What I find interesting is Obama is already protesting the threat of the debt limit ceiling debate having a “catastrophic effect” on the world economy. The rating agencies have already said they have us on “credit watch” because we keep raising the debt ceiling and are in their eyes maintaining an unsustainable debt level and keep accelerating federal spending. They will more than likely lower our credit rating again if their isn’t a substantive result on lowering federal spending. The supposed cuts O made recently were more accounting paper shuffling over “savings” from ending the Iraq war and our eventual withdrawal from Afghanistan.
What the world is doing now is laughing at the supposed #1 most stable and sound economy because we can’t manage our own economy, much less offer real stability to foreign investment. So once more they invest and start businesses in China and Central America instead of here…
“Conservatives” only claim to care about the national debt as an attempt to score political points against their opponents. Most “conservative” politicians are just as guilty of guilty of bringing home the pork barrel spending as everyone else.Want to get serious about budget cuts?Start by cutting the $90+ billion in corporate welfare and end subsidies to lucrative corporate farms. If large corporations need to raise their profit margins, they can either cut bloated executive salaries or raise prices and face any consumer backlash like adults.Next is the “defense” budget. We spend nearly twice as much as China, Russia, the UK, and France combined. Cut the expensive perks given to high ranking military staff, axe the pork barrel projects congressmen tack on to the budget that the Defense Dept didn’t ask for, close some of the overseas military bases, and finally bring the troops home from Iraq and Afghanistan.Then we can make are way to taxes. Apply the payroll tax rate to investment income, dividends, gambling winnings, and miscellaneous capital gains. All income should be taxed at the same rate with the exception of a few specific types of well regulated accounts for college savings and retirement planning. Eliminate ALL tax deductions without exception.Make those changes, then we can start looking into what cuts can be made in social programs. And, yes, I do believe we can trim some fat out of social programs without harming quality of service.
Do remember folks, when you cut government spending, you cut jobs. Defense quickly affects companies like Boeing, Martin Marietta, GM, and thousands others that develop hardware for the military. Government itself probably needs to shed jobs in the hundreds of thousands to eliminate waste and duplication, redundancy, purely unnecessary agencies. That’s the politicians greatest fear, getting tagged for cutting funding.
I agree with the above proposals and more, but it’s going to be a rough ride for a few years to pull it all together. I don’t see this administration or this congress having the political will to do that. They caved on Simpson – Bowles and that was a plan that essentially started by cutting the growth in spending, then actually cutting programs farther down the road. IMO we are going to have to hit inflationary pressure on the dollar and our treasuries and be seriously threatened with depression level conditions before this group of spineless political hacks take the interests of the people above politics. And I mean both parties, I think they are equally complicit in this problem.
Micky1339 is always a good commentator, even if one finds nuanced disagreement with him, one is left with the knowledge they have read the words of an open mind.Mr. Geithner’s presence in the administration disturbed me from the beginning and it pleases me to see him gone. But now we have one more position for the President to fill that we can be certain will suffer the same degree of obstructionism and active disapproval as have other of Mr. Obama’s nominees for cabinet posts, judgeships, etc.Very good comments on this string. @Morty – I saw the Daily Show episode you referenced. Mr. Obama has also grayed more than one might have expected had he not been president. Obviously not a job for the faint of heart.Respectfully,C.
Hey, no problem! Obama is just going to have Tillion Dollar coins made. The government will pay the government and our debt will magically disappear!:o
“You better not be talking about the Dept of Ag budget-that is mostly food stamps.”I’m talking about exactly what listed, subsidies for lucrative corporate farms. The Depression Era farm subsidies program needs to receive actual, meaningful reform to ensure subsidies meant to keep family farms afloat aren’t given to large, lucrative farming corporations. Much bluster and chest thumping is done every year over reform, but neither side actually does much about it. They’re all too busy protecting their pet boondoggle. It’s everyone else’s that needs to go, not their own.
Michaelwme….I hope you were posting satire….?IMO, a national population that supports slaughtering pre-borns is a population that would support euthanasia for the useless eaters?….-you posted “Social security is 23%. So we’re wasting 37% just feeding those too old to work and caring for elderly hypochondriacs, and another 7% is wasted on medical services for poor children who should go to work and pay for their own medical treatment.”-And with a re-calculated total fed government national debt now at $88 Trillion….who will be next to be “offed”? -Instead of hapless taxpayers (who paid SSA and Medicare taxes their entire work-life) being eliminated as promised recipients, why not cut the federal “pay” to the Prez, VP and 535 member of Congress who spent all the tax revenues plus borrowed Trillions???
an excellent and factual article showing the record of Sec. Treasury Geithner is “The $13.6 Trillion Man: Geithner sets All-Time Record for Spending by Treasury Secretary”on www.cnsnews.comby Terence Jeffrey, 1/3/13, using Treasury numbers.
Social security is 23%. So we’re wasting 37% just feeding those too old to work and caring for elderly hypochondriacs, and another 7% is wasted on medical services for poor children who should go to work and pay for their own medical treatment.
WHy don’t you complain about the many corporations that do NOT PAY taxes that they OWE?
How young a child be to be working to pay for his own medical care? I suspect you are being sarcastic, at least on this part.You should plan to die young if congress decides to NOT take care of the elderly.
You could also be upset about not just the welfare that corporations get and the excess money going to fight wars.
People don’t seem to think of the corporate welfare, they just hate to help someone who is, say 5 years old, blind, has severe cancer, Maybe someone who suffered a hurricane or tornado or has had a serious car accident. I know lots of poor, and some who can’t find jobs , am sick of people who blame the poor just for being poor. Jesus didn’t do that! I apologize if you were being sarcastic.
here is another factual blog=http://townhall.com … by Daniel Doherty based on Mark Steyn’s article in the Orange County Register….“Congress Spent “2 Months Negotiating 10 Hours of Savings”….“the CBO estimates…the deal includes $2 Billion of cuts for fiscal year 2013…..that’s what the US borrows every 10 hours and 38 minutes….”
Mickey 13 over 11 years ago
What I find interesting is Obama is already protesting the threat of the debt limit ceiling debate having a “catastrophic effect” on the world economy. The rating agencies have already said they have us on “credit watch” because we keep raising the debt ceiling and are in their eyes maintaining an unsustainable debt level and keep accelerating federal spending. They will more than likely lower our credit rating again if their isn’t a substantive result on lowering federal spending. The supposed cuts O made recently were more accounting paper shuffling over “savings” from ending the Iraq war and our eventual withdrawal from Afghanistan.
What the world is doing now is laughing at the supposed #1 most stable and sound economy because we can’t manage our own economy, much less offer real stability to foreign investment. So once more they invest and start businesses in China and Central America instead of here…
Cinci Steve over 11 years ago
I’m the king of the world!
Jason Allen over 11 years ago
“Conservatives” only claim to care about the national debt as an attempt to score political points against their opponents. Most “conservative” politicians are just as guilty of guilty of bringing home the pork barrel spending as everyone else.Want to get serious about budget cuts?Start by cutting the $90+ billion in corporate welfare and end subsidies to lucrative corporate farms. If large corporations need to raise their profit margins, they can either cut bloated executive salaries or raise prices and face any consumer backlash like adults.Next is the “defense” budget. We spend nearly twice as much as China, Russia, the UK, and France combined. Cut the expensive perks given to high ranking military staff, axe the pork barrel projects congressmen tack on to the budget that the Defense Dept didn’t ask for, close some of the overseas military bases, and finally bring the troops home from Iraq and Afghanistan.Then we can make are way to taxes. Apply the payroll tax rate to investment income, dividends, gambling winnings, and miscellaneous capital gains. All income should be taxed at the same rate with the exception of a few specific types of well regulated accounts for college savings and retirement planning. Eliminate ALL tax deductions without exception.Make those changes, then we can start looking into what cuts can be made in social programs. And, yes, I do believe we can trim some fat out of social programs without harming quality of service.
Mickey 13 over 11 years ago
Do remember folks, when you cut government spending, you cut jobs. Defense quickly affects companies like Boeing, Martin Marietta, GM, and thousands others that develop hardware for the military. Government itself probably needs to shed jobs in the hundreds of thousands to eliminate waste and duplication, redundancy, purely unnecessary agencies. That’s the politicians greatest fear, getting tagged for cutting funding.
I agree with the above proposals and more, but it’s going to be a rough ride for a few years to pull it all together. I don’t see this administration or this congress having the political will to do that. They caved on Simpson – Bowles and that was a plan that essentially started by cutting the growth in spending, then actually cutting programs farther down the road. IMO we are going to have to hit inflationary pressure on the dollar and our treasuries and be seriously threatened with depression level conditions before this group of spineless political hacks take the interests of the people above politics. And I mean both parties, I think they are equally complicit in this problem.
Jonni over 11 years ago
True, I figured I was the only one who knew it was a waste of time to stay on board when the captain doesn’t listen.
chazandru over 11 years ago
Micky1339 is always a good commentator, even if one finds nuanced disagreement with him, one is left with the knowledge they have read the words of an open mind.Mr. Geithner’s presence in the administration disturbed me from the beginning and it pleases me to see him gone. But now we have one more position for the President to fill that we can be certain will suffer the same degree of obstructionism and active disapproval as have other of Mr. Obama’s nominees for cabinet posts, judgeships, etc.Very good comments on this string. @Morty – I saw the Daily Show episode you referenced. Mr. Obama has also grayed more than one might have expected had he not been president. Obviously not a job for the faint of heart.Respectfully,C.
rogcbrand over 11 years ago
Hey, no problem! Obama is just going to have Tillion Dollar coins made. The government will pay the government and our debt will magically disappear!:o
Jason Allen over 11 years ago
“You better not be talking about the Dept of Ag budget-that is mostly food stamps.”I’m talking about exactly what listed, subsidies for lucrative corporate farms. The Depression Era farm subsidies program needs to receive actual, meaningful reform to ensure subsidies meant to keep family farms afloat aren’t given to large, lucrative farming corporations. Much bluster and chest thumping is done every year over reform, but neither side actually does much about it. They’re all too busy protecting their pet boondoggle. It’s everyone else’s that needs to go, not their own.
disgustedtaxpayer over 11 years ago
Michaelwme….I hope you were posting satire….?IMO, a national population that supports slaughtering pre-borns is a population that would support euthanasia for the useless eaters?….-you posted “Social security is 23%. So we’re wasting 37% just feeding those too old to work and caring for elderly hypochondriacs, and another 7% is wasted on medical services for poor children who should go to work and pay for their own medical treatment.”-And with a re-calculated total fed government national debt now at $88 Trillion….who will be next to be “offed”? -Instead of hapless taxpayers (who paid SSA and Medicare taxes their entire work-life) being eliminated as promised recipients, why not cut the federal “pay” to the Prez, VP and 535 member of Congress who spent all the tax revenues plus borrowed Trillions???
disgustedtaxpayer over 11 years ago
an excellent and factual article showing the record of Sec. Treasury Geithner is “The $13.6 Trillion Man: Geithner sets All-Time Record for Spending by Treasury Secretary”on www.cnsnews.comby Terence Jeffrey, 1/3/13, using Treasury numbers.
pam Miner over 11 years ago
Social security is 23%. So we’re wasting 37% just feeding those too old to work and caring for elderly hypochondriacs, and another 7% is wasted on medical services for poor children who should go to work and pay for their own medical treatment.
WHy don’t you complain about the many corporations that do NOT PAY taxes that they OWE?
How young a child be to be working to pay for his own medical care? I suspect you are being sarcastic, at least on this part.You should plan to die young if congress decides to NOT take care of the elderly.
You could also be upset about not just the welfare that corporations get and the excess money going to fight wars.
People don’t seem to think of the corporate welfare, they just hate to help someone who is, say 5 years old, blind, has severe cancer, Maybe someone who suffered a hurricane or tornado or has had a serious car accident. I know lots of poor, and some who can’t find jobs , am sick of people who blame the poor just for being poor. Jesus didn’t do that! I apologize if you were being sarcastic.
disgustedtaxpayer over 11 years ago
here is another factual blog=http://townhall.com … by Daniel Doherty based on Mark Steyn’s article in the Orange County Register….“Congress Spent “2 Months Negotiating 10 Hours of Savings”….“the CBO estimates…the deal includes $2 Billion of cuts for fiscal year 2013…..that’s what the US borrows every 10 hours and 38 minutes….”