We constantly preach to consumers to pay off their credit cards, lay out a budget and live within their means. However, this is the antithetic of the financial program of the Republican Party. Since the time of Regan the plan has been to operate the budget at a deficit, give the money to the rich, and the rest of us will benefit by serving the needs of the rich as laborers or producers; and, in the meantime the economy will grow to counter set the deficit. Regan called it Trickledown Economics. What an insult to the common man, and yet the punters bought it. We know how much the rich and powerful care for the middle and poorer classes: Let them eat cake. We have seen over the Bush years how well tax cuts for the wealthy benefited the economy.
Ronald Regan begin his term with a tax cut that was not matched by a spending cut, resulting in the largest deficit since World War II. This has only been topped by George W. who, along with the Republican Congress, increased discretionary spending by 26% and decreased revenues with a huge tax cut for the rich, which results in our present deficit.
As of 22 Nov. 2010 at 7:43 GMT our national debt peaked at $13,804,733,376,403.78. Let’s read that off: thirteen trillion, eight hundred and four billion, seven hundred and thirty-three million, three hundred and seventy-six thousand, four hundred and three dollars and seventy eight cents. With an estimated population of 309,527,555 citizens, the debt averages out to about $44,599.37 per person. An even more horrible truth is that with Bush’s wars and the slow economic recovery the debt continues to grow at about $4,170,000,000.00 (four point one seven billion dollars a day.)
When we start talking about millions, billions and trillions the numbers are so large that people don’t really have a concept of actual size. People are so use to hearing the government talk in “trillions” that they become jaded and unconcerned.
• If you would drum your pencil on the top of your desk once-per-second, it would take you seventeen minutes to drum out one thousand beats.
• If you continued, without stop, twenty-four hours a day, it would take you twelve days to drum out a million beats.
• If you could continue, non stop, it would take you thirty-two years to drum out a billion beats.
• And if you could continue for the rest of your life, and your children’s, and your grandchildren’s… – you could drum out one trillion beats in thirty-two thousand years.
Remember the US budget deficit is over thirteen trillion dollars.
(Check out the national debt at: http:\\www.brillig.com/debt_clock/)
Remember, the primary goal of any Senator or Congressperson is to remain in office. Fact: the politician able to spend the most money usually gets elected. So how do you stay in office? It doesn’t require a business degree to figure that if you’re good to mamma, mamma’s good to you.
All major businesses are looking for an advantage. It can be government subsidy or relaxation of environmental or labor laws that can increase the profit margin. Therefore, businesses hire lobbyist to romance the legislators with an unspoken understanding that if pro-business legislations are supported the legislator will receive financial support at election time. This whoring by politicians is the results of no term limits.
Now the fly in the ointment: Citizens United v Federal Election Commission, 130 S.Ct. 876 (2010), was the recent decision by the United States Supreme Court holding that corporate funding of independent political advertisements in candidate elections cannot be limited, under the First Amendment. In other words, corporations can now finance political ads for or against candidates with unlimited funds – they are allowed to buy any election.
As long as politicians can be bought they will legislate on the side of the money. The mega-wealthy and large corporations have usurped control of the Congress and Senate and future legislations will be on the side of war profiteering, tax cuts for the wealthy and tax loop holes for big corporations. The results will be a constant increase in the U.S. deficit and the cutting of social programs as a Republican lip service to deficit responsibility.
Doing away with pork in the U.S. budget is overtly proclaimed by both parties as a step toward financial responsibility – though each Senator and Congressperson covertly pursues all the money he or she can get for their states. A line item veto for the president is the answer to leaning down a bloated budget. (When pigs fly…)
Finally, the U.S. spends more money on its military than all other countries in the world combined.
So, in an ideal world, how would we bring fiscal order to the National budget?
1. Raise taxes to bring in more income.
2. Close the tax loop holes for corporations and the mega-wealthy – one rate for everyone – no deductions.
3. Reorganize and downsize our military.
4. Cut back on unnecessary military related expenditures.
5. Require a balanced budget.
6. Enact a line-item veto for the President.
7. Limit campaign contributions and enact term limits.