Posted on 02/08/2011 2:00:19 PM PST by 92nina
The United States faces a crushing debt of well over $14 trillion and adds to it at a rate of roughly $4.15 billion per day on average. The absolute first step in paying off this debt, which will be a problem to be dealt with likely through this entire century, is to balance the federal budget so that no more is added to it. This process will be extremely difficult and very drawn out in and of itself because the total gap between what the government collects in taxes and what it currently spends is about a $1.5 trillion deficit for just this year.
Many new ideas are beginning to surface about plans to solve the crisis. Everyone agrees that solving the deficit issue is absolutely step one. With taxes collected by the government holding steady at about 19 percent of GDP, close to the historic average, the culprit is easily identified as completely out of control government spending.
One such person to offer up a new plan is the new Republican House Budget Committee Chairman Paul Ryan with his “American Roadmap.” This plan reduces government spending and simplifies the tax code to produce a more business friendly America with a plan to get out of the current financial crisis...
Read more: http://www.atr.org/driving-off-cliff-a5831#ixzz1DPFOauiq
(Excerpt) Read more at atr.org ...
Take this article and others I found to the fight to the Libs on their own turf; put the Left on the defensive at at Digg and in Delicious and Stumbleupon
We’re off the cliff and nosing down into the abyss.
maybe right
but it is hard to explain why the ten year bond rate is at 3.5
Yep. The final plunge. Not much time left. Eat Drink and be Merry. I kid you not. Unless the states step in all is lost.
One thing that just about everyone is good at is spending OPM (Other People's Money).
In order for us to get the debt paid off, balance the budget and not uncur any aditional debt, Congress needs to be adjourned on an almost permanent basis and the president should only be allowed to spend money on an emergency basis (e.g. weather-related disasters, hostile attacks on the US, etc.). Otherwise, the politial elites will continue to spend America PAST its current state of insolvency.
That's one reason I'm not sold on the stock market. That, and DOW 12,000 right about now makes as much sense as NASDAQ 5000 and the housing boom.
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