Posted by Warm Southern Breeze on Monday, October 8, 2012
Who increased the debt? – h
According to the U.S. Treasury, China has divested 97% of its holdings of U.S. Treasury bills, falling from a peak of $210.4 Billion in May 2009, to $5.69 Billion in March 2011. T-bills mature in one year, or less and are sold to fund the nation’s debt. Chinese holdings of U.S. Treasury bills are reported in column 9 of the Treasury report linked here.
The cost of fighting a decade-long war was not funded. In fact, it was de-funded, because taxes were cut. That has NEVER been done in our nation’s history. NEVER.
Only an utter incompetent would cut income and increase spending. And yet, that’s exactly what happened.
Tax revenues as a %age of GDP gradually rose from 1995-2000 from ~28% to 30%, then gradually fell to ~26% in 2005. Since 1945, tax rates have continually fallen, yet it was during that time when tax rates were highest that our nation flourished, infrastructure was created, population and economic opportunity expanded, and small businesses flourished.
According to the United States Treasury, on January 20, 2009: Read the rest of this entry »
Posted in - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: China, Federal Financing Bank, government, Gross domestic product, U.S. Treasury, United States, United States Department of the Treasury, United States Treasury security | Leave a Comment »
Posted by Warm Southern Breeze on Thursday, October 4, 2012
NOW OR NEVER | SEPTEMBER 2012
Necessary but Not Sufficient:
Why Taxing the Wealthy Can’t Fix the Deficit
By David Brown, Gabe Horwitz, and David Kendall
In this paper we shatter the myth that taxes on the wealthy can come close to solving our long-term budget problem. We readily acknowledge that raising taxes on top earners is necessary, but it is not sufficient to solve the looming fiscal crisis. And we make clear that if entitlements are left on autopilot, burdensome middle class tax hikes become inevitable.
Even a 50% tax rate on the wealthy can’t fix the deficit.
This is the first in a pair of papers that demonstrate that purely ideological fixes will not sufficiently address our fiscal issues. Our other report, Death by a Thousand Cuts: Why Spending Cuts Alone Won’t Fix the Deficit, proves that a cuts-only strategy cannot solve our budget woes without severely compromising our safety, security, and economic growth. Together, these papers make the case that a big and balanced fiscal package is the preferred way to avoid the fiscal cliff, prevent deficits from exploding in the future, and allow our economy to grow.
To stabilize the debt and create a positive economic climate for U.S. growth, most mainstream economists agree that annual deficits must be reduced to 3% of GDP. The question is: how do we get there?
In order to demonstrate that taxes alone cannot solve our budget woes, we explore three budget scenarios, all of which rely solely on Read the rest of this entry »
Posted in - Even MORE Uncategorized!, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: analysis, Buffett Rule, Bush, Bush Tax Cuts, Clinton, David Kendall, debt, deficit, Democrats, economy, federal, fiscal policy, GDP, GOP, governance, government, Government budget deficit, Gross domestic product, GW Bush, income, national debt, policy, Republicans, research, tax, tax increase, tax policy, Tax rate, Taxation, taxes, United States federal budget | Leave a Comment »
Posted by Warm Southern Breeze on Wednesday, June 13, 2012
Who’s the Biggest Spender? Obama or Bush?
By BRUCE BARTLETT, The Fiscal Times June 1, 2012
Lately, there has been some controversy about the growth of spending under Barack Obama. It began on May 22 with a column by Rex Nutting of MarketWatch, which concluded that the rate of growth of federal spending under Obama has actually been trivial compared to the last 4 presidents.
According to Nutting’s calculations, spending has grown only 1.4 percent per year under Obama – one-fifth the rate under Ronald Reagan and George W. Bush. Following is a chart accompanying the article.
There has been a considerable amount of debate about Nutting’s calculations, which fly in the face of Republican dogma. Much involves technical accounting issues, such as how to allocate spending during fiscal year 2009. This is important because fiscal year 2009 began on September 1, 2008 during Bush’s administration, reflecting his priorities. By the time Obama took office on January 20, 2009 the fiscal year was almost half over; he didn’t submit his first budget until February 26, 2009 and the fiscal year 2010 budget is really the first one that reflected his priorities.
Nutting assigned the bulk of fiscal year 2009 spending to Bush, an assumption that other analysts have questioned. Glenn Kessler of the Washington Post found that Nutting overstated his argument in various ways. But the PoliFact site of the Tampa Bay Times concluded that the Nutting column was essentially correct.
Aside from the political implications, the reason this debate is important is because there is a tendency for people to conflate spending, deficits and debt, as well as confusing rates of change with absolute levels.
The difference between Read the rest of this entry »
Posted in - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: Barack Obama, BarackObama, Bill Clinton, BRUCE BARTLETT, Bush I, Bush II, business, CBO, Clinton, Congressional Budget Office, economy, entrepreneurship, facts, federal, figures, GAO, George W. Bush, Government Accountability Office, Gross domestic product, hypocrisy, jobs, Marketwatch, money, news, Obama, Reagan, Ronald Reagan, statistics | 6 Comments »
Posted by Warm Southern Breeze on Thursday, September 8, 2011
John McMillan, Commissioner for the Alabama Department of Agriculture and Industries, recently wrote President Obama and encouraged him “to submit to Congress the Free Trade Agreements with Colombia, Panama, and South Korea,” which he asserted “would create thousands of jobs for Alabama workers and farmers and gain new markets access for Alabama products.“
Typically, I don’t “rant and rave” about issues, even if they greatly disturb me. That’s just my “style.” Rather, I endeavor to share understanding with others, and to seek and consider others’ thoughts in the process.
This is one such rare exception.
And yet, that rant is saved for last. Being last, and the fact that it is a rant doesn’t necessarily make it the best part of this entry, however. So bear that in mind as you continue to read.
With all due respect for the issue of “free trade,” I think we Americans have been Read the rest of this entry »
Posted in - Did they REALLY say that?, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: Alabama, Alabama Department of Agriculture and Industries, Barack Obama, Colombia, Congress, economic, European Union free trade agreements, Free trade, Free Trade Agreement, Free trade area, Gross domestic product, Panama, South Korea, United States, United States Congress, Western Europe, World War II | Leave a Comment »