Debt 'Cancer' Facing the Nation

CNBC ^ | July 13, 2010 | CNBC Squawk Box

[ReleaseTheHounds]

Video clip from July 13, 2010 at 7:43 AM.

Finding a solution to the 'fiscal cancer' facing the nation, with Rep. Jan Schakowsky, (D-IL) and Rep. Paul Ryan, (R-WI).

[ReleaseTheHounds]

Here's a video from this morning's CNBC Squawkbox show and a discussion between Paul Ryan (Congressman Wisconsin and member of the President's Debt Commission) and Jan Schwkowsky (D-IL Congresswoman, Deputy Whip, and member of the President's Debt Commission).

If you thought this Debt Commission would be serious and constructive, then you don't want to watch this clip and listen to this woman's rant. JMHO.

[SoFloFreeper]

Paul Ryan is a good man. No idea about what that communist woman is like. She is a ‘rat so probably an idiot.

[silverleaf]

Granny’s social security and MEDICARE are cancers on the American economy- and the debt commission has a pain pill to offer her

[Nip]

Vanity:

here is my solution to the debt crises; it is an ongoing two step program based on the business model:

Step One:
Review every cabinet level organization's performance since its inception against what was chartered to accomplish (via the Constitution or law). If that organization is showing financially measurable progress GREAT - it continues. If it isn't it has 5 years to do so. If it turns around GREAT - it continues but on probation with 5 year reviews. If it doesn't it is defunded, the cabinet position is abolished, and its real property sold. The Departments of Energy and Education are obvious failures, have been, are, and will be so why fund them any more? They aren't the only ones either.

Step two:
Every regulation/law/directive has an automatic 10 year sunset provision. For example, a regulation/law/directive passed in 1980 has to be reviewed and rejustified every 10 years. Think about our society in 1980 and today - the number, type, and depth of changes. So why maintain a regulation/law/directive designed to counter the Soviet threat today (the Soviet Union disappeared 20 years ago)?

I wonder how many regulations/laws/directives form the late 19th century and the entire 20th century are still required? How much of that dead wood is still costing us money (supporting the unnecessary labor positions and their associated retirement plans) for no results? My personal view of our regulation nation is a forest with a massive amount to dead wood both free standing and interlocking. If we don't prune it, like our founding fathers designed into our form of government, to get rid of the major fire danger we will be faced with an all consuming forest fire with its associated level of destruction.

But, then my ideas expressed above would pose a major threat to the liberal/progressive/socialist/Democrat class; so ....

[FrankR]

Granny spent a lifetime paying INTO the Social Security system, and deserves every penny she gets.

Passion about those funds should center on the fraud that is going on. Social Security for retirees pales in comparison to the fraud, and phony disability payments being made to people who are jilting the system.

Not to mention the government dipping into the funds we paid to carry out all manners of "vote buying" projects.

Granny ain't breaking the bank...stop the fraud and those funds would be on safe footing.

[silverleaf]

agreed

Immediately drop SSI payments to fatherless overweight alcohol and drug exposed spawn who are diagnosed with “ADHD”

[sickoflibs]

Gems from Rep Schakowsky of Obama’s debt commission giving her views of ‘Debt Cancer’:
“We need to send more money to the states so they can hire people (government employees) and avoid more layoffs ....Every dollar spent on unemployment insurance creates about a $1.63 in economic activity...We should have learned a lesson from the Great Depression. If we don't put money in people's pockets, ordinary people, the victims of the recession, then they will not be able to go out and buy the appliances and back to school products that their kids need. Right now we need to put money in people's pockets,...There are three legs to economic security , reducing the debt, cutting spending, increasing revenue and growth... Mark Zandy McCain's economic advisor saying if you put money into the states that will resonate about a $1.40 through the economy ”

View source video at : Debt ‘Cancer’ Facing the Nation

She and Simpson are just the tax collectors for the Obama administration to give him cover for breaking his #1 promise, no middle class taxes. I like the fact that she referenced John McCain as a source, that should tell you something.

[SeekAndFind]

We're not doing that badly compared to some other countries, but give us time, we're getting there...

[Tarpon]

Why not just simply cut federal spending by 75% and rid the USA of the cancer.

So that is the new progressive words, debt is cancer. The federal government is the cancer. As the founders warned about from the beginning.

You won’t cut, then simply don’t raise the debt ceiling and starve the pig.

[sickoflibs]

The Japan bar chart is harder to understand. They are the #1 or #2 holder of our debt yet they appear to have the greater mational debt per GDP . GDP includes government deficit spending BTW, so it’s not a great indicator.

This deficit debt commission was set up to defend democrat’s spending and raise revenues for it.

[SeekAndFind]

Most of Japan’s debts are held by their own citizens ( close to 90% I think ). A significant portion of American debt on the other hand, is held by foreigners ( China and Japan being the largest holders ).

[spyone]

Another great piece by Karl. Bushbots won’t like it, but it’s true.
http://market-ticker.org/archives/2500-ROFL-It-Wasnt-Bushs-Fault!.html