Posted on 03/03/2023 9:59:47 PM PST by SeekAndFind
The Dollar-For-Dollar Deficit Reduction Act proposed by elected Republicans is a sham. It requires the executive branch to propose spending reductions over a ten-year period for the same amount the debt ceiling is raised. Let’s consider some cases for a minute. The deficit spending in 2022 was almost $1.4 trillion.
In the first case, let’s assume the debt ceiling is raised by $1.4 trillion. This means the administration needs to have no spending reductions. And we continue to add to the debt by at least the $1.4 trillion.
In the second case, let’s assume the debt ceiling is raised by $0.7 trillion, or about half of the current deficit. This implies the administration will have to cut spending by $0.7 trillion, or $700 billion. But the cuts only have to be made over a decade. This means spending cuts only have to be $70 billion for the next year. Now, if the government otherwise would have run a $1.4 trillion deficit and spending for the year is reduced only by $70 billion, this means the deficit will be about $1.3 trillion. Before the fiscal year is out, the debt ceiling will have to be raised again.
In the third case, assume the debt ceiling is not raised at all. Assuming the administration cared to participate in the sham proceedings, this would imply cuts of $1.4 trillion need to be found, but only over a decade.
So, this year, only $140 billion would have to be cut. But if we’re running a nominal $1.4 trillion deficit and this fiscal year’s budget is reduced only by $140 billion, then we can expect a deficit of about $1.25 trillion. In which case, we are squarely facing a debt ceiling crisis again.
(Excerpt) Read more at americanthinker.com ...
Governmental deficit spending, caused by elected politicians, is the reason income differences between the poor and middle class versus the wealthy keep widening.
But Once elected, Republicans cannot identify any government program, commission, office, agency, bureau, department, or administration that should be eliminated.
This is going to be a tough hurdle with Democrats in the majority in the Senate and then — Joe Biden’s VETO PEN.
Yes, yes they will blow it... again.
Here’s a suggestion...start with cutting the handouts to the pantless piano player and his cronies.
The only time I know that the Federal Deficit was at zero was under President Jackson almost 2 centuries ago. It is very clear the District of Criminals is not going to fix this. The Balanced Budget Amendment call by a Convention of States is at 28. Only 6 more are needed. It is unfortunate that this effort has stalled without much public knowledge.
“Balanced” Budget?
As far as anyone can tell they haven’t actually passed “a” Budget for about ten years running now, deficit or otherwise. They call them “continuing resolutions” or “spending packages” or “reconciliation”.
Nope. Instead expect “inflation fighting” stipends to just about everyone, leading to CDBCs.
The only Uniparty plan is to stay in power until the CBDC technology is reliable.
I’m sure that we can put a group together here at FR to cut spending to the bone. Start with eliminating DOEd, fire the 85k IRS agents Brandon hired and cut staffing 10%(from the top) of all departments. That’s just for starters.
Drug dealers don't file tax returns? Okay, estimate their income, send a bill, and follow up with armed raids to collect. Coyotes don't file tax returns? Okay, every time a truck full of illegals get apprehended at or near the border, seize whatever assets the driver has until he talks about where his boss can be found. And then confiscate assets from the next level up. Rinse and repeat.
Drug profits are income. Al Capone went to prison for tax evasion. Learn from history and repeat it.
LOL! That’s all well and good, but you know those IRS agents will be relieving every conservative in this country of everything they own to “reduce the deficit”. At gunpoint.
Clearly you do not understand how modern money laundering works.
They are not going to balance shit.
Of course they will! The Uniparty gets what it wants 100% of the time.
Can’t say I’m a big fan of a BBA, but if that is what it takes to gather an Article V COS, I’m all for it.
It is easy for opponents to stymie a convention. All it takes is pressure, for instance, on a state Speaker of the House to table such resolutions.
But . . . fight on!
Is Trump running on a balanced budget platform??
I’ve never heard him mention the phrase?
It’s charade............
There is only one end to this:
There is a lot of the federal government that can be zeroed out without great harm to the nation. Not only can federal expenses be greatly reduced, so can federal taxes. Sell a great deal of “federal lands” using all proceeds to pay down federal debt, in particular sell “federal lands” that have natural resources that industry needs, restricting those sales to American companies and citizens only. Reduce the acerage of federal forests and parks by one half, letting states acquire what portion of it they want to manage themselves and letting private buyers acquire the rest.
Does anyone remember a Democrat famously opposing balanced budgets “in an unbalanced world”? I think this was from the 1960s. I’d like to find out who said it so I can track down the exact quote.
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