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To: AAABEST
"All of this out of control spending and contempt for the Constitution is an utter disaster."

I agree. It isn't going to get fixed short of a miracle. The Republic is falling. The American people want socialism. They will get it. Just take social security, medicare, defense spending and interest on the debt. That alone will crush us, easily. Add all the other socialist spending and it simply is heaping the weight of debt to expedite the collapse. I'm not aware of any nation that has reversed this course, and when you consider our size, we can just shake our heads. By the way, I'm not sure if you've seen the following, but the debt the elite want Americans to believe isn't even close to the true figure.

How Big Is the Government's Debt?
"When these obligations are combined with the debt held by the public, the total burden equals $33.1 trillion, or 10 times the official debt measure. This "total debt" is more than three times the size of the nation's total output in 2001, and amounts to $116,381 for every man, woman and child in America."

Consider Free Republic. The vast majority here seem content with socialism in high gear. Think how bad it is across the country. Socialism is slavery and death.

I mean, here's where were at:

Bush Wants Food Stamps For Illegal Aliens

28 posted on 07/13/2002 7:33:08 AM PDT by Uncle Bill
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To: Uncle Bill
Saturday, July 13
Accent | Business | Local News
Main News | Opinion | Sports

Washington's black ink turns red

By Bob Deans, Palm Beach Post Washington Bureau
Saturday, July 13, 2002

WASHINGTON -- The White House said Friday the federal government is
on track to spend $165 billion more than it takes in this year.

That would be the largest one-year swing ever from black ink to red and the
biggest budget deficit in seven years -- $59 billion more than President Bush
forecast just five months ago.

The administration blamed the plunging stock market for most of the
deterioration in the $2.1 trillion budget, citing sharp reductions in shareholder
profits and the taxes individuals pay on them.

"We've had a real whipsaw that was hard, I think, for anybody to foresee in
advance," White House budget czar Mitchell Daniels told reporters Friday in
a preview of a full midyear budget assessment his office plans to release on
Monday.

The numbers will show the federal government $165 billion in the red for the
budget year that ends Sept. 30, Daniels said. That compares with a budget
surplus last year of $127 billion and a surplus of $236.4 billion the year before
that.

Daniels said those strong surplus numbers were caused in large part by the
capital gains taxes individuals paid on stock market earnings. Those taxes
were a big reason why federal revenues climbed nearly 40 percent between
1995 and 2000, he said.

"That was more clearly tied to the stock market run-up than we knew at the
time," said Daniels, director of the White House Office of Management and
Budget. "Now we are seeing the mirror effect."

Now, when individuals sell off stocks, they often have little or no profits upon
which to pay taxes. Worse, from a tax revenue perspective, when they sell at
a loss, those losses are deducted, up to a point, from taxable income.

The result: federal revenues from such taxes are projected to tumble this year
to about $50 billion -- about $121 billion less than they brought in last year,
said Daniels.

Just last February, when Bush presented his 2003 budget proposals to
Congress, he projected a budget deficit this year of $106 billion.

At the time, the White House attributed the deficit to three things: an
economic slowdown; new spending to help deal with the damage of the Sept.
11 attacks, wage a global war on terror and beef up homeland defense; and
the effects of last year's tax cuts -- amounting to $1.3 trillion over ten years.

The economy, though, has done better than Bush predicted. It's now on track
to grow at about 2.6 percent this year, according to numbers Daniels released
Friday. That's about 2 percentage points above February's projections.

The economy grew at a lusty 6.1 percent annual rate during the first three
months of this year, though there are signs it has cooled considerably since
then. On Friday, there was good economic news: retail sales gained 1.1
percent in June, owing chiefly to consumer spending on clothing and
automobiles, a turnaround from a 1.1 percent decrease in May, the
Commerce Department reported.

Daniels said the economy will likely grow at a 3.7 percent rate next year,
improving corporate profits and bringing the deficit down to $109 billion. He
said the federal budget could be back in the black -- with a $53 billion surplus
-- by 2005, but only if Congress holds down annual spending growth to the 4
percent Bush has proposed.

In recent years, he said, spending has increased by an average of 7 percent a
year. If that continues, he said, the government could compile $2 trillion in
deficits over the coming decade.
40 posted on 07/13/2002 10:54:15 AM PDT by Donald Stone
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