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

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Malzberg | Lawrence B. Lindsey discusses his book

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Larry Lindsey – Global Economic Collapse 2016 2017

Lawrence Lindsey Reveals US Economy’s Real Prospects

A Keynote Conversation with Dr. Lawrence Lindsey

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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: , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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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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The Pronk Pops Show Podcasts

Pronk Pops Show 472 May 27, 2015

Pronk Pops Show 471 May 26, 2015

Pronk Pops Show 470 May 22, 2015

Pronk Pops Show 469 May 21, 2015

Pronk Pops Show 468 May 20, 2015 

Pronk Pops Show 467 May 19, 2015

Pronk Pops Show 466 May 18, 2015

Pronk Pops Show 465 May 15, 2015

Pronk Pops Show 464 May 14, 2015

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Pronk Pops Show 462 May 8, 2015

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Pronk Pops Show 460 May 6, 2015

Pronk Pops Show 459 May 4, 2015 

Pronk Pops Show 458 May 1, 2015 

Pronk Pops Show 457 April 30, 2015 

Pronk Pops Show 456: April 29, 2015 

Pronk Pops Show 455: April 28, 2015

Pronk Pops Show 454: April 27, 2015

Pronk Pops Show 453: April 24, 2015

Pronk Pops Show 452: April 23, 2015 

Pronk Pops Show 451: April 22, 2015

Pronk Pops Show 450: April 21, 2015

Pronk Pops Show 449: April 20, 2015

Pronk Pops Show 448: April 17, 2015

Pronk Pops Show 447: April 16, 2015

Pronk Pops Show 446: April 15, 2015

Pronk Pops Show 445: April 14, 2015

Pronk Pops Show 444: April 13, 2015

Pronk Pops Show 443: April 9, 2015

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Pronk Pops Show 441: April 6, 2015

Pronk Pops Show 440: April 2, 2015

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Pronk Pops Show 438: March 31, 2015

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Pronk Pops Show 436: March 27, 2015 

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Pronk Pops Show 426: March 6, 2015

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Pronk Pops Show 423: February 26, 2015

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Pronk Pops Show 421: February 20, 2015

Pronk Pops Show 420: February 19, 2015

Pronk Pops Show 419: February 18, 2015

Pronk Pops Show 418: February 16, 2015

Pronk Pops Show 417: February 13, 2015

Pronk Pops Show 416: February 12, 2015

Pronk Pops Show 415: February 11, 2015

Pronk Pops Show 414: February 10, 2015

Pronk Pops Show 413: February 9, 2015

Pronk Pops Show 412: February 6, 2015

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Pronk Pops Show 409: February 3, 2015

Pronk Pops Show 408: February 2, 2015

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

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

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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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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: , , , , , , , , , , , , , , |

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the_great_deformation

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pinrose1

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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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-
-
-
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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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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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Republican Debate September 12, 2011–Tea Party–CNN–Videos

Posted on September 13, 2011. Filed under: American History, Banking, Blogroll, Business, College, Communications, Demographics, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Inflation, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Strategy, Talk Radio, Taxes, Technology, Unemployment, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Pronk Pops Show 45:September 14, 2011

Pronk Pops Show 44:September 7, 2011

Pronk Pops Show 43:August 31, 2011

Pronk Pops Show 42:August 24, 2011

Pronk Pops Show 41:August 17, 2011

Listen To Pronk Pops Podcast or Download Shows 45-

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

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

P1 The Tea Party Republican Debate CNN 9-12-2011

P2 The Tea Party Republican Debate CNN 9-12-2011

P3 The Tea Party Republican Debate CNN 9-12-2011

P4 The Tea Party Republican Debate CNN 9-12-2011

P5 The Tea Party Republican Debate CNN 9-12-2011

Tea Party Republican Debate Question #1: Social Security

Tea Party Republican Debate Question #2: How Do You Protect Seniors When So Much Goes To Defense?

Tea Party Republican Debate Question #3: What Would You Do To Get The Economy Moving Forward?

Tea Party Republican Debate Question #4: Can You Be Pro Business & Pro Worker?

Tea Party Republican Debate Question #5: Should The Federal Reserve Be Audited?

Tea Party Republican Debate Question #6: How Much Of My Pay Check Should I Be Allowed To Keep?

Tea Party Republican Debate Question #7: Executive Orders

Tea Party Republican Debate Question #8: What Is Your Plan To Reduce Healthcare Cost?

Tea Party Republican Debate Question #9: What Would You Do To Remove Illegal Immigrants?

Tea Party Republican Debate Question #10: Do You Plan To Decrease Defense Spending?

Tea Party Republican Debate Question #11: What Would You Bring To The White House?

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‘Ponzi’ President Obama Proposes Cutting Social Security By Cutting Payroll Taxes–Totally Irresponsible–Videos

Posted on September 9, 2011. Filed under: American History, Banking, Blogroll, Books, Business, Communications, Crime, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Public Sector, Rants, Raves, Security, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , |

Government Social Security | Social Security Scheme | History of Social Security

Social Security and Medicare to go bankrupt earlier than expected – CBS News

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

Ron Paul – End Medicare, Social Security & Medicaid?

John Stossel – Government’s Ponzi Scheme

Power of the Market – Social Security

Milton Friedman – The Social Security Myth

Your Boss Doesn’t Really Pay Your Social Security Tax

How Does a Ponzi Scheme Work?

Your Money: the Ponzi Scheme Explained

Dick Armey: Social Security is a Ponzi scheme

Rand Paul In The ’90s: Medicare Is Socialism And Social Security Is A Ponzi Scheme

Limbaugh – ‘I Want To Applaud’ Perry’s Claim That Social Security Is A Ponzi Scheme

Paul Ryan:  Hiding Spending Doesn’t Reduce Spending

Peter Schiff, Ron Paul, Max Keiser – Social Security Ponzi Scheme

Two Former Social Security Officials Admit The System Is Not Much Different from a Ponzi Scheme

Perry Fires At Rove & Romney: Social Security Is A “Ponzi Scheme” And A “Monstrous Lie”

Fox ‘Straight News’ Anchor MacCallum Defends Perry’s Claim That Social Security Is A ‘Ponzi Scheme’

Social Security and Medicare use a pay as you go system to fund Social Security and Medicare benefits to those who are entitled to them.

Current workers pay Social Security and Medicare payroll taxes.

These tax revenues are used to pay the benefits to Social Security recipients and those on Medicare who have incurred medical bills.

Both Social Security and Medicare are running deficits–they are paying out more in benefits than they are collecting in payroll taxes.

President Obama is proposing that payroll taxes for Social Security  be cut.

In other words for a period of time the current workers can stop paying into the Ponzi scheme of Social Security.

This only increase the size of the Social Security  deficit and is fiscally irresponsible.

To correct the situation requires either the raising of payroll taxes or the cutting of benefits to Social Security recipients.

Few Democratic or Republicans politicians will clearly tell you these facts.

Both Social Security and Medicare must be reformed so they are no longer a Ponzi scheme run and controlled by the federal government.

Instead of the federal government running the Ponzi scheme and spending your money as it sees fit, individuals need to control and own their retirement and health insurance plan accounts.

If a private retirement or health insurance plan was run like Social Security or Medicare, they would go broke and those responsible might very well go to jail for fraud and theft of funds.

Texas Governor Rick Perry and Texas Congressman Ron Paul are right, Social Security is a Ponzi scheme.

This Ponzi scheme for funding Social Security and Medicare needs to be stopped.

Paul has an even better idea.

Let’s give  every American the right to opt out of Social Security and Medicare.

These individuals could purchase their own retirement and health insurance plans that they own and control.

Those Americans all ready receiving Social Security and Medicare and those electing to stay in the current system would be permitted to do so.

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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

 

 

 

 

 

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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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The Progressive Radical Socialist Gang Are Robbing The American People Blind By Using The Federal Reserve And Banks To Create More Money To Devalue The U.S. Dollar Resulting in Inflation and Higher Prices For All Goods and Services!–Videos

Posted on April 22, 2011. Filed under: American History, Banking, Blogroll, Business, Communications, Crime, Culture, Demographics, Economics, Employment, Federal Government, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Public Sector, Rants, Raves, Security, Talk Radio, Taxes, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

The US Economy… is over. Gold + Silver – the only hope for Middle Class survival…

 

Marc Faber – Obama is a prostitute – Laughs at interviewer

 

 

 

Marc Faber on Inflation – “The Ben Bernanke is a Murderer of the Working & Middle Class!”

 

Peter Schiff 2011 – A Financial Earthquake is Next – Get Prepared! – Free Food Offer Below!

 

Peter Schiff – Predictions for 2011 – Dollar Is Collapsing

 

 

END FED Inflation Created By Gov Buying Bonds; QE2 ‘Wealth Effect’; Companies Game System; QE3

 

END FED Social Security Looted By Government And Banks; Fund By Transaction Fee On Derivitives

 

END FED Budget-Entitlements Scapegoating Welfare Moms&Senior Not The Big Issue The Bankers

 

 

END FED: Celente On Economic-Fed Ponzi Scheme; Economy To Fall Once Interest Rates Rise

 

 

Glenn Beck-04/21/11-A

Glenn Beck-04/21/11-B

 

Glenn Beck-04/21/11-C

Background Articles and Videos

END FED: Keiser Explains How Fed-Banks Create Revolutions & Genocide; Speculation, Food-Oil

 

Related Posts On Pronk Palisades 

Ending The Crimes of Centuries–Ideas Whose Time Have Come–Constitutional Republics and Market Capitalism–Videos

Glenn Beck and G. Edward Griffin On The Federal Reserve System–The Creature from Jekyll Island–Videos

Economists

Milton Friedman On Monetary Policy–Videos

David Gordon–Five Best Books on the Current Crisis–Video

Robert Higgs–The Great Depression and the Current Recession–Videos

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

Jörg Guido Hülsmann–The Ethics of Money Production–Videos 

Murray Rothbard–A History of Money and Banking in The United States–Videos

Murray Rothbard–The American Economy and the End of Laissez-Faire: 1870 to World War II–Videos

Murray Rothbard–The Case Against The Fed–Videos 

Murray Rothbard– What Has Government Done to Our Money?–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

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

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Banking And The Federal Reserve System

Pushing On A G-String–No Job Recovery And Declining Prices Results In Federal Reserve Buying Govenment Debt To Spur Economic Growth By Expanding Money Supply–Videos

Fiat Empire–Why The Federal Reserve Violates The U.S. Constitution–Videos

Keynes Is Dead—-Obama Digging Up Keynes–Free Market Capitalism Lives

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

The Coming Inflation and A New Money Supply Backed By Real Estate?–Free Enterprise To The Rescue?

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos

M3 Money Meteorite Moves–Deep Impact–The Coming Inflation Tidal Wave–Wage and Price Controls Will Signal Radical Socialist Obama’s Failure!

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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

f

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 100% 29.01% 47.36% 11.88% 59.24% 20.03% 79.27% 15.92% 95.19% 4.81%
1994 100% 28.86% 47.52% 11.93% 59.45% 20.10% 79.55% 15.68% 95.23% 4.77%
1995 100% 30.26% 48.91% 11.84% 60.75% 19.62% 80.36% 15.03% 95.39% 4.61%
1996 100% 32.31% 50.97% 11.54% 62.51% 18.80% 81.32% 14.36% 95.68% 4.32%
1997 100% 33.17% 51.87% 11.33% 63.20% 18.47% 81.67% 14.05% 95.72% 4.28%
1998 100% 34.75% 53.84% 11.20% 65.04% 17.65% 82.69% 13.10% 95.79% 4.21%
1999 100% 36.18% 55.45% 11.00% 66.45% 17.09% 83.54% 12.46% 96.00% 4.00%
2000 100% 37.42% 56.47% 10.86% 67.33% 16.68% 84.01% 12.08% 96.09% 3.91%
2001 100% 16.06% 33.89% 53.25% 11.64% 64.89% 18.01% 82.90% 13.13% 96.03% 3.97%
2002 100% 15.43% 33.71% 53.80% 11.94% 65.73% 18.16% 83.90% 12.60% 96.50% 3.50%
2003 100% 15.68% 34.27% 54.36% 11.48% 65.84% 18.04% 83.88% 12.65% 96.54% 3.46%
2004 100% 17.44% 36.89% 57.13% 11.07% 68.19% 16.67% 84.86% 11.85% 96.70% 3.30%
2005 100% 19.26% 39.38% 59.67% 10.63% 70.30% 15.69% 85.99% 10.94% 96.93% 3.07%
2006 100% 19.56% 39.89% 60.14% 10.65% 70.79% 15.47% 86.27% 10.75% 97.01% 2.99%
2007 100% 20.19% 40.41% 60.61% 10.59% 71.20% 15.37% 86.57% 10.54% 97.11% 2.89%
2008 100% 18.47% 38.02% 58.72% 11.22% 69.94% 16.40% 86.34% 10.96% 97.30% 2.70%
Source: IRS

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

Federal income tax rates

1930 – 1960

Historical income tax rates for Married Filing Jointly at stated income levels.[3]

Year $20,001 $60,001 $100,001
1930 10% 21% 25%
1932 16% 36% 56%
1934 19% 37% 56%
1936 19% 39% 62%
1938 19% 39% 62%
1940 28% 51% 62%
1942 55% 75% 85%
1944 59% 81% 92%
1946 56% 78% 89%
1948 56% 78% 89%
1950 56% 78% 89%
1952 62% 80% 90%
1954 56% 78% 89%
1956 38% 62% 75%
1958 38% 62% 75%
1960 38% 62% 75%

Year 2008 income brackets and tax rates

Marginal Tax Rate Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household
10% $0 – $8,025 $0 – $16,050 $0 – $8,025 $0 – $11,450
15% $8,026 – $32,550 $16,051 – $65,100 $8,026 – $32,550 $11,451 – $43,650
25% $32,551 – $78,850 $65,101 – $131,450 $32,551 – $65,725 $43,651 – $112,650
28% $78,851 – $164,550 $131,451 – $200,300 $65,726 – $100,150 $112,651 – $182,400
33% $164,551 – $357,700 $200,301 – $357,700 $100,151 – $178,850 $182,401 – $357,700
35% $357,701+ $357,701+ $178,851+ $357,701+

Year 2009 income brackets and tax rates

Marginal Tax Rate[4] Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household
10% $0 – $8,350 $0 – $16,700 $0 – $8,350 $0 – $11,950
15% $8,351 – $33,950 $16,701 – $67,900 $8,351 – $33,950 $11,951 – $45,500
25% $33,951 – $82,250 $67,901 – $137,050 $33,951 – $68,525 $45,501 – $117,450
28% $82,251 – $171,550 $137,051 – $208,850 $68,526 – $104,425 $117,451 – $190,200
33% $171,551 – $372,950 $208,851 – $372,950 $104,426 – $186,475 $190,201 – $372,950
35% $372,951+ $372,951+ $186,476+ $372,951+

Year 2010 income brackets and tax rates

Marginal Tax Rate[5] Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household
10% $0 – $8,375 $0 – $16,750 $0 – $8,375 $0 – $11,950
15% $8,376 – $34,000 $16,751 – $68,000 $8,376 – $34,000 $11,951 – $45,550
25% $34,001 – $82,400 $68,001 – $137,300 $34,001 – $68,650 $45,551 – $117,650
28% $82,401 – $171,850 $137,301 – $209,250 $68,651 – $104,625 $117,651 – $190,550
33% $171,851 – $373,650 $209,251 – $373,650 $104,626 – $186,825 $190,551 – $373,650
35% $373,651+ $373,651+ $186,826+ $373,651+

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

U.S. Debt Clock

http://www.usdebtclock.org/

Year Gross Debt in Billions undeflated[11] as % of GDP Debt Held By Public ($Billions) as % of GDP
1910 2.6 unk. 2.6 unk.
1920 25.9 unk. 25.9 unk.
1928 18.5[12] unk. 18.5 unk.
1930 16.2 unk. 16.2 unk.
1940 50.6 52.4 42.8 44.2
1950 256.8 94.0 219.0 80.2
1960 290.5 56.0 236.8 45.6
1970 380.9 37.6 283.2 28.0
1980 909.0 33.4 711.9 26.1
1990 3,206.3 55.9 2,411.6 42.0
2000 5,628.7 58.0 3,409.8 35.1
2001 5,769.9 57.4 3,319.6 33.0
2002 6,198.4 59.7 3,540.4 34.1
2003 6,760.0 62.6 3,913.4 35.1
2004 7,354.7 63.9 4,295.5 37.3
2005 7,905.3 64.6 4,592.2 37.5
2006 8,451.4 65.0 4,829.0 37.1
2007 8,950.7 65.6 5,035.1 36.9
2008 9,985.8 70.2 5,802.7 40.8
2009 12,311.4 86.1 7,811.1 54.6
2010 (31 Dec) 14,025.2 95.2 (3rd Q) 9,390.5 63.7 (3rd Q)

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

Historical Debt Outstanding – Annual 2000 – 2010

Includes legal tender notes, gold and silver certificates, etc.

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

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

 MONTHLY STATEMENT OF THE PUBLIC DEBT
OF THE UNITED STATES
MARCH 31, 2011

TABLE I — SUMMARY OF TREASURY SECURITIES OUTSTANDING, MARCH 31, 2011
(Millions of dollars)
Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
By the Public         Holdings
Marketable:
Bills…………………………………        1,694,692                     3,809                1,698,501
Notes…………………………………        5,843,938                     3,933                5,847,871
Bonds…………………………………          931,474                     3,815                  935,289
Treasury Inflation-Protected Securities…..          640,714                       125                  640,840
Federal Financing Bank  1  ……………..                0                    10,239                   10,239
Total Marketable  a………………………        9,110,819                    21,921 2              9,132,740
Nonmarketable:
Domestic Series………………………..           29,995                         0                   29,995
Foreign Series…………………………            3,786                         0                    3,786
State and Local Government Series………..          181,922                         0                  181,922
United States Savings Securities…………          186,864                         0                  186,864
Government Account Series……………….          136,956                 4,596,057                4,733,014
Hope Bonds 19………………………….                0                       493                      493
Other…………………………………            1,301                         0                    1,301
Total Nonmarketable  b……………………          540,824                 4,596,550                5,137,374
Total Public Debt Outstanding …………….        9,651,643                 4,618,471               14,270,115
TABLE II — STATUTORY DEBT LIMIT, MARCH 31, 2011
(Millions of dollars)
Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
By the Public 17, 2Holdings
Debt Subject to Limit: 17, 20
Public Debt Outstanding…………………        9,651,643                 4,618,471               14,270,115
Less Amounts Not Subject to Limit:
Other Debt Not Subject to Limit………..              488                         0                      488
Unamortized Discount  3……………….           20,388                    20,657                   41,046
Federal Financing Bank  1     …………                0                    10,239                   10,239
Hope Bonds 19………………………..                0                       493                      493
Total Public Debt Subject to Limit……….        9,630,767                 4,587,082               14,217,849
Other Debt Subject to Limit:
Guaranteed Debt of Government Agencies  4                13                         0                       13
Total Public Debt Subject to Limit ………        9,630,780                 4,587,082               14,217,862
Statutory Debt Limit  5……………………………………………………………          14,294,000
Balance of Statutory Debt Limit…………………………………………………….              76,138
COMPILED AND PUBLISHED BY
THE BUREAU OF THE PUBLIC DEBT
http://www.TreasuryDirect.gov

http://www.treasurydirect.gov/govt/reports/pd/mspd/2011/opds032011.prn

Date Dollar Amount
09/30/2010 13,561,623,030,891.79
09/30/2009 11,909,829,003,511.75
09/30/2008 10,024,724,896,912.49
09/30/2007 9,007,653,372,262.48
09/30/2006 8,506,973,899,215.23
09/30/2005 7,932,709,661,723.50
09/30/2004 7,379,052,696,330.32
09/30/2003 6,783,231,062,743.62
09/30/2002 6,228,235,965,597.16
09/30/2001 5,807,463,412,200.06
09/30/2000 5,674,178,209,886.86

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

The Presidential Divider

Obama’s toxic speech and even worse plan for deficits and debt.

“…Did someone move the 2012 election to June 1? We ask because President Obama’s extraordinary response to Paul Ryan’s budget yesterday—with its blistering partisanship and multiple distortions—was the kind Presidents usually outsource to some junior lieutenant. Mr. Obama’s fundamentally political document would have been unusual even for a Vice President in the fervor of a campaign. 

Joseph Rago and Steve Moore on who will pay more under the White House’s planned tax increases.

The immediate political goal was to inoculate the White House from criticism that it is not serious about the fiscal crisis, after ignoring its own deficit commission last year and tossing off a $3.73 trillion budget in February that increased spending amid a record deficit of $1.65 trillion. Mr. Obama was chased to George Washington University yesterday because Mr. Ryan and the Republicans outflanked him on fiscal discipline and are now setting the national political agenda.

Mr. Obama did not deign to propose an alternative to rival Mr. Ryan’s plan, even as he categorically rejected all its reform ideas, repeatedly vilifying them as essentially un-American. “Their vision is less about reducing the deficit than it is about changing the basic social compact in America,” he said, supposedly pitting “children with autism or Down’s syndrome” against “every millionaire and billionaire in our society.” The President was not attempting to join the debate Mr. Ryan has started, but to close it off just as it begins and banish House GOP ideas to political Siberia.

Mr. Obama then packaged his poison in the rhetoric of bipartisanship—which “starts,” he said, “by being honest about what’s causing our deficit.” The speech he chose to deliver was dishonest even by modern political standards. …”

http://online.wsj.com/article/SB10001424052748703730104576260911986870054.html

Related Posts On Pronk Palisades

Sam Vaknin Analyzes Barack Obama–Videos

Ron Paul, Michele Bachmann And Rand Paul–Stop Spending Money You Don’t Have!–Balance The Budget–Tea Party Budget Gets It Right–Videos

Republican Party Establishment Ruling Class Betrays The Tea Party Movement and American People With A Fiscal Year 2012 Budget Resolution With A Deficit of $995 Billion And Budgets Not Balanced In Next Ten Years–Replace Republican Party Leadership–Videos

Tea Party Movement Demands Passage of Balanced Budget Amendment and The FairTax As The Price For Raising The National Statutory Debt Limit of $ 14,294,000,000 One Last Time By $1,000,000,000,000!–Videos

Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!

The FairTax (National Consumption Sales Tax) vs. The Flat Tax (One Rate Federal Income Tax)–Who Pays The Most Federal Individual Income Tax? Videos

The Washington Political Elites of Both Parties Are Not Serious About Balancing The Federal Budget And Funding Entitlement Liabilities–Send In The Clowns–Don’t Bother There Here–Videos

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The Washington Political Elites of Both Parties Are Not Serious About Balancing The Federal Budget And Funding Entitlement Liabilities–Send In The Clowns–Don’t Bother There Here–Videos

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“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

Judy Collins Send in the Clowns

Obama Defends 2012 Budget Proposal

 

Boehner Highlights Vote to Cut Spending, Help Create Better Environment for Job Creation

 

Chairman Hensarling: The Republican Spending Cuts Are Not Draconian

 

Glenn Beck-03/10/11-A

 

Rand Paul to vote “NO” on GOP budget

Rand Paul and Mike Lee on “Glenn Beck” with Judge Napolitano 03/07/11

  

 

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

 

  

 

 
 
Former U.S. Comptroller General David Walker on The Federal Fiscal Crisis
  

 

  

 

 
 
Obama; Spending us into Oblivion. Why? – How do we pay off this Debt? – Glenn Beck Explains
  

 

  

 

 
 
U.S National Debt Clock
 
 
 
 

It’s Simple to Balance The Budget Without Higher Taxes

Collender Says Budget Bill Doesn’t Deal With Long-Term

 
If The Debt Limit Isn’t Increased It’s Going To Cause Problems” Ron Paul & Rand Paul Interview
 
 

 

 
 
 
 

The Washington D.C. political establishment and ruling elites of both political parties are not serious people– they are clowns.

The American people no longer find them very funny or entertaining.

The American people now know the joke was on them.

The American people now know they were lied to about Social Security and Medicare.

The American people now know that the Social Security surpluses were spent every year by both Democratic and Republican Administrations.

The American people now know that Social Security, Medicare and Medicaid are not adequately funded by tax revenues and are running huge and every growing deficits.

I.O.U.S.A. Bonus Reel: Deficits and Social Security

These entitlement programs are running huge deficits that must be stopped.

I.O.U.S.A. Bonus Reel: Social Security+Medicare Projections

 

Otherwise it will  simply be too late to put these programs on an actuarial sound foundation.

The most either political party will cut from the fiscal year 2011 budget of over $3,800 billion is $100 billion or less than 3% of Fiscal Year 2011 outlays.

The earliest either political party would come even come close to balancing the budget is five to ten years.

Apparently both the House of Representatives and Senate is challenged when it comes to the will, courage, and vision to seeing the American economy does not have five to ten years for the Federal Government to balance a budget.

The Federal Budget must be balanced  starting in Fiscal Year 2012 and every year thereafter.

Actually the Federal Budget needs to run surpluses to stop the rampant growth in unfunded Federal Government liabilities.

Any politician who speaks of a path to a balanced budget simply does not understand the magnitude of the problem.

Everything must be on the table including entitlements; and budgets must be balance starting in Fiscal Year 2012 not Fiscal Year 2020.

To balance the budget and live within ones means, namely estimated tax revenues, would require budget cuts of over $1,000 billion.

This requires the permanent shut-down of entire Federal Departments.

Milton Friedman on Libertarianism (Part 4 of 4)

 

Keep in mind the Federal National Debt does not include the increase every year of unfunded liabilities or Federal Debt for  so-called mandatory spending and entitlements such as Social Security, Medicare, Prescription Drugs,  Medicaid and other entitlement programs and unfunded military and civilian pension obligations.

Currently these unfunded liabilities of the Federal Government exceed $100,000 billion or more than ten times the so-called National Debt owed to the public that exceeds  $10,000 billion today.

These unfunded liabilities  are adding at least another $3,000 billion plus each year to the unfunded liabilities of the United States Government.

The United States Government is therefore running total deficits each year of nearly $5,000 billion!

To first stop and then reverse this trend requires surplus budgets not merely balanced budgets.

Who do the clowns or educated fools of the Washington D.C. political ruling class think they are fooling–not the American people.

Ask any college freshman today if he thinks he will receive a dime from Social Security or Medicare.

President Barack Obama is addicted to tobacco, big spending and massive debts.

House Speaker John Boehner is also addicted to tobacco , big spending and massive debts.

Neither can kick their nasty habit of smoking cigarettes, spending the American people’s money and burdening future generation with debt.

President Obama’s addiction to big spending, huge deficits and a massive national debt is evidenced by his proposed fiscal year budgets for 2010, 2011, and 2012:

For Fiscal Year 2010 President Obama proposed a budget of $3,456 billion in spending outlays  with estimated tax revenues of $2,162 billion resulting in an estimated total deficit of over $1,293 billion.

For Fiscal Year 2011 President Obama proposed a budget of $3,818 billion in spending outlays  with estimated tax revenues of $2,173 billion resulting in an estimated total deficit of over $1,645 billion.

For Fiscal Year 2012 President Obama proposed a budget of $3,728 billion in spending outlays  with estimated tax revenues of $2,677 billion resulting in an estimated deficits of over $1,101 billion.

President Obama gives real meaning to term fiscally irresponsible and delusional by proposing three budgets that have deficits totaling over $4,000 billion.

By the time President Obama is hopefully  voted out of office in 2012, President Obama will have run up deficits totaling over $5,000 billion and increased the National Debt by over 50% in just four years!

Keep in mind that the total United States National Debt from its founding through President George W. Bush was just under $10,000 billion!

Year Gross Debt in Billions undeflated[11] as % of GDP Debt Held By Public ($Billions) as % of GDP
1910 2.6 unk. 2.6 unk.
1920 25.9 unk. 25.9 unk.
1928 18.5[12] unk. 18.5 unk.
1930 16.2 unk. 16.2 unk.
1940 50.6 52.4 42.8 44.2
1950 256.8 94.0 219.0 80.2
1960 290.5 56.0 236.8 45.6
1970 380.9 37.6 283.2 28.0
1980 909.0 33.4 711.9 26.1
1990 3,206.3 55.9 2,411.6 42.0
2000 5,628.7 58.0 3,409.8 35.1
2001 5,769.9 57.4 3,319.6 33.0
2002 6,198.4 59.7 3,540.4 34.1
2003 6,760.0 62.6 3,913.4 35.1
2004 7,354.7 63.9 4,295.5 37.3
2005 7,905.3 64.6 4,592.2 37.5
2006 8,451.4 65.0 4,829.0 37.1
2007 8,950.7 65.6 5,035.1 36.9
2008 9,985.8 70.2 5,802.7 40.8
2009 12,311.4 86.1 7,811.1 54.6
2010 (31 Dec) 14,025.2 95.2 (3rd Q) 9,390.5 63.7 (3rd Q)

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

Historical Debt Outstanding – Annual 2000 – 2010

Includes legal tender notes, gold and silver certificates, etc.

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

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

Date Dollar Amount
09/30/2010 13,561,623,030,891.79
09/30/2009 11,909,829,003,511.75
09/30/2008 10,024,724,896,912.49
09/30/2007 9,007,653,372,262.48
09/30/2006 8,506,973,899,215.23
09/30/2005 7,932,709,661,723.50
09/30/2004 7,379,052,696,330.32
09/30/2003 6,783,231,062,743.62
09/30/2002 6,228,235,965,597.16
09/30/2001 5,807,463,412,200.06
09/30/2000 5,674,178,209,886.86

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

Unless the Republican Party takes on the reform of Social Security, Medicare and Medicaid, the closing of entire Federal Departments, cuts in Defense spending, and reductions in salaries and employment benefits of all Federal employee, they are not serious about balancing the budget.

Federal spending needs to be cut by over $1,000 billion in Fiscal Year 2012 to have any chance of balancing the budget.

Talking about cuts of several hundred billion dollars over the next ten years are simply not serious.

Any politician proposing such small cuts should be replaced in the next election by a tea party candidate.

Stop wasting valuable time and starting cutting spending and balancing the budget.

The Federal Budget needs to be limited to 80% of tax revenue collections of the prior year with the remaining 20% of tax revenue collections used to pay down the national debt.

Pass the FairTax and combine it with a balanced budget rule that requires the above.

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

 

Every day over 20% of the United States civilian labor force orover 30 million Americans who want to work at a full-time job either are unemployed, work part-time at lower paid jobs or are so discouraged they stop looking for a job after hundreds and thousands of attempts to find one.

The American economy is losing billions of dollars daily in lost output and income that can never be recovered.

As a direct result tax revenues of local, city, county, state and Federal governments are also significantly down.

In the month of February, the United States government ran a monthly budget deficit of over $223 billion, the largest monthly deficit in U. S. history!

This is mainly due to Federal government intervention into the economy and the uncertainty created by excessive government spending, deficits, debt and unfunded liabilities.

Yet the political class or  so-called ruling class and elites lie, mislead and argue about cutting a $3,800 billion budget by less than $100 billion or less than 3% of the total Fiscal Year 2011 U.S. Government budget.

With some exceptions, the professional politicians are not serious people–they are clowns or educated fools.

These clowns lack the will, courage, urgency and vision to cut Federal government spending, balance the budget and replace the current Federal income tax system with a broad-based national retail sale consumption tax–the FairTax.

Time is of the essence.

The United States economy is on the brink of the Obama Depression and there is no sense of urgency or understanding of the problem by the majority of our elected Representatives, Senators or the President of the United States.

If the political ruling class were serious people they would be discussing cuts of $1,000 billion in the Fiscal Year 2011 budget of over $3,800 billion  given that tax revenues for Fiscal Year 2011 are expected to be less than $2,500 billion.

The only politicians proposing such spending cuts are Representative Ron Paul of Texas and Senator Rand Paul of Kentucky, both of whom are ignored and even laughed at by both the Republican and Democratic establishment and leadership.

Sen. Rand Paul on $500Billion in Spending Cuts: The American People Are Ready

 

Ron Paul: Congress Won’t Stop Spending until the Dollar Fails

David M. Walker, former United States Comptroller General was right.

The United States’  biggest and most serious deficits are budget, savings, balance of payments and leadership.

I.O.U.S.A. Bonus Reel: Dave Walker Explains the 4 Deficits

 

Why US Economy will Collapse – I.O.U.S.A. the movie

The United States needs leaders not clowns or educated fools.

The United States needs leaders who remember and learn from history.

Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.

Join the Second American Revolution and the tea party movement by marching on Washington D.C. on Friday, April 15, 2011!

The Tea Party patriots want balanced budgets, cuts in spending, deficits and the national debt, repeal of the income tax Amendment and passage of  a balanced budget amendment to the United States Constitution and the FairTax.

The goal is for 3 million Americans marching in Washington D.C.  demanding that Congress and the Senate cut Federal spending, balanced the budget and replace Federal taxes with the FairTax!

Start at the Federal Reserve building, march pass the White House and stop at the Capital Building for a rally.

This is a grassroots movement.

Spread the word.

Only individuals Americans can prevent the economic collapse of the United States.

Pronk Pops Show 19: March 8, 2011

Economic Collapse 101 for Dummies

 

Quantitative Easing Explained

 

Hi, I’m a Tea Partier revisited

 

Send In the Clowns – Glenn Close

Isn’t it rich?

Are we a pair?

Me here at last on the ground,

You in mid-air.

Send in the clowns.

Isn’t it bliss?

Don’t you approve?

One who keeps tearing around,

One who can’t move.

Where are the clowns?

Send in the clowns.

Just when I’d stopped opening doors,

Finally knowing the one that I wanted was yours,

Making my entrance again with my usual flair,

Sure of my lines,

No one is there.

Don’t you love farce?

My fault I fear.

I thought that you’d want what I want.

Sorry, my dear.

But where are the clowns?

Quick, send in the clowns.

Don’t bother, they’re here.

Isn’t it rich?

Isn’t it queer,

Losing my timing this late

In my career?

And where are the clowns?

There ought to be clowns.

Well, maybe next year.

 

Barbra Streisand Send In The Clowns

Background Articles and Videos

I.O.U.S.A.: Byte-Sized – The 30 Minute Version

 

 

Budget of the U.S. Government Fiscal Year 2o11

http://www.gpoaccess.gov/usbudget/fy11/pdf/budget.pdf

 

2010 Social Security Trustees Report: Reform Needed Now

“…Abstract: The 2010 annual report by the Social Security trustees has been released. It comes as no surprise that the Trustees Report predicts massive—and permanent— yearly deficits if the Social Security system is not reformed. Though the report shows that Social Security payments are secure for another five years, Social Security already owes $7.9 trillion more in benefits this year than it will receive in tax revenues. The time for reform is now—delay will only make each challenge and problem harder to fix. Heritage Foundation financial and pension expert David C. John examines the findings of the new Trustees Report—and explains what they mean for Americans. …”

 

http://www.heritage.org/research/reports/2010/08/2010-social-security-trustees-report-reform-needed-now

 

“…Kleiner Perkins partner Mary Meeker analyzes America as a corporation in an epic presentation: USA Inc.: A Basic Summary of America’s Financial Statements (pdf).

“…This report looks at the federal government as if it were a business, with the goal of informing the

debate about our nation’s financial situation and outlook. In it, we examine USA Inc.’s income

statement and balance sheet. We aim to interpret the underlying data and facts and illustrate

patterns and trends in easy-to-understand ways. We analyze the drivers of federal revenue and

the history of expense growth, and we examine basic scenarios for how America might move

toward positive cash flow. …”

This report is available online and on iPad at www.kpcb.com/usainc

http://images.businessweek.com/mz/11/10/1110_mz_49meekerusainc.pdf

Mary Meeker’s Definitive Guide To The American Public Debt Crisis

“…Here are some key slides from her definitive report:
  • Spending as a percent of GDP rose 3 percent each year from 1790 and 1930. Worse: It rose to 24% in 2010.
  • Only 1 in 50 Americans needed Medicaid when it was first created in 1965, 1 in 6 Americans receives Medicaid now.
  • Extended unemployment benefits could set back America Inc. $34 billion in the next two years alone.
  • There is no quick-fix to America’s deficit problem. While raising taxes could help, the only real solution is cutting costs.
  • Why we should increase the retirement age to 73 or cut Social Security benefits by 12%

Read more: http://www.businessinsider.com/mary-meeker-usa-inc-february-24-2011-2#ixzz1FwfigfSi

March 7, 2011

Spotlight on the States: Wisconsin

“…Today, Wisconsin faces a budget shortfall of $137 million (just shy of 10 percent of the budget) for the remaining fiscal year (which ends June 30) and a $3.6 billion shortfall over the next 2 years (six percent of the budget) in a $59 billion 2012-2013 budget. In an attempt to put the state back on a sustainable fiscal path, and more specifically to address this year’s shortfall, newly-elected Gov. Scott Walker (R) introduced what he called a “Budget Repair Bill” last month. The bill requires government workers to contribute 5.8 percent of their salary toward pensions–which has sparked a back-and-forth about whether pension benefits are paid for by taxpayers or employees–and increases contributions to health care premiums from 6 percent to at least 12 percent. It also limits public employee collective bargaining rights, with the exception of police, firefighters, and other public safety employees, which is the provision that has sparked the current protests, as the unions are willing to accept the other changes.

Nevertheless, Gov. Walker has said that enacting these reforms would save $30 million this fiscal year and thousands of state and local jobs. He also said that he could pledge there would be no layoffs or furloughs for state employees. This did not comfort the thousands of government employees who swarmed the state’s capital, protesting that the Governor’s budget bill is more geared to political ends than fiscal ones.

In his March 1st budget address, (postponed from February 22), Gov. Walker outlined some of the details of his full proposal. The biennial budget balances the $3.6 billion two-year deficit and reduces the structural deficit–deficits even under normal economic conditions and full employment–by 90 percent, from $2.5 billion to $250 million. It also reduces overall state spending by $4.2 billion (6.7 percent) over the biennium. Other highlights of the legislation include:

  • $1.25 billion in reductions in aid to local governments
  • $834 million in reduction in aid to public schools
  • $80.6 million in tax cuts for FY 2012, including elimination of the capital gains tax for investors with long-term (5 or more years) investments in Wisconsin-based businesses
  • $500 million in Medicaid spending cuts through various reforms
  • $200 million in funding for the “public-private agency” the Wisconsin Economic Development Corporation
  • Various reforms to state agencies, including a 10% across-the-board cut to non-personnel budgets of most agencies and elimination of all positions that have been vacant for over a year …”

http://crfb.org/blog

Wisconsin Governor Seeks Deep Cuts

“…The collective-bargaining bill stalled in the state Senate also would require most public employees to contribute 5.8% of their salary this year toward their pension payments and 12.6% of their health-insurance premiums out of their wages. The measure passed the state Assembly last week.

Mr. Walker said that bill would produce savings of $1.44 billion for school districts and local governments, more than offsetting the cuts in state aid he recommended Tuesday.

Critics said the governor’s estimate is overstated, because some communities and school districts already require employees to pay more than 12.6% of their health-insurance premiums out of their salaries.

In De Pere, Wis., employees already pay 15% of insurance premiums from their wages. For that reason, and because police officers and firefighters are exempt, “I believe the savings through pension-contribution increases will not be enough to offset the loss of state shared revenue,” De Pere Alderman Daniel Robinson wrote in a letter Monday to Republican state Sen. Robert Cowles. …”

http://online.wsj.com/article/SB10001424052748704506004576174413551008574.html

Pronk Pops Show 19: March 8, 2011

Listen To Pronk Pops Podcast or Download Shows 16-19

Listen To Pronk  Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

 

 

 

 

 

 

 

 

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Saving Entitlements By Eliminating Most Federal Departments Or Eliminating Entitlements And Saving Federal Departments Or Drastically Cutting Both Departments and Entitlements–The American People Must Decide Now!

Posted on June 8, 2010. Filed under: Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Immigration, Investments, Language, Law, liberty, Life, Links, media, Medicine, Monetary Policy, People, Philosophy, Politics, Raves, Resources, Security, Taxes, Video, Wisdom | Tags: , , , , , |

Tom Woods – entitlements

Background Articles and Videos

Entitlements: Social Security, Medicare Medicaid

Federal Spending

Federal Revenue and Taxes

Budget Deficits

Related Posts On Pronk Palisades

Heritage Foundation 2010 Budget Charts–Federal Entitlements

Heritage Foundation 2010 Budget Charts–Federal Spending

Heritage Foundation 2010 Budget Charts–Federal Revenue

Heritage Foundation 2010 Budget Charts–Federal Debt and Deficits

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Glenn Beck–The Plan And The Problem: Unfunded Medicare and Social Security Entitlement Obligations–Videos

Posted on April 13, 2010. Filed under: Blogroll, Communications, Culture, Economics, Employment, Fiscal Policy, government, government spending, Immigration, Investments, Language, Law, liberty, Life, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Science, Security, Strategy, Taxes, Uncategorized, Video, War, Wisdom | Tags: , , , , , , , , , , |

U.S National Debt Clock

http://www.usdebtclock.org/

 

Glenn Beck-04-13-10-A

 

Glenn Beck-04-13-10-B

Glenn Beck-04-13-10-C

Glenn Beck-04-13-10-D

The Heritage Foundation: 2010 Budget Chart Book

http://www.heritage.org/budgetchartbook/

 

 

 

 

 

Paul Ryan-Obama Proposed Debt Will Literally Crash the Economy

The Roadmap Plan

 

“…Unfunded Liabilities. Another way of viewing the government’s disastrous budgetary situation is by looking at its fiscal position the way a private company would. To do so, analysts focus on the “unfunded liabilities” of the Federal Government’s major benefit programs. These liabilities reflect the excess of projected spending in these programs over the amount of revenue currently estimated to be available for them.

The problem is most acute in Medicare. Like Social Security, Medicare faces the daunting demographic challenge of supporting the baby boomers as they retire. But its much larger problem is that of medical costs, which are rising at roughly double the rate of growth in the economy. Today Medicare has an unfunded liability of $38 trillion over the next 75 years (see Figure 1). This means that the Federal Government would have to set aside $38 trillion today to cover future benefits for the three generations of Americans: retirees, workers, and children. This translates to a burden of about $335,350 per U.S. household. Moreover, the problem worsens rapidly: in just the next 5 years, by 2014, Medicare’s unfunded liability is projected to grow to $52 trillion – or about $458,900 per household.

When Social Security and Medicare are taken together, the total unfunded liability is
$43 trillion, or about $379,475 per household (see Figure 2). In the next
5 years, that total will grow to $57 trillion, or $500,414 per household.

Without fundamental changes, the government would have to finance these obligations with higher taxes, higher debt, or a combination of the two. Either way, the results would be crippling for the U.S. economy: they would entail shifting unprecedented amounts of economic resources away from growth-generating activities of the private sector: …”

http://www.roadmap.republicans.budget.house.gov/plan/

 

Background Articles and Videos

 

Milton Friedman – The Social Security Myth

 

 

Milton Friedman – The Great Depression Myth

Milton Friedman – The Robber Baron Myth

 

 

Milton Friedman – Socialized Medicine

Lesson 1 National Debt & Budget Deficit Explained

Inhofe Forces Vote on Fiscal Responsibility

“… U.S. Sen. Jim Inhofe (R-Okla.), National Journal magazines top-ranked Senate Conservative, today posed a choice for the U.S. Senate: support reducing the deficit by $1 trillion or support giving President Obama more money to spend on his liberal priorities.

In forcing the Senate to vote on his Honest Expenditure Limitation Program (HELP) Act of 2010 as an amendment to the Federal Aviation Administration Air Modernization and Safety Improvement Act currently moving through the Senate as H.R.1586, he provided an opportunity for Senators to vote for real spending reforms instead of an earmark ban shell game. While Inhofes amendment received bipartisan support, it ultimately failed by a vote of 41-56.

FACTS ABOUT THE HELP ACT * The proposal would freeze discretionary spending at FY08 levels for all non-security appropriations, which exclude Defense, Homeland Security, State, Veterans Administration, and national security functions of Energy. * The spending freeze at the 2008 level would be phased in over 5 years from FY11 to FY15, reducing the cap by an equal percentage each year. From FY15 to FY20, the cap would remain at the FY08 level until the legislation expires at the end of FY20. * The freeze would be enforced through sequestration. Any total non-security appropriations enacted that breach the FY08 cap would be tallied by the Office of Management and Budget and excess amounts above the cap would be rescinded through an across-the-board cut by the Administration (compelled by law). This proposal would ensure that a major portion of the federal budget is subjected to a credible and effective spending restraint. * A 67-vote Point Of Order in the Senate would be triggered by any appropriations bill that causes the total non-security discretionary cap for a Fiscal Year to be breached. It would also be triggered by a provision in any legislation, amendment, or conference report that attempted to legislatively exempt new spending from sequestration. The type of sequestration process this proposal contemplates existed in the 1990s with limited success because Congress would routinely use legislation to exempt new spending from the process. The Point Of Order would make doing so much more difficult. * Spending for overseas military operations would be exempt from the cap. * Using the Obama Administrations own numbers and assumptions, this proposal would save $634 billion more than enacting Obamas proposed spending freeze by 2020, and it would save close to $1 trillion over the same 10 years compared to doing nothing. …”

 

History of Tyranny

Mark Levin – Boston Tea Party

Boston Tea Party

“…The Boston Tea Party was a direct action by colonists in Boston, a town in the British colony of Massachusetts, against the British government. On December 16, 1773, after officials in Boston refused to return three shiploads of taxed tea to Britain, a group of colonists boarded the ships and destroyed the tea by throwing it into Boston Harbor. The incident remains an iconic event of American history, and reference is often made to it in other political protests.

The Tea Party was the culmination of a resistance movement throughout British America against the Tea Act, which had been passed by the British Parliament in 1773. Colonists objected to the Tea Act for a variety of reasons, especially because they believed that it violated their right to be taxed only by their own elected representatives. Protesters had successfully prevented the unloading of taxed tea in three other colonies, but in Boston, embattled Royal Governor Thomas Hutchinson refused to allow the tea to be returned to Britain. He apparently did not expect that the protestors would choose to destroy the tea destroyed tea. Colonists in turn responded to the Coercive Acts with additional acts of protest, and by convening the First Continental Congress, which petitioned the British monarch for repeal of the acts and coordinated colonial resistance to them. The crisis escalated, and the American Revolutionary War began near Boston in 1775. …” 

“…Influence

The Boston Tea Party has often been referenced in other political protests. When Mohandas K. Gandhi led a mass burning of Indian registration cards in South Africa in 1908, a British newspaper compared the event to the Boston Tea Party.[64] When Gandhi met with the British viceroy in 1930 after the Indian salt protest campaign, Gandhi took some duty-free salt from his shawl and said, with a smile, that the salt was “to remind us of the famous Boston Tea Party.”[65]

American activists from a variety of political viewpoints have invoked the Tea Party as a symbol of protest. In 1973, on the 200th anniversary of the Tea Party, a mass meeting at Faneuil Hall called for the impeachment of President Richard Nixon and protested oil companies in the ongoing oil crisis. Afterwards, protesters boarded a replica ship in Boston Harbor, hanged Nixon in effigy, and dumped several empty oil drums into the harbor.[66] In 1998, two conservative US Congressmen put the federal tax code into a chest marked “tea” and dumped it into the harbor.[67]

In 2006, a libertarian political party called the “Boston Tea Party” was founded. In 2007, the Ron Paul “Tea Party” money bomb, held on the 234th anniversary of the Boston Tea Party, broke the one-day fund-raising record by raising $6.04 million in 24 hours.[68]

In early 2009, a series of citizen gatherings called “Tea Parties” began to protest recent increases in government spending, particularly in President Obama’s budget and economic stimulus package.[69][70] One of the first of these was held on April 15, 2009, on Boston Common, just a few blocks from the original Boston Tea Party.[71] …”

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

 

Paul Ryan talks about progressivism on Glenn Back Radio Show – Part 1 of 2

Paul Ryan talks about progressivism on Glenn Back Radio Show – Part 2 of 2

 

 

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The Glenn Beck Plan vs. The Pronk Palisades Plan of The American Citizens Alliance Party–Videos
 

The American People March on Washington D.C.–August 28, 2010–At The Lincoln Memorial! Mark Your Calendar–Be There–Three Million Minimum–Join The Second American Revolution

Glenn Beck On Prosperity And The Perils of Progressivism

A Common Sense Political Agenda For A New Conservative and Libertarian Party: American Citizens Alliance Party (ACAP)–A CAP On Government Spending, Taxes, Debt and Regulations!

A New Political Party In The United States? American Citizens Alliance Party–ACAP On Government Spending, Taxes, Debt, and Regulations!

Third Party Time? Yes Provided You Have $10 Billion and 10 Years!

 

Cloward Piven

The Cloward-Piven Strategy Of The Progressive Radical Socialists: Wrecking The U.S. Economy By Massive Government Dependence, Spending, Deficits, Debts, Taxes And Regulations!

Cloward Piven Strategy–The Crisis Strategy Of Barack Obama

President Obama’s Cloward-Piven Strategy of Controlled Crisis Creation Crippling Capitalism–Coup D-Etat On America

 

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Glenn Beck–Please Get Serious–First: Permanently Close 10 Federal Departments–Second: Six Month Tax Holiday–Third: Replace All Federal Taxes With The FairTax–When? It’s Time!

Posted on February 16, 2010. Filed under: Babies, Blogroll, Books, Communications, Computers, Demographics, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, government, government spending, Immigration, Investments, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Security, Taxes, Video, Wisdom | Tags: , , , , , , , |

 

Glenn Beck- February 16, 2010 (Part 1/4)

Glenn Beck- February 16, 2010 (Part 2/4)

Glenn Beck- February 16, 2010 (Part 3/4)

Glenn Beck- February 16, 2010 (Part 4/4)

Beck and Laffer failed to even mention the closing of entire Federal Departments–not one suggestion to close even a single Federal Department.

Get serious. This is what is required.

It is a national emergency for the American family.

Time to shut Federal Departments down permanently.

The late economist and libertarian, Milton Friedman, had it exactly right.

Milton Friedman on Libertarianism (Part 4 of 4)

The Federal Government needs to shut down ten Federal Departments now.

This would reduce the Federal employee head count by over million or more than 50% of the Federal Government.

Government employees can either retire or find employment in the private sector.

The only two programs the American people want saved are Social Security and Medicare that they have paid for with taxes over the years.

Let the American people own these programs with an account in their own name and control over the taxes they pay into their account.

No longer will Social Security surpluses be used to pay for other government spending.

American families first, the Federal Government last.

Shut Down and Close Permanently

10 Federal Government Departments,

 Several Agencies and 1,000++ of Programs Now!

 

1. Department of Agriculture

2. Department of Commerce

3. Department of Education 

4. Department of Energy

5. Department of Health and Human Resources

6. Department of Housing and Urban Development

7. Department of Interior

8. Department of Labor

9. Department of Transportation

10. Department of Veterans Affairs

11. Environmental Protection Agency 

12. Other Independent Agencies

13. International Assistance Programs

  

If

We The People

 Do Not Do This Now

You Can Forgot About

Receiving  Your

Social Security and Medicare Benefits!

 

Social Security and Medicare Projections – I.O.U.S.A.

 

A flat income tax would be an improvement over the existing Federal Income and Payroll Taxes.

However, the FairTax, a national sales consumption tax, would be even better.

The FairTax encourages savings, investments and exports,  significantly reduces compliance costs, and would attract capital back into the United States from abroad.

The result would be a dramatic increase in wealth, income and job creation.

The FairTax: It’s Time

John Stossel speaks to the Fair Tax Rally

Pence on the Fair Tax

http://linderfairtax.house.gov/

FairTax.org

http://www.fairtax.org/site/PageServer

 

Let the American people decide when they will either pay their taxes on their consumption of new goods and services or not pay taxes, save their money and invest it for future consumption.

No more filing of tax returns and IRS invasion of your privacy.

No longer will individuals spend many hours filling out tax returns or paying others to perform this service.

April 15 will just be another day of the week.

All future Federal budgets should be limited to 80% of the prior year’s FairTax collections.

All future Federal budgets should be in “surplus”–no more deficits or a rising National Debt.

The remaining 20% of the FairTax national sales consumption tax would go towards paying off the National Debt and getting both Social Security and Medicare on a sound acturial foundation.

Their are nearly thirty million Americans seeking a full time job.

The American family is hurting.

It’s time to actually cut the size and scope of the Federal Government.

It’s time to protect the American family from unemployment.

It’s time to send the illegal aliens home.

It’s time to bring the troops home.

It’s time for the FairTax.

Join the Second American Revolution.

Background Articles and Videos

 

Related Posts On Pronk Palisades

A New Political Party In The United States? American Citizens Alliance Party–ACAP On Government Spending, Taxes, Debt, and Regulations!

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

The Laffer Curve–Videos

The Glenn Beck Bomb Squad: Surviving The Global Debt Ticking Time Bombs!

Glenn Beck: President Obama’s Proposed Budget Is Out Of Control Federal Government Spending–Stop Him Before He Destroys The Economy

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Walter Block–Videos

Walter Block–Introduction To Libertarianism–Videos

Yaron Brook–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

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

David Gordon–Five Best Books on the Current Crisis–Video

David Gordon–The Confused Literature of Globalization–Videos

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Liberal Fascism–Jonah Goldberg–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Murray Rothbard–Videos

Murray Rothbard–Libertarianism–Video

Rothbard On Keynes–Videos

Murray Rothbard– What Has Government Done to Our Money?–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

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

Tom Woods–Lectures On Liberty–Videos

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

 

Unemployment and Employment

Over 22,824,945 Americans Seek Full Time Jobs–Unemployment Rate Declines?–Obama Math: Lies, Damn Lies, Statistics–The First Casualty of Progressive Radical Socialists–The Truth!–The Games People Play–Do You Believe In Magic?

President Barack Obama’s Role Model–President Franklin D. Roosevelt–The Worse President For The U.S. and World Economies and The American People–With The Same Results–High Unemployment Rates–Over 25 Million American Citizens Seeking Full Time Jobs Today–Worse Than The Over 13 Million Seeking Jobs During The Worse of The Great Depression!

The Great Depression and the Current Recession–Robert Higgs–Videos

The Obama Depression: Lessons Learned–Deja Vu!

Rose Colored Glasses:The Economy Is Recovering–Where Are The Jobs? When Will Inflation Hit? 2012–Election Year!

The Battle For The World Economy–Videos

American Citizens Want Jobs and Criminal Alien Removal, Not Criminal Alien Census and Health Care!

The Obama Depression Continues–Official Unemployment Hits Rate 9.8% (15,142,000 Seek Full Time Job) and Real Unemployment Rate Hits 17.0% (26,181,000 Seek Full Time Job)!

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Bureau of Labor Statistics–Selected Tables on Labor Force Statistics from the Current Population Survey

Job Creating Businesses and CIT–Videos

President Barack Obama Beats It–President Franklin Roosevelt Record–Worse Unemployment Numbers Since 1933–14,700,000 Unemployed Americans Greater than 13,000,000 in 1933!

The Obama Depression (OD) Starts July 4, 2009–30 Million Americans March To Tea Parties In Washington D.C. and Over 1,000 Cities and Towns Across America!

United States Economic Depressions–The Good, The Bad, and The Ugly–Obama’s Depression–Over 15,000,000 Americans Seek Full Time Job!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

Bill Gates–Hope, Change and Rapid Affluence Development–Creative Capitalism!

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A Common Sense Political Agenda For A New Conservative and Libertarian Party: American Citizens Alliance Party (ACAP)–A CAP On Government Spending, Taxes, Debt and Regulations!

Posted on November 18, 2009. Filed under: Blogroll, Communications, Economics, Education, Employment, Energy, Fiscal Policy, Foreign Policy, government spending, Health Care, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, media, Medicine, Monetary Policy, People, Philosophy, Politics, Programming, Psychology, Quotations, Rants, Raves, Regulations, Resources, Science, Security, Strategy, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , |

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This Joker Is A Lost Cause: Keeping President Obama Honest on Health Care–Let’s But A Smile On That Face–Staying Alive

Posted on August 19, 2009. Filed under: Art, Babies, Blogroll, Comedy, Communications, Economics, Employment, Fiscal Policy, government spending, Health Care, Law, liberty, Life, Links, Medicine, Music, People, Philosophy, Politics, Quotations, Rants, Raves, Resources, Talk Radio, Taxes, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , |

RULE 12: Pick the target, freeze it, personalize it, and polarize it.” Cut off the support network and isolate the target from sympathy. Go after people and not institutions; people hurt faster than institutions. (This is cruel, but very effective. Direct, personalized criticism and ridicule works.)

~Saul Alinsky’s, Rules for Radicals

obama_joker

 

Joker vs Joker (Jack Nicholson vs Heath Ledger)

 

President Obama, the Joker of the Progressive Radical Socialist Democratic Party, has a character flaw–he lies habitually.

Keeping up with Obama’s daily lying is a full time job.

Correcting him is an endless and thankless task because you will be called a racist for pointing out the lies by his Kool Aid Kids.

I’d Rather Be Called Racist than Comrade…

The American people are slowly but surely catching on that the Joker is truth challenged and the joke of health care reform is on the American people.

Take for example the often repeated line in the health care debate that the government public option insurer is there to increase competition with the insurance industry and to keep the insurance companies honest.

 

Obama on single payer health insurance

 

SHOCK UNCOVERED: Obama IN HIS OWN WORDS saying His Health Care Plan will ELIMINATE private insurance

Really.

If you are for a single payer or a government monopoly of health care–socialized medicine–then you do not want to do anything that increases competition or choice among health care insurance providers–you want to eliminate or destroy competition.

The author of the public option idea, Jacob Hacker, makes it very clear that the real purpose of the public option is drive the insurance companies out of business over a period of time.

Hacker admits Public Option is Trojan Horse for Single Payer

 

The Real Goal of the Public Plan Option – Squeezing Out Private & Employer-Based Health Insurance

 

What would be the results over time of a “public option insurer”–less competition and eventually a government monopoly of health care:

Obama’s Hearth Care Deception – “Public Option” will end up “Single Payer”, per their Plan

 

Paul Ryan Offers Amendment to Strike Government-Run Health Care Plan

 

The “Public Option” Myth

 

Ann Coulter’s On Health Care Reform


 

Cato Experts Dissect Obama’s Health Care Town Hall Meeting

 

Robert Moffit testifying on Health Care

The American people want affordable, portable and private individual health  insurance plan that they chose to buy that meets their needs.

The way to accomplish this is to first make premiums paid for such health insurance coverage tax deductible.

Then allow individuals to purchase individual high-deductible health insurance plans offerred in any state.

The result would an immediate increase in competition in the health insurance market and declining premiums.

Encourage the purchase of catastrophic or high-deductible health insurance plans and the opening and funding of a health savings account that would be used to pay medical bills under the deductible amount.

 

DeMint on Health Savings Accounts

 

Health Savings Accounts


 

The Democratic Party blocked the above reforms and are out to destroy private insurance and health savings accounts. The last thing the Democrats want is more competition that would bring the price of health insurance down.

The Democractic Party are trying to kill both private individual health insurance and health savings accounts.

The Democratic Party does not give a damn about the American people’s health care.

President Obama, the unions such as SEIU and AFL-CIO, and the progressive radical socialist Democratic Party are out to destroy jobs, wreck the US economy and kill the American dream by proposing a health care reform bill with the goal establishing a single payer government monopoly over health care.

HOPE AND CHAINS 2

HOPE AND CHAINS 3

Glenn Beck ACORN Cloward-Piven 

President Obama’s Cloward-Piven Strategy of Controlled Crisis Creation Crippling Capitalism–Coup D-Etat On America 

Medicare is running large unsustainable deficits and the Democratic Party wants to expand this program and make it universal–are they joking?

I.O.U.S.A. Bonus Reel: Social Security+Medicare Projections 

 

I.O.U.S.A. Bonus Reel: A $53 Trillion Federal Financial Hole

Stop Spending Our Future – The Crisis

Obama Healthcare Underwater in Philly

Stop Spending Our Future – STOP

No, they are deadly serious–this is their plan and strategy.

Both the public option and the co-ops are two ways of accomplishing this goal over time.

This is financially irresponsible and immoral.

 The vast majority of American people like their health care insurance plans.

The vast majority of American people do want a public option nor a single payer system nor so-called government funded, controlled and run insurance co-op.

The vast majority of American people no longer believe nor trust the joker Obama. 

Do not let the Joker fool you with his smile and lies.

You will be betting your life if you do.

Only the American people can stop the jokers in Washington!

Judge Napolitano on Government vs Private Enterprise

Live another day by stayin alive!

The Dark Knight – Hospital Scene

http://www.youtube.com/watch?v=ZRG1tWQN6e8

 

Bee Gees – Stayin’ Alive (Full Version)

Well, you can tell by the way I use my walk,
I’m a woman’s man, no time to talk.
Music loud and women warm.
I’ve been kicked around since I was born.
And now it’s all right, it’s O.K.
And you may look the other way.
We can try to understand
The New York Times’ effect on man.
Whether you’re a brother
Or whether you’re a mother,
You’re stayin’ alive, stayin’ alive.
Feel the city breakin’
And ev’rybody shakin’
And we’re stayin’ alive, stayin’ alive.
Ah, ha, ha, ha,
Stayin’ alive.
Stayin’ alive.
Ah, ha, ha, ha,
Stayin’ alive.
Well now, I get low and I get high
And if I can’t get either I really try.
Got the wings of heaven on my shoes
I’m a dancin’ man and I just can’t lose.
You know it’s all right, it’s O.K.
I’ll live to see another day.
We can try to understand
The New York Times’ effect on man.
Whether you’re a brother
Or whether you’re a mother,
You’re stayin’ alive, stayin’ alive.
Feel the city breakin’
And ev’rybody shakin’
And we’re stayin’ alive, stayin’ alive.
Ah, ha, ha, ha,
Stayin’ alive.
Stayin’ alive.
Ah, ha, ha, ha,
Stayin’ alive.
Life goin’ nowhere.
Somebody help me.
Somebody help me, yeah.
Life goin’ nowhere.
Somebody help me, yeah.
Stayin’ alive
Well, you can tell by the way I use my walk,
I’m a woman’s man, no time to talk.
Music loud and women warm.
I’ve been kicked around since I was born.
And now it’s all right, it’s O.K.
And you may look the other way.
We can try to understand
The New York Times’ effect on man.
Whether you’re a brother
Or whether you’re a mother,
You’re stayin’ alive, stayin’ alive.
Feel the city breakin’
And ev’rybody shakin’
And we’re stayin’ alive, stayin’ alive.
Ah, ha, ha, ha,
Stayin’ alive.
Stayin’ alive.
Ah, ha, ha, ha,
Stayin’ alive.
Life goin’ nowhere.
Somebody help me.
Somebody help me, yeah.
Life goin’ nowhere.
Somebody help me, yeah.
Stayin’ alive
Life goin’ nowhere.
Somebody help me.
Somebody help me, yeah.
Life goin’ nowhere.
Somebody help me, yeah.
Stayin’ alive

 

Background Articles and Videos

Opportunity Is Knocking

Alinsky, Beck, Satan and Me

by David Horowitz

“…Glenn Beck will be on vacation this week but when he returns on the 24th he has invited me to come to New York to talk to him on camera about Saul Alinsky, the strategy guru of the Obama era. For the the Hillary-Soros generation of johnny-come-lately radicals and their ACORN footsoldiers,  Alinksy is their Sun-Tzu and his book Rules for Radicals is the field manual  for their struggle. I thought while I’m refreshing my acquaintance with this destructive fellow and re-reading his text, I would share my thoughts with you, serially over the next week. …”

http://newsrealblog.com/2009/08/16/alinsky-beck-satan-and-me/

 

Barack Obama as The Joker: A New American Phenomenon?

Obama Speech Police Shutdown This Video – Obama JOKER $1000 Video Contest

Obama Joker Poster Popping Up In Los Angeles

“…Apparently, it’s beginning to appear in odd places in Los Angeles, but nobody seems to know who’s responsible for it.

Radio host Tammy Bruce posted some pictures of this odd creation at her blog Saturday morning (h/t Pamela Geller) leading me to investigate further.

At this point, all I could find on the subject was an April 25 article from Bedlam Magazine:

A poster of Barack Obama in Heath Ledger-style Joker make-up with the legend ‘Socialism’ beneath it has been popping up recently on surfaces around L.A. It does not appear to be in the same category as the many benign take-offs on the Shepard Fairey ‘Hope’ poster, such as the one by Australian James Lillis (more of a straightforward spoof that merely substituted a Shepardized image of Heath Ledger as Joker on the Obama poster). …”

http://newsbusters.org/blogs/noel-sheppard/2009/08/01/obama-joker-poster-popping-los-angeles

 

 

FIN Special Report MSNBC Asks Is Obama Joker Socialist Poster Racist

 

Hannity and Malkin Discuss DNC Health Care Web Ad

 

The Alinskyite’s Big, Fat Governance Failure

By Kyle-Anne Shiver

“…What happens when the thing a president knows best is a set of tactics designed to take power from the “haves”?  When the most highly prized info a president ever garnered could be summed up as nothing better than gaming an electoral system with ACORN pay-for-registration schemes? 
   
What happens when a president is very skilled in deceptively cloaking these less-than-altruistic means in rhetorical “moral garments” and his lies finally start catching up with him, destroying his credibility?  When a president has never actually run anything successfully, not even his own paper route or a PTA meeting or a small town’s city council?
  
What happens when power-grab tactics, taught by a rabble-rousing revolutionary, suddenly catapult a charismatic demagogue into the highest power-perch in the world?
  
Well, then, Barack Obama’s big, fat governance failure happens. …”
 

Pros and Cons of Catastrophic Health Insurance

“…Catastrophic health insurance plans—more formally known as High Deductible Health Plans (HDHPs)—were created as a way to lower overall medical costs by providing a lower monthly premium in exchange for a higher annual health insurance deductible. With catastrophic health insurance plans, you pay for almost all medical care until you reach the annual deductible amount. After that, traditional health insurance coverage begins.

http://www.insurance.com/article.aspx/Pros_and_Cons_of_Catastrophic_Health_Insurance/artid/43

Inconvenient links of the week: Obama and the LaRouche poster

By Michelle Malkin  

“…John McCormack: CNN Fails to Report Woman Comparing Obama to Hitler is a Lyndon LaRouche Democrat.

Here’s the CNN video: …”

http://michellemalkin.com/2009/08/04/how-quickly-they-forget/

http://michellemalkin.com/2009/08/19/inconvenient-links-of-the-week-obama-and-the-larouche-poster/

 

NBC, CNN and MSNBC All Assign Communist LaRouche’s Obama-Hitler Poster to Conservatives, Limbaugh

By Seton Motley

“…The media have repeatedly stated how “angry,” “hostile” and “ugly” town hall meetings across America are becoming. They are of course largely ascribing the nastiness to conservatives voicing their opposition to (among other things) President Barack Obama and Congress’ proposed government takeover of the health care system.

The press has been particularly offended by the “extreme” use of references to Adolf Hitler specifically and Nazis generally. One image they have repeatedly used as an example of this alleged right-wing extremism is a poster of President Obama – on whose face a Hitler mustache has been Photo Shopped – bearing the caption “I’ve Changed.” …”

http://newsbusters.org/blogs/seton-motley/2009/08/12/nbc-cnn-msnbc-all-assign-communist-larouches-obama-hitler-poster-conse

Barack Obama and the Strategy of Manufactured Crisis

By James Simpson

“…The Cloward-Piven Strategy of Orchestrated Crisis

In an earlier post, I noted the liberal record of unmitigated legislative disasters, the latest of which is now being played out in the financial markets before our eyes. Before the 1994 Republican takeover, Democrats had sixty years of virtually unbroken power in Congress – with substantial majorities most of the time. Can a group of smart people, studying issue after issue for years on end, with virtually unlimited resources at their command, not come up with a single policy that works? Why are they chronically incapable?

Why?

One of two things must be true. Either the Democrats are unfathomable idiots, who ignorantly pursue ever more destructive policies despite decades of contrary evidence, or they understand the consequences of their actions and relentlessly carry on anyway because they somehow benefit.

I submit to you they understand the consequences. For many it is simply a practical matter of eliciting votes from a targeted constituency at taxpayer expense; we lose a little, they gain a lot, and the politician keeps his job. But for others, the goal is more malevolent – the failure is deliberate. Don’t laugh. This method not only has its proponents, it has a name: the Cloward-Piven Strategy. It describes their agenda, tactics, and long-term strategy.

The Strategy was first elucidated in the May 2, 1966 issue of The Nation magazine by a pair of radical socialist Columbia University professors, Richard Andrew Cloward and Frances Fox Piven. David Horowitz summarizes it as:

The strategy of forcing political change through orchestrated crisis. The “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse. …”

http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html 

Barney Frank Is At His Own Town Hall Meeting

  

 

Alex Jones Tv 1/3 “Special Broadcast” Alex as THE JOKER!!

 

Alex Jones Tv 2/3 “Special Broadcast” Alex as THE JOKER!!

 

Alex Jones Tv 3/3 “Special Broadcast” Alex as THE JOKER!!

 

Larry Grathwohl on Bill Ayers and the Weather Underground

 

Larry Grathwohl on Ayers’ plan for American re-education camps and the need to kill millions

 

Obama & Friends – “Will Re-educate or Eliminate 25 Million Resistors”? “Re-education Camps”?

 

Obamas ReEducation Camps

 

Related Posts On Pronk Palisades

Voters Beware: The Radical Rules of Saul Alinsky and Leftist Democrats

President Obama’s Cloward-Piven Strategy of Controlled Crisis Creation Crippling Capitalism–Coup D-Etat On America

Fact 1. Federal Government Health Insurance Is Compulsory–Kill The Bill–H.R. 3200

Patient Empowerment: Health Savings Accounts–High Deductible Catastrophic Health Insurance–Affordable, Portable, Fair, Individual Health Care Plan–Consumer Driven Health Care Reform!

The Dangers Of A Single Payer Health Care System: Ronald Reagan On Socialized Medicine and Friedrich A. Hayek On State Monopoly

The American People Believe The Government Public Option Plan Is The Path To The Single Payer Government Plan–Socialized Medicine–Obama Caught Lying To The American People!

The American People Confront Obama’s Red Shirts (ACORN) and Purple Shirts (SEIU)–Bullhorns and Beatings Over Obama Care!

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

Obama’s Marching Orders For His Red Shirts (ACORN), Purple Shirts (SEIU) and Black Shirts (New Panther Party)–Progressive Radical Socialists

Health Care Resources

Republican Health Care Reform: The Patients’ Choice Act

Medical Doctor and Senator Tom Coburn On Health Care–Videos

The Senate Doctors Show–Videos

Obama’s Waterloo– Government Compulsory Single Payer Socialized Medicine!–Videos

President Obama’s Plan of Massive Deficit Spending Is Destroying The US Economy–The American People Say Stop Socialism BS Now!

The Bum’s Rush of The American People: The Totally Irresponsible Democratic Party Health Care Bill and Obama’s Big Lie Exposed

Chairman Obama’s Progressive Radical Socialist Health Care Bill Kills Individual Private Health Care Insurance–Join The Second American Revolution!

The Obama Big Lie and Inconvenient Truth About Health Care–The Public Option Trojan Horse–Leads To A Single Payor Goverment Monopoly of Health Care and The Bankruptcy of USA!

The Obama Public Option Poison Pill For A Government Health Care Monopoly–Single Payer System–Betting Your Life and Paying Though The Nose

Government Bureaucracy: Organizational Chart of The House Democrats’ Health Plan

Dr. Robert W. Christensen–Videos

John Stossel–Sick In America–Videos

Read Full Post | Make a Comment ( 28 so far )

The Obama Big Lie and Inconvenient Truth About Health Care–The Public Option Trojan Horse–Leads To A Single Payor Goverment Monopoly of Health Care and The Bankruptcy of USA!

Posted on July 7, 2009. Filed under: Blogroll, Communications, Computers, Employment, Health Care, Links, Medicine, People, Politics, Quotations, Rants, Raves, Regulations, Science, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , |

 UPDATED

monitor

M3, longer term chart

m3b

 

“…M3 consists of M2, institutional money market mutual funds, time deposits in amounts of $100,000 or more, repurchase agreement liabilities of depository institutions (in denominations of $100,000 or more) on U.S. government and federal agency securities, and Eurodollars.

For reference, and as of early 2007, M3 is about $11.5 trillion, M2 about $7.1 trillion, institutional money markets funds about $1.4 trillion, jumbo CDs about $1.7 trillion, repos about $.67 trillion ($670 billion) and estimated Eurodollars are about $.61 trillion ($610 billion).
11/30/2007 – Note that much of the large growth in M3 lately has been in flows into CDs and Money Market Funds, a normal occurrence during financial turmoil. See our financial crisis page for more detail, and a picture of the current level of a U.S. financial crisis.  …”

fed_all_short_stacked

http://nowandfutures.com/key_stats.html

Glenn Beck on the US Financial crisis

U.S. Headed For Fiscal Crisis?

I.O.U.S.A.: Byte-Sized – The 30 Minute Version

http://www.youtube.com/watch?v=O_TjBNjc9Bo 

 

Stop Spending Our Future – The Crisis

The leaders and political elites of both political parties, Democrats and Republicans, are not telling the American people the truth–the United States is broke and cannot afford any new entitlement programs.

The United States cannot grow its way out the financial crisis to provide the funding for the liabilities the Federal Government already promised to pay for Social Security and Medicare entitlement programs.

Any politican who proposes either new entitlement programs or the expansion of existing programs such as Social Security or Medicare is fiscally irresponsible and is pandering and lying to the American people.

Both former President Bush and now President Obama are two of the most fiscally irresponsible Presidents this nation’s voters foolishly elected to the office of President.

Stop The Spending and Deficits

US Federal Government Deficits

federal_spending

 

 

Our first Green On The Outside and Red On The Inside President Obama only makes a  huge and unsustainable entitlement problem and crisis infinitely worse.

By proposing a new entitlement program–universal health care with a public option of a government insurer–Presidemt Obama is now threatening all those Americans who are satisfied with their health care and insurance plan.

A public option leads slowly and surely to Socialized Medicine or a Government Single Payer health care system and the bankruptcy of the United States!

The cost of such a new entitlement program is beyond the means of the American people and the US economy to pay for and sustain.

It would add trillions  of dollars to the already bloated US deficits.

Kill the Obama Universal Health Care bill before it kills you and bankrupts the United States of America.

Both the Federal Government Medicare and Medcaid pay less than the cost of the services provided by doctors and hospitals.

This results in doctors and hospitals shifting the unreimbused cost to private insurers.

Rep. Paul Ryan points out that Health Care Reform will be the most Important Vote

Rep. Brady (R-TX) asks CBO Director Elmendorf if we know the cost of the Dems Health Care Bill

The Federal Government is the problem not the solution.

One of the primary reasons private insurance premiums are rising is the Federal Government does not pay the full bill.

Will Fox testifies before Congress

Government caused the uninsured

When you need medical care for a serious condition, the Government will make you wait until it is too late.

Dead men tell no tales.

The Federal Government will use rationing and long waits to cut the cost of medical care.

Yaron Brook’s Call to Action – July 2009

This will result in the killing and torture of old people and those with serious medical conditions that would be too expensive to treat. 

The old and infirm will have to sit and wait for care, surgery and drugs that are never provided in a timely manner,  if at all.

The Downside Of British Health Care

This is exactly what happens now in countries that have socialized medicine or a single payer system.

The government simply waits you out so that they do not have to pay for your health care in a timely manner.

Canada Is A Perfect Example Of The Free Health Care Failing

Canadians to Americans: Don’t make your healthcare like ours

The Down Side of the Canadian Healthcare System

Why do you think people from all around the world come to the United States for treatment?

They know that if they wait for their country’s health care system to provide the care, they may die or be in pain for months or years.

In the United States they will be treated quickly to avoid unnecessay pain and suffering.

Obama’s Health Care Deception

Obama on single payer health insurance

SEIU, the White House & ACORN


 

Health Care Forum: Barack Obama (1 of 3)

Health Care Forum: Barack Obama (2 of 3)

[

Health Care Forum: Barack Obama (3 of 3)

Any candidate of any political party that gives any indication to the American people that they are going  to replace, tax, or threaten the American  people’s health care and insurance coverage, can deservedly expect to be defeated in the next election.

The progressive radical socialists lead by President Obama are a clear and present danager to your life, health care and current insurance plan.

Send a message both to President Obama and your Senators and Representative by signing the Free Our Health Care Petition:

http://www.freeourhealthcarenow.com/

ncpa_header4

Please take a minute to sign this petition keeping Government control OUT of healthcare.

http://www.freeourhealthcarenow.com/

 

When you are not treated for a heart attack, the red line will flatten out on the monitor.

You may very well die if you do not stop the passage of President Obama’s universal health care plan.

The American people and economy cannot pay for the medical care of illegal aliens who work in the United States.

The United States Federal Government could go a long way in lowering the number of Americans unemployed now exceeding 15,000,000 as well as lowering the number of uninsured Americans by simply enforcing the immigration laws.

Require all businesses to use E-Verify to determine the legal status of a person to work in the United States.

Attempt to Block E-Verify

E-Verify & Border Fence may be canceled

Obama Admin wants to kill E-Verify

Obama Adm Favors Illegal Immigration

All illegal aliens now working in the US would be replaced by American citizens.

All illegal aliens would be removed from their work place and deported to their country of origin.

All illegal aliens would have to pay upfront the cost of medical care.

Unless the Federal Government starts enforcing immigration laws, more and more hospitals will be closing throughout the United States.

Again the Federal Government is the problem for not paying their medical bills in full and not stopping illegal aliens from working in the United States.
 

Health care and illegal immigration TV ad in California

Giving Up California to the Illegal Invaders

With the Federal Reserve rapdily increasing the money supply as measured by M3 (green line)–inflation will soon be coming back as measured by the CPI-U–Consumer Price Index (black line).

m2m3_cpi_money_supply

The result is your own money is worth less as its purchasing power declines.

This is a hidden tax.

Time for the American people to get mad and tell off their Representatives and the Senators.

Time for the Representatives and Senators to earn their pay and actually read the billl, balance the budget and pay down the national debt with budget surpluses and not massive deficits.

Time for the Federal Government to close down entire Departments not expand their budgets and programs.

The Federal Government like families and businesses needs to live within its means.

Reform and save both the Social Security and Medicare programs by letting the American people have ownership over their retirement and health insurance program instead of relying upon the mere promises of the Federal Government.

Stop messing with the American people’s health care insurance plans and running up huge budgetary deficits by spending more than the tax revenues collected each year.

If the progressive radical socialists of the Democratic Party really wanted more competition in the health care insurance market to “keep them honest”,  they would provide the same tax-advantages to individuals that employers have in providing a group plan by making individual premium payments tax deductible.

Next the Federal Government should permit employers to offer as an option of an individual health insurance plan as an alternative to group health insurance.

Health savings accounts should be encouraged with higher annual contribution limits and letting individuals and families with individual health insurance plans to have a health savings account.

These three reforms would encourage more people to become insured that currently elect not to purchase coverage and would address their portability concerns as they move from job to job.

Individuals would be permitted to purchase individual health insurance from companies doing business in any state and not just the state where they call home.

Insurance companies would provide individual plans that could be customized to the needs of the individual and their families.

Act responsibly for a change and keep the Federal Government out of the insurance business.

UPDATED

Like the backloaded stimulus bill, the proposed healthcare bill is also backloaded with most of the cost impact taking place after 2012 with a five year cost of $979 billion or nearly $200 billion per year:

“…It’s important to keep in mind that the most costly aspects of the legislation involve providing subsidies to individuals to purchase health care ($773 billion) and to expand Medicaid ($438 billion), but it takes several years for those provisions to kick in. As you can see from the chart below, that means that the costs start out relatively modest but ramp up over time. In the first three years of the plan the cost of the subsidies and Medicaid expansion is just $8 billion; in the first five years, it’s $202 billion; but in the last five years, it’s $979 billion. Put another way, 17 percent of the spending comes in the first five years, while 83 percent comes in the second five years. What this means is that the American people see $1 trillion over 10 years and they think that means the bill would cost about $100 billion a year — but the reality is more than double that. In the final year of the CBO estimates, 2019, the spending hits $230 billion….”

 

 

http://spectator.org/blog/2009/07/14/10-year-time-frame-obscures-fu

 

Put this kill the old people with health care rationing   out of its misery by defeatiing the bill now.

The life you save may be your own.

Do not let Obama kill you softly with his song of  socialized medicine.

shovell_ready_socialized_medicine

 

Roberta Flack-Killing Me Softly With His Song

 

Background Articles and Videos

 

Document drop: CBO scores the health care takeover

By Michelle Malkin  

“…A Senate staffer passes along the CBO/Joint Committee on Taxation report scoring the House health care takeover.

Bottom line from the staffer:

$1.042 trillion over “ten years”, though the program really gets going in 2015 so its more like a 5 year score. Also, don’t forget most bills carve out unions so that they have a reprieve. Who needs card check [with] US government health insurance as a recruiting tool.

I’ve uploaded the full report: Read it here.

From the caveats section of the report intro:

Important Caveats Regarding This Preliminary Analysis

There are several reasons why the preliminary analysis that is provided in this letter and its attachments does not constitute a comprehensive cost estimate for the coverage provisions of America’s Affordable Health Choices Act:

• First, our analysis was based on specifications regarding insurance coverage that were provided by the tri-committee group and that differ in important ways from the “discussion draft” version of legislative language that was released on June 19, 2009. The specifications that we analyzed are supposed to be reflected in the draft language released by the three committees today, but we have not yet been able to analyze that language to determine whether it conforms to those specifications. Our review of that language could have a significant effect on our analysis. More generally, as our understanding of the specifications improves, that also could affect our future estimates.

• Second, some effects of the proposal have not yet been fully captured in our analysis. In particular, we have not yet estimated the administrative costs to the federal government of implementing the specified policies, nor have we accounted for all of the proposal’s likely effects on spending for other federal
programs. We expect to include those effects in the near future, but we also expect that they will not have a sizable impact on our analysis.

• Third, the budgetary information shown in the attached table reflects many of the major cash flows that would affect the federal budget as a result of implementing the specified policies, and it provides our preliminary assessment of the proposal’s net effects on the federal budget deficit (subject to the caveats listed above). Some additional cash flows would appear in the budget—either as outlays and offsetting receipts or outlays and revenues—but would net to zero and thus would not affect the deficit. CBO and the JCT staff have not yet estimated all of those cash flows but expect to do so in the near
future.2 Those additional cash flows would include the premiums collected by the public plan and its outlays as well as risk-adjustment transfers from plans with relatively healthy enrollees to plans with relatively unhealthy enrollees. …”

***

http://michellemalkin.com/2009/07/14/document-drop-cbo-scores-the-health-care-takeover/

Warning: More Obamacare/MSM theater on the way

By Michelle Malkin 

shovell_ready_socialized_medicine

Photoshop credit: The People’s Cube

“…The Democrats’ government health care takeover plans are flailing. What to do? What to do? Enlist every willing MSM lackey, of course.

We had the All Barack Channel special. The Obamacare Theater production. And now a trifecta of dinosaur broadcast media interviews. Noel Sheppard reports: “All Three Nets To Interview Obama About Healthcare Wednesday.”

…”

http://michellemalkin.com/2009/07/15/warning-more-obamacaremsm-theater-on-the-way/

Tax-maniacs backing off health benefits?

By Michelle Malkin  

“…Looks like there’s trouble in Beltway taxaholics’ paradise. There are multiple reports that Democrats are backing off a key proposal to tax health benefits to pay for the trillion-dollar government takeover of health care.

WSJ: “A Senate Democrat involved in negotiations on legislation to overhaul the health-care system said senators may be souring on a plan to tax some employer-provided health benefits. Sen. Kent Conrad, D-N.D., said that public polls conducted over the July 4 congressional recess and reviewed by senators are causing lawmakers to have second thoughts about limiting the tax exclusion for employer health plans.”

Bloomberg: Senators May Drop Tax Plan for Worker Health Benefits

AP: “Tax on health benefits fading?”

But hey, don’t worry. They’ll find something else to tax. Just give ‘em time.

*** …”

http://michellemalkin.com/2009/07/07/tax-maniacs-backing-off-health-benefits/

 

Get ready for health care tax-apalooza

By Michelle Malkin  


 
Photoshop: Reader Rachael in Ky

“…The Democrats are preparing for their Big Reveal on how to pay for their trillion-dollar government takeover of health care.

Gird your loins and say goodbye to your wallets:

By the end of this week, House Democrats may have answered the biggest question looming in the healthcare debate – how they plan to pay for their overhaul.

Leadership aides say they will introduce a bill by Thursday or Friday, in preparation for votes in committee next week. And that bill, they say, will include a way to pay for the bill…

…Leadership aides stress that no final decision has been made on how to pay the tab. The Democrats on Rangel’s committee will hold a marathon meeting all day Tuesday where healthcare and the “pay-for,” as it’s called, are sure to come up.

A large portion is expected to come from reductions in Medicare and Medicaid. But that won’t pay for the full overhaul. As for raising money, ideas have included a national sales tax, taxing soda and a “surtax” on people making more than $250,000. …”

http://michellemalkin.com/2009/07/07/get-ready-for-health-care-tax-apalooza/

Not a surprise: SEIU & Wal-Mart unite behind Obamacare

By Michelle Malkin  

“… Wal-Mart announced today that it was backing Obama’s government health care plan. The discount retail giant was joined by the Service Employees International Union and the left-wing Center for American Progress. CQ reports:

Walmart, the nation’s largest private employer, announced Tuesday that it would support a mandate on businesses to help expand health care coverage, an about-face from other business interests that have strongly opposed any such requirement.

But this is not a sudden “about-face.” Wal-Mart and the SEIU, still bitter enemies on most other policy and employment matters, first joined hands on health care two years ago. The unholy alliance was forged out of mutual desperation and political expediency.

More from Forbes, USAToday. And AP:

Wal-Mart, the nation’s largest private employer, announced its position in a letter to congressional and administration officials Tuesday. It was joined by a major labor union that sometimes has criticized Wal-Mart as stingy with employee benefits.

“We are for an employer mandate which is fair and broad in its coverage,” the letter said. “Any alternative to an employer mandate should not create barriers to hiring entry-level employees.”

That was a reference to some proposals in Congress to have employers pay the Medicaid costs of new hires. Critics say that would discourage the hiring of low-income people.

The letter was also signed by Andrew L. Stern, president of the Service Employees International Union, which has more than a million members and counts more U.S. health workers than any other union. Also signing it was John Podesta, who headed Obama’s transition team and is president of the Center for American Progress.

Wal-Mart wants the union thugs off its back. Stern wants more power and publicity.

Take this marriage for what it’s worth.

*** …”

http://michellemalkin.com/2009/06/30/not-a-surprise-seiu-wal-mart-unite-behind-obamacare/

The House Health Care Bill: A Blueprint for Federal Control

 

by Robert E. Moffit, Ph.D.

“…Like the U.S. Senate Health, Education, Labor and Pensions Committee bill,[1] the House bill would create a new public plan to compete with private health insurance in a national health insurance exchange; impose mandates on individuals and businesses to buy health insurance coverage or be subject to tax penalties; and allow the federal government to control, standardize, and regulate health insurance, defining what is and is not “acceptable coverage” for American citizens.The “Public” Plan

The bill would require the secretary of health and human services (HHS) to establish a “public health insurance option” to compete against private health plans on a “level playing field” in a national health insurance exchange. It would also expand eligibility for the existing Medicaid program up the income scale to 133 percent of the federal poverty level.

The public plan’s payment to providers would be based on Medicare payment rates plus 5 percent. The Lewin Group estimates that, by using the Medicare payment rates and opening up the plan to all employees, as the bill would provide, the House bill could result in up to 113.5 million people losing private coverage.[2] Lewin estimates that cost shifting to private plans from the public plan would amount to an additional $460 per person for those remaining in private insurance,[3] while physician and hospital revenues, under such a scenario, would decline significantly.

Contrary to the House sponsors’ claims, it is hard to imagine a “level playing field” where Congress creates a special government plan to compete against private health plans while also creating the rules for its competitors.

While the House bill would set up an account within the Treasury for the deposit of startup funds and premiums, the bill would also require taxpayers to retain the risks and depend on congressional restraint in the appropriation of additional taxpayer funds for the public plan. In light of recent congressional bailouts of automakers and financial institutions, belief in such restraint would amount to a triumph of imagination over experience. …”

“…Promises, Promises

The President has said repeatedly that if Americans like their private health insurance coverage, they would be able to keep it. But in fact, the incentives built into the House bill–a combination of mandates and the provision of a public plan–would guarantee that millions of Americans would lose their private coverage, regardless of their personal preferences.

In the Senate, the leading bill would add $1 trillion to the deficit over 10 years, while pushing millions of Americans out of their employer-based coverage. While the President insists that health care reform should be “deficit neutral,” the cost of the House bill–both quantifiable and not–is yet unknown. …”

http://www.heritage.org/research/healthcare/wm2515.cfm 

 

Donald S. McAlvany

“…Donald S. McAlvany is an American Christian conservative political and economics commentator, podcaster, and newsletter author.

McAlvany attended the University of Texas. In 1972, McAlvany founded International Collectors Associates (ICA), headquartered in Durango, Colorado. The firm is described as a “securities, precious metals brokerage, insurance and consultation firm serving clients in over 20 countries.” In 1976 McAlvany began publishing the McAlvany Intelligence Advisor, a monthly newsletter that analyzes economic, political, and financial issues, globally. in recent years he has also produced a monthly podcast on economic and “hard money” investing.[1]

He has been a lecturer at Christian, political, monetary and investment conferences “in Western Europe, Africa, Australia, the Middle East, Hong Kong, Singapore, as well as all over the North American continent and Latin America.”

He serves on the board of The Conservative Caucus, is a member of the Council for National Policy[2], is chairman of the Council on Southern Africa, was “a founder of the Industry Council on Tangible Assets (ICTA