Posted on 10/30/2014 4:20:06 AM PDT by combat_boots
There was something for everyone in the release last week by the Congressional Budget Office of its August update and outlook. The federal government’s revenues are expected to top $3 trillion this year for the first time in history, thanks to individual income taxes rising by six percent, payroll taxes by eight percent, and corporate income taxes by 15 percent. Those infatuated with big government are celebrating the event as a reflection of an improving economy resuscitated by government spending and stimulus programs. Small government advocates, on the other hand, are decrying the event by reminding those who will listen that that is $3 trillion extracted from the economy, starving it of much-needed investment capital, consequently making the economy much weaker than it otherwise would be.
(Excerpt) Read more at thenewamerican.com ...
Deep in the mind of most any liberal with an entitlement attitude, fairness, etc. is the ultimate goal of taking wealth and redistributing it.
I am sure they think they can promise and promise, spend and spend, because in the end they will create the justification for “taking all wealth.”
Stocks, IRAs, 401Ks and all manner of retirement/investment instruments. Just take them. In return, they will give you a chit for $50/month extra on your government pension (SSA).
Well giving 34 million green cards to foreigners with low job skills who will no doubt go on welfare faster than Obama from the truth will certainly do wonders for the debt won’t it.
They will have to ‘take’ your excess monies.
In 10 years, what will the interest be on the debt?
1999 it was 10%
2007 it was 7%
2014 it was 5%
Although the Fed Res said they would keep the interest rates low for the foreseeable future, there will come a time when it will become a destructive force. exponents
The DoD and international security ops are 19% of the budget. Group SSA, Entitlements, Healthcare and Medicare/Medicaid, nearly all but 6% of the rest. That 6% is interest service on the debt.
If Democrats control the spending, the only room left for increase in entitlements and gibsmedats is to reduce the DoD spending. Either that, or massively increase taxes.
That 6% isn’t going away, and the predicted decrease or increase on the interest rate depends on the term length of borrowing.
Regardless of any of this, the principal amount owed is still the same - the unfunded liabilities dwarf the $17 trillion, and confidence in government’s ability to handle that debt responsibly determines just how much more debt can be bought.
“They will have to ‘take’ your excess monies.”
Well, THAT is going on NOW.
I used to be able to put money into a savings... now, I have to use every penny I make to meet my obligations.
I don’t travel, go out, make necessary repairs at home, replace old appliances, buy anything except absolute necessities, give gifts (even to my brother for his birthday). etc.
I live in a way that’s very frugal and STILL have to withdraw from the little savings I had accumulated from previously.... when it’s gone, I don’t know what will happen!
The PayPal founder has said we will see a collapse along about 2016.
Frankly, I don’t think there is anything that anyone can do.
I hope that the elite get theirs in spades.
With unfunded liabilities the total is north of $200 trillion.
When the globe’s economy crashes it will destroy everything!
New tagline ...
Good one, EV!
“There is not a more important and fundamental principle in legislation, than that the ways and means ought always to face the public engagements; that our appropriations should ever go hand in hand with our promises. To say that the United States should be answerable for twenty-five millions of dollars without knowing whether the ways and means can be provided, and without knowing whether those who are to succeed us will think with us on the subject, would be rash and unjustifiable.”
— James Madison, Speech in Congress, 1790
“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents...”
— James Madison, the Father of the U.S. Constitution
“The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
— Thomas Jefferson, letter to John Taylor, 1816
When Charlie Rangel became the chairman of the ways and means committee, we worked hard to get out of debt. When Obama, the redistributionist, was elected, we reduced our ‘tax footprint’.
Instead of being set to withstand the storm. We’re in a leaking boat thanks to Obamacare. The money I could be using to save for retirement now goes to my insurance premiums. It went up 400%. If I had car payments and a mortgage, I wouldn’t be able to afford the cost. I grow a lot of our own food, too. I just don’t know how people are going to afford to eat. I guess Michelle could take credit for a backdoor cure to Obesity.
Not Yours To Give
Col. David Crockett
US Representative from Tennessee
Originally published in “The Life of Colonel David Crockett,”
by Edward Sylvester Ellis.
One day in the House of Representatives a bill was taken up appropriating money for the benefit of a widow of a distinguished naval officer. Several beautiful speeches had been made in its support. The Speaker was just about to put the question when Crockett arose:
“Mr. Speaker—I have as much respect for the memory of the deceased, and as much sympathy for the sufferings of the living, if suffering there be, as any man in this House, but we must not permit our respect for the dead or our sympathy for a part of the living to lead us into an act of injustice to the balance of the living. I will not go into an argument to prove that Congress has not the power to appropriate this money as an act of charity. Every member upon this floor knows it. We have the right, as individuals, to give away as much of our own money as we please in charity; but as members of Congress we have no right so to appropriate a dollar of the public money. Some eloquent appeals have been made to us upon the ground that it is a debt due the deceased. Mr. Speaker, the deceased lived long after the close of the war; he was in office to the day of his death, and I have never heard that the government was in arrears to him.
“Every man in this House knows it is not a debt. We cannot, without the grossest corruption, appropriate this money as the payment of a debt. We have not the semblance of authority to appropriate it as charity. Mr. Speaker, I have said we have the right to give as much money of our own as we please. I am the poorest man on this floor. I cannot vote for this bill, but I will give one week’s pay to the object, and if every member of Congress will do the same, it will amount to more than the bill asks.”
He took his seat. Nobody replied. The bill was put upon its passage, and, instead of passing unanimously, as was generally supposed, and as, no doubt, it would, but for that speech, it received but few votes, and, of course, was lost.
Later, when asked by a friend why he had opposed the appropriation, Crockett gave this explanation:
“Several years ago I was one evening standing on the steps of the Capitol with some other members of Congress, when our attention was attracted by a great light over in Georgetown. It was evidently a large fire. We jumped into a hack and drove over as fast as we could. In spite of all that could be done, many houses were burned and many families made houseless, and, besides, some of them had lost all but the clothes they had on. The weather was very cold, and when I saw so many women and children suffering, I felt that something ought to be done for them. The next morning a bill was introduced appropriating $20,000 for their relief. We put aside all other business and rushed it through as soon as it could be done.
“The next summer, when it began to be time to think about election, I concluded I would take a scout around among the boys of my district. I had no opposition there, but, as the election was some time off, I did not know what might turn up. When riding one day in a part of my district in which I was more of a stranger than any other, I saw a man in a field plowing and coming toward the road. I gauged my gait so that we should meet as he came to the fence. As he came up, I spoke to the man. He replied politely, but, as I thought, rather coldly.
“I began: ‘Well, friend, I am one of those unfortunate beings called
candidates, and-—‘
“Yes I know you; you are Colonel Crockett. I have seen you once before, and voted for you the last time you were elected. I suppose you are out electioneering now, but you had better not waste your time or mine, I shall not vote for you again.”
“This was a sockdolager...I begged him to tell me what was the matter.
” ’Well, Colonel, it is hardly worth-while to waste time or words upon it. I do not see how it can be mended, but you gave a vote last winter which shows that either you have not capacity to understand the Constitution, or that you are wanting in the honesty and firmness to be guided by it. In either case you are not the man to represent me. But I beg your pardon for expressing it in that way. I did not intend to avail myself of the privilege of the constituent to speak plainly to a candidate for the purpose of insulting or wounding you. I intend by it only to say that your understanding of the Constitution is very different from mine; and I will say to you what, but for my rudeness, I should not have said, that I believe you to be honest.
…But an understanding of the Constitution different from mine I cannot overlook, because the Constitution, to be worth anything, must be held sacred, and rigidly observed in all its provisions. The man who wields power and misinterprets it is the more dangerous the more honest he is.’
” ‘I admit the truth of all you say, but there must be some mistake about it, for I do not remember that I gave any vote last winter upon any constitutional question.’ “ ‘No, Colonel, there’s no mistake. Though I live in the backwoods and seldom go from home, I take the papers from Washington and read very carefully all the proceedings of Congress. My papers say that last winter you voted for a bill to appropriate $20,000 to some sufferers by a fire in Georgetown. Is that true?’
” ‘Well, my friend; I may as well own up. You have got me there. But certainly nobody will complain that a great and rich country like ours should give the insignificant sum of $20,000 to relieve its suffering women and children, particularly with a full and overflowing Treasury, and I am sure, if you had been there, you would have done just as I did.’
” ‘It is not the amount, Colonel, that I complain of; it is the principle. In the first place, the government ought to have in the Treasury no more than enough for its legitimate purposes. But that has nothing with the question. The power of collecting and disbursing money at pleasure is the most dangerous power that can be entrusted to man, particularly under our system of collecting revenue by a tariff, which reaches every man in the country, no matter how poor he may be, and the poorer he is the more he pays in proportion to his means. What is worse, it presses upon him without his knowledge where the weight centers, for there is not a man in the United States who can ever guess how much he pays to the government. So you see, that while you are contributing to relieve one, you are drawing it from thousands who are even worse off than he. If you had the right to give anything, the amount was simply a matter of discretion with you, and you had as much right to give $20,000,000 as $20,000. If you have the right to give to one, you have the right to give to all; and, as the Constitution neither defines charity nor stipulates the amount, you are at liberty to give to any and everything which you may believe, or profess to believe, is a charity, and to any amount you may think proper. You will very easily perceive what a wide door this would open for fraud and corruption and favoritism, on the one hand, and for robbing the people on the other. ‘No, Colonel, Congress has no right to give charity. Individual members may give as much of their own money as they please, but they have no right to touch a dollar of the public money for that purpose. If twice as many houses had been burned in this county as in Georgetown, neither you nor any other member of Congress would have thought of appropriating a dollar for our relief. There are about two hundred and forty members of Congress. If they had shown their sympathy for the sufferers by contributing each one week’s pay, it would have made over $13,000. There are plenty of wealthy men in and around Washington who could have given $20,000 without depriving themselves of even a luxury of life.’ “The congressmen chose to keep their own money, which, if reports be true, some of them spend not very creditably; and the people about Washington, no doubt, applauded you for relieving them from the necessity of giving by giving what was not yours to give. The people have delegated to Congress, by the Constitution, the power to do certain things. To do these, it is authorized to collect and pay moneys, and for nothing else. Everything beyond this is usurpation, and a violation of the Constitution.’
” ‘So you see, Colonel, you have violated the Constitution in what I consider a vital point. It is a precedent fraught with danger to the country, for when Congress once begins to stretch its power beyond the limits of the Constitution, there is no limit to it, and no security for the people. I have no doubt you acted honestly, but that does not make it any better, except as far as you are personally concerned, and you see that I cannot vote for you.’
“I tell you I felt streaked. I saw if I should have opposition, and this man should go to talking, he would set others to talking, and in that district I was a gone fawn-skin. I could not answer him, and the fact is, I was so fully convinced that he was right, I did not want to. But I must satisfy him, and I said to him:
” ‘Well, my friend, you hit the nail upon the head when you said I had not sense enough to understand the Constitution. I intended to be guided by it, and thought I had studied it fully. I have heard many speeches in Congress about the powers of Congress, but what you have said here at your plow has got more hard, sound sense in it than all the fine speeches I ever heard. If I had ever taken the view of it that you have, I would have put my head into the fire before I would have given that vote; and if you will forgive me and vote for me again, if I ever vote for another unconstitutional law I wish I may be shot.’
“He laughingly replied; ‘Yes, Colonel, you have sworn to that once before, but I will trust you again upon one condition. You say that youare convinced that your vote was wrong. Your acknowledgment of it will do more good than beating you for it. If, as you go around the district, you will tell people about this vote, and that you are satisfied it was wrong, I will not only vote for you, but will do what I can to keep down opposition, and, perhaps, I may exert some little influence in that way.’
” ‘If I don’t’, said I, ‘I wish I may be shot; and to convince you that I am in earnest in what I say I will come back this way in a week or ten days, and if you will get up a gathering of the people, I will make a speech to them. Get up a barbecue, and I will pay for it.’
” ‘No, Colonel, we are not rich people in this section, but we have plenty of provisions to contribute for a barbecue, and some to spare for those who have none. The push of crops will be over in a few days, and we can then afford a day for a barbecue. This is Thursday; I will see to getting it up on Saturday week. Come to my house on Friday, and we will go together, and I promise you a very respectable crowd to see and hear you.’
” ‘Well, I will be here. But one thing more before I say good-bye. I must know your name.’
” ‘My name is Bunce.’
” ‘Not Horatio Bunce?’
” ‘Yes.’
” ‘Well, Mr. Bunce, I never saw you before, though you say you have seen me, but I know you very well. I am glad I have met you, and very proud that I may hope to have you for my friend.’
“It was one of the luckiest hits of my life that I met him. He mingled but little with the public, but was widely known for his remarkable intelligence and incorruptible integrity, and for a heart brimful and running over with kindness and benevolence, which showed themselves not only in words but in acts. He was the oracle of the whole country around him, and his fame had extended far beyond the circle of his immediate acquaintance. Though I had never met him, before, I had heard much of him, and but for this meeting it is very likely I should have had opposition, and had been beaten. One thing is very certain, no man could now stand up in that district under such a vote.
“At the appointed time I was at his house, having told our conversation to every crowd I had met, and to every man I stayed all night with, and I found that it gave the people an interest and a confidence in me stronger than I had ever seen manifested before.
“Though I was considerably fatigued when I reached his house, and, under ordinary circumstances, should have gone early to bed, I kept him up until midnight, talking about the principles and affairs of government, and got more real, true knowledge of them than I had got all my life before.
“I have known and seen much of him since, for I respect him - no, that is not the word - I reverence and love him more than any living man, and I go to see him two or three times every year; and I will tell you, sir, if every one who professes to be a Christian lived and acted and enjoyed it as he does, the religion of Christ would take the world by storm.
“But to return to my story. The next morning we went to the barbecue, and, to my surprise, found about a thousand men there. I met a good many whom I had not known before, and they and my friend introduced me around until I had got pretty well acquainted - at least, they all knew me.
“In due time notice was given that I would speak to them. They gathered up around a stand that had been erected. I opened my speech by saying:
” ‘Fellow-citizens - I present myself before you today feeling like a new man. My eyes have lately been opened to truths which ignorance or prejudice, or both, had heretofore hidden from my view. I feel that I can today offer you the ability to render you more valuable service than I have ever been able to render before. I am here today more for the purpose of acknowledging my error than to seek your votes. That I should make this acknowledgment is due to myself as well as to you. Whether you will vote for me is a matter for your consideration only.’”
“I went on to tell them about the fire and my vote for the appropriation and then told them why I was satisfied it was wrong. I closed by saying:
” ‘And now, fellow-citizens, it remains only for me to tell you that the most of the speech you have listened to with so much interest was simply a repetition of the arguments by which your neighbor, Mr. Bunce, convinced me of my error.
” ‘It is the best speech I ever made in my life, but he is entitled to the
credit for it. And now I hope he is satisfied with his convert and that he will get up here and tell you so.’
“He came upon the stand and said:
” ‘Fellow-citizens - It affords me great pleasure to comply with the request of Colonel Crockett. I have always considered him a thoroughly honest man, and I am satisfied that he will faithfully perform all that he has promised you today.’
“He went down, and there went up from that crowd such a shout for Davy Crockett as his name never called forth before.’
“I am not much given to tears, but I was taken with a choking then and felt some big drops rolling down my cheeks. And I tell you now that the remembrance of those few words spoken by such a man, and the honest, hearty shout they produced, is worth more to me than all the honors I have received and all the reputation I have ever made, or ever shall make, as a member of Congress.’
“Now, sir,” concluded Crockett, “you know why I made that speech yesterday.
“There is one thing now to which I will call your attention. You remember that I proposed to give a week’s pay. There are in that House many very wealthy men - men who think nothing of spending a week’s pay, or a dozen of them, for a dinner or a wine party when they have something to accomplish by it. Some of those same men made beautiful speeches upon the great debt of gratitude which the country owed the deceased—a debt which could not be paid by money—and the insignificance and worthlessness of money, particularly so insignificant a sum as $10,000, when weighed against the honor of the nation. Yet not one of them responded to my proposition. Money with them is nothing but trash when it is to come out of the people. But it is the one great thing for which most of them are striving, and many of them sacrifice honor, integrity, and justice to obtain it.”
I am afraid because I don’t have that many more years to work. I am not in a position to recover the savings I have had to access, JUST to get by. That ‘savings’ took me a very long time to accumulate and I did without a lot just to build it. It was NOT meant to be used for buying gas for the car, paying the electric bill, etc.
I don’t know if I will be able to return to anything like the solid circumstances I had achieved previously and I am certain that taxes and everything else will CERTAINLY increase.
I was never wealthy, but I never had to concern myself with the possibility of doing without means altogether.
I hate to hear that you’re afraid. Do not be paralyzed by fear.
I have been self employed for over 30 years (bulk ag products). Many times we’ve had to change business models, expanding and contracting, etc. But always moving forward.
My only suggestion for you is to perhaps find someone like Dave Ramsey for guidance. There’s always work out there. Find a need and fill it. And do it better than anyone else, people will find value in what you can do and that is the first step.
Sooner or later it will dawn on someone that the Dollar isn't worth the paper it is printed on.
They’ll invent a covert tax on 401ks. If that doesn’t work, they’ll just have on overt tax on savings, but only on the “rich”.
when that doesn’t work, they’ll just take your 401k.
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