Posted on 06/28/2011 2:37:41 AM PDT by bobk333
Underestimating the long-term budget situation is an old game in Washington. But never have the numbers been this large.
There is no way to raise taxes enough to cover these problems. The tax-the-rich proposals of the Obama administration raise about $700 billion, less than a fifth of the budgetary consequences of the excess economic growth projected in their forecast. The whole $700 billion collected over 10 years would not even cover the difference in interest costs in any one year at the end of the decade between current rates and the average cost of Treasury borrowing over the last 20 years.
Only serious long-term spending reduction in the entitlement area can begin to address the nation's deficit and debt problems. It should no longer be credible for our elected officials to hide the need for entitlement reforms behind rosy economic and budgetary assumptions. And while we should all hope for a deal that cuts spending and raises the debt ceiling to avoid a possible default, bondholders should be under no illusions.
(Excerpt) Read more at online.wsj.com ...
To call this a “deficit” is an insult. It is a sneak attack worse than Pearl Harbor and 911 combined.
There is no way to raise taxes enough to cover these problems.That's probably because the problem is the problems.
How To Get Rid Of Obama For Good
Unless we are facing imminent threat from a foreign aggressor, Americans will vote in national elections on the basis of the state of the economy. Inflation is a major factor in this, but the most important issue is jobs. Unemployment is now chronically high.
We all now know that Obama is a socialist and his intent is to expand government at the expense of private enterprise. We also know that government never generates capital. It only consumes wealth; never creates it. We also know that the single greatest aspect of the economy affecting how people vote is employment. If I have had my job eliminated, my hours cut back, have been furloughed from my job, or am about to lose my job, I am more likely to vote against Obama and his big-government socialists.
Small and mid-sized businesses know that higher corporate taxes and government regulation, which Obama loves, destroys our free market system of prosperity. Small and mid-sized business owners know that the Obama administration must be defeated in 2012. Their contributing to the elections of those who run against Obama is not enough, however.
The best way for business to insure the defeat of Obama is for them to begin now to voluntarily cut back their employment rolls - even if it means temporarily sacrificing their companies’ profitability. Putting people out of work temporarily in order to insure Obama’s defeat in 2012 will mean a healthier business climate in the years to come. Once we get government off the backs of business and the working middle class of this country, we will be on better footing to grow our economy once again. The removal of Obama is the beginning of a long-term solution to our economic depression.
It might sound like a draconian measure to lay people off in order to insure Obama’s defeat, but let’s face it Obama is out to destory our country and we are in dire straits. What’s needed, as in time of war, are drastic measures.
In the past, when our country was under a threat from external forces, men (and now women) have been called upon to leave their normal means of employment to join the armed forces to insure the security of our nation for our families and posterity.
Now our country is under a different kind of threat - a threat from within - a threat from our own government which has hijacked our Constitution and has concentrated power in the hands of a few elitists. The threat is no less real than when our enemies have been external to us.
So the call for all of us to make sacrifices in a time of war is no extreme measure but is patriotic. And just as in a time of war when families, communities, friends and churches pull together to get through the crisis, so this should be the same response to those who find themselves out of work. If we all pull together, in the end our collective security will be insured and that of our children as well. Obama must not be re-elected for the good of all.
There are many Freepers who have lost sight of that ultimate goal and are content to win a pyrrhic victory in the primaries.
I read somewhere that the Federal debt burden is $500,000 per household in this country.
I cannot get my head around that.
an this is ....UNEXPECTED
“Unless we are facing imminent threat from a foreign aggressor...”
Quit the Democrat political advice....
We're desperately looking for people who are willing to come here (legally or not) and begin shouldering their own $500,000 burden.
Bump
We could save enough if we got rid of all congresscritter’s salaries, health insurances and pensions. Oh yeah—we only do that to the little people.
OBozo's budget of February 2011 projects economic growth of 4% in 2012, 4.5% in 2013, and 4.2% in 2014. That budget also estimates that the 10-year budget cost of missing the growth estimate by just one point for one year is $750 billion. So, if we just grow at trend those three years, we will miss the president's forecast by a cumulative 5.2 percentage points and—using the numbers provided in his budget—incur additional debt of $4 trillion. That is the equivalent of all of the 10-year savings in Congressman Paul Ryan's budget, passed by the House in April, or in the Bowles-Simpson budget plan.
Duhhhh!!
” There is no way to raise taxes enough to cover these problems. “
There is, however, a way to raise *revenues* to at least mitigate these problems —
Remove the regulatory boot from the throat of the economy - and I mean, eliminate EVERY regulatory agency, and repeal their underlying legislations (many of them of questionable constitutionality, anyway) - and I think you might be surprised at how prosperous a FREE MARKET SYSTEM can be....
Only serious long-term spending reduction in the entitlement area can begin to address the nation's deficit and debt problems. It should no longer be credible for our elected officials to hide the need for entitlement reforms behind rosy economic and budgetary assumptions. And while we should all hope for a deal that cuts spending and raises the debt ceiling to avoid a possible default, bondholders should be under no illusions.
Under current government policies and economic projections, they should be far more concerned about a return of their principal in 10 years than about any short-term delay in a coupon payment in August.
that is because each household on average is owed $360,000 of future benefits that are unfunded. If you count that as an asset ... we are not really in debt ... we merely have future benefits that are an illusion.
Even worse?
AMEN!
FOLKS IN THESE TIMES THIS IS POST OF THE DAY.
NOT FUNNY, NOT WITTY, BUT JUST PLAIN TRUE.
Obama is one man. One man who is being allowed to run amuck by Democrats who are power crazed and Republicans who are cowards. We need to replace everyone on the Hill.
What good is it to replace Obama with one of these cowardly Republicans who don’t do squat despite the mandate they were given.What good is it to replace Obama with Romney, who is a white version of the same thing? That isn’t a win.
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