And So I Go: Yesterday, Today and Tomorrow

Archive for the ‘Rep Paul Ryan chairman House Budget Committee’ Category

Dear reader this is a great article that you really need to read and understand AND do go to all the referred articles and sites.  What it comes down to of course is that is our fault because We the People allowed  sat on our haunches and blithely allowed this all to take place while we played.    It is still not too late to turn things around and take our country back but it will not be done without pain and without fully understanding what is happening.  This is why I keep passing on these best of the best in my opinion news articles to you so that you understand and can make the right choices and vote for men and women who share your values and need to save America.

The following article is from my favorite site: Heritage.  I read many sources but use the Heritage often because their articles seem to me to be the most informative and concise.  BB

Mon, Sep 23, 2013 at 10:12 AM
Mon, 10:12 AM

Morning Bell: 6 Reasons Why the National Debt Keeps Rising

from The Heritage Foundation to you

6 Reasons Why the National Debt Keeps Rising

09/23/2013

Out-of-control spending by Congress and the Obama Administration has once again maxed out the latest debt limit—a nearly $17 trillion burden that harms job growth, gives special interests a pass, and lowers American families’ personal income.
($17 billion up from $9 billion just in the 5 years since Obama took office!  BB)
Inspired by Dave Ramsey’s recent post “6 Reasons People Stay in Debt,” we compiled six reasons why Members of Congress, the Obama Administration, and others in Washington avoid the path to financial stability in favor of big spending…

Ramsey_debt_300

Share this graphic on Facebook

1. They want to keep up appearances.

The truth is, ever-growing entitlement programs drive ever-greater government spending. Everyone knows it. Some leaders in both parties have even worked together on first-step solutions agreeable to both sides. Yet rather than risk Warren Buffett’s taxpayer-funded benefits decreasing, politicians pretend America’s national budget can handle all the extensive promises they’ve made over the past several decades.

2. They are unwilling to sacrifice even wasteful spending.

Like a recent guest on “Hannity,” some in Washington will defend even the most ridiculous spending. Yet Congress could eliminate billions in spending tomorrow. Heritage expert Patrick Louis Knudsen, who spent two decades working on the House Budget Committee, recently went line-by-line through the federal budget to find $42 billion in unnecessary, poorly run, and duplicative federal government programs.

3. They fear changing “business as usual” in Washington.

Politicians are masters at playing the game. Because Americans are waking up to the fiscal crisis we are in, today policymakers in both parties use any number of legislative “back doors” to increase the debt ceiling—without looking like they did. CNN reports:

Since it’s a politically tough vote, they occasionally devise clever ways to tacitly approve increases without ever having to publicly record a “yes” vote.

For example, as part of the deal to resolve the 2011 debt ceiling war, Congress approved a plan that let President Obama raise the debt limit three times unless both the House and Senate passed a “joint resolution of disapproval.” Such a measure never materialized. And even if it had, the president could have vetoed it.


4. They’re addicted to stuff.

Policymakers in Washington enjoy a good haircut, lavish conference vacations, and even renovating their bathrooms… all at our expense. How does so much wasteful spending get into the federal budget? Follow the money. When government keeps doling out so much to so many, it’s inevitable thatWashington’s 10,000+ registered lobbyists get in on the bureaucrats’ action—while helping along a few re-election campaigns in the process.

5. They don’t know how to see long-term.

Word has it that the 2013 deficit will be lower than previous years. Let’s not break out the confetti just yet. This short-term change is due in part to massive tax increases signed into law by President Obama. Moreover, this year’s $642 billion deficit adds to the already massive national debt. Nearing $17 trillion, the debt is depressing job growth and opportunity for American families.

6. They lack the courage to lead on spending reform.

Clearly there are real proposals on the table to get the budget under control. Heritage offers Saving the American Dream, a budget framework that wisely resets spending levels back to historical norms. Even with recent legislative action on defunding Obamacare, it is unclear whether Congress will ultimately follow through and fully defund this unfair, unworkable, unaffordable law before its massive new entitlements go into effect.

We can change our current course, support a budget based on real Constitutional priorities, and set free the unlimited genius of Americans to create jobs, wealth, and prosperity. Find out how you can spread the word >>

Advertisements

Catch up on what happened this week in DC and things to watch for.  the Republicans in the House are doing what they can to clean up Obamanation thru the Supercommittee because they know nothing they do will get past the democratic Senate.  BB

FRIDAY’S BIG STORY:

President Obama and South Korean President Lee Myung-bak will take a victory lap in the Motor City on Friday after passage of a free-trade agreement between the two nations this week with a visit to a General Motors plant.

The Detroit trip comes two days after Congress passed three trade deals, with South Korea, Colombia and Panama.

The Obama administration extracted some changes to the South Korean agreement last year improving access and lowering tariffs for U.S. automakers, a deal supported by House Ways and Means ranking member Sandy Levin (D-Mich.), Ford and the United Auto Workers.

The auto industry is expected to increase its exports to South Korea by 54 percent, or about $194 million, the U.S. International Trade Commission has estimated.

“We know from experience that free-trade agreements lead to doubling and sometimes tripling and quadrupling the amount of trade and investments going into each others [countries],” the South Korean president said Thursday during lunch in Washington. “What’s more important is the fact that FTAs lead to creation of good, decent jobs and it spurs growth and innovation and entrepreneurship.”

Korea is aiming to approve the agreement soon so the pact will go into effect by Jan. 1.

But before they head off to Detroit, Obama and Lee — and scores of others, for that matter — will chow down Thursday night at an official State Dinner.

The evening’s menu is laden with Korean influences (masago rice pearl crispies and rice wine vinaigrette, for instance) and features local ingredients, including some culled from the White House kitchen garden, the White House said.

Two-cents deadline: Congressional committees have until Friday to submit their two cents — or maybe trillion-dollar saving recommendations — to the deficit supercommittee.

Keep a close watch on the the bipartisan recommendations of the House and Senate Agriculture panels, which are expected to suggest serious cuts to farm programs in the interest of warding off even deeper slashing of subsidies.

House Democrats delivered 16 letters to the deficit group on Thursday from committee ranking members focusing on job creation and tax increases. House Appropriations ranking member Norm Dicks (D-Wash.) used his detailed letter to show the damage to discretionary spending that could result if the supercommittee fails to agree on a sensible mix of cuts and taxes.

Technical issues delayed substantive debate on the three-in-one appropriations bill package that was set to come to the Senate floor on Thursday.

Votes on the combined Commerce, Justice, Agriculture and Transportation, Housing bill is not expected until next week.


WHAT ELSE TO WATCH FOR

Mingling of interests: Capping off a week that saw Congress pass three free-trade agreements, Secretary of State Hillary Clinton will deliver an address to the Economic Club of New York on the intersection of economics and foreign policy;

Supercommittee member and House Budget ranking member Chris Van Hollen (D-Md) will join other budget experts at a Newseum media briefing hosted by National Journal; and

OxFam America activists will fight against cuts to foreign aid on Friday by dressing up as members of the congressional supercommittee and protesting outside the east front of the Capitol.

European economic elixir: Treasury Secretary Timothy Geithner head to Paris on Friday for a meeting of G-20 finance ministers, as well as a separate meeting of central bank governors. You may have noticed, but there’s a bit of economic drama in Europe these days, as leaders wrestle a debt crisis that is threatening some of its largest economies. But there is some good news to greet Geithner, as Slovakia finally passed a European Union deal to beef up its rescue fund, after voting it down the first time earlier in the week.

Do a little derivatives dance: The House Financial Services Committee will dive deep into the world of derivatives on Friday, as a subcommittee mulls a number of bills to tweak that market, which is under scrutiny by the Dodd-Frank financial reform law. That hearing comes on the heels of a similar event at the House Agriculture Committee on Wednesday, where lawmakers discussed a slew of bills amending government regulation of the financial tool.

The movement on the three bills could also give the GOP negotiating leverage when riders on the environmental and labor bills step to the forefront.

When that happens, Democrats will no longer be able to say the entire government faces a shutdown if the less controversial bills are already in effect.


ECONOMIC INDICATORS

Retail sales: The Department of Commerce releases its measure of the total receipts of retail stores. The changes in retail sales are widely followed as the most timely indicator of broad consumer spending patterns.

Michigan sentiment: The Thomson Reuters/University of Michigan group puts out its report on consumer confidence.

Business inventories: The Department of Commerce report includes sales and inventory statistics from all three stages of the manufacturing process (manufacturing, wholesale and retail).

Export-Import prices: The Department of Commerce releases its report tracking trends in exports and imports. The export data is worth watching for indications that a strengthening competitive position at home and/or strengthening economies overseas are boosting U.S. growth.


WHAT YOU MIGHT HAVE MISSED:

— Watchdog group wants info from the SEC

— House panel slogs through on postal reform bill

GAO suggests Postal Service did not pay too much into retirement program

— USPS didn’t like the GAO report

— Senate Republicans put together a jobs plan

House Dems want new revenue sources from deficit panel

— Maybe Geithner should fly coach, or maybe business class

— Trade deficit narrows, China figures widening

— House Dems want investigation on bank fee hikes

First-time jobless claims drop slightly

The Market is going DOWN in triple digits and the politicos are beating at each other  while the real story is a “pox on both their houses”.  Especially egregious is the MSM and Democrats demonizing and blaming the Tea Party for this whole mess, AND BEING BELIEVED!  How a newly elected 67 freshman law makers  in one part of a three part legislative process can have been to blame for anything is beyond me, but the ladies and a few gentlemen in my swim class  are blaming the Tea Party.  So just in case the story is the same out there perhaps you all need the real story from the horse’s mouth so to speak.  Please read the Standard and Poore’s own report.  it isn’t long.  Here is an excerpt:

Rationale
We lowered our long-term rating on the U.S. because we believe that the
prolonged controversy over raising the statutory debt ceiling and the related
fiscal policy debate indicate that further near-term progress containing the
growth in public spending, especially on entitlements, or on reaching an
agreement on raising revenues is less likely than we previously assumed and
will remain a contentious and fitful process. We also believe that the fiscal
consolidation plan that Congress and the Administration agreed to this week
falls short of the amount that we believe is necessary to stabilize the
general government debt burden by the middle of the decade.
Our lowering of the rating was prompted by our view on the rising public
debt burden and our perception of greater policymaking uncertainty, consistent
with our criteria (see “Sovereign Government Rating Methodology and Assumptions
,” June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S.
federal government’s other economic, external, and monetary credit attributes,
which form the basis for the sovereign rating, as broadly unchanged.

I sincerely hope in all of thi9s you understand that the House Republicans sent no less than two bills to the Senate to solve this Debt Ceiling Crisis (beside the 2011 Budget!) and  Harry Reid wouldn’t even allow it to reach the floor of the Senate for discussion let alone vote.  All the Democrats and the creature in the White House could call for was a compromise so a compromise is what we got:  instead of the debt going up by 10 TRILLION over 10 years it will only go up by 7 TRILLION.  Remember the definition  of a compromise: A camel; is a horse designed by a committee by compromise.  Yes, Dear Reader, We the People got a camel from our federal government.  BB

Other than the man who is “packing” and apparently proud enough of the “package” to spread it wide and far on Twitter announcing he is retiring (BUT, not until after he takes his two weeks PAID to the tune of $7,000.  Leave of Absence from the House!)  there really have been a few more things happening on Capital Hill.  You may want to look into these stories.

— Paul Ryan discusses Medicare – he’s open to optional

— And payroll tax holidays. (Spoiler: He’s not a fan.)

— Those trade deals? Maybe next week.

— Regulators: We’re not stifling the financial sector. Promise.

— Related: House appropriators check Dodd-Frank.

— Barney Frank: Ain’t my concern how profitable a bank is.

— GOP freshman follow through on recess appointment letter.

— Xavier Becerra, Kay Bailey Hutchison have different views on Social Security.

— Housing construction up, but the sector still sluggish.

— Ditto: Initial unemployment claims drop, but remain elevated.

Feedback and tips — bbecker@thehill.com

Stock market down for the seventh week in a roll.  A much deeper depression is coming In my Opinion.  Of course I have been saying this for a couple decades and I guess I lived long enough to see it.  I also said when it came it would make the last Great Depression look like a county picnic.  Hang on to your few assets and save.  Then Pray to God and grab your family and friends and neighbors close because you all together are all that you will have to depend on.

 

Rioting in Greece is continuing but hasn’t made any impression on the European Union  bailing Greece out again with more EUROS.  No the big banks of Germany and France simply want the tax payers of their countries to pay the Greek bills for the money they foolishly loaned the Greeks.  AND, now that the Greek Two Year Bonds  are offer 29% the big bankers will jump on that deal because they know that again the politicians will pay them off with the people’s taxes.   Kind of a familiar story, isn’t it?  In Europe just as in this country it is the big banks and big bankers.  Remember there are many many small fiscally responsible banks and bankers—maybe you should search these banks out and give them your business–again just an Old Broad’s opinion, but I simply refuse to reward the thieves who are in league with the thugs.

 

Was hearten to see the Senate vote to cut the utterly stupid, wasteful and corrupt ethanol corn subsidies.  I don’t see it going anywhere because there are still too many Old Dogs in the House who are not yet smart enough to understand the tax payers are tired of support big agribusiness and failed government handouts.  BB

Republicans in the House are trying their best to reign in spendi9ng and get a handle on fraud.  Of course most if not all of the bills they pass will be voted down in the Democratically held Senate.   Of course the dame can be said for any Senate bills that get sent to the House.  so this two years will just be a stand off.  I am however impressed that the Republicans are working overtime to being out a lot of Washington filth!

Wednesday the house will be looking into 7 bills that are aimed at getting the tax payers out from under Fannie Mae and Freddie Mac.  The government had no business getting into the mortgage business and now carries 90% of the mortgages in the United States with a good 20% of these either in foreclosure or under water.  (underwater:  the mortgage is more than the home is worth.)

Some recent stories you might fine of interest:

GAO finds tax delinquents get billions in stimulus funds; senators call it a broader problem.  (So what is the big deal here?  one-forth of Obama’s cabinet and czars are tax cheats!  BB)

— A busy day of appropriating: Full House committee slices $30 billion for 2012 spending levels.

— House subcommittee approves cuts to food safety, nutrition programs.

— And Democratic appropriators try, fail to save funds for firefighters, disaster relief.

— House subcommittee to take on government real estate on Wednesday. (The government owns billions of acres of property all over the United States and especially out West.   The buildings owned by Uncle numbers in the tens of thousands.  It wouldn’t be so bad if a profit was made on the property but the land is lying empty except for the leases offered  for pennies to mining companies (NOT oil or coal, but all others).  Then when gold or any other minerals are mined on the property there is no charge made again except for oil and coal leases.  These minerals belong to the people!    As for the buildings they are rented for a pittance to large companies while the tax payer picks up as the maintenance costs. BB)

— House Democrats try to carve out $6.6 million for USTR oversight of China.( The offices they have currently just aren’t “fancy” enough to suit some people.  BB)

— Banks have their most profitable quarter since before the financial crisis…

— …But new home sales, while up, are still far from healthy.

Government Cash Handouts Now Top Tax Revenues – FoxBusiness.com.

Americans are now a people on the dole! and this will be the death of us.  BB

Government Cash Handouts Now Top Tax Revenues

By Elizabeth MacDonald

Published April 20, 2011

| FOXBusiness

U.S. households are now getting more in cash handouts from the government than they are paying in taxes for the first time since the Great Depression.

Households received $2.3 trillion in some kind of government support in 2010. That includes expanded unemployment benefits, as well as payments for Social Security, Medicare, Medicaid, and stimulus spending, among other things.

But that’s more than the $2.2 trillion households paid in taxes, an amount that has slumped largely due to the recession, according to an analysis by the Fiscal Times.

Also, an estimated 59% of the 308.7 million Americans in this country get at least one federal benefit, according to the Census Bureau, based on 2009 data. An estimated 46.5 million get Social Security; 42.6 million get Medicare; 42.4 million get Medicaid; 36.1 million get food stamps; 12.4 million get housing subsidies; and 3.2 million get Veterans’ benefits.

And the handouts from the government have been growing. Government cash handouts account for a whopping 79% of household growth since 2007, even as household tax payments–for things like the income and payroll tax, among other taxes–have fallen by $312 billion.

That is a tough feeding trough to take away from voters.

For instance, Hennessey asks, if indeed more households have the government to thank for their wealth, does that mean those households are more inclined to re-elect politicians who are pushing for more government handouts?

………………………………..

President Obama had asked for the debt commission to “address the long-term quandary of a government that continually and extravagantly spends more than it takes in,” only to initially set aside  the commission’s recommendations. (What he should have done was to accept ENTIRELY the Debt Commission’s suggestions and pushed for it.  It would have brought the jobs and economy back full force while putting our country on a path to recovery and prosperity and given him the place in history he seems to want.  Of course it would also have been totally against his personal goal of destroying America. 
Since Obama did not use the Debt Commission program the House Republicans should have run with it!  The damned fools had the Republican sweep of the government in 2012 all laid out for them even if Harry Reid wouldn’t allow it thru the Senate.  Instead the Old Dog Republicans in the House are fumbling around with half measures that will do much less than is necessary and making themselves look inept to the public.  Perot was ahead of his time and could win in a landslide in 2012! BB)

And earlier this year the White House first introduced a budget that would have added $6.7 trillion more in deficit spending over the next 10 years, yanking the national debt higher to more than 75% of gross domestic product, according to the Congressional Budget Office. That, until GOP Rep. Paul Ryan offered his $4.4 trillion in spending cuts over ten years, causing the President to offer $4 trillion in cuts over 12 years.

The Fiscal Times reports that “the only other time government income support exceeded taxes paid was from 1931 to 1936.” The Times notes that “government transfers of income to households started to overtake personal taxes at the start of 2008, and the gap has been widening.”

The difference between what households received and what they paid in taxes is about $125 billion, equal to a little more than “three times the amount Republicans and Democrats agreed to cut from government spending through Sept. 30,” the Fiscal Times said. Typically, the gap between government transfers and taxes runs the other way, the Times reports.

“In normal times the household sector gives about eight percentage points more of its income in taxes than it receives in direct transfers,” the Times quotes J.P. Morgan economist Michael Feroli as saying, adding that a return to normalcy, or this eight-percentage-point spread, is equal to about $1.2 trillion in income.

So the question is: What government policies will bring the U.S. labor market back to robust health, enough to drive economic growth, consumer spending — and higher tax revenues?

When will the U.S. government pull back from its intervention into the U.S. economy, so the economy can try to stand on its own?  (Will this happen in time to save our nation?  I don’t know because it is mighty hard to take away once given, but it  is  almost impossible to explain to the elderly who make up the bulk of voters that their Social security and Medicare will not be taken from them.  I am one of the elderly and it amazes me how extremely stupid  this group of people are!  No matter how many times they are told that only those UNDER AGE 55 will see changes to their Medicare and Social Security this group of already on the dole senior citizens continue to mob town halls and yell, “Don’t touch my Social Security and Medicare!”  So between the stupid Senior citizens who are the voters and the gutless Congressmen who only want to be re-elected  I don’t have much hope.  Sincerely BB)

Read more: http://www.foxbusiness.com/markets/2011/04/20/government-cash-handouts-exceed-tax-revenues/#ixzz1M9mrw3la

Since the Ryan budget proposal came out I have been waiting for the Republican presidential hopefuls to step up and make some comment.  Actually,  I had hoped they would step up and comment on this  lesser budget thing going on in Congress right now that is merely the current year budget that the Democrats FAILED to pass and  the Republicans in the House are now trying to rectify. (AND,  I sincerely hope you all out there understand that this  fray about shutting down the government is about the budget for this CURRENT YEAR that the DEMOCRATS  in all their glory and with control of both houses in Congress and the Presidency FAILED, or didn’t bother,  to pass a budget  when it was due!  And that it has nothing to do with the Ryan Budget Proposal which is for next year.)

 

Anyhow to get back to my beef right now:  I had hoped the Republican Presidential hopefuls would have the guts to step up to the plate and lend their support to We the People and the House Republicans who are trying to get a handle on Obama and company who have placed the United States on the brink of bankruptcy. And today I got  an answer on FOX NEWS Lou Dobb’s Tonight:  It seems Mitt Romney and Tim Pawlenty have given a reluctant answer when FOX NEWS pressed them:  “No Comment ” and in the case of Romney “no comment”  “stay tuned for things  to ramp up”.  I don’t know about you but as far as I am concerned Pawlenty is a cipher who can slide back into his little hole and be forgotten.  As for Mitt Romney I  never liked nor trusted the creature and now I am sure my gut reaction to him was correct: he is a lily-livered two faced opportunist  socialist in Republican disguise.

Just my opinion of course but I certainly hope you all out there will open your eyes and see before you vote for either one of these creatures just what they are.

 

On the other hand Republican hopefuls Sarah Palin, Michelle Bachmann and Gov. Huckabee  have stepped up and given whole hearted support to the current House Republican leadership and members both for the small fray of the “left over budget” and for Ryan’s next year budget proposal.  Please remember that when the primaries come to your state.  BB


See topic cloud at bottom of page for specific topics.

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 97 other followers

BB’s file cabinet

Advertisements