Tag Archives: budget deficit

The same people who said “sign up or pay a fine” when they brought you their wonderful Obamacare program are now insisting they should control your Internet, too…

If you like your Internet, you can keep your Internet. Sounds uncomfortably familiar…

FCC Chairman Wheeler would only release a four-page summary of the plan. Under the guise of something dubiously called “net neutrality,” Barack Obama’s FCC is promising to use its heavy hand to “regulate” the Internet so that its use is “fair.”

We’re being told not to worry… nothing in the secret 332-page plan should be a cause for alarm and if you like your Internet, you can keep your Internet.

Fortunately, FCC Commissioner Ajit Pai has actually seen the 332-page edict and we’ll let his warning speak for itself:

First, President Obama’s plan marks a monumental shift toward government control of the Internet. It gives the FCC the power to micromanage virtually every aspect of how the Internet works. It’s an overreach that will let a Washington bureaucracy, and not the American people, decide the future of the online world.

       Second, President Obama’s plan to regulate the Internet will increase consumers’ monthly broadband bills. The plan explicitly opens the door to billions of dollars in new taxes on broadband. Indeed, states have already begun discussions on how they will spend the extra money.

       Third, President Obama’s plan to regulate the Internet will mean slower broadband for American consumers. The plan contains a host of new regulations that will reduce investment in broadband networks. That means slower Internet speeds.

       Fourth, President Obama’s plan to regulate the Internet will hurt competition and innovation and move us toward a broadband monopoly. The plan saddles small, independent businesses and entrepreneurs with heavy-handed regulations that will push them out of the market. As a result, Americans will have fewer broadband choices. This is no accident. Title II was designed to regulate a monopoly. If we impose that model on a vibrant broadband marketplace, a highly regulated monopoly is what we’ll get. We shouldn’t bring Ma Bell back to life in this dynamic, digital age.

       Fifth, President Obama’s plan to regulate the Internet is an unlawful power grab. Courts have twice thrown out the FCC’s attempts at Internet regulation. There’s no reason to think that the third time will be the charm. Even a cursory look at the plan reveals glaring legal flaws that are sure to mire the agency in the muck of litigation for a long, long time.

And sixth, the American people are being misled about what is in Obama’s plan to regulate the Internet. The rollout earlier in the week was obviously intended to downplay the plan’s massive intrusion into the Internet economy.

You read that right. New taxes… less choice… slower Internet speeds…and that’s just for starters.  Obama’s entire philosophy about government — because that’s all he’s ever done, is work at a government job — is very simple. In a nutshell, it’s this: “Government always knows best…and when I’m in charge of the government, I always know best.”

Socialism For The Internet

That’s what Seton Motley, the president of Less Government and an expert on the subject, calls it.  Motley adds: “It’s an assault on the industry to effect an ideological outcome” so “the government will be able to pick winners and losers.”

       Washington Times columnist and syndicated radio talk show host Tammy Bruce goes a step further and claims: “The Internet must be killed because it dares to keep turning on the light in a room that the left wants to remain dark.”   Bruce goes on: “This would be done to make the Internet more ‘fair,’ of course. But the truth of the matter is it’s an excuse to essentially nationalize the Internet. The moment that’s accepted, all bets are off….”

       Senator John Thune says: “It is a power grab for the federal government by the chairman of a supposedly independent agency who finally succumbed to the bullying tactics of political activists and the president.”

       But radio talk show host Rush Limbaugh may have said it best: “[D]o you want the people who gave you Obamacare running your Internet service? Do you want them in charge of what you can get and when you can get it and how much it’s gonna cost you?”

[from PATRIOT UPDATE]

 

NORM ‘n’ AL Note:  If you use the Internet, you already know how expensive it can be NOW.  The same liar who told you that his new healthcare plan was going to “save the average family $2500 a year” wants you to believe he has your best interests at heart as he takes over the Internet.  Once the US government controls the Internet, do you think it will possibly get cheaper? And better? And faster? Not a chance! As painful as it is to say, the US government does not know how to get out of its own way, even when it’s NOT lying!  So far, everything Obama has touched has gotten worse.  Huge budget deficits. The military situation in the Middle East. Astronomical increases to federal debt…which American citizens are legally responsible for paying. A healthcare program that individuals and businesses all hate because it takes away everyone’s ability to choose, and it costs lots more, not less. Obamacare was presented — sold — with malice and with lies.  Deliberate lies. We were just too stupid to be told the truth, remember? And you think that same White House is going to tell you the truth now about its plan to control the Internet? You don’t think there is probably a very good reason that Obama and his FCC have not released the text of his takeover plan?  Obamacare was all about controlling US citizens by controlling their health care options.  The Internet takeover plan is just more of the same.

 

………………………………………

As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
612.239.0970

Leave a comment

Filed under Uncategorized

US national debt has grown by more than a TRILLION DOLLARS in just the last 12 months!

The idea that the Obama administration has the budget deficit under control is a complete and total lie.  According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014.  But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated.

If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny.  On September 30th, 2013 the U.S. national debt was sitting at $16,738,183,526,697.32.  As this is being written, the U.S. national debt is sitting at $17,742,108,970,073.37.  That means that the U.S. national debt has actually grown by more than a trillion dollars in less than 12 months.  We continue to wildly run up debt as if there is no tomorrow, and by doing so we are destroying the future of this nation.

The chart that I have posted below shows the exponential growth of the U.S. national debt over the past several decades.  Anyone that would characterize this as “under control” is lying to you…

National Debt 2014

This is the greatest government debt bubble in the history of the world, but very few people seem to have any desire to do anything about this anymore.  We are literally gorging on debt, and most Americans seem to think that it is just fine and dandy.

Perhaps that it is because we have never really experienced any serious consequences for going into so much debt yet.

But when it comes to running up debt, a day of reckoning always comes eventually.

Just ask Greece.

And the absolutely insane spending policies of this administration and this Congress are hastening the day when our day of reckoning will arrive.

Consider the following facts…

-The U.S. national debt has increased by more than 7 trillion dollars since Barack Obama has been in the White House.  By the time Obama’s second term is over, we will have accumulated about as much new debt under his leadership than we did under all of the other U.S. presidents in all of U.S. history combined.

-The U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was first established in 1913.

-If the U.S. national debt was reduced to a stack of one dollar bills it would circle the earth at the equator 45 times.

-Right now, the United States already has more government debt per capita than Greece, Portugal, Italy, Ireland or Spain.

-In August, the average rate of interest on the government’s marketable debt was 2.028 percent.  In January 2000, the average rate of interest on the government’s marketable debt was 6.620 percent.  If we got back to that level today, we would be paying well over a trillion dollars a year just in interest on the national debt.

-At this point the U.S. government has accumulated more than 200 trillion dollars of unfunded liabilities that will need to be paid in future years.  In other words, we have made more than 200 trillion dollars worth of promises that we do not have money for yet.

Thomas Jefferson once said that “the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”

What we are doing to future generations is absolutely unconscionable.  We are stealing trillions upon trillions of dollars from our children and our grandchildren, and we are willingly consigning them to a lifetime of debt slavery.

I have said this before, but it bears repeating.  If future generations get the chance, they will look back and curse us for what we have done to them.

And shame on anyone that would dare to suggest that we should continue to run up more debt that future generations will be expected to repay.

But government debt is far from the only massive debt bubble that we are dealing with as a country.

40 years ago, the total amount of debt in our nation (all government debt plus all business debt plus all individual debt) was sitting at a grand total of about 2.3 trillion dollars.

Today, that total has grown to 59.4 trillion dollars.

As the chart posted below shows, our total debt bubble is now more than 25 times larger than it was just 40 years ago…

Total Credit Market Debt 2014

If you were to take all forms of debt in our country and divide it up equally to each person, the average family of four would owe approximately $735,000.

This is not anywhere close to being sustainable, but most Americans don’t seem to care.  They just continue to recklessly run up even more debt.

However, there are signs that we are starting to hit a wall with all of this debt.

For example, an astounding 35 percent of all Americans have debts that are so overdue that they have been referred to collection agencies.

Our nation has become an ocean of red ink from sea to shining sea, and the only way to keep the bubble from bursting is for the total amount of debt to continue to grow much faster than the overall economy is growing.

Obviously this cannot happen indefinitely, and when this house of cards comes crashing down it is going to be absolutely horrific.  For much more on all of this please see my previous article entitled “The United States Of Debt: Total Debt In America Hits A New Record High Of Nearly 60 Trillion Dollars“.

The big question is how long our “bubble economy” can keep going before it finally collapses.

It has gotten to the point where even some of the biggest banks in the world are admitting that what we have been doing is completely and totally unsustainable.  Just consider the following excerpt from a recent article by Joshua Krause

Recently, strategists for Deutsche Bank released a startling study in regards to government debt. They decided to investigate whether or not the bond market is currently in a bubble. What they found was, unlike previous eras, the past 20 years has seen no lag between economic booms and busts:

It has long been our view that over the last couple of decades the global economy has rolled from bubble to bubble with excesses never fully being allowed to unravel. Instead aggressive policy responses have encouraged them to roll into new bubbles.

This has arguably kept the modern financial system as we know it a going concern. Clearly there have always been bubbles formed through history but has there been a period like the last 20 years where the bursting of one bubble has consistently led directly to the formation of the next?

Essentially, our current system has been dying a very slow death. It’s running out of steam.

 

Sadly, most Americans have no idea that we are living in a giant debt-fueled bubble that has a limited lifespan.

Most Americans just assume that since the politicians tell them that everything is going to be okay, they don’t need to be concerned about any of this.

But every single day our debts get even larger and our long-term financial problems get even worse.

Someday this bubble is going to burst and then all hell will break loose.

It is just a matter of time.

[by Michael Snyder, writing for the ECONOMIC COLLAPSE BLOG]

 

NORM ‘n’ AL Note:  We would like to suggest to you, America, that no elected US president could do such a terrible job by accident as Obama has done. If that is true, then Obama must have done his work on purpose. For that to be the case, Obama has to have sold his soul to the devil prior to taking office. Which devil? The devil of Islam. Some Islamic organization, some Islamic country, could easily have bought and paid for Mr. Obama to drive America into the ground. His fiscal policy shows it, his foreign policy shows it, his Islam-favoring commentary shows it, his total lack of caring and passion about the entire US state of affairs shows it. When Obama leaves office, assuming we still have a USA left at that point, and Obama takes his family to live in a mansion in Iran somewhere, you will know that we were sold out by an elected US president. That, fellow citizens, is called treason…betrayal of the highest order.

 

…………………………………

As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
612.239.0970

 

Leave a comment

Filed under Uncategorized

How to fix Washington gridlock and the US economy at the same time…

Here’s what billionaire Warren Buffett suggested to cure the economy and end government gridlock, during an interview on CNBC:

Buffet told CNBC, “I could end the deficit in 5 minutes.  You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.”

The 26th amendment (granting the right to vote for 18 year-olds) took only 3 months and 8 days to be ratified! Why? Simple! The people demanded it. That was in 1971…before computers, e-mail, cell phones, etc.

Of the 27 amendments to the Constitution, seven (7) took 1 year or less to become the law of the land…all because of public pressure.

Forward this as an email or as a link to this blog post.  Send it to a minimum of twenty people on your address list and in turn ask each of those to do likewise.

In three days, most people in the entire USA will have the message. This is one idea that really should be passed around. The results would be increased opportunity and the possibility of a higher standard of living for people today and in the generations that follow.

Remember the opening words of the US Constitution? “WE THE PEOPLE.”  Our elected government officials somehow got the impression it says “You the people and We the elected fat cats.”

 

Salary of retired US Presidents . . . . . . . . . .. . $180,000 FOR LIFE

Salary of House/Senate members . . . . . . . . $174,000 FOR LIFE

Salary of Speaker of the House . . . . . . . . . . $223,500 FOR LIFE

Salary of Majority/Minority Leaders . . . . . . . . $193,400 FOR LIFE

Average salary of a teacher . . . . . . . . . . . . . .. $40,065

Average salary of a deployed soldier . . . . . .. . $38,000

(Now you know where some immediate cuts should be made!)

 

Let’s get this passed…The Congressional Reform Act of 2014

1. No Tenure / No Pension.  A Congressman/woman collects a salary while in office and receives no overly-generous retirement pay when they’re out of office. No government pension simply for being elected. This should apply to the president and all elected government officials. (Bill Clinton is out hustling speaking dates for himself; he charges more for EACH speaking date than his entire annual pension! You think he needs his paltry pension? He was impeached, for crying out loud, because he repeatedly lied while in office! And “we the people” continue to pay him!)

2. Congress (past, present & future) participates in Social Security.   All funds in the Congressional retirement fund move to the Social Security system immediately. Any future such funds flow into the Social Security system, and Congress participates in Social Security along with the American people. Social Security funds may not be used for any other purpose.

3. Congress can purchase their own retirement plan, just as all Americans do.

4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.

5. Congress loses their current gold-plated health care system and participates in the same health care program as the American people.

6. Congress must equally abide by all laws they impose on the American people.

7. All contracts with past and present Congressional members are void effective 1/1/15. The American people did not make these contracts with members of Congress.  Congress made all these beneficial contracts for themselves. Serving in Congress is an honor, not a career, and it certainly should not be a means to a guaranteed fat government retirement check. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s) then go home and go back to work.

Send this to somebody already, will ya?
………………………….
As always, posted for your edification and enlightenment by
NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
612.239.0970

Leave a comment

Filed under Uncategorized

Sorting through the millions to find 545 who will act responsibly…OR, putting the blame where it belongs…

Politicians are the only people in the world who create problems and then campaign against them.

Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?

Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?

You and I don’t propose a federal budget. The President does.

You and I don’t have the Constitutional authority to vote on appropriations. The House of Representatives does.

You and I don’t write the tax code, Congress does.

You and I don’t set fiscal policy, Congress does.

You and I don’t control monetary policy, the Federal Reserve Bank does.

One hundred senators, 435 congressmen, one President, and nine Supreme Court justices equates to 545 human beings out of the 300-plus million of us American citizens who are directly, legally, morally, and individually responsible for the domestic problems that plague this country.

I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.

I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don’t care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator’s responsibility to determine how he votes.

Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con game regardless of party.

What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits.  ( The President can only propose a budget. He cannot force the Congress to accept it.)

The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? John Boehner. He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. ) If the President vetoes it, they can pass it over his veto if they agree to. [The House has passed a budget but the Senate has not approved a budget in over three years. The President’s proposed budgets have gotten almost unanimous rejections in the Senate in that time. ]

It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted — by present facts — of incompetence and irresponsibility. I can’t think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.

If the tax code is unfair, it’s because they want it unfair.

If the budget is in the red, it’s because they want it in the red.

If the Army & Marines are in Iraq and Afghanistan it’s because they want them in Iraq and Afghanistan.

If they do not receive social security but are on an elite retirement plan not available to the people, it’s because they want it that way.

There are no insoluble government problems.

Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power.

Above all, do not let them persuade you into believing that there exist disembodied mystical forces like “the economy,” “inflation,” or “politics” that prevent them from doing what they take an oath to do.

Those 545 people, and they alone, are responsible. They, and they alone, have the power.

They, and they alone, should be held accountable by the people who are their bosses. Provided the voters have the gumption to manage their own employees…

We should vote ALL OF THEM out of office and clean up their mess!

[Taken from a past column written by Charley Reese, who is retired from the Orlando Sentinel newspaper.]

…………………………….

As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
612.239.0970

Leave a comment

Filed under Uncategorized

Congress seems (finally) to be going where it should have been going all along: A focus on debt…

Say what you will about conservative Republicans’ congressional tantrum of the past few weeks. It’s all true.

The GOP hard-liners look foolish for embarking on a crusade against the Affordable Care Act that they couldn’t win. They look foolish for allowing their intramural differences to split their caucus in the House. The party’s dirty laundry has been exposed in a way that makes Democrats, who last weekend tried to exploit the Republicans’ disarray and raise spending, look like crisp, clean models in a Tide ad.

Given these rival appearances, then, why can anyone possibly say that, a month or a year from now, Republicans of all shirt-stripes might wind up counting this episode as the time when their priorities became paramount?

Here’s why: Official Washington’s focus now is on our national debt. Not a focus in some longer range that treats our horrendous debt as a problem to be addressed, well, you know, someday. No, debt is the focus now.

We’ll take at face value the likely congressional passage and enactment of the bipartisan Senate deal reached Wednesday. Fundamentally, it’s a delaying action, which is why you’re hearing all those tired cliches about kicking cans and punting footballs. But it also rivets all of us on spending and borrowing. For now, arguments over defunding or defending Obamacare are moot.

Instead, a panel chaired by Sen. Patty Murray, D-Wash., head of the Senate Budget Committee, and Rep. Paul Ryan, R-Wis., chairman of the House Budget Committee, will be directed to produce a budget agreement by December.

These budget supercommittees tend not to deliver. This one faces a tight deadline: Wednesday’s deal would fund government operations only until Jan. 15 and extend the federal debt limit through Feb. 7. Is that sufficient leverage to force a grand bargain? We’ll see. But this arrangement does put debt in the spotlight, where it belongs.

For too long, America’s soaring national debt has stayed in the background. It gets talked about but not acted on. All the while, the debt keeps piling up like snow on a mountaintop, preparing for a lethal avalanche on today’s and tomorrow’s taxpayers. The nation’s political leaders seem to believe they can safely ignore this, as if it’s not their problem. They tut-tut about the burden being imposed on future generations, then keep piling on more snow.

Our national debt stands at $16.8 trillion. It is rising every minute of every day. That’s more than $50,000 in federal debt for every American, man, woman, and child.

Somebody has to pay it back. Defaulting on the debt is not a viable strategy for getting out from under it. Even a temporary default — now, in February or whenever — only would make matters worse by raising our future borrowing costs. The options, then:

•We could refinance the debt and stretch out payments over a longer and longer horizon. That would indenture our children and grandchildren — servants working to pay for what we’ve spent.

•We could print dollars, which would enable us to pay off the old debt with as many greenbacks as we can crank out — eroding the value of the world’s benchmark currency while undermining the nation’s economic prospects. That too would hurt our children and grandchildren.

•Or we could curtail the growth of borrowing and start working off the debt that we have accumulated.

That’s the only responsible choice. This fiscal year, again, we will spend hundreds of billions more dollars than Washington collects. The key is to get a grip on spending so the growth of borrowing becomes unnecessary.

For that reason, we have welcomed the sequester — automatic cuts in the growth of government spending that were approved in 2011 as … a hammer to encourage that year’s congressional supercommittee to strike a deal on deficits and debt. Hammers are blunt instruments. This one may have damaged the nation’s short-term economic prospects. But it has worked. It has cut back the growth of federal spending, and locked in $1.2 trillion in deficit reduction.

There is a better way, and every cool head on Capitol Hill knows it. America needs a grand bargain that includes reductions in the growth of Medicare, Social Security and other entitlements.

The deal announced Wednesday is still fresh, and for lack of full details, we can’t fully evaluate it.

Its greatest impact: Discussion in Washington and across America now goes right where it belongs: to the debt, the consequence of so much spending and borrowing, that looms over this nation’s future.

[A very recent editorial in the Chicago Tribune]

…………………………..

NORM ‘n’ AL Note: That’s how it looks in words. Here’s how it looks in pictures:

The gravity of our situation...

The victory parade...

norm-al-131021-3

norm-al-131021-4

norm-al-131021-5

Read that line above one more time: The key is to get a grip on spending so the growth of borrowing becomes unnecessary.

As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
612.239.0970

Leave a comment

Filed under Uncategorized