Posts Tagged ‘ government debt ’

Tax reform is useless without spending reform

May 21, 2014
posted by

Ron Paul Campaign for Liberty
by Ron Paul  

"Recently, Republican leaders in Congress unveiled a 'tax reform' plan that they claimed would provide the American people with a simpler, fairer, and more efficient tax system. While this plan does lower some tax rates and contains some other changes that may make next April a little less painful for Americans, there is little in it to excite supporters of liberty." (05/19/14)

http://tinyurl.com/occ5lj5  

No Comments »

Lysander Spooner on the national debt

May 7, 2014
posted by

Sheldon Richman Future of Freedom Foundation
by Sheldon Richman  

"When Spooner rips away the veil, we are left with the fact that a group of unknown profit-seeking principals authorized their agents to use the former's money in order to, among other things, extort a larger sum of money from a larger group of people who never consented to the arrangement in the first place. And it is all done, dishonestly, in the name of that larger group with the fraudulent words 'government of the people, by the people, for the people.' It's the greatest swindle ever perpetrated." (05/06/14)

http://tinyurl.com/m763jds  

No Comments »

Greece: Samaras says regime won’t seek more bailout money

May 6, 2014
posted by

New Orleans Times-Picayune    

"Greece's prime minister says the debt-strapped country will not ask for any additional bailout money and hopes to begin abolishing austerity taxes later this year. In an interview with private Antenna television, Antonis Samaras said Tuesday that Greece would not seek additional support beyond the 240 billion euros ($335 billion) already granted in bailout packages from other euro zone countries and the International Monetary Fund." (05/06/14)

http://tinyurl.com/m3ns7d2  

No Comments »

I agree with Sarah Palin

April 4, 2014
posted by

Thomas L. Knapp KN@PPSTER
by Thomas L. Knapp  

"Ryan's budget proposal increases spending for the next two years. Then, based on rosy revenue projections and the silly notion that subsequent congresses will consider themselves bound by Paul Ryan's plan (when in fact he won't even consider himself bound by it if he's still in Congress three years from now), it supposedly takes eight more years to [balance the budget]. Sound familiar? It's the thing the Republicans offer up every year." (04/03/14)

http://knappster.blogspot.com/2014/04/i-agree-with-sarah-palin.html  

No Comments »

Ryan unveils plan to balance federal budget — 10 years from now

April 1, 2014
posted by

Fox News    

"House Budget Committee Chairman Paul Ryan renewed a fight with Democrats over spending cuts and deficit reduction, unveiling an updated Republican budget plan Tuesday that aims to cut spending by more than $5 trillion over a decade and balance the budget in that time. Similar to past proposals, Ryan's plan would include cuts to food stamps and major changes to government-sponsored health care for the poor and working class." [editor's note: "Conservatives" used to rail against Soviet-style 5 Year Plans. I always thought that was because they opposed central planning and considered such plans unrealistic. Turns out they just thought five years was too short of a term within which to exercise any fiscal responsibility - TLK] (04/01/14)

http://tinyurl.com/ns8nn9a  

No Comments »

How I learned to stop worrying and love the national debt

March 27, 2014
posted by

JD Tuccille Reason
by JD Tuccille  

"From the Ezra Klein-led media outlet whose goal 'isn’t telling you what just happened, or how we feel about what just happened, it’s making sure you understand what just happened,' comes this bit of brilliant 'splainin': 'Stop freaking out about the debt.' Seriously. Because, as narrator Matthew Yglesias explains in a mind-blowing animated video, 'the U.S. government can never run out of dollars. Unlike you, or the company you work for, or the town you live in, the federal government prints dollars.'" (03/26/14)

http://tinyurl.com/nwqwyph  

No Comments »

Why no more talk about the debt ceiling?

March 17, 2014
posted by

Bumper Hornberger Future of Freedom Foundation
by Jacob G. Hornberger  

"Have you noticed that there’s no more talk about the debt ceiling? That’s because those congressional big spenders recently raised the debt ceiling to permit the feds to continue adding onto the mountain of federal debt that they’re piling on the backs of the American people for decades. Once the debt ceiling is lifted, all the talk about it goes away until the next time it’s reached, at which point the big spenders have a conniption fit over the possibility that it won’t be lifted again. But isn’t this the time when Congress should be reining in federal spending in anticipation of reaching the debt limit again in a year or so?" (03/14/14)

http://fff.org/2014/03/14/why-no-more-talk-about-the-debt-ceiling/  

No Comments »

Without grassroots, austerity group has withered

February 28, 2014
posted by

Our Future
by Sarah Anderson  

"The austerity mania that plagued our political system for four years is finally subsiding. The latest sign is President Barack Obama’s decision to nix the Social Security cuts he had previously included in his budget proposal. This was a body blow to the most powerful pro-austerity force in Washington: the Fix the Debt campaign. Starting in 2012, this fake grassroots (or 'astroturf') organization had deployed more than 100 CEOs to try to persuade the nation that our economic survival depended on expanding tax breaks for big corporations and slashing earned benefit programs. Fix the Debt once boasted a budget of $40 million. Today, it’s shedding staff and going into hibernation, having failed to win any of their top priorities." (02/27/14)

http://tinyurl.com/l78ejrc  

Comments Off

Why don’t America’s politicians balance their checkbook?

February 14, 2014
posted by

Thomas L. Knapp Center for a Stateless Society
by Thomas L. Knapp  

"Because they don’t believe they have to. After all, they've been getting away with overtly stealing double-digit percentages of your work and wealth, and borrowing similar amounts from lenders (who expect them to keep stealing that much and more to make payments) for decades, without apparent penalty. And just like all freeloaders and junkies, they've convinced themselves that the party never has to end, that they can just keep on keeping on and wheedle or beat ever more money out of us as needed. Heck, they've even written a 'no crushing our buzz' clause into the US Constitution ..." (02/13/14)

http://c4ss.org/content/24565  

No Comments »

Congress must wake up soon to out-of-control spending

February 14, 2014
posted by

Heartland Institute Heartland Institute
by Nancy Thorner  

"Is it really necessary to borrow more money to pay our nation's debt obligations? The United States collects more than enough tax revenue each and every day to easily satisfy the repayment of our debt. Without a limit increase on the use of the nation's credit cards, our government officials would actually have to prioritize debt repayment and make modest cuts to out-of-control government spending now, instead of pretending that cuts are in the offing somewhere down the road. The interest on the debt is around $30 billion per month and the Feds are taking in $250 billion. The only reason the U.S. would default is if Obama and Jack Lew, Secretary of the Treasury, refused to service the debt." (02/13/14)

http://tinyurl.com/kzz6dcl  

No Comments »

US debt ceiling theater: Lew in public panic

February 4, 2014
posted by

Washington Post    

"Treasury Secretary Jack Lew urged Congress on Monday to act quickly to raise the federal debt limit, saying he will run short of cash to pay the nation’s bills by the end of the month without additional borrowing authority. Enforcement of the debt limit is suspended, but it will come back into force Friday under the terms of a deal lawmakers struck in the fall. That leaves Lew bumping up against the limit in tax-filing season, he said Monday, when he will have far less flexibility to juggle the books and ward off disaster." [editor's note: Yes, because it would be "disastrous" for the US government to have to do like everyone else and spend less money than it takes in - TLK] (02/03/14)

http://tinyurl.com/l8sbphu  

No Comments »

Evaluating Social Security reforms in the age of budget deficits

February 3, 2014
posted by

National Center for Policy Analysis
by Liqun Liu, Andrew J. Rettenmaier and Thomas R. Saving  

"Congress is once again considering changes in Social Security in an attempt to 'save' the program. Social Security benefit payments have exceeded tax revenues since 2010; the funding deficit is growing and, barring reform, will continue to grow indefinitely. Higher tax revenues are necessary to fund benefits as they are currently calculated." [abstract -- full article available as PDF download] (02/03/14)

http://tinyurl.com/m4vakyk  

No Comments »

US Senate poised to move forward with deal to return to even more idiotic levels of over-spending

December 17, 2013
posted by

CBS News    

"The Senate appears poised to clear a key procedural hurdle Tuesday that will pave the way for passage of a budget deal brokered by Rep. Paul Ryan, R-Wis., and Sen. Patty Murray, D-Wash., and send the legislation to the president’s desk. The House passed the agreement last week, which sets spending levels for the next two years and replaces $63 billion in cuts mandated by the sequester with other spending cuts. It will avert the threat of a government shutdown in mid-January, when the temporary spending bill passed by Congress in October runs out." (12/17/13)

http://tinyurl.com/kh3e57z  

No Comments »

US House approves deal to return to even more criminally insane spending levels

December 13, 2013
posted by

CNN    

"A compromise federal budget plan that would remove the threat of a government shutdown for two years won easy approval Thursday from the Republican-controlled U.S. House. The deal worked out by House Budget Chairman Rep. Paul Ryan and Senate Budget Committee Chairwoman Patty Murray passed on a 332-94 vote and now goes to the Democratic-led Senate, which is expected to approve it next week in a very close vote." (12/12/13)

http://www.cnn.com/2013/12/12/politics/congress-budget/  

No Comments »

The defaults of 1933, 1862 … and 2013?

October 13, 2013
posted by

Independent Institute Independent Institute
by J. Huston McCulloch  

"Pundits tell us that the US government has 'never' defaulted on its debts. However, this generalization overlooks the very significant defaults of 1933 and 1862." (10/10/13)

http://tinyurl.com/psb9avz  

No Comments »

Debt ceiling crises: Imagined and real

October 11, 2013
posted by

Foundation for Economic Education Foundation for Economic Education
by DW MacKenzie  

"The government shutdown and impending debt ceiling 'deadline' have led to near panic over possible default on the national debt. This imagined 'default crisis' is a canard used for demagogic fearmongering. That said, the long-term federal financial issues are all too serious." (10/10/13)

http://tinyurl.com/mctskre  

No Comments »

Don’t lift the debt ceiling

October 11, 2013
posted by

Bumper Hornberger Future of Freedom Foundation
by Jacob G. Hornberger  

"Why is there even a debt ceiling? The reason is simple: Because even the members of Congress, who are the biggest spenders in the world, understand that too much government debt is a bad thing. That’s the message conveyed by the ceiling: It says that this is the maximum amount of debt that the government is permitted to accumulate. Once that amount of debt is accumulated, no more debt can be incurred." (10/10/13)

http://fff.org/2013/10/10/dont-lift-the-debt-ceiling/  

No Comments »

Two obvious facts on the debt ceiling showdown

October 10, 2013
posted by

Robert P. Murphy Free Advice
by Robert P. Murphy  

"Refusing to raise the debt ceiling is equivalent to insisting on a balanced budget. Any Republican politician who has (a) championed a balanced budget amendment but lamented the difficult road ahead while (b) voted to raise the debt ceiling, is obviously insincere (or doesn’t understand accounting). Either way, genuine fiscal conservatives cannot take such a person seriously anymore." (10/09/13)

http://tinyurl.com/otewq6l  

No Comments »

It’s not a “default”

October 10, 2013
posted by

WendyMcElroy.com
by Brad  

"Here is a simple parallel, which I would hope most news anchors and perhaps a few politicians are able to comprehend. You have a credit card with, say, a $5000 credit limit. You've been making payments every month, but you have also been charging more every month than you have been paying off. So, your balance on the card has been rising. You have now reached your credit limit. Your options are now: a) Ask the bank for a higher credit limit; or b) Reduce your credit card spending to the amount you're paying off each month (or less). Option (b) is not a default." (10/09/13)

http://www.wendymcelroy.com/news.php?item.5582.2  

No Comments »

More on debt limit and default

October 10, 2013
posted by

David Friedman Ideas
by David Friedman  

"A President cannot spend money he does not have; whatever the requirements, if the debt limit prevents borrowing he will have to reduce expenditure to revenue. Further, the author concedes that the only legal opinion on the subject, from the Government Accounting Office some time back, is that the President can indeed prioritize debt. And, finally, Congress is always free to change its mind about what it authorizes. The Republican majority in the House would gladly pass a bill prioritizing interest payments, so unless the President and his party want to default there is no need to do so." (10/09/13)

http://tinyurl.com/ln9rj8d  

No Comments »

Americans aren’t bound to pay the government’s debts

September 30, 2013
posted by

Sheldon Richman Reason
by Sheldon Richman  

"[B]y what authority do the people who claim to constitute the U.S. government borrow money in our names and compel us to repay the debt? By no authority at all, as far as I can see, unless 'might makes right' counts as authority." (09/29/13)

http://tinyurl.com/n7zkohb  

No Comments »

Poll: Most Americans oppose debt limit increase, government “shutdown”

September 26, 2013
posted by

Fox Business    

"Most Americans oppose a clean raise in the debt limit without budget cuts attached to a new spending bill, but they are also opposed to using a government shutdown to force those cuts, a new poll shows. The poll, commissioned by Douglas Holtz-Eakin, president of the Conservative-leaning American Action Forum, comes as the government continues to haggle over raising the so-called debt limit, where the government will run out of money to pay the nation's [sic] bills without a deal between the White House and Congress to borrow more. Treasury Secretary Jack Lew said that the debt limit will be reached 'no later than October 17.'" (09/25/13)

http://tinyurl.com/mh4959m  

No Comments »

US pols face mid-October deadline to vote themselves more check-kiting authority

August 27, 2013
posted by

Washington Post    

"The United States is set to run out of borrowing authority in mid-October, leaving the government at a high risk of not being able to pay for Social Security checks, military salaries and other operations, the Obama administration said Monday. ... Republicans are demanding significant new spending cuts in exchange for increasing the nation’s $16.7 trillion debt limit, with some GOP lawmakers insisting on a delay or the scrapping of President Obama’s signature health-care law. Obama, meanwhile, says he will not negotiate on the debt limit, the government’s legal cap on borrowing." (08/26/13)

http://tinyurl.com/kjkm5ku  

No Comments »

Greece seals deal with debt inspectors

April 15, 2013
posted by

Rochester Post-Bulletin    

"Greece cleared an important hurdle in its drive to receive its next batch of bailout loans after international debt inspectors said Monday they had reached an agreement over the country's economic reforms -- including the firing of thousands of civil servants. The review by delegates from the International Monetary Fund, European Commission and European Central Bank -- known collectively as the troika -- is part of a regular process under which Greece receives installments of its multibillion-euro bailout." (04/15/13)

http://tinyurl.com/ceu9gux  

No Comments »

A primer for understanding Obama’s budget

April 10, 2013
posted by

Cato Institute Cato Institute
by William Poole  

"President Obama will release his overdue budget on Wednesday. It will doubtless project a reduction in the federal budget deficit -- a projection that journalists, commentators and policy makers should ignore. To do otherwise is to be complicit in fraud. Strong statement? Not really. For 50 years or so the federal government has deliberately and to an increasing extent misstated probable future budget deficits." (04/09/13)

http://tinyurl.com/carbea3  

No Comments »

Our Sponsors





Making a living off your Drupal site?

Drupal Managed Hosting

Fed up with Maintenance and Hosting companies?