the Democrats who wrote the bill knowingly gamed the CBO process.

It’s also an admission that the law’s authors understood that one of the effects of the bill would be to make healthy people pay for the sick, but declined to say this for fear that it would kill the bill’s chances. In other words, the law’s supporters believed the public would not like some of the bill’s consequences, and knowingly attempted to hide those consequences from the public.

Most importantly, however, it is an admission that Gruber thinks it’s acceptable to deceive people if he believes that’s the only way to achieve his policy preference. That’s not exactly surprising, given that he failed to disclose payments from the administration to consult on Obamacare even while providing the media with supposedly independent assessments of the law.

…Gruber may believe that American voters are stupid, but he was the one who was dumb enough to say all this on camera.

Now that various MSM outlets have begun to pay attention to the Gruber Obamacare deception video, it will be fascinating to see what type of excuses will be made by the pundits to cover for what he admitted. Bonus points to Jonathan Cohn at New Republic or Politico or any of a vast number of liberal sources for whoever can dream up the most entertaining spin control to explain away this viral video.

p.s. Did I mention that Newsbusters was the first major website to feature this video?

– See more at: http://newsbusters.org/blogs/pj-gladnick/2014/11/10/jonathan-gruber-obamacare-deception-video-goes-viral-newsbusters-was#sthash.OIUxVcFC.dpuf

http://hotair.com/archives/2014/11/11/jon-gruber-finally-speaks-to-msnbc/

Jonathan Gruber at Noblis – January 18, 2012

Honors Colloquium 2012 – Jonathan Gruber

Dr. Jonathan Gruber is a Professor of Economics at the Massachusetts Institute of Technology, where he has taught since 1992. He is also the Director of the Health Care Program at the National Bureau of Economic Research, where he is a Research Associate. He is an Associate Editor of both the Journal of Public Economics and the Journal of Health Economics. In 2009 he was elected to the Executive Committee of the American Economic Association. He is also a member of the Institute of Medicine, the American Academy of Arts and Sciences, and the National Academy of Social Insurance.

Dr. Gruber received his B.S. in Economics from MIT, and his Ph.D. in Economics from Harvard University. Dr. Gruber’s research focuses on the areas of public finance and health economics. He has published more than 140 research articles, has edited six research volumes, and is the author of Public Finance and Public Policy, a leading undergraduate text, and Health Care Reform, a graphic novel. In 2006 he received the American Society of Health Economists Inaugural Medal for the best health economist in the nation aged 40 and under. During the 1997-1998 academic year, Dr. Gruber was on leave as Deputy Assistant Secretary for Economic Policy at the Treasury Department. From 2003-2006 he was a key architect of Massachusetts’ ambitious health reform effort, and in 2006 became an inaugural member of the Health Connector Board, the main implementing body for that effort. In that year, he was named the 19th most powerful person in health care in the United States by Modern Healthcare Magazine.

2012-01-09 Jonathan Gruber on Mitt Romney and Health Care Reform

Jonathan Gruber Once Again Says Subsidies Are Tied to State-Based Exchanges

Jonathan Gruber discusses health care law’s next step

Healthcare Reform 101 Part 1.

Healthcare Reform 101 Part 2.

Healthcare Reform 101 Part 3.

Jonathan Gruber on Obamacare: Part 1 of 3

Jonathan Gruber on Obamacare: Part 2 of 3

Crafting ObamaCare

Obamacare Architect: No State Exchange = No Subsidies; Blatant Enough

#GruberGate: Tale of the Tapes

Rush Limbaugh – MIT Gruber Lied about Obamacare

Rush Limbaugh: Jonathan Gruber says you are Life’s Lottery Winners – Eugenics

Gwen and Jonathan Gruber Talk Health Care with Chris Matthews

Obama 2008: Bypassing Congress Unconstitutional; I’ll Reverse It

Lec 1 | MIT 14.01SC Principles of Microeconomics

 

Meet Jonathan Gruber, the man who’s willing to say what everyone else is only thinking about Obamacare

By Jason Millman

Jonathan Gruber might not be a household name, but in the world of health care policy, he’s a pretty big deal. And now he’s also known as the guy who’s credited “the stupidity of the American voter” for the passage of the Affordable Care Act.

An old video surfaced this week of Gruber saying that a lack of transparency was one of the reasons Obamacare got through Congress in 2010. Gruber, a Massachusetts Institute of Technology health economist who’s credited as one of the intellectual godfathers of the Affordable Care Act, has apologized for speaking off the cuff, but critics of the law are eagerly highlighting his comments.

That’s because of what Gruber represents. He was one of the architects of the 2006 Massachusetts health care law, which became the basis for the ACA, and he helped craft the federal legislation that used a similar scheme of guaranteed coverage, financial assistance and insurance mandates. He was far from the only person who helped shape the ACA, but he has been one of its most vocal academic defenders in the nearly five years since it passed. (And he’s the only one to write a comic book about the law.)

It’s easy to see why Gruber’s comments get pored over by ACA opponents. There’s plenty of misunderstanding about what’s in the ACA and mistrust of the motivations for passing the law — just recall Nancy Pelosi’s infamous line about needing to pass the bill to find out what’s in it. So when someone like Gruber, who’s supposed to know the law inside and out, seemingly confirms critics’ worst suspicions, that makes for a powerful anecdote.

Gruber, who’s fiercely intelligent and passionate about the health reforms he helped create, also isn’t one to always sugarcoat things.

Earlier this year, a pretty important health policy study showed that the expansion of Medicaid coverage in Oregon was associated with a spike in emergency room visits. The research potentially undercut an argument by supporters of the law who said it would save money since giving more people health insurance meant patients would rely more on primary care providers, rather than expensive trips to the ER. And Gruber, commenting on the study, offered an uncomfortable truth.

“I would view [the study] as part of a broader set of evidence that covering people with health insurance doesn’t save money,” Gruber told the Washington Post at the time. “That was sometimes a misleading motivator for the Affordable Care Act. The law isn’t designed to save money. It’s designed to improve health, and that’s going to cost money.”

You may also remember Gruber from the last presidential campaign, when there was plenty of debate over just how similar Obamacare and Romneycare actually were to one another. It was Gruber who artfully cleared up the confusion. “They’re the same f—— bill,” he told Capital New York in what became a widely circulated interview three years ago. It’s probably what ACA supporters wanted to say all along, but only Gruber went ahead and did it.

His most potentially damaging comments surfaced just over the summer, when Gruber seemingly gave credence to the ACA challenge just taken up by the Supreme Court last week — a challenge that if successful couldtorpedo the law.

The case revolves around whether residents in states that refused to set up their own health insurance marketplaces should still be able to claim tax subsidies to help them afford their insurance. Opponents say no, Congress intentionally didn’t allow that under the law. Democrats say they never intended for people in these 36 states to not have access to the financial assistance.

Here was Gruber again, in January 2012, telling a health-care conference that states refusing to set up their own exchanges would deny their residents premium tax credits. The video wasn’t widely viewed until June of this year, but this is what he said at the time:

I think what’s important to remember politically about this, is if you’re a state and you don’t set up an exchange, that means your citizens don’t get their tax credits. But your citizens still pay the taxes that support this bill. So you’re essentially saying to your citizens, you’re going to pay all the taxes to help all the other states in the country. I hope that’s a blatant enough political reality that states will get their act together and realize there are billions of dollars at stake here in setting up these Exchanges, and that they’ll do it. But you know, once again, the politics can get ugly around this.

Here’s the video, with these comments near the 31:30 mark:

 

Critics of the law jumped on those comments as further validation of their challenge to the subsidies in the 36 states relying on the federal-run insurance marketplaces, or exchanges. Gruber later said that he misspoke, and that his own work always assumed all exchanges — whether run by the states or the federal government — would be eligible for subsidies.

Gruber’s latest comments have surfaced at an especially inopportune time for the Obama administration. The next enrollment period is approaching this weekend with lowered expectations, just as Republicans reclaimed the Senate and the Supreme Court agreed to hear a new Obamacare challengethat could seriously weaken the law.

The Democrats, realizing how harmful Gruber’s latest comments have become, are already out doing damage control. Former Vermont Gov. Howard Dean was on MSNBC’s “Morning Joe” today to put distance between Gruber and the health-care law, saying he’s not even sure that Gruber ever met with President Obama.

“He’s a consultant, not the architect [of Obamacare,” Dean said. “I’m not excusing the language — it’s terrible.”

http://www.washingtonpost.com/blogs/wonkblog/wp/2014/11/12/meet-jonathan-gruber-the-man-whos-willing-to-say-what-everyone-else-is-only-thinking-about-obamacare/

Jonathan Gruber (economist)

From Wikipedia, the free encyclopedia
For other people of the same name, see Jonathan Gruber (disambiguation).
Jonathan Gruber
Born September 30, 1965 (age 49)
Nationality American
Institution MIT
Field Health economics
Alma mater Harvard University (PhD, 1992)
MIT (BSc, 1987)
Information at IDEAS/RePEc

Jonathan Holmes Gruber is a professor of economics at the Massachusetts Institute of Technology, where he has taught since 1992. He is also the director of the Health Care Program at the National Bureau of Economic Research, where he is a research associate. He is an associate editor of both the Journal of Public Economics and the Journal of Health Economics.

Gruber has been heavily involved in crafting public health policy. He was a key architect of both the 2006 Massachusetts health care reform, sometimes referred to as “Romneycare”, and the 2010 Patient Protection and Affordable Care Act, sometimes referred to as “Obamacare”.

Contents

Early life

Gruber was born on September 30, 1965. He completed his BS in economics from the Massachusetts Institute of Technology in 1987 and his PhD in economics from Harvard University in 1992, with a thesis titled Changes in the Structure of Employer-Provided Health Insurance.[1]

Academic career

Gruber began his career as an assistant professor of economics at MIT.[2] Currently, [clarification needed] he is a professor of economics at MIT. He is also a research associate at the National Bureau of Economic Research.[2]

Gruber’s research has focused on public finance and health economics. He has published more than 140 research articles, and has edited six research volumes. He is a co-editor of the Journal of Public Economics, an associate editor of the Journal of Health Economics, and the author of Public Finance and Public Policy.[3] and Health Care Reform, a graphic novel delineating the Affordable Care Act.[citation needed]

Public service

During the 1997–1998 academic year, Gruber was on leave as Deputy Assistant Secretary for Economic Policy at the Treasury Department. From 2003–06 he was a key architect of Massachusetts health care reform, also known as “Romneycare”. In 2006 he became an inaugural member of the Health Connector Board, the main implementing body for that effort. In that year, he was named the 19th most powerful person in health care in the United States by Modern Healthcare magazine. During the 2008 election he was a consultant to the Clinton, Edwards and Obama presidential campaigns.

Patient Protection and Affordable Care Act

In 2009–10 Gruber served as a technical consultant to the Obama Administration and worked with both the administration and Congress to help craft the Patient Protection and Affordable Care Act, often referred to as the ACA or “Obamacare”.[4] The act was signed into law in March 2010, and Gruber has been described as an “architect”, “writer”, and “consultant” of the legislation. He was widely interviewed and quoted during the roll-out of the legislation. [5][6][7][8][9]

In January 2010, after news emerged that Gruber was under a $297,000 contract with the Department of Health and Human Services, while at the same time promoting the Obama administration‘s health care reform policies, some conservative commentators suggested a conflict of interest.[10][11][12] While he did disclose his HHS connections in an article for the New England Journal of Medicine, his oversight in doing this earlier was defended in the New York Times .[13]

One heavily-scrutinized part of the ACA reads that subsidies should be given to healthcare recipients who are enrolled “through an Exchange established by the State”. Some have read this to mean that subsidies can be given only in states that have chosen to create their own healthcare exchanges, and do not use the federal exchange, while the Obama administration says that the wording applies to all states. This dispute is currently part of an ongoing series of lawsuits referred to collectively as King v. Burwell. In July 2014, two separate recordings of Gruber, both from January 2012, surfaced in which he seemed to contradict the administration’s position.[4] In one, Gruber states, in response to an audience question, that “if you’re a state and you don’t set up an exchange, that means your citizens don’t get their tax credits”,[14] while in the other he says, “if your governor doesn’t set up an exchange, you’re losing hundreds of millions of dollars of tax credits to be delivered to your citizens.”[15] When these recordings emerged, Gruber called these statements mistaken, describing them as “just a speak-o — you know, like a typo”.[14]

In a panel discussion about the ACA at the University of Pennsylvania in October 2013, Gruber stated that the bill was deliberately written “in a tortured way” to disguise the fact that it created a system in which “healthy people pay in and sick people get money”. He stated that this obfuscation was necessary, due to “the stupidity of the American voter or whatever”, in order to get the bill passed and that a “lack of transparency is a huge political advantage.”[16] His comments caused controversy after a video of them was placed on YouTubein November 2014.[17][18][19][20]

Published works

  • On February 15, 2006, the Center on Budget and Policy Priorities published an article by Gruber entitled “The Cost and Coverage Impact of the President’s Health Insurance Budget Proposals”[21]
  • In a December 4, 2008 New York Times op-ed, “Medicine for the Job Market”, he claimed that expanding health insurance, even in difficult financial times would stimulate the economy.[22]
  • On February 9, 2011, the Center for American Progress published an article by Gruber titled “Health Care Reform Without the Individual Mandate,” analyzing the health insurance coverage impacts of alternative policy options for encouraging purchase of health insurance under the Patient Protection and Affordable Care Act, including the mandate, a late penalty, and auto-enrollment.[23]

He has published over 100 research articles.[24]

Awards and honors

In 2006, Gruber received the American Society of Health Economists Inaugural Medal for the best health economist in the nation aged 40 and under.[25] He was elected a member of the Institute of Medicine in 2005.[26] In 2009 he was elected to the Executive Committee of the American Economic Association.

In 2011 he was named “One of the Top 25 Most Innovative and Practical Thinkers of Our Time” by Slate Magazine. In both 2006 and 2012 he was rated as one of the top 100 most powerful people in health care in the United States by Modern Healthcare Magazine.

References

  1. Jump up^ Gruber, John. “Changes in the structure of employer-provided health insurance”. ProQuest. Retrieved 9 January 2014.
  2. ^ Jump up to:a b http://economics.mit.edu/files/6400. Retrieved 25 July 2014. Missing or empty |title= (help)
  3. Jump up^ Worth Publishers Student Center for Public Finance and Policy
  4. ^ Jump up to:a b Cannon, Michael. “ObamaCare Architect Jonathan Gruber: “If You’re A State And You Don’t Set Up An Exchange, That Means Your Citizens Don’t Get Their Tax Credits””. Forbes. Retrieved 25 July 2014.
  5. Jump up^ http://www.washingtonpost.com/blogs/wonkblog/post/jon-gruber-on-the-premiums-in-health-care-reform/2011/08/25/gIQAN0TUWS_blog.html
  6. Jump up^ http://www.nytimes.com/2012/03/29/business/jonathan-gruber-health-cares-mr-mandate.html?pagewanted=all
  7. Jump up^http://online.wsj.com/news/articles/SB10001424052748704586504574654362679868966
  8. Jump up^ http://abcnews.go.com/blogs/politics/2010/01/on-jonathan-gruber-and-disclosure/
  9. Jump up^ http://www.huffingtonpost.com/jane-hamsher/how-the-white-house-used_b_421549.html
  10. Jump up^ James, Michael (January 9, 2010). “On Jonathan Gruber and Disclosure”. ABC News. Retrieved November 15, 2013.
  11. Jump up^ “Jonathan Gruber Failed to Disclose His $297,600 Contract With HHS”. Huffington Post. May 25, 2011. Retrieved November 15, 2013.
  12. Jump up^ Berger, Judson (January 8, 2010). “Economist Was Under Contract With HHS While Touting Health Reform Bill”. Fox News. Retrieved November 15, 2013.
  13. Jump up^ “Jonathan Gruber”. New York Times. January 11, 2010. Retrieved September 3, 2014.
  14. ^ Jump up to:a b Cohn, Jonathan (July 25, 2014). “Jonathan Gruber: ‘It Was Just a Mistake'”. The New Republic.
  15. Jump up^ Oops!…Gruber Did It Again, Forbes, July 25, 2014
  16. Jump up^ “GRUBER: “Lack of transparency is a huge political advantage.””. American Commitment. October 13, 2013. Retrieved November 10, 2014.
  17. Jump up^ Roy, Avik (November 10, 2014). “ACA Architect: ‘The Stupidity Of The American Voter’ Led Us To Hide Obamacare’s True Costs From The Public”. Forbes.
  18. Jump up^ http://www.washingtonpost.com/blogs/post-politics/wp/2014/11/11/obamacare-consultant-under-fire-for-stupidity-of-the-american-voter-comment/
  19. Jump up^ http://nation.foxnews.com/2014/11/10/obamacare-architect-admits-deceiving-americans-pass-law
  20. Jump up^http://www.washingtontimes.com/news/2014/nov/10/obamacare-architect-we-passed-law-due-to-stupidity/
  21. Jump up^ The Cost and Coverage Impact of The President’s Health Insurance Budget Proposals, February 15, 2006]
  22. Jump up^ Gruber, Jonathan (December 4, 2008), Medicine for the Job Market, New York Times
  23. Jump up^ Gruber, Jonathan (February 9, 2011), Health Care Reform Without the Individual Mandate
  24. Jump up^ NBER Working Papers by Jonathan Gruber
  25. Jump up^ Honors & awards – Fall 2006 Soundings
  26. Jump up^ National Academy of Social Insurance

External links

http://en.wikipedia.org/wiki/Jonathan_Gruber_(economist)

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Obamacare Success Story? Millions More Enrolled in Medicaid and Food Stamps — Government Dependency On The Rise — 30 Million Seeking Full Time Jobs — Wonder What Failure Looks Like? — Videos

Posted on November 27, 2013. Filed under: American History, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Food, government spending, Health Care, history, Illegal, Immigration, Law, liberty, Life, Links, media, Medicine, Obamacare, People, Philosophy, Politics, Rants, Raves, Strategy, Talk Radio, Tax Policy, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , |

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Segment 0: Obamacare Success Story? Millions More Enrolled in Medicaid and Food Stamps — Government Dependency On The Rise — 30 Million Seeking Full Time Jobs — Wonder What Failure Looks Like?

2013_US_poverty_linepoverty-guidelines-2013

US-Poverty-Rate

How Medicaid & Obamacare Hurt the Poor – and How to Fix Them

Medicaid Sign Ups Outnumber People Enrolling In Paid For Obamacare Plans Lou Dobbs

CBS: ObamaCare System Threatened From High Medicaid Enrollment In Many States

Obamacare: Medicaid enrollment outpacing private insurance could ca

Stimulus, Obamacare & The New Republic: May 2013 Reason Mag

Your Doctor Is Not In? ObamaCare may put your doctor out of business.

83% of Private Practice Doctors Quiting Due to Obamacare Main Stream Media Keeping Quiet

Obamacare Has Always Been About Killing Grandma & Grandpa

Government Payouts – Nick Gillespie

ObamaCare Event In Arkansas Hands Out Condoms As Prizes

[youtube3=http://www.youtube.com/watch?v=DU5AbKY4ZSY]

Is There a Silver Lining to the Supreme Court’s Obamacare Decision?

The History of Medicaid (According to Frank Thompson)

47 Years of Medicare & Medicaid

Heritage Hangout: Obamacare’s Medicaid Expansion

Why new Medicaid enrollment is soaring

Christine Vestal

States are reporting far higher enrollment in Medicaid than in private insurance since the Affordable Care Act exchanges opened Oct. 1. In Maryland, for example, the number of newly eligible Medicaid enrollees is more than 25 times the number of people signed up for private coverage.

Even some Medicaid experts say they are surprised at the early numbers.

Stateline survey of the 25 expansion states and the District of Columbia provides clear explanations for the strong Medicaid rollout so far.

The biggest reason for the initial jump in Medicaid enrollment is that hundreds of thousands of people in the expansion states have been pre-qualified for expanded Medicaid because they are already enrolled in low-income state health care. Illinois, for example, will roll over 100,000 Cook County residents who have received expanded Medicaid benefits since 2011.

Another reason for the big numbers is aggressive outreach campaigns in many states, including mailings to residents enrolled in other safety net programs. Oregon, for example, signed up 70,000 enrollees in October by contacting residents who receive food stamps.

A much smaller number of people in expansion states are also signing up on state exchanges and Medicaid websites. The federal government has not yet released the number of Medicaid applications filed on federally-operated exchange sites in the 34 states that are not running their own exchanges.

To be sure, the rush to enroll in Medicaid indicates a strong demand for health care coverage. But the early spike is more a function of states’ proven ability to find, educate and enroll low-income residents than an indication of an imbalance with healthier people who can afford insurance, as has been suggested.

It is important to note that early enrollment numbers reflect so-called “low hanging fruit,” said Matt Salo, director of the National Association of Medicaid Directors. Future increases are expected to be smaller.

The states that chose to expand Medicaid, Salo said, are predisposed to aggressively reach out to potential beneficiaries. “Most have been more committed to Medicaid than the other states,” he said.

After the U.S. Supreme Court ruled last year that Medicaid expansion was up to states, the Congressional Budget Office downgraded its original projection that 13 million people would qualify for expanded Medicaid in 2014 and 17 million by 2020. Now, the federal estimate is 7 million by the end of 2014 and 11 million by 2020.

Stateline‘s survey indicates at least 1.5 million people have already signed up or have been pre-qualified for expanded Medicaid in the 19 states that provided counts. Expected total enrollment in those states is 3.7 million.

Following are the details available as of Nov. 5:

Arizona: The number of new applications is not available at this time. In total, Arizona expects 57,000 people to qualify for its expanded Medicaid program. In addition, the state expects 240,000 more individuals to enroll in its existing Medicaid program for childless adults with incomes at or below the federal poverty level ($11,490). Enrollment in that program was frozen in 2012 and currently totals 70,000.

Arkansas: Arkansas has received 70,595 applications for its expanded Medicaid program. Of those, 3,672 came through the state’s existing Medicaid website, 1,785 were paper or phone applications, and the rest were positive responses to a mailing to 132,000 households that receive food stamps. Ultimately, the state expects about 250,000 uninsured residents to qualify.

California: California plans to release enrollment numbers from its state-run website in mid-November. Newly eligible enrollment in expanded Medicaid is expected to total about 1.4 million. Of that number, 600,000 people will come from the state’s early expansion program approved by the federal government in 2011.

Colorado: Colorado has qualified more than 25,000 adults for its expanded Medicaid program. Of that number, approximately 9,000 were on a waiting list for an existing Medicaid program that covers adults with extremely low incomes. Another 10,000 people enrolled in that program will also be transferred to expanded Medicaid coverage in January. Combined, that comes to 35,000 individuals, more than 20 percent of the 160,000 uninsured residents Colorado expects to be eligible for its expanded Medicaid program.

Connecticut: Connecticut has enrolled 3,550 new people in its expanded Medicaid program through its state-run exchange and Medicaid website. In addition, at least 48,000 enrolled in a state-run low income-health program have already been moved into expanded Medicaid. Connecticut expects a total of 55,000 expanded Medicaid enrollees in 2014.

Delaware: No new enrollment data is available yet. Delaware already provides Medicaid coverage for 30,000 adults with incomes up to the federal poverty level ($11,490). Its expanded Medicaid program is expected to cover another 30,000 people with incomes between $11,490 and 138 percent of the federal poverty level ($15,856).

District of Columbia: D.C. began expanding its Medicaid program in June 2010. By June 2013, nearly 50,000 new people were enrolled. The District has not estimated how many people will ultimately enroll in expanded Medicaid.

Hawaii: Hawaii has approved 6,100 applications for expanded Medicaid. By 2014, the state expects a total of 54,000 enrollees.

Illinois: The Illinois Medicaid agency has received 30,124 applications for expanded Medicaid through its existing website. Illinois has an exchange partnership with the federal government so applications are also being filed on the federally-run exchange. In addition to online applications, 46,000 people responded to an August mailing to 123,000 food stamp recipients. Illinois has enrolled 26,000 of those respondents and is processing the balance. In addition, 100,000 people in Cook County who participate in a limited early Medicaid expansion enrollment group will automatically be rolled over to the expansion program on Jan. 1. Projected enrollment is 342,000.

Iowa: No new numbers are available on Medicaid applications. In all, 150,000 uninsured Iowans are expected to qualify under the proposed expansion. About 63,000 residents with incomes up to 200 percent of the federal poverty level ($22,980) are currently enrolled in a Medicaid health plan with limited benefits. Most are expected to qualify for expanded Medicaid. Iowa has not yet received federal approval for its Medicaid expansion plan, which is similar to Arkansas’ so-called private option.

Kentucky: Kentucky has received 25,654 applications for expanded Medicaid through its state-run exchange. Ultimately, the state expects 308,000 low-income individuals to qualify.

Maryland: The number of applications from its state-run website is not yet available. However, Maryland has an existing, limited-benefit health plan known as Primary Adult Care (PAC) available to all adults with incomes up to 123 percent of the federal poverty level ($14,133). As of Sept. 30, enrollment in the plan was 82,423. Maryland expects enrollment in PAC to expand to 88,000 by Jan. 1, 2014, when the entire population will automatically convert to full Medicaid benefits. In addition, residents in a narrow income band (124 percent to 138 percent of poverty) can sign up for expanded Medicaid on the state exchange. Overall, Maryland expects 110,000 people to be enrolled by the end of 2014.

Massachusetts: No enrollment numbers are available at this time. As a result of its own health care reforms launched in 2006, Massachusetts has a 97 percent insured rate. Still, the state expects about 45,000 people to obtain Medicaid coverage as a result of the expansion.

Michigan: No enrollment numbers are available. The Michigan legislature approved Republican Gov. Rick Snyder’s proposed Medicaid expansion in September but postponed implementation until April 2014.

Minnesota: The federal government granted Minnesota special permission to enroll 84,000 individuals in the expanded Medicaid program in 2011. Another 2,496 newly eligible Medicaid beneficiaries completed applications on the state-run exchange in the first two weeks of October. Ultimately, Minnesota expects to cover 265,000 adults in its expansion. In addition, it is the only state that has opted to provide a so-called “Basic Health Plan” for people with incomes up to 200 percent of the federal poverty line ($22,980). Under the ACA, the federal government will pay 85 percent of the costs starting in 2015. That program is expected to grow to 160,000.

Nevada: No information is available at this time.

New Jersey: No information is available at this time.

New Mexico: New Mexico has approved 2,507 applications for expanded Medicaid through the federally operated exchange and its existing Medicaid website. In addition, 100,000 enrollees in two limited-benefit state health care programs will be rolled into the expanded Medicaid. New Mexico expects 130,000 people will be in the expanded program by 2015.

New York: No enrollment numbers are available yet. New York already covers parents with incomes up to 150 percent of the federal poverty line ($17,235) and childless adults with incomes up to the poverty line ($11,490).

North Dakota: The Medicaid agency has received 147 applications for expanded Medicaid. In December, the state plans to send letters to 36,000 households that receive food stamps or home heating assistance, inviting eligible adults to sign up for expanded Medicaid. Total enrollment in expanded Medicaid is expected to reach 32,000.

Ohio: The most recent state to expand Medicaid, Ohio expects to sign up 275,000 newly eligible Medicaid enrollees. Republican Gov. John Kasich sidestepped the state legislature and won approval for expansion Oct. 21 from an executive branch Controlling Board. The state has not yet begun enrollment. The Medicaid agency says it will announce soon when enrollment will begin.

Oregon: Oregon has approved 70,000 applications for expanded Medicaid. Its state-run website had some initial technical difficulties, but new applications were filed over the phone, in person and through the mail. The vast majority of enrollments came from a mailing in late September that went to 260,000 residents who either receive food stamps or have children enrolled in Medicaid. The state expects roughly 223,000 adults to be enrolled in its expanded Medicaid program by 2015.

Rhode Island: Rhode Island has approved 3,213 new applications for its expanded Medicaid program. Another 835 are in progress. Projected enrollment is 23,428.

Vermont: About 1,000 individuals have signed up for Medicaid on Vermont’s exchange or by submitting paper applications. In addition, 30,000 adults enrolled in two state-run low-income health plans will be rolled into the expanded Medicaid program. By 2015, Vermont expects enrollment to reach 160,000.

Washington: Through its state-run exchange and Medicaid sites, Washington has signed up 26,336 people. Another 30,000 people enrolled in a low-income health program will be automatically enrolled in expanded Medicaid, bringing the total to 56,336. The state expects 270,000 people to qualify by the end of 2014.

West Virginia: West Virginia has pre-qualified 52,056 residents for its expanded Medicaid program. Projected new enrollment is 63,000.

http://www.usatoday.com/story/news/nation/2013/11/06/new-medicaid-enrollment-healthcare/3453929/

About Medicaid


Medicaid Home
About Medicaid
Medicaid Expansion
Medicaid Defense
Waivers

Since 1965, Medicaid has been the backbone of this country’s health care safety net. Jointly funded by the states and the federal government, Medicaid covers more than 58 million low-income Americans, including families, people with disabilities, and the elderly. Today, Medicaid provides coverage for almost 29 million children and pays for approximately half of all long-term care costs.

Medicaid is jointly funded by the states and the federal government. Federal law requires state Medicaid programs to cover certain categories of individuals and services. Beyond that, states have wide flexibility in the design and implementation of their Medicaid programs.

Medicaid Today: Even though Medicaid has helped millions gain access to health care, many low-income people have been left out.  In 30 states, income eligibility for parents is set below 50 percent of poverty (in 2012, that’s an annual income of $9,545 for a family of three). In most states, adults without dependent children, no matter how poor, cannot get Medicaid coverage at all.

Medicaid Expansion: In 2014, as a result of the Affordable Care Act, states can get substantial federal funding to expand Medicaid to all residents with incomes at or below 133 percent of poverty, thus extending Medicaid coverage to individuals who have been left out of the program. [Note: Since 5 percent of income is not included—is “disregarded”—when eligibility is determined, the expansion, in effect, applies to those with incomes at or below 138 percent of poverty.]

For more on how Medicaid works today, and how it will work under the Medicaid expansion, see:

Financing 

Medicaid Today: Generally speaking, each state receives matching dollars from the federal government, and those matching rates vary across the states from 50 to 76 percent. This means that, for every dollar a state spends on Medicaid, the federal government contributes between $1.00 and $3.17. Federal matching rates are based on the per capita income of the states, so states with lower per capita incomes get higher matching rates.

Medicaid Expansion: In 2014, the Affordable Care Act gives states the opportunity to expand their Medicaid programs to cover all individuals with incomes at or below 138 percent of poverty (see note above), an income of about $31,809 for a family of four in 2012. That will extend coverage to many low-income adults currently left out of the program and simplify eligibility determinations across the program.

Eligibility 

Medicaid Today:

Federal Requirements
Federal law requires states to cover certain categories of people in Medicaid. In general, there are six categories of so-called “mandatory” individuals: 1) children, 2) pregnant women, 3) very low-income parents, 4) the elderly, and individuals who are 5) blind or 6) disabled. Eligibility levels for these groups of people varies by income:

  • Children under age six with family incomes up to 133 percent of the federal poverty level ($25,390 for a family of three in 2012)
  • Children ages 6-19 with family incomes up to 100 percent of poverty ($19.090 for a family of three in 2012)
  • Pregnant women with family incomes up to 133 percent of poverty
  • Parents whose income meets the state’s AFDC (former welfare program) criteria in place as of July 1996
  • People who are elderly, blind, or who have disabilities and who receive Supplemental Security Income (SSI) may have incomes up to 74 percent of poverty ($8,266 for an individual in 2012)
  • Certain people with severe disabilities who would qualify for SSI if they did not work
    Elderly individuals and people with disabilities whose Medicare premiums are paid by Medicaid through the “QMB,” ”SLMB,” and “QI” programs—generally speaking, these are individuals who have incomes below 150 percent of poverty

State Options
States have the flexibility to increase these income limits to allow more people to qualify for Medicaid for several general categories of people, as follows:

  • Low-income children, parents, and pregnant women with family incomes above mandatory cutoff levels and up to whatever income limit the states decide
  • People who are blind, elderly, or disabled with incomes above the SSI level but below 100 percent of poverty ($10,830 for an individual in 2010)
  • Nursing home residents with incomes above SSI levels but below 300 percent of poverty ($32,490 for an individual in 2010)
  • People with disabilities who work and have incomes above the SSI limit
  • Medically needy individuals who require institutional care but who have incomes that are too high to qualify for SSI—these individuals can deduct the cost of their institutional care from their income in order to qualify for Medicaid

The Affordable Care Act requires states to maintain the Medicaid eligibility levels, policies, and procedures that were in place in March 2010 (the date the Affordable Care Act was enacted) until the state has an operational exchange.

Medicaid Expansion: In 2014, states can expand their Medicaid programs to cover virtually all individuals under the age of 65 with incomes below 133 percent of poverty. Income eligibility for those over 65 will remain unchanged. For those newly eligible through this expansion, the federal government will cover 100 percent of costs for 2014 through 2016, gradually falling to 90 percent in 2020. The federal contribution will remain at 90 percent thereafter. States have the option to implement this expansion sooner.

In states that expand Medicaid, the historic federal Medicaid matching formula will still apply to individuals who meet the Medicaid eligibility criteria in place as of December 1, 2009.

For more information on current state-by-state eligibility, see Medicaid and State Children’s Health Insurance Program (CHIP) Eligibility by State (May 2010) or Kaiser’s statehealthfacts.org and scroll down to “Medicaid Eligibility.”

Benefits

Medicaid Today:

Federal Requirements
Federal law requires states to provide a minimum benefit package in Medicaid. So-called “mandatory” benefits include physician services, hospital services, family planning, health center services, and nursing facility services. The benefit package for children is more comprehensive than the one for adults because federal law requires states to provide coverage for certain health screenings and services that are medically necessary. This requirement is called the Early and Periodic Screening Diagnostic and Treatment (EPSDT) benefit.

State Options
States are permitted to provide coverage for certain other health care services that are approved by the federal government. Such “optional” services include dental care, mental health care, eye glasses and vision care, coverage for prescription drugs, home health care, case management, and rehabilitation services. For a detailed list of what benefits state Medicaid programs cover, click here.

Medicaid Expansion: In states that take advantage of the Affordable Care Act’s Medicaid expansion, there are specific benefit requirements for those who are newly eligible. For those individuals, states must provide a set of essential health benefits. For more information on Medicaid’s essential health benefits, see Designing the Essential Health Benefits for Your State: An Advocate’s Guide.

Additional Resources

Medicaid


Medicaid Home
About Medicaid
Medicaid Expansion
Medicaid Defense
Waivers

Medicaid provides health coverage for low-income children and adults, medical and long-term care coverage for people with disabilities, and assistance with health and long-term care expenses for low-income seniors. More than 58 million people rely on Medicaid services today, and millions more will qualify for Medicaid when the provisions of the Affordable Care Act take effect in 2014.

Children receive health coverage through Medicaid and the state Children’s Health Insurance Program (CHIP). To learn more about CHIP, see the Children’s Healthsection.

This section of our website provides resources on Medicaid laws and regulations and keeps you up-to-date on the battle to sustain and improve this important program.

Medicaid Expansion Center
States that plan to expand Medicaid coverage in 2014 have much to do to prepare. In many states, advocates need support in making the case for expansion. The Medicaid Expansion Center offers information on everything from the Supreme Court decision’s effect on Medicaid to news from the Department of Health and Human Services (HHS), plus the best tools for helping your state make the most of the expansion.

Medicaid Defense Center
While some states move ahead to expand their Medicaid programs, the existing Medicaid program remains under fire at both the federal and state level. Many in Congress—and some governors, as well—seek to make deep cuts in Medicaid funding and to change the structure of the Medicaid program through proposals for block grants, per capita caps, and similar schemes. The Medicaid Defense Center features the latest news on the federal budget battle plus tools to help you fight for Medicaid funding in your state.

http://familiesusa.org/issues/medicaid/

Obamacare Event Hands Out Condoms as Prizes

The Obamacare event took place at the University of Central Arkansas last weekend. It was hosted by a group called the Living Affected Corporation, which apparently has received a grant from the federal government to educate the public about Obamacare.

The event organizer spilled out a bag of condoms — as a couple whoops and hollers could be heard from the small crowd.

Then she says, “Ok, if anyone wants a paper application,” but she interrupts herself to pickup condoms that had fallen on the floor. “I have those as well.”

“So when you’re leaving, you can stop by my table and I’ll give you whatever — condoms — that box has a bunch in it. Anyway … Our corporation, LA Corp … And I’m waiting on my dental dams and female condom order that still hasn’t come in. If you ever need condoms, let me know because we have thousands — boxes of magnums, we get magnums a lot. So here is the prize table.”

The condom give-away was a training event with young Democrats, I’m told.

Is Obamacare on the rebound? Media turn to positive stories. (+video)

Positive headlines are creeping into the news coverage of Obamacare, amid a Democratic counteroffensive and signs the program could be turning a corner. But tough tests lie ahead.

Bit by bit, the media narrative around the travails of Obamacare and its main enrollment vehicle, HealthCare.gov, is starting to look up. Or to put it more precisely, it is no longer so crushingly negative.

After weeks of stories about website crashes and canceled health plans – and an extraordinary mea culpa from President Obama – a competing story line is starting to emerge. Slowly but surely, people are navigating the exchanges and getting insurance – for some, cheaper and better than what they had. Last week, The New York Times and Los Angeles Timestouted a “surge” in enrollment figures, especially in states that have their own exchanges.

This week, a Washington Post story described almost an Obamacare nirvana – people in rural Kentucky lining up and getting coverage, some for the first time in their lives.

Part of this wave of positive stories may be a media effect: Reporters (and the public) get tired of all the wall-to-wall negativity, and to keep interest up, seek out happy stories for a change of pace.

The Obama administration has also ramped up its public relations efforts on the Affordable Care Act (ACA), going around the national media and directly into local markets. On Tuesday, the administration

announced that seniors saved $8.9 billion on prescription drugs thanks to the ACA. And Democratic senators have headed off for Thanksgiving with marching orders: Find and publicize the ACA success stories. At the very least, say Democrats, they need to counter the Republican message machine and story-gathering.

“It’s true, the Democrats are more on the offensive than they were,” says Terry Madonna, a professor of public affairs at Franklin & Marshall College in Lancaster, Pa. “But they still have serious problems. No one knows where this is going. And for Democrats, the last thing they want is for this to dominate the elections next year.”

This Saturday, Nov. 30, will be one moment of truth. That is the day the Obama administration promised HealthCare.gov would work smoothly for the vast majority of users, after the disastrous Oct. 1 launch. The definition of “vast majority” was later downgraded to 80 percent – with the remaining 20 percent enrolling by other means or still encountering slow loads and error messages.

On Tuesday, in a conference call with state and local elected officials, Health and Human Services (HHS) Secretary Kathleen Sebelius promised a “significantly different user experience” on HealthCare.gov by the end of the month. And with reporters on the line, she urged the officials “to not hesitate to recommend that people go to HealthCare.gov and get signed up.”

Secretary Sebelius has put her credibility on the line at a time when she can ill afford to see it go any lower. The problem for the Obama administration is that by announcing a hard deadline – Nov. 30 – for vast improvements on a once-profoundly dysfunctional website, it has raised expectations (again) for how well the site will work. As with the initial rollout, Obamacare opponents will be on the lookout for failures, and the media will surely cover them.

Another moment of truth will come when the administration reveals demographic data of people who have enrolled in coverage via the exchanges, possibly with the next official enrollment numbers in mid-December. The ACA will work only if less-healthy enrollees are balanced by enrollees without expensive health issues. On Tuesday’s conference call, Sebelius said she didn’t have demographic information on enrollees, but promised it “very soon.” Then she urged the county executive from Milwaukee to reach out to “young and healthy individuals.”

The daily report Tuesday from Kaiser Health News (KHN) was noteworthy for its positive stories:

  •  “Health law may offer part-time workers better options,” said one headline. The story talked about “mini-med” plans – low-cost, low-benefit plans that are no longer allowable under the ACA – and cited the case of a woman with a serious health problem who is likely to get better, subsidized coverage on the exchange.
  • Another piece reported on Californians happy to have their insurance policies canceled. Some people, the story reported, had felt trapped with subpar plans but had kept them because of preexisting medical conditions. Now, under the ACA, people with health problems cannot be denied coverage.
  • A story out of Philadelphia, highlighted websites that have been set up that allow people to calculate their health-care subsidy without going on HealthCare.gov – and if they’re not eligible, allow them to buy coverage directly from the site.

If they are eligible, however, they have to buy their coverage on the federal exchange. So ultimately, for those living in the 36 states that are served by HealthCare.gov, all roads lead back to that site. Among the challenges ahead for the federal site:

  • By Saturday, the Obama administration says HealthCare.gov should be able to handle 50,000 users simultaneously. Whether that will be enough capacity is an open question. But it’s safe to say that if too many people wait till the last minute to sign up, there could be another wave of embarrassing website failures.
  • People who want their insurance to begin on Jan. 1 now have until Dec. 23 to enroll. But again, if everyone waits until Dec. 23, that leaves the insurers just eight days – right during the holidays – to process all that paperwork.
  • And about that paperwork… The “834” forms that are supposed to go to the insurance companies after consumers enroll on HealthCare.gov still need work, the HHS agency in charge of the site said Monday.
  • Then there’s the issue of Healthcare.gov’s “back-office system,” which a week ago was still unbuilt. On Nov. 19, Henry Chao, a top official at HHS’s Centers for Medicare and Medicaid Services (CMS), said that between 30 and 40 percent of the IT system for the marketplace remained to be constructed. That sounded alarming, but a CMS spokeswoman said that that portion of the website is involved in paying federal subsidies to insurance companies and will not affect individuals.

Getting HealthCare.gov fully functioning in time still sounds like a high-wire act. If there are more major stumbles, the bad headlines will come roaring back.

http://www.csmonitor.com/USA/DC-Decoder/2013/1126/Is-Obamacare-on-the-rebound-Media-turn-to-positive-stories.-video

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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

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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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The Dangers of Collectivist Government Dependency vs. Joys and Happiness of Individual Independence — Videos

Posted on October 14, 2013. Filed under: Agriculture, Babies, Blogroll, Communications | Tags: , , , , , , , , , , |

Personal responsibility, Government taking over, dependency, & mediocrity

Government should not exist for the purpose of taking over the personal responsibility which we citizens refuse to take. Recall the times which built our countryーwhen citizens served regardless of individual limitations, instead of claiming privileges under the guise of a cornucopia of individual limitations.

The Dependency Agenda

Opinion The Government Dependency Trap

The Dangers of Government Dependency

SAY WHAT? Government Dependency

American Dependency Micro Documentary

Government Dependency, if it was lumped into one state

The Big Government Dependency Class

Rep. Graves on Obama gutting welfare: “It is creating dependency on government”

Ron Paul’s Texas Straight Talk 10/8/12: Government Dependency Will End in Chaos

George Will: ‘Dependency on Government Is the Liberal Agenda’

Jerome Corsi – OBAMA INCREASES GOVT DEPENDENCY

Star Parker: Welfare dependency destroys black families

Related Posts On Pronk Palisades

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David Stockman — The Great Deformation: The Corruption of Capitalism in America — Videos

Posted on April 1, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Inflation, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Public Sector, Radio, Raves, Tax Policy, Taxes, Technology, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , |

stockman-565x317

the_great_deformation

Stockman: Washington can’t be rescued

Fed Is Deadly ‘Instrument of Speculation’: Stockman

Stockman, Orszag in budget battle royale

David Stockman: We’ve Been Lied To, Robbed, And Mislead

The David Stockman Controversy: Which Points Are Valid?

How Crony Capitalism Corrupts the Free Market | David Stockman

David Stockman Says The US Economy Has No Free-Market Element To It, Everything’s Manipulated

David Stockman on Outlook for US Economy, Deficit Reduction, & Wages

This Is Housing Bubble 2.0: David Stockman

David Stockman: You’re Now In The “Bernanke Bear Trap”

David Stockman on Crony Capitalism – Bill Moyers & Company

pinrose1

Stockman: Fed Has Declared Itself “Politburo of the U.S. Economy” 09-14-12

David Stockman told CNBC – FED is the problem – Ron Paul was Right!

In the Arena : CNN: David Stockman: Heretic or truth-teller?

David Stockman – Conversations with Casey

David Stockman on Federal Reserve Arrogance and Monetary Mission Creep!

2012-07-16 Bloomberg TV. Stockman: We’re Heading Toward Recession, Paralysis Video

The Forgotten Cause of Sound Money | David Stockman

DAVID STOCKMAN: We’ve Been Lied To, Robbed, And Misled

hen, when the Fed’s fire hoses started spraying an elephant soup of liquidity injections in every direction and its balance sheet grew by $1.3 trillion in just thirteen weeks compared to $850 billion during its first ninety-four years, I became convinced that the Fed was flying by the seat of its pants, making it up as it went along. It was evident that its aim was to stop the hissy fit on Wall Street and that the thread of a Great Depression 2.0 was just a cover story for a panicked spree of money printing that exceeded any other episode in recorded human history.

David Stockman, The Great Deformation

David Stockman, former director of the OMB under President Reagan, former US Representative, and veteran financier is an insider’s insider. Few people understand the ways in which both Washington DC and Wall Street work and intersect better than he does.

In his upcoming book, The Great Deformation: The Corruption of Capitalism in America [37], Stockman lays out how we have devolved from a free market economy into a managed one that operates for the benefit of a privileged few. And when trouble arises, these few are bailed out at the expense of the public good.

By manipulating the price of money through sustained and historically low interest rates, Greenspan and Bernanke created an era of asset mis-pricing that inevitably would need to correct.  And when market forces attempted to do so in 2008, Paulson et al hoodwinked the world into believing the repercussions would be so calamitous for all that the institutions responsible for the bad actions that instigated the problem needed to be rescued — in full — at all costs.

Of course, history shows that our markets and economy would have been better off had the system been allowed to correct. Most of the “too big to fail” institutions would have survived or been broken into smaller, more resilient, entities. For those that would have failed, smaller, more responsible banks would have stepped up to replace them – as happens as part of the natural course of a free market system:

Essentially there was a cleansing run on the wholesale funding market in the canyons of Wall Street going on. It would have worked its will, just like JP Morgan allowed it to happen in 1907 when we did not have the Fed getting in the way. Because they stopped it in its tracks after the AIG bailout and then all the alphabet soup of different lines that the Fed threw out, and then the enactment of TARP, the last two investment banks standing were rescued, Goldman and Morgan [Stanley], and they should not have been. As a result of being rescued and having the cleansing liquidation of rotten balance sheets stopped, within a few weeks and certainly months they were back to the same old games, such that Goldman Sachs got $10 billion dollars for the fiscal year that started three months later after that check went out, which was October 2008. For the fiscal 2009 year, Goldman Sachs generated what I call a $29 billion surplus – $13 billion of net income after tax, and on top of that $16 billion of salaries and bonuses, 95% of it which was bonuses.

Therefore, the idea that they were on death’s door does not stack up. Even if they had been, it would not make any difference to the health of the financial system. These firms are supposed to come and go, and if people make really bad bets, if they have a trillion dollar balance sheet with six, seven, eight hundred billion dollars worth of hot-money short-term funding, then they ought to take their just reward, because it would create lessons, it would create discipline. So all the new firms that would have been formed out of the remnants of Goldman Sachs where everybody lost their stock values – which for most of these partners is tens of millions, hundreds of millions – when they formed a new firm, I doubt whether they would have gone back to the old game. What happened was the Fed stopped everything in its tracks, kept Goldman Sachs intact, the reckless Goldman Sachs and the reckless Morgan Stanley, everyone quickly recovered their stock value and the game continues. This is one of the evils that comes from this kind of deep intervention in the capital and money markets.

Stockman’s anger at the unnecessary and unfair capital transfer from taxpayer to TBTF bank is matched only by his concern that, even with those bailouts, the banking system is still unacceptably vulnerable to a repeat of the same crime:

The banks quickly worked out their solvency issues because the Fed basically took it out of the hides of Main Street savers and depositors throughout America. When the Fed panicked, it basically destroyed the free-market interest rate – you cannot have capitalism, you cannot have healthy financial markets without an interest rate, which is the price of money, the price of capital that can freely measure and reflect risk and true economic prospects.

Well, once you basically unplug the pricing mechanism of a capital market and make it entirely an administered rate by the Fed, you are going to cause all kinds of deformations as I call them, or mal-investments as some of the Austrians used to call them, that basically pollutes and corrupts the system. Look at the deposit rate right now, it is 50 basis points, maybe 40, for six months. As a result of that, probably $400-500 billion a year is being transferred as a fiscal maneuver by the Fed from savers to the banks. They are collecting the spread, they’ve then booked the profits, they’ve rebuilt their book net worth, and they paid back the TARP basically out of what was thieved from the savers of America.

Now they go down and pound the table and whine and pout like JP Morgan and the rest of them, you have to let us do stock buy backs, you have to let us pay out dividends so we can ramp our stock and collect our stock option winnings. It is outrageous that the authorities, after the so-called “near death experience” of 2008 and this massive fiscal safety net and monetary safety net was put out there, is allowing them to pay dividends and to go into the market and buy back their stock. They should be under house arrest in a sense that every dime they are making from this artificial yield group being delivered by the Fed out of the hides of savers should be put on their balance sheet to build up retained earnings, to build up a cushion. I do not care whether it is fifteen or twenty or twenty-five percent common equity and retained earnings-to-assets or not, that is what we should be doing if we are going to protect the system from another raid by these people the next time we get a meltdown, which can happen at any time.

You can see why I talk about corruption, why crony capitalism is so bad. I mean, the Basel capital standards, they are a joke. We are just allowing the banks to go back into the same old game they were playing before. Everybody said the banks in late 2007 were the greatest thing since sliced bread. The market cap of the ten largest banks in America, including from Bear Stearns all the way to Citibank and JP Morgan and Goldman and so forth, was $1.25 trillion. That was up thirty times from where the predecessors of those institutions had been. Only in 1987, when Greenspan took over and began the era of bubble finance – slowly at first then rapidly, eventually, to have the market cap grow thirty times – and then on the eve of the great meltdown see the $1.25 trillion to market cap disappear, vanish, vaporize in panic in September 2008. Only a few months later, $1 trillion of that market cap disappeared in to the abyss and panic, and Bear Stearns is going down, and all the rest.

This tells you the system is dramatically unstable. In a healthy financial system and a free capital market, if I can put it that way, you are not going to have stuff going from nowhere to @1.2 trillion and then back to a trillion practically at the drop of a hat. That is instability; that is a case of a medicated market that is essentially very dangerous and is one of the many adverse consequences and deformations that result from the central-bank dominated, corrupt monetary system that has slowly built up ever since Nixon closed the gold window, but really as I say in my book, going back to 1933 in April when Roosevelt took all the private gold. So we are in a big dead-end trap, and they are digging deeper every time you get a new maneuver.

Reagan Adviser Stockman Warns of Crash From ‘Unsustainable’ Fed-Fueled Bubble

The U.S. economy is in a bubble inflated by “phony money” from the Federal Reserve and will burst within a few years, warned David Stockman, who was budget director for President Ronald Reagan.

In an essay published in the New York Times, Stockman wrote that the Fed’s quantitative easing policies in the aftermath of the credit crisis have flooded stock markets with cash even while the “Main Street economy” remains weak. The combination, he wrote, is “unsustainable.”

“When it bursts, there will be no new round of bailouts like the ones the banks got in 2008,” wrote Stockman, a former senior managing director at Blackstone Group LP and a former Republican congressman from Michigan.

“Instead, America will descend into an era of zero-sum austerity and virulent political conflict, extinguishing even today’s feeble remnants of economic growth.”

Stockman, 66, is the author of “The Great Deformation: The Corruption of Capitalism in America,” which will be published April 2.

The Fed, led by Ben S. Bernanke, is purchasing $85 billion in assets every month. The Fed is leaving its key interest rate near zero while it tries to reduce unemployment below 6.5 percent and hold inflation below 2.5 percent.

The Standard & Poor’s 500 Index rose to an all-time high last week, closing at 1,569.19 on March 28. That surpassed the previous record of 1,565.15 set in October 2007. U.S. stock markets were closed March 29 for the Good Friday holiday.

Gold Standard

Among the other culprits Stockman blamed for what he termed a “state-wreck” are President Franklin Delano Roosevelt for weakening the gold standard in 1933, President Richard Nixon for removing the convertibility of dollars to gold and “lapsed hero” Alan Greenspan, the former Fed chairman, for keeping interest rates too low for too long.

Investors will sell, Stockman wrote, at any hint that the Fed is starting to remove assets from its balance sheet.

“Notwithstanding Bernanke’s assurances about eventually, gradually making a smooth exit, the Fed is domiciled in a monetary prison of its own making,” he wrote, warning of unsustainable fiscal policies as well. “These policies have brought America to an end-stage metastasis. The way out would be so radical it can’t happen.”

Paul Krugman, the Princeton University economist and New York Times columnist, responded on his blog yesterday, saying that he was “disappointed” in Stockman’s “gee-whiz, context- and model-free numbers embedded in a rant — and not even an interesting rant.”

Krugman called Stockman’s piece “cranky old man stuff,” and summarized it this way:

“We’ve been doomed, yes doomed, ever since FDR took us off the gold standard and introduced unemployment insurance. What about those 80 years of non-doom? Just a series of lucky accidents. Now we’re really doomed. I mean it!”

Read Latest Breaking News from Newsmax.com http://www.moneynews.com/StreetTalk/reagan-stockman-fed-disaster/2013/04/01/id/497179?s=al&promo_code=12FD5-1#ixzz2PGkRF765

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No Spending Cuts, No Tax Cuts, No Balanced Budget, No Spending Cap, No Hope, No Change–Obama Recession–Fiscal Year 2013 Deficit Will Exceed $1 Trillion–We Have A Spending Problem–Videos

Posted on December 18, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, government, government spending, history, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, People, Philosophy, Politics, Radio, Rants, Raves, Security, Tax Policy, Taxes, Technology, Unemployment, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , |

U.S. Debt Clock

http://www.usdebtclock.org/

$16 Trillion U.S. DEBT – A Visual Perspective

What Are the Dangers of Too Much Debt?

Does Government Have a Revenue or Spending Problem?

Funding Government by the Minute

Will Higher Tax Rates Balance the Budget?

Will Taxing the Rich Fix the Deficit?

What Can We Cut to Balance the Budget

Does Stimulus Spending Work?

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 3,538,286 1,089,193
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.

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:  11/12

   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
     NOVEMBER                                                                  161,730                333,841                172,112

       YEAR-TO-DATE                                                            346,045                638,152                292,107
-
-
-
-
-
-
-
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0REPORT ID: STM0P081
 USER ID  :     
 DATE: 2012-12-10 TIME: 18.47.19                                                                                         PAGE 
http://www.fms.treas.gov/mts/mts1112.txt

Ron Paul- Discussing The Fiscal Cliff- John Stossel Show

GOP offers fiscal cliff ‘plan b’

US fiscal cliff & options at hand

Woodward: Obama Would Own Recession From Going Over Fiscal Cliff

Peter Schiff: Fed Will Keep Printing Money Until Economy Collapses

Marc Farber: The problem with President Obama & Recession 2013!

CNBC Global Recession Is Coming – Marc Faber

Will Taxing the Rich Deepen the Recession? – The “Fiscal Cliff” is a Scam

Fiscal Cliff An Artificial Crisis

Show News: Hume Boehner has a weak hand in fiscal cliff talks

Peter Schiff: Ben Bernanke throws the dollar over the Currency Cliff

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Paul Ryan Interviewed By Peter Robinson On Healthcare and Medicare Reform–Videos

Posted on October 4, 2012. Filed under: American History, Babies, Blogroll, Business, College, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Inflation, Investments, Law, liberty, Life, Links, media, People, Philosophy, Politics, Psychology, Public Sector, Rants, Raves, Regulations, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Unions, Video, Wisdom | Tags: , , , , , |

Vice-presidential candidate Paul Ryan in his September 2011 interview on Uncommon Knowledge

 

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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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Paul Ryan Reforms and Saves Medicare Benefits–Democrats Cut And Ration Medicare Benefits To Fund Obamacare, Affordable Care Act–Videos

Posted on August 16, 2012. Filed under: American History, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, Health Care, history, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Medicine, People, Philosophy, Politics, Rants, Raves, Resources, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , |

Paul Ryan explains how Obamacare cuts Medicare

Paul Ryan Addresses The Villages With His Mother  / Full Speech

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

Charlie Rose – Rep. Paul Ryan, Wisconsin (R)

The Facts of Ryan’s Medicare Plan 

National Review’s Rich Lowry Destroys MSNBC’s Rachel Maddow on Meet the Press 

Paul Ryan:  Hiding Spending Doesn’t Reduce Spending 

Ryan: Bring on Medicare Debate 

Rep. Paul Ryan Vs. President Obama 

Paul Ryan’s CPAC 2012 Keynote Address 

Paul Ryan’s Medicare Reform Explained 

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More GORE–Great Obama Recession Economy–Government Treasury Securites Downgraded From AAA to AA+ With A Negative Outlook By Standard & Poor’s Rating Agency–Too Little Too Late–The Austrian School of Economics Was Right!–Videos

Posted on August 6, 2011. Filed under: Blogroll, Communications, Life, Links, People, Philosophy, Politics, Private Sector, Public Sector, Rants, Raves, Security, Strategy, Talk Radio, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , |

 

 

Research Update:
United States of America Long-Term Rating
Lowered To ‘AA+’ On Political Risks And
Rising Debt Burden; Outlook Negative

Overview

· We have lowered our long-term sovereign credit rating on the United
States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term
rating.
· We have also removed both the short- and long-term ratings from
CreditWatch negative.
· The downgrade reflects our opinion that the fiscal consolidation plan
that Congress and the Administration recently agreed to falls short of
what, in our view, would be necessary to stabilize the government’s
medium-term debt dynamics.
· More broadly, the downgrade reflects our view that the effectiveness,
stability, and predictability of American policymaking and political
institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a
negative outlook to the rating on April 18, 2011.
· Since then, we have changed our view of the difficulties in bridging the
gulf between the political parties over fiscal policy, which makes us
pessimistic about the capacity of Congress and the Administration to be
able to leverage their agreement this week into a broader fiscal
consolidation plan that stabilizes the government’s debt dynamics any
time soon.
· The outlook on the long-term rating is negative. We could lower the
long-term rating to ‘AA’ within the next two years if we see that less
reduction in spending than agreed to, higher interest rates, or new
fiscal pressures during the period result in a higher general government
debt trajectory than we currently assume in our base case. 

http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldata&blobtable=MungoBlobs&blobheadervalue2=inline%3B+filename%3DUS_Downgraded_AA%2B.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1243942957443&blobheadervalue3=UTF-8

President Obama’s Statement on Credit Downgrade  

 

 

Peter Schiff: Welcome to the Twilight Zone

 

 

Obama Has Dictatorial Power To Confiscate Europe’s Gold

 

S&P: Why we downgraded the U.S.

 

 Ron Paul On Neil Cavuto: Talks about The AAA Rating Downgrade To AA+

 

S&P Downgrades US Credit Rating From AAA

 

S&P Downgrades US Credit Rating (First Time IN HISTORY)

 

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

 

 

The Austrians Were Right

 

Peter Schiff on Charles Adler (8/5/11)

 

 

“The market going down has nothing to do with S&P downgrade” Jim Rogers

 

The Fed’s ‘Fictitious’ Debt – Can the US Treasury just stiff the fed?

 

Peter Schiff On Freedom Watch- 1 8 2011 – The US will default through inflation

 

Peter Schiff – ‘Recession is coming back’

 

Peter Schiff: More Money is about to be Dropped from Helicopters

 

AAA-rmageddon: S&P downgrade knocks off US credit crown

 

S&P downgrades US debt outlook-On the Edge with Max Keiser-04-29-2011-(Part1)  

S&P downgrades US debt outlook-On the Edge with Max Keiser-04-29-2011-(Part2)

 

Interview on Credit Rating Agencies

 

The essence of the problem is simply massive Federal Government spending  and not too little tax revenues.

President Obama’s is one of the primary causes of the problem with his ridiculous budget proposal that was voted down in the Senate by 97 Senators voting No!

President  Obama’s call for a  ” balanced approach” to the budget or massive tax increases in 2013 and beyond as the economy enters another recession is a firm indication that he is an economic illiterate, out of touch with economic reality and deserves to be fired next November for incompetence and the damage his economic policies to the American people.

Instead of running deficits over the next ten years of $7,000 to $8,000 billion and increasing the national debt by another $7,000 to $8,000 billion, the size of the Federal Governments needs to cut by about 30% to 50% and the national debt reduced over the several decades.

This would require actually cutting entitlement programs ( Social Security, Medicare, Medicaid, and welfare), national defense spending, and all other spending by permanently closing between eight to ten Federal Departments, many agencies, and hundreds of government programs.

Also the Federal income tax system needs to be replaced by the FairTax to encourage economic growth by increasing savings and investment which would in turn reduce unemployment and the Federal deficit.

The FairTax: It’s Time

Lugar Cosponsors the FairTax

Neither the Democratic or Republican political establishments have the vision, will or courage to do this.

While the majority of the  American people are prepared for and calling for a huge downsizing of the Federal Government, the political ruling class is opposed to any significant reduction in the size and scope of the Federal Government.

For both political parties most of their campaign contributions come from those companies and individuals who directly benefit from an ever larger and expanding Federal Government and a National Debt.

This includes bankers and financial institutions, the military industrial complex, lawyers, lobbyists, unions, just to name a few of the big campaign contributors.

 

S&P downgrades US credit rating from AAA

“…The United States has lost its sterling credit rating from Standard & Poor’s.

The credit rating agency on Friday lowered the nation’s AAA rating for the first time since granting it in 1917. The move came less than a week after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more than $2 trillion — a tumultuous process that contributed to convulsions in financial markets. The promised cuts were not enough to satisfy S&P.

The drop in the rating by one notch to AA-plus was telegraphed as a possibility back in April. The three main credit agencies, which also include Moody’s Investor Service and Fitch, had warned during the budget fight that if Congress did not cut spending far enough, the country faced a downgrade. Moody’s said it was keeping its AAA rating on the nation’s debt, but that it might still lower it.

One of the biggest questions after the downgrade was what impact it would have on already nervous investors. While the downgrade was not a surprise, some selling is expected when stock trading resumes Monday morning. The Dow Jones industrial average fell 699 points this week, the biggest weekly point drop since October 2008. …”

http://finance.yahoo.com/news/SampP-downgrades-US-credit-apf-2107320979.html

Background Articles and Videos

 

Treasury Bond Prices and Yields

 

The Gold Standard Before the Civil War | Murray N. Rothbard

 

The Case for a 100 Percent Gold Dollar (Part 1 of 2) by Murray N. Rothbard

 

The Case for a 100 Percent Gold Dollar (Part 2 of 2) by Murray N. Rothbard

 

Open Market Operations

Open market operations–purchases and sales of U.S. Treasury and federal agency securities–are the Federal Reserve’s principal tool for implementing monetary policy. The short-term objective for open market operations is specified by the Federal Open Market Committee(FOMC). This objective can be a desired quantity of reserves or a desired price (the federal funds rate). The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.The Federal Reserve’s objective for open market operations has varied over the years. During the 1980s, the focus gradually shifted toward attaining a specified level of the federal funds rate, a process that was largely complete by the end of the decade. Beginning in 1994, the FOMC began announcing changes in its policy stance, and in 1995 it began to explicitly state its target level for the federal funds rate. Since February 2000, the statement issued by the FOMC shortly after each of its meetings usually has included the Committee’s assessment of the risks to the attainment of its long-run goals of price stability and sustainable economic growth.For more information on open market operations, see the article in the Federal Reserve Bulletin(102 KB PDF).http://www.federalreserve.gov/monetarypolicy/openmarket.htm

Federal Funds Target Rate
Month/Day 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Jan 1 6.50% 1.75% 1.25% 1.00% 2.25% 4.25% 5.25% 4.25% 0%-0.25% 0%-0.25% 0%-0.25%
Feb 1 5.50% 1.75% 1.26% 1.00% 2.25% 4.50% 5.25% 3.00% 0%-0.25% 0%-0.25% 0%-0.25%
Mar 1 5.50% 1.75% 1.25% 1.00% 2.50% 4.50% 5.25% 3.00% 0%-0.25% 0%-0.25% 0%-0.25%
Apr 1 5.00% 1.75% 1.25% 1.00% 2.75% 4.75% 5.25% 2.25% 0%-0.25% 0%-0.25% 0%-0.25%
May 1 4.50% 1.75% 1.25% 1.00% 2.75% 4.75% 5.25% 2.00% 0%-0.25% 0%-0.25% 0%-0.25%
Jun 1 4.00% 1.75% 1.25% 1.00% 3.00% 5.00% 5.25% 2.00% 0%-0.25% 0%-0.25% 0%-0.25%
Jul 1 3.75% 1.75% 1.00% 1.25% 3.25% 5.25% 5.25% 2.00% 0%-0.25% 0%-0.25% 0%-0.25%
Aug 1 3.75% 1.75% 1.00% 1.25% 3.25% 5.25% 5.25% 2.00% 0%-0.25% 0%-0.25% 0%-0.25%
Sep 1 3.50% 1.75% 1.00% 1.50% 3.50% 5.25% 5.25% 2.00% 0%-0.25% 0%-0.25%  
Oct 1 3.00% 1.75% 1.00% 1.75% 3.75% 5.25% 4.75% 2.00% 0%-0.25% 0%-0.25%  
Nov 1 2.50% 1.75% 1.00% 1.75% 4.00% 5.25% 4.50% 1.00% 0%-0.25% 0%-0.25%  
Dec 1 2.00% 1.25% 1.00% 2.00% 4.00% 5.25% 4.50% 1.00% 0%-0.25% 0%-0.25%

http://www.moneycafe.com/library/fedfundsrate.htm

United States Treasury security  

“…A United States Treasury security is government debt issued by the United States Department of the Treasury through the Bureau of the Public Debt. Treasury securities are the debt financing instruments of the United States Federal government, and they are often referred to simply as Treasuries. There are four types of marketable treasury securities: Treasury bills, Treasury notes, Treasury bonds, and Treasury Inflation Protected Securities (TIPS). There are several types of non-marketable treasury securities including State and Local Government Series (SLGS), Government Account Series debt issued to government-managed trust funds, and savings bonds. All of the marketable Treasury securities are very liquid and are heavily traded on the secondary market. The non-marketable securities (such as savings bonds) are issued to subscribers and cannot be transferred through market sales.

History

The U.S. government knew that the costs of World War I would be great, and the question of how to pay for the war was a matter of intense debate. The resulting decision was to pay for the war with a balance between higher taxes (see the War Tax Act) and government debt. Traditionally, the government borrowed from other countries, but there were no other countries from which to borrow in 1917: U.S. citizens would have to fully finance the war through both higher taxes and purchases of war bonds.[1]

The Treasury raised funding throughout the war by selling $21.5 billion in ‘Liberty bonds.’ These bonds were sold at subscription where officials created coupon price and then sold it at Par value. At this price, subscriptions could be filled in as little as one day, but usually remained open for several weeks, depending on demand for the bond.[1]

After the war, the Liberty Bonds were reaching maturity, but the Treasury was unable to pay each down fully with only limited budget surpluses. The resolution to this problem was to refinance the debt with variable short and medium-term maturities. Again the Treasury issued debt through fixed-price subscription, where both the coupon and the price of the debt were dictated by the treasury.[1]

The problems with debt issuance became apparent in the late-1920’s. The system suffered from chronic oversubscription, where interest rates were so attractive that there were more purchasers of debt than supplied by the government. This indicated that the government was paying too much for debt. As government debt was undervalued, debt purchasers could buy from the government and immediately sell to another market participant at a higher price.[1]

In 1929, the U.S. Treasury shifted from the fixed-price subscription system to a system of auctioning where ‘Treasury Bills’ would be sold to the highest bidder. Securities were then issued on a pro rata system where securities would be allocated to the highest bidder until their demand was full. If more treasuries were supplied by the government, they would then be allocated to the next highest bidder. This system allowed the market to set the price rather than the government. On December 10, 1929, the Treasury issued its first auction. The result was the issuing of $224 million three-month bills. The highest bid was at 99.310 with the lowest bid accepted at 99.152.[1]

Foreign countries later started to buy U.S. debt as an investment of their surplus U.S. Dollars. There is fear that foreign countries hold so many bonds that if they stopped buying them, the U.S. economy would collapse; however, the reality is that more bonds are transferred in a single day by the Treasury than are held by any single sovereign state.[2] The perception of this dependence furthers belief that the U.S. and China economies are so tightly linked that both fear the consequences of a potential slow down in China’s purchase of those bonds. In her 2010 visit to China, the U.S. Secretary of State Hillary Clinton called on authorities in Beijing to continue buying U.S. Treasuries, saying it would help jumpstart the flagging U.S. economy and stimulate imports of Chinese goods.[3]

As the economic recession continues, more doubts arise over the real value of U.S. treasury securities. Though carefully worded, Chinese premier Wen Jia Bao’s warning about possible devaluation of Chinese held U.S. bonds was taken very seriously by Washington:

“Of course we are concerned about the safety of our assets. To be honest, I’m a little bit worried” … “I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets.”[4]Chinese premier, Wen Jiabao, said at a news conference after the closing of China’s 2009 legislative session.

However, it is important to note that such comments, while critical, were very likely indicative of Chinese “gesturing” ahead of the April 1st G-20 Economic Summit. As of April 2009, the U.S. dollar had rallied YTD against all other major world currencies. On March 18, 2009, the Federal Reserve used quantitative easing “to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months.”[5]

Marketable securities

 Directly issued by the United States Government

 Treasury bill

“Treasury bill” redirects here. Note that the Bank of England issues these in the United Kingdom.

Treasury bills (or T-Bills) mature in one year or less. Like zero-coupon bonds, they do not pay interest prior to maturity; instead they are sold at a discount of the par value to create a positive yield to maturity.[6] Many regard Treasury bills as the least risky investment available to U.S. investors.

Regular weekly T-Bills are commonly issued with maturity dates of 28 days (or 4 weeks, about a month), 91 days (or 13 weeks, about 3 months), 182 days (or 26 weeks, about 6 months), and 364 days (or 52 weeks, about 1 year). Treasury bills are sold by single-price auctions held weekly. Offering amounts for 13-week and 26-week bills are announced each Thursday for auction, usually at 11:30 a.m., on the following Monday and settlement, or issuance, on Thursday. Offering amounts for 4-week bills are announced on Monday for auction the next day, Tuesday, usually at 11:30 a.m., and issuance on Thursday. Offering amounts for 52-week bills are announced every fourth Thursday for auction the next Tuesday, usually at 11:30 am, and issuance on Thursday. Purchase orders at TreasuryDirect must be entered before 11:00 on the Monday of the auction. The minimum purchase, effective April 7, 2008, is $100. (This amount formerly had been $1,000.) Mature T-bills are also redeemed on each Thursday. Banks and financial institutions, especially primary dealers, are the largest purchasers of T-bills.

Like other securities, individual issues of T-bills are identified with a unique CUSIP number. The 13-week bill issued three months after a 26-week bill is considered a re-opening of the 26-week bill and is given the same CUSIP number. The 4-week bill issued two months after that and maturing on the same day is also considered a re-opening of the 26-week bill and shares the same CUSIP number. For example, the 26-week bill issued on March 22, 2007, and maturing on September 20, 2007, has the same CUSIP number (912795A27) as the 13-week bill issued on June 21, 2007, and maturing on September 20, 2007, and as the 4-week bill issued on August 23, 2007 that matures on September 20, 2007.

During periods when Treasury cash balances are particularly low, the Treasury may sell cash management bills (or CMBs). These are sold at a discount and by auction just like weekly Treasury bills. They differ in that they are irregular in amount, term (often less than 21 days), and day of the week for auction, issuance, and maturity. When CMBs mature on the same day as a regular weekly bill, usually Thursday, they are said to be on-cycle. The CMB is considered another reopening of the bill and has the same CUSIP. When CMBs mature on any other day, they are off-cycle and have a different CUSIP number.

Treasury bills are quoted for purchase and sale in the secondary market on an annualized discount percentage, or basis.

With the advent of TreasuryDirect, individuals can now purchase T-Bills online and have funds withdrawn from and deposited directly to their personal bank account and earn higher interest rates on their savings.

General calculation for the discount yield for Treasury bills is

\text{Discount Yield} (%) = \frac{\text{Face Value} - \text{Purchase Price}}{\text{Face Value}} \times \frac{\text{360}}{\text{Days Till Maturity}} \times 100[%]

 Treasury note

This is the modern usage of “Treasury Note” in the U.S., for the earlier meanings see Treasury Note (disambiguation).

Treasury notes (or T-Notes) mature in one to ten years. They have a coupon payment every six months, and are commonly issued with maturities dates between 1 to 10 years, with denominations of $1,000. In the basic transaction, one buys a “$1,000” T-Note for say, $950, collects interest over 10 years of say, 3% per year, which comes to $30 yearly, and at the end of the 10 years cashes it in for $1000. So, $950 over the course of 10 years becomes $1300.

T-Notes and T-Bonds are quoted on the secondary market at percentage of par in thirty-seconds of a point (n/32 of a point, where n = 1,2,3,…). Thus, for example, a quote of 95:07 on a note indicates that it is trading at a discount: $952.19 (i.e., 95 + 7/32%) for a $1,000 bond. (Several different notations may be used for bond price quotes. The example of 95 and 7/32 points may be written as 95:07, or 95-07, or 95’07, or decimalized as 95.21875.) Other notation includes a +, which indicates 1/64 points and a third digit may be specified to represent 1/256 points. Examples include 95:07+ which equates to (95 + 7/32 + 1/64) and 95:073 which equates to (95 + 7/32 + 3/256). Notation such as 95:073+ is unusual and not typically used.

The 10-year Treasury note has become the security most frequently quoted when discussing the performance of the U.S. government bond market and is used to convey the market’s take on longer-term macroeconomic expectations.

Treasury bond

“U.S. Bonds” redirects here. For the singer/performer, see Gary U.S. Bonds.

Treasury bonds (T-Bonds, or the long bond) have the longest maturity, from twenty years to thirty years. They have a coupon payment every six months like T-Notes, and are commonly issued with maturity of thirty years. The secondary market is highly liquid, so the yield on the most recent T-Bond offering was commonly used as a proxy for long-term interest rates in general.[citation needed] This role has largely been taken over by the 10-year note, as the size and frequency of long-term bond issues declined significantly in the 1990s and early 2000s.[citation needed]

The U.S. Federal government suspended issuing the well-known 30-year Treasury bonds (often called long-bonds) for a four and a half year period starting October 31, 2001 and concluding February 2006.[7] As the U.S. government used its budget surpluses to pay down the Federal debt in the late 1990s,[8] the 10-year Treasury note began to replace the 30-year Treasury bond as the general, most-followed metric of the U.S. bond market. However, because of demand from pension funds and large, long-term institutional investors, along with a need to diversify the Treasury’s liabilities – and also because the flatter yield curve meant that the opportunity cost of selling long-dated debt had dropped – the 30-year Treasury bond was re-introduced in February 2006 and is now issued quarterly.[9] This brought the U.S. in line with Japan and European governments issuing longer-dated maturities amid growing global demand from pension funds.[citation needed]

 TIPS

Treasury Inflation-Protected Securities (or TIPS) are the inflation-indexed bonds issued by the U.S. Treasury. The principal is adjusted to the Consumer Price Index (CPI), the commonly used measure of inflation. When the CPI rises, your principal adjusts upward. If the index falls, your principal adjusts downwards.[10] The coupon rate is constant, but generates a different amount of interest when multiplied by the inflation-adjusted principal, thus protecting the holder against inflation. TIPS are currently offered in 5-year, 10-year and 30-year maturities.[11]

Federal Reserve holdings of U.S. Treasuries

For the Quantitative easing policy the Feds holding of US treasuries increased from $750 billion in 2007 to over $1.5 trillion by June 2011. Source Federal Reserve Bank of Cleveland. [12]   …”

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

 

Understanding the Financial Crisis – very well explanation!

 

Deconstructing the Subprime Crisis

Jeremy Siegel on the Resilience of American Finance

Franklin Allen on Lessons from the Subprime Crisis

Understanding The Debt Crisis In The U.S.

 

 

CNN: Understanding the Crisis

 

Understanding the Financial Crisis

 

Stein Says Economy to Accelerate; U.S. Downgrade Likely

 

Related Posts On Pronk Palisades

Weak Obama Recovery Ends–Great Obama Recession Economy Or GORE Starts–Labor Participation Rate in July 2011 Hits 27 Year Low of 63.9%–Over 130,000 Workers Leave Workforce In July 2011–No Jobs!–Videos

 

 

 

 

 

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

The Pronk Plan for A Peace and Prosperity Economy–Videos

Posted on July 23, 2011. Filed under: Agriculture, American History, Babies, Banking, Blogroll, Business, College, Communications, Demographics, Economics, Education, Employment, Energy, Enivornment, European History, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, media, Medicine, Microeconomics, Monetary Policy, Money, Natural Gas, Nuclear Power, Oil, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Resources, Science, Security, Strategy, Talk Radio, Taxes, Technology | Tags: , , , , , , , , , , , , , , , , , , |

“…It is a signal advantage of taxes on articles of consumption, that they contain in their own nature a security against excess. They prescribe their own limit; which cannot be exceeded without defeating the end proposed, that is, an extension of the revenue. When applied to this object, the saying is as just as it is witty, that, “in political arithmetic, two and two do not always make four.” If duties are too high, they lessen the consumption; the collection is eluded; and the product to the treasury is not so great as when they are confined within proper and moderate bounds. This forms a complete barrier against any material oppression of the citizens by taxes of this class, and is itself a natural limitation of the power of imposing them….”

~Alexander Hamilton, The Federalist No. 21, The Federalist Papers

“The income tax created more criminals than any other single act of government.”

~Barry Goldwater

The FairTax: It’s Time

Lugar Cosponsors the FairTax

Milton Friedman on Libertarianism (Part 4 of 4)

Ron Paul July 19th – If the debt is the problem, how do you solve it with more debt?

Ron Paul We Didnt Permit The Bankruptcies FOUR YEARS AGO Problems Got Worse! Debt Exploded

Ron Paul & The Gold Standard

Milton Friedman on The Gold Standard

“If we cannot persuade the public that it is desirable to do these things, we have no right to impose them even if we had the power to do it.”

~ Milton Friedman

The Pronk Plan for A Peace and Prosperity Economy

1. Federal Tax Reform and End The Internal Revenue Service: The FairTax should  replace all Federal taxes and the Internal Revenue Service should be ended with all Internal Revenue records destroyed. A bureau of FairTax Revenues (FTR) would be established in the Department of the Treasury to both send monthly prebates to each American citizen and collect FairTax revenues from retailers and the states.

2. Government Spending: surplus budgets to pay down the National Debt by restricting fiscal year spending outlays to 80% of previous year’s  FairTax revenue collections with the remaining 20% of revenue collection to pay down the national debt.

3. Size and scope of the government: At least ten Federal Departments, many Federal agencies and hundreds of Federal programs should be closed down permanently. The number of Federal government employees and contract personnel and consultants needs to be cut by at least 50%.

4. National Defense: Budget 5% of our nation’s gross domestic product for national defense, intelligence gathering, securing our borders and homeland security.

5. Foreign Affairs: End US involvement with the United Nations and bring all the troops home from abroad including from the countries of  Germany,  Italy, United Kingdom, Spain, Japan, South Korea,  Afghanistan,  Bahrain, Djibouti,  Iraq, Kuwait, Libya, and Qatar.

6. Social Security and Medicare: Transform them from a government controlled and operated system to an individual controlled and owned investment system where benefits are based upon payments into a person’s account and investment performance. All persons over the age of forty-five would have the option to remain under the existing Social Security and Medicare programs or go into the new individual controlled and owned  system. All persons under age forty-five would establish, control and own their individual disability, life and health insurance  and retirement savings accounts with a maximum contributions of twenty-five percent (25%) of their income per year. All persons over the age of sixty-five would continue to receive Social Security and Medicare Benefits under the existing system.

7. Immigration: immigration law enforcement, illegal alien removal and deportation, and controlled and limited legal immigration. The number of legal immigrants each year would range from a minimum of 200,000 persons when the official unemployment rate exceeds eight percent (8%) to a maximum of 500,000 persons per year when the official unemployment rate is less than two percent (2%). All new citizens must speak, read and write English before becoming a United States citizen.

8. Promote competition in education: provide  all parents with  school vouchers that enable them to choose the school their children attend including home schooling and online schooling.

9. Health Care Reform: affordable, portable, individual, tax favored, and competitive health insurance plans and expanded health savings accounts.

10. End the Federal Reserve System and fiat paper money and  institute  a new gold backed currency standard. Let money interest rates be determined in the market place and not controlled and fixed by the Federal Reserve System.

11. End all Federal subsidies to businesses no matter what form the subsidies take.

12. Eliminate Federal Government regulations that put U.S. businesses at a competitive disadvantage.

13. Energy Independence: repeal all laws and regulations that are impeding the growth and expansion of US energy production including oil and gas exploration and refining and nuclear electrical power generation plant construction and operation.

14. Preserve, protect and defend the Constitution of the United States of America: appoint judges and public servants that will uphold their oaths.

The above Fourteen Issue Positions  should receive the support of the vast majority of the American people including Democrats, Republicans, Independents, Libertarians and others.

However, both the Democratic and Republican Party establishments would not support these Fourteen Issue Positions in their entirety.

The Tea Party movement must transform itself into a viable political party that is fundamentally different from both the Democratic and Republican parties.

The ruling political class and elites in Washington, D.C. are responsible for the economic, political and military mess the United States and the American people currently finds themselves.

The warfare and welfare economy of ever-expanding centralized collectivist government must be transformed into a peace and prosperity economy with a limited and constrained Constitutional republic.

Background Articles and Videos

The Gold Standard Revisited

The Gold Standard in Theory and Myth (by Joseph Salerno)

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Senator Tom Coburn’s $9,000 Billion Deficit Reduction Plan–Videos

Posted on July 18, 2011. Filed under: Agriculture, American History, Banking, Blogroll, Communications, Economics, Employment, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , |

 

 

Pronk Pops Show 37:July 20, 2011

Pronk Pops Show 36:July 13, 2011

Pronk Pops Show 35:July 6, 2011

Pronk Pops Show 34:June 29, 2011

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

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

Segment 3: Senator Tom Coburn’s $9,000 Billion Deficit Reduction Plan–Videos

Sen. Tom Coburn (R-OK) Unveils $9 Trillion Deficit Reduction Plan

“…Today, July 18, 2011, Senator Tom Coburn (R-OK) offered a plan to cut the U.S. deficit by $9 trillion over the next 10 years. The Senator’s plan includes tax reform measures recommended by the President’s own commission on deficit reduction, cuts to defense spending, structural entitlement reform and contains a run-away federal workforce. You might not like this plan, nor the Paul Ryan plan, but it’s at least a plan. Democrats have so far refused to put pen to paper. …”

Sen. Tom Coburn proposes budget plan to cut $9 trillion over next decade

Sen. Coburn Reveals Deficit Reduction Plan

Sen. Coburn: Worst Tax Comes From Government Printing Money

Senator Tom Coburn Tells Me Why He Likes Bloggers

 

“…U.S. Senator Tom Coburn, M.D. (R-OK) today released a new report “Back in Black” that outlines how the federal government can reduce the deficit by $9 trillion over the next ten years and balance the federal budget. The 614-page plan was the result of a thorough and exhaustive review of thousands of federal programs.

“The American people are tired of Washington waiting until the last minute to avoid a crisis, particularly when it is a crisis Washington itself created. The crisis, though, is not the debt limit deadline. The crisis is Congress’ refusal to make hard choices and reduce a debt that has become our greatest national security threat. The plan I am offering today gives Washington 9 trillion reasons to stop making excuses and start solving the problem,” Dr. Coburn said.

“Both parties will no doubt criticize portions of this plan and I welcome that debate. My goal is not to replace the work of the budget committees but to show the American people what is possible and necessary. What is not acceptable, however, is not having a plan and delaying reform until some perfect political moment that will never arrive. The fact is doing nothing is a tax increase, a benefit cut for seniors and the poor, and a betrayal of the core values both parties hold dear,” Dr. Coburn said.

Dr. Coburn’s full report is here. A section by section outline of the report is here. A summary of savings is here. Highlights of the report here. …”

http://coburn.senate.gov/public/index.cfm/pressreleases?ContentRecord_id=1d817708-76ed-4b2b-9cc2-076415409d44

 

Details of Sen. Tom Coburn’s $9 trillion plan to balance the budget released

U.S. Sen. Tom Coburn, R-Muskogee, would change entitlements, end numerous tax loopholes and cut military spending by $1 trillion to balance the federal budget.

“…Would save about $9 trillion over 10 years, including $3 trillion from entitlements, $3 trillion from government departments and agencies, $1 trillion from defense, $1 trillion from ending or modifying tax breaks and deductions, and $1 trillion in interest on the debt.

Would reduce the size of government by 25 percent over 10 years.

Would balance the budget within 10 years.

Read more: http://newsok.com/details-of-sen.-tom-coburns-9-trillion-plan-to-balance-the-budget-released/article/3586676#ixzz1SVt1zave

Coburn proposes $9 trillion deficit cut measure

ANDREW TAYLOR

“…The plan by Sen. Tom Coburn, R-Okla., is laced with politically perilous proposals like raising to 70 the age at which people can claim their full Social Security benefits. It would cut farm subsidies, Medicare, student aid, housing subsidies for the poor, and funding for community development grants. Coburn even takes on the powerful veterans’ lobby by proposing that some veterans pay more for medical care and prescription drugs.

Coburn would also eliminate $1 trillion in tax breaks over the coming decade, earning him an immediate rebuke from Americans for Tax Reform, an anti-tax organization with which Coburn has had a running feud. He would block taxpayers from claiming the mortgage interest deduction on second homes and limit it to homes worth $500,000. He would also ease taxpayers into higher tax brackets more quickly by using a smaller measure of inflation to adjust the brackets.

Coburn was a member of President Barack Obama’s fiscal commission and voted for its plan to cut the budget by about $4 trillion over a decade. He recently dropped out of the closely watched “Gang of Six” senators seeking a bipartisan agreement to rein in deficits and break through the partisanship engulfing official Washington over the deficit.

His re-entry into the deficit debate comes as Obama and lawmakers struggle over increasing the so-called debt limit and avoid a first-ever default on U.S. obligations.

Coburn’s $9 trillion savings figure doesn’t include another $2.4 trillion in cuts to Social Security that are funneled back into the program. In addition to raising the retirement age gradually, he would peg future benefits to a less-generous measure of inflation and curb benefit increases even more for the top 40 percent of earners. …”

“…Cuts to the Medicare program for the elderly and the Medicaid health plan for the poor and disabled would total $2.6 trillion over 10 years, far more than proposed by the fiscal commission or House Republicans. He proposes raising the Medicare retirement age to 67 by 2027 and then gradually increasing it until the retirement age hits 69 in 2080. It would also raise Medicare premiums for doctor visits so that premiums pay 35 percent of such costs instead of the 25 percent currently covered.

Coburn would cut $1 trillion from the Pentagon budget over a decade. He would block military retirees from the Tricare Prime health care plan, the option with the lowest out-of-pocket cost, saving $115 billion, and he would raise the prescription drug copayment under the program, as well as require higher out-of-pocket fees. He also would reduce the fleet of aircraft carriers from 11 to 10 and Navy air wings from 10 to nine.

“I have no doubt that both parties will criticize portions of this plan, and I welcome that debate,” Coburn told reporters. “But it’s not a legitimate criticism until you have a plan of your own.” …”

Read more: http://newsok.com/coburn-proposes-9-trillion-deficit-cut-measure/article/feed/277294#ixzz1SVv9PdWz

Read more: http://newsok.com/coburn-proposes-9-trillion-deficit-cut-measure/article/feed/277294#ixzz1SVuTvAOK

 

Finally some adult supervision in the Senate.

In order to come even close to balancing the budget over the next ten years requires spending cuts of over $10,000 billion over the next ten years.

Senator Coburn is the first Senator to even come close to this.

Senator Rand Paul is another Senator who understands the urgency and magnitude of the problem.

That said I would much prefer implementing the FairTax over trying to reform the existing Federal income tax system.

Also, I prefer Paul Ryan’s approach to reforming Medicare by letting consumers purchase their own health insurance plan.

I applaud Senator Coburn’s courage in his Back To Black approach to fiscal responsibility and sanity.

A great first rough draft.

Keep up the good work.

I would like to see the revenues and outlays by fiscal year as broken down in the President’s U.S Budget proposals and the Republican proposals by fiscal year over the entire ten year period.

This should be forthcoming if the proposal is to be taken seriously.

Background Articles and Videos

Tom Coburn on U.S. Debt Limit: Political Capital With Al Hunt

Sen. Lieberman, Coburn Spell Out Their Plan to Save $600B

Senator Coburn “The President Submits A Budget To The Senate & No One Agrees To Vote For It!” pt.1

Senator Coburn “The President Submits A Budget To The Senate & No One Agrees To Vote For It!” pt.2

Dr. Coburn addressing underlying problems with the food safety bill

Related Posts On Pronk Palisades

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

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Ron Paul On The National Debt Ceiling, Government Deficit Spending and The Federal Reserve–Videos

Posted on July 12, 2011. Filed under: American History, Blogroll, Communications, Economics, European History, Federal Government, Foreign Policy, government, government spending, Health Care, history, Inflation, Language, Law, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Raves, Video, Wealth, Wisdom | Tags: , , , , , , , |

Ron Paul on Debt Limit, FED And Default…What To Do About IT

 

Ron Paul won’t seek re election for Congress

 

Ron Paul 2012: Debt Ceiling, Default, & Inflation

 

Ron Paul: The World Will Give Up on the Dollar

 

Ron Paul: The Purpose of a Central Bank Is to Deceive and Defraud the People

 

Ron Paul – Will Congress Raise the Debt Ceiling – Your share in debt ceiling 2011

 

 

Ron Paul on the Debt Ceiling, Sanctuary Cities and Entitlement Program

 

 

 

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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

Posted on April 13, 2011. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Regulations, Resources, Talk Radio, Taxes, Unions, Video, War, Wealth, 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

“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.”

~Thomas Jefferson


President Obama’s Speech on 2012 Budget – April 13, 2011

Rep. Scott: Taxing those at $100,000 and up 100% will not cover deficit

Milton Friedman: Why soaking the rich won’t work.

Paul Ryan Thrashes Obama’s Speech: “Exploiting People’s Emotions” Is “Demagoguery”!

Ryan: Debt crisis lies within spending, not taxes

House Session 2011-04-14 (16:55:00-17:56:59)

Responsibility to the Poor

Howard Roark makes a case against Barack Obama Individual vs collectivism

Ayn Rand – Individual Rights

Francisco’s Money Speech Part 1

Francisco’s money speech Part 2

The Normal State of Man: Misery & Tyranny

Capitalism, Socialism, and the Jews

Who Is John Galt?

Why Did President Obama Invite Paul Ryan To A Front Row Seat To His Speech To Then Insult and Demonize Him?

Paul Ryan: Hiding Spending Doesn’t Reduce Spending

Eat The Rich

 

It’s Simple to Balance The Budget Without Higher Taxes

 

Boehner: We Can’t Tax The Very People We Expect To Create Jobs


Krauthammer: Obama’s Deficit Speech ‘A Disgrace’, ‘Shallow’, ‘Hyper-partisan’ and ‘Deeply Dishonest’

The Problem

“Extreme Spending”

Stop Spending Our Future – The Crisis

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

 

Partial Solutions 

Senator Rand Paul on balancing the budget

Sen. Rand Paul Introduces Five-Year Balanced Budget Plan

Shelby Introduces Balanced Budget Amendment to Constitution

Which Budgets Are Fiscally Responsible?

Which Budgets Are Living Within Ones Means?

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

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

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Tea Party Solution

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.

Milton Friedman on Libertarianism (Part 4 of 4)

The FairTax: It’s Time

What is the FairTax plan?

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.

The FairTax Act (HR 25, S 13) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax  administered primarily by existing state sales tax authorities.

The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

The FairTax:

  • Enables workers to keep their entire paychecks
  • Enables retirees to keep their entire pensions
  • Refunds in advance the tax on purchases of basic necessities
  • Allows American products to compete fairly
  • Brings transparency and accountability to tax policy
  • Ensures Social Security and Medicare funding
  • Closes all loopholes and brings fairness to taxation
  • Abolishes the IRS

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 10