Posts Tagged ‘debt’

Dallas’ Federal Reserve Bank President Richard Fisher: ‘Cold, hard fact’ that the nation is in the hole $100 trillion for Social Security, Medicare

Monday, June 1st, 2009

Source:

Suppose we decided to tackle the issue solely on the spending side. It turns out that total discretionary spending in the federal budget, if maintained at its current share of GDP in perpetuity, is 3 percent larger than the entitlement shortfall. So all we would have to do to fully fund our nation’s entitlement programs would be to cut discretionary spending by 97 percent. But hold on. That discretionary spending includes defense and national security, education, the environment and many other areas, not just those controversial earmarks that make the evening news. All of them would have to be cut-almost eliminated, really-to tackle this problem through discretionary spending. (more…)

Hodge at Race42012: Republicans must bring back to the table a federal balanced budget amendment or other Congressional super-majority spending limitations

Monday, May 11th, 2009

Hodge’s first article at Race42012:  “Giving the Temporary Majority Unlimited Authority to Increase Taxes and Debt Has Failed.”

To jump forward to today:  if the Republican Congress of the mid-1990s had merely passed a Constitutional amendment requiring a super-majority of Congress in order to increase the national debt, the Obama-Specter stimulus bill would not have passed, at least without first forcing Congress to increase taxes.

If one half of a marriage repeatedly spends money without permission, the marriage will not be a success.  And when one gives a limitless credit card to a 15-year-old, it should be no surprise when the privilege is abused.

Long-term, America will fail if 52% of the citizens continue to wildly spend the money owned by the other 48%, and if the cost of federal programs can continue to casually be passed down to future generations.  Rather than merely focusing on the individual programs to which we object, I find it more effective to focus on the total size of the purse.

When given a Constitutionally-instructed limit, Congress will be forced to prioritize, and we will begin to see permanent, meaningful reform with regard to the size and scope of the federal government.

Democratic Senator: ‘We Are Piling Up Debt At A Record Rate’

Sunday, March 29th, 2009

Video from RCP of ND Democrat Kent Conrad:

AP: New estimate for Kan. budget deficit is $682M

Sunday, March 8th, 2009

AP: New estimate for Kan. budget deficit is $682M

TOPEKA, Kansas (AP) – The size of Kansas’ projected budget deficit grows to $682 million for the fiscal year that begins July 1.

It’s the gap that would occur if the state tried to duplicate its current budget during its 2010 fiscal year.

The new figure Friday from legislative researchers is higher because state tax collections fell $14 million short of expectations in February. State officials had anticipated tax revenues of more than $260 million. Instead, Kansas collected less than $247 million.