And So I Go: Yesterday, Today and Tomorrow

Posts Tagged ‘deficit spending

People this is where the rubber hits the road and we are going down the drain.  Warnings are coming from everywhere that the United States is on the skids and when we go there will be no  way back.  And when we go the world will rip us to pieces—-you better believe it.  Top dogs are always ripped apart when they finally fall.  Our economy is the only one in the world failing because of Obama’s policies.  the rest of the world managed to come thru the bad time  of the 2009 crash and are are the rebound.  The United
States is still staggering around and losing businesses and therefore jobs daily.   The government is telling us that the economy is growing however slowly.   That is a lie!   47  million  Americans are on food stamps for God’s sake.   Only 24% of these are children so when the Progressives yell about starving children  just don’t believe it!    Many of these people are not really in need but have gotten on the gravy train because Obama lowered the requirements to get on.   There is no work requirement for able bodied people before they can get on welfare in our country today.   Obama did this by making things like “reading library books” a so-called “work fulfillment”.  And when the reports come out about how many people are unemployed the numbers do not include the people who have simply given up and are no longer even trying to get a job.  The real unemployment rate is near 17% which is almost as high as that of the Great Depression!  All this due to Obama.  Call and write your Congressman to stop Obama.  Also tell them to rollback his Presidential Decrees.   So many bad things have happened because Presidents have the right to make laws all by themselves without Congress.

We are in the mess with Public service (government workers) unions right now not from a law by Congress but because President Kennedy allowed it with a Presidential Decree!    President Nixon took us off the gold standard where our money was backed by gold  instead of the word of our government which isn’t worth the paper it is printed on.  From that time the dollar has lost value and so has your standard of living and the wages you earn.  You are making more money than you Dad but it is worth less!

The Federal Reserve ( a private company!)   is printing money at the rate of $85 billion dollars a month in order to keep the economy from a total melt down.  This money being printed is worthless—totally worthless , and at some point the house of worthless dollars will fall taking us into a hole we can never get out of because of the debt our government has saddled us with.

The following article should help you see what is happening.  BB

Morning Bell: What You Need to Know About the Debt Limit

The Congressional Budget Office just dropped a budget update on Washington, and it’s not good. The U.S. government is spending recklessly—and Obamacare is adding fuel to the fire.The new report comes at a crucial time, as negotiations over the debt limit are starting up again. Here are some basics to help you cut through all the political spin.

What is the debt limit?

Yes, it’s the legal limit on federal government borrowing—but the debt limit is a wake-up call. It’s a chance for Congress and the President to stop the spending insanity.

Share this graphic on Facebook to spread the word

Why does it matter?

Government spending is accelerating with no end in sight as long as entitlement programs keep expanding.

Entitlement spending is the biggest driver of skyrocketing debt. In only 10 years, Social Security, Medicare, and Medicaid will devourhalf of the federal budget.

Of course, Obamacare’s new entitlements only add to this mess. Think health care spending is out of control now? “Obamacare is the single biggest factor driving the growth in mandatory health care spending over the next decade,” warns Heritage expert Alyene Senger. The insurance exchanges, the Medicaid expansion… it’s all adding to our spending problem. (continues below chart)

BL-LTBO-2013

What should Congress do?

In a new Rasmussen poll, 58 percent of Americans “favor a federal budget that cuts spending.” Right on. Congress should cut spending, reform these programs that are ballooning the debt, and put the budget on a path to balance within 10 years. Facing the debt ceiling gives them the opportunity to correct the catastrophic course we are on.

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In case you missed these during the year I am posting Heritage top 10 2012 research papers here in one place.  They are all as relevant now as when they were published; in fact some even more so.  The United States is well on its way to total destruction as a free nation.  Our one chance at salvation was to elect Mitt Romney for President and we didn’t.  Obama won by a slim margin, but he  and the Democrats take that as a mandate to do as they please and because they still control the Senate and Harry Reid is at the helm there is nothing in the federal government to stop them.   The only forces now fighting Obama and Obamanation are the states and some very brave companies and individuals  who are trying thru the courts to hold off or hold back the onslaught of our demise.    I think you need to know what all of these reports say in order to perhaps  minimize the  personal damage the federal government will do to individuals in the coming years.  Sincerely and Happy New Year my Friends, BB

Top 10 Heritage Research Papers of 2012

Todd Thurman

December 27, 2012 at 8:02 am

federal spending 2008 – 2012As the year comes to a close, we reflect on 2012 by offering highlights of the top 10 most-read research papers by Heritage scholars.

1) The 2012 Index of Dependence on Government
By William Beach and Patrick Tyrrell
February 8, 2012
The great and calamitous fiscal trends of our time—dependence on government by an increasing portion of the American population, and soaring debt that threatens the financial integrity of the economy—worsened yet again in 2010 and 2011.

2) Taxmageddon: Massive Tax Increase Coming in 2013
By Curtis Dubay
April 4, 2012
If President Obama and Congress fail to act this year, an enormous, unprecedented tax increase will fall on American taxpayers starting on January 1, 2013.

3) High Gas Prices: Obama’s Half-Truths vs. Reality
By Nicolas Loris
February 23, 2012
Higher gas prices drive up production costs for goods reliant on transportation, and more money spent at the pump means less money spent at restaurants and movie theaters.

4) Federal Spending by the Numbers
By Alison Acosta Fraser
October 16, 2012
The federal government has closed out its fourth straight year of trillion-dollar-plus deficits, and the imperative to rein in spending has never been greater.

5) Red Tape Rising: Obama-Era Regulation at the Three-Year Mark
By James L. Gattuso and Diane Katz
March 13, 2012
During the first three years of the Obama Administration, 106 new major federal regulations added more than $46 billion per year in new costs for Americans.

6) The Ryan Budget: Confronting the Nation’s Spending Crisis
By Alison Acosta Fraser and Patrick Louis Knudsen
March 21, 2012
In the few months since Washington’s dramatic debt ceiling confrontation, America’s fiscal situation has only worsened. Federal spending is set to soar past previous record-shattering levels, endangering the economic future of the nation.

7) Auto Bailout or UAW Bailout? Taxpayer Losses Came from Subsidizing Union Compensation
By James Sherk and Todd Zywicki
June 13, 2012
The U.S. government will lose about $23 billion on the 2008-2009 bailout of General Motors and Chrysler. President Obama emphatically defends his decision to subsidize the automakers, arguing it was necessary to prevent massive job losses.

8) Government Employees Work Less than Private-Sector Employees
By Jason Richwine, Ph.D.
September 11, 2012
The stereotype of the under-worked government employee is frequently invoked in criticisms of public-sector employment. But does the average public employee really work less than the average private employee?

9) Tax Policy Center’s Skewed Analysis of Governor Romney’s Tax Plan
By Curtis Dubay
September 23, 2012
Their conclusion is the result of a series of carefully made choices. These choices, not the underlying nature of the Romney plan, cause them to arrive at their selected result. This finding is harming the debate on tax reform.

10) Welfare Reform’s Work Requirements Cannot be Waived
By Andrew M. Grossman
August 8, 2012
Under the guise of providing states greater “flexibility” in operating their welfare programs, the Obama Administration now claims the authority to weaken or waive the work requirements that are at the heart of welfare reform.

National Journal Online – Deficit Experts See Grim Future, Bitter Remedy

There is simply no other way out and the people know it, it is just the federal government who have their heads in the sand.  When your debt becomes so great you are facing bankruptcy you do two thing: stop spending and start paying off your debt as fast as possible.  For the federal government to do this it means drastic cuts in programs, laying off federal workers big time and higher taxes, taxes, taxes.

We American have ridden the gravy train in both our personal lives and in our national lives for many years now so I should comes as no surprise that the party is over  and now it is time to pay the tab.  Many have warned of this for years.  Ross Perot ran for President of the United States in 1992 mainly on fiscal responsibility and got 19% of the popular vote, so even then there were those of us listen and looking and seeing where the country was headed.  Perot is most well-known for telling  voters to listen for the “giant sucking sound” of American jobs heading south to Mexico should NAFTA  (north American Free Trade Agreement)  be ratified.   And indeed we Americans have heard the sucking sound from all over the world not just Mexico.  Our best paying high-tech jobs have gone to India, China and even the Philipines.  We who are  into computers have spoken  to people in the Philipines or India when we have had a problem with our computers or our Internet Services.

Ross Perot again tried to warn Americans with his report, “Suicidal Government Spending” that came out even before the Bail Outs and Obamanation!  TO VIEW THIS SLIDE PRESENTATION CLICK ON:

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perotcharts.com/challenges/

Now we have more economist warning us and telling us what we must do, and do it NOW if we are to dsave ourselves.

Alice Rivlin, former vice chairwoman of the Federal Reserve Board and the founding director of the CBO, said that the longstanding challenge of growing entitlement spending had combined with profligate budget policy over the last decade and the recent commitments to rescue the U.S. economy to greatly advance the day of reckoning for fiscal policy. “What was a 30-year problem has become a 10-year problem,” Rivlin said. Net federal debt, which is running at about $8.8 trillion this year, will more than double to $17.4 trillion in 2018, rising from 60 percent of annual gross domestic product to 85 percent, she said.

This is an interesting article for those who have the stomach for it.  Of course us reading it won’t do a whole lot of good if congress isn’t also taking heed.  BB

IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor’s Business Daily — Washington’s Tangled Web Of Deception

“Oh what a tangled web we weave, when first we practice to deceive.” —Sir Walter Scott

People are asking: “Is the government so incompetent that it can’t foresee the obvious consequence of its actions?” “Is it deliberately trying to make us worse off?”

Washington taxes us in the way that is well-known to do the maximum amount of damage to us and our economy per dollar of revenue raised. It then spends our money in ways that often do more harm than good.

When it started and where it has come since then.  Not only have the programs  been outrageously expensive for the tax payers many have created a population who believe they are entitled to other people’s money.   And in the case of government getting into the business of student loans that only encouraged colleges to spend more because they no longer had to compete for students; worse yet these student loan programs have  created a whole population in their 20’s. 30’s and even 40’s who are educated, fairly well paid, working poor.  They are poor because of having to pay back huge loans they needed in order to afford to go to college to earn a good living.

Bounty That Backfires

Misdirected federal subsidies since 1965 have bid up the inflation-adjusted price of medical care for everyone.

Since the 1980s, ever-increasing government grants and subsidies for selected college students have induced commensurate increases in the tuition charged by schools. The result has been to leave subsidized students little better off than before and, in the case of everyone else, to make postsecondary education almost unaffordable.

In the name of promoting homeownership, Washington helped cause a mortgage crisis that has put many families on the street. In the name of the environment, the government won’t let us drill for oil — and forces us, instead, to make ethanol out of our food and the Earth’s limited supply of water.

Washington bans most immigrants who have education and skills that would create new wealth in America and make us all better off — but since 1975, it has willfully admitted millions of unskilled immigrants who take from America far more than they add.

Many of these uneducated  immigrants are Muslims who are unable to assimilate and are now trying to change our culture and laws to fit their views which are based on the hate filled Koran.  We and other nations who followed this so-called humanitarian move of bringing immigrants in from war torn countries now have the problems of home grown terrorists!

When our businesses prosper and get bigger, they are penalized with more government regulations and extra taxes. Hard work and success are penalized. So is saving. So is job-producing capital investment. Borrowing and profligacy are encouraged. Washington wants everyone to follow its spendthrift example — and for a long time we did.

Most Americans have, however, now learned about the consequences of profligacy. They are turning toward virtues such as work and thrift — and toward getting good value for their money.

Washington, on the other hand, has not recanted, and it definitely has not gotten any smarter or more trustworthy.

Just as our long-suffering economy is showing some signs of life, raising hopes that it may survive the most recent beating administered by Washington, President Obama and his handmaidens in Congress are rushing to nip this nascent recovery in the bud.

They are preparing to devastate the economy with more taxes and historically high debt-to-GDP ratios (including unprecedentedly high levels of net foreign debt). They are tightening Washington’s chokehold on the manufacturing sector (12% of GDP) and the financial sector (another 8%).

They are also trying to take over the energy sector (6% of GDP) with a Rube Goldberg scheme called cap-and-trade — and to take over health care (another 16%), starting with a phony “insurance” scheme.

The Big Lie

The Obama-Biden administration is apparently guided by a Wikipedia definition of the notorious Big Lie technique: “If you tell a lie that’s big enough, and you tell it often enough, people will believe you are telling the truth, even when what you’re saying is total crap.”

The battle is for America’s future. On one side are the flim-flam artists in Washington. On the other are the people of America who are rapidly catching on to the scam.

After having been gulled for most of the 20th century into thinking that government is a benign instrument for good, Americans are now relearning the lessons the Founders knew so well: Government is a constant threat to liberty and property that must be kept as small as possible, used only for limited purposes and disciplined frequently.

Christian, an attorney, was a deputy assistant secretary of the Treasury in the Ford administration.

Robbins, an economist, served at the Treasury Department in the Reagan administration.


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