Posted on 04/19/2023 10:14:44 AM PDT by knarf
I'm like most people I know;
Wife, family, house and car and the expenses that come with those possessions and responsibilities . . .
I think a family budget is a mini-government in that we pay for things in our life and we choose to get into debt or not BECAUSE of those things.
What do we as The United States of America really need and how much money is required ?
Most people think that things like a police force are needed and should be tax funded, but things like a life-style welfare program is not and should not be tax funded.
I keep hearing about our "obligations" as a nation.
What ARE they ?
The dirty little secret regarding the national debt is that over the course of history, not a thin dime has ever gone to paying principle.
Thru the IRS, we are paying the FED to print fiat currency, and lend it to us.
There is a white hut page with the yearly deficits going back to 1789. If you import this into an excel spreadsheet (I have), and sum the deficit column thru 2021, you get $21 Trillion. Current debt according to USDebtClock is $31 Trillion.
Reagan’s Grace Commission told us about this back in the 1980’s.
Just bring back Graham, Ruddman, Hollingsworth, spending legislation. It was helpful. Why reinvent what’s already proven to work? Obama killed it in 2008 to get where we are now. A mess.
Our OBLIGATIONS are spelled out in the Constitution.
Our PRIORITIES are spelled out in Federal Code.
Your family budget is more like a State budget in that it must ultimately be in balance.
Federal budget is like having a credit card where you only pay interest, and the debt ceiling is the maximum you can put on the card.
You and I will never pay off that credit card. The best we can hope for is that we can continue to make the interest payments, which is becoming less and less certain.
(Hollings)
What did obama have to do with that act?
He repealed it.
It was in place from mid 80’s to Obama. It was one of his first orders of business, to repeal Graham - Rudman spending curbs. Irresponsible and stupid. Malicious actually.
When did he repeal it? Link?
In Obama’s Budget Control Act, the bill supercedes Graham Rudman. In otherwords just like Bidens Inflation Reduction Act having nothing to do with reducing inflation, Obama’s Budget Control Act, really served to remove the controls on the budget, which it did quite well. We haven’t has actual appropriations bills ever since. Disgusting.
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