This weekend, Congress is attempting to negotiate a budget deal to reduce the deficit spending and how much debt our government can incur. I can only wish that I have a bottomless bag of money that I could do with as I wish.
For those of you who do not know what deficit spending is, here’s the definition from Wikipedia:
Deficit spending is the amount by which a government, private company, or individual’s spending exceeds income over a particular period of time, also called simply “deficit,” or “budget deficit,” the opposite of budget surplus.
So our Congresscritters are voting how much they can spend without regard to how much is collected in taxes, tariffs, and fees. And remember, whatever shortfall there is will be added to the nation debt.
It’s like a teenager with a credit card that the parents pay without question. Except we are the parents, and we are starting to question what our elected officials are doing. And I’ll tell you right now, I think Ramirez has it right on the money (pun intended).
These clowns are picking our pockets with near impunity, but they are starting to feel the heat. The backlash from the Stimulus Package that didn’t, and the constant revelations of what Obamacare will cost the taxpayers has everyone nervous and mad as Hell. Let’s face it – how many of us can keep on spending forever without consequences?
What also amazes me is that Congress can incur debt without a plan on repaying the loans. Forever. And when a plan to balance the budget and reduce the national debt is introduced, it’s shot down. Is this fiscal responsibility to the American people who must foot the bill? No, it is not.
And then there is the fear from the stock markets and investors that the US will not pay its debts. As pointed out by Ken Taylor over at “The Liberal Lie, The Conservative Truth,”:
The 14th Amendment prohibits by law the Nation from defaulting on any loan made with the approval of Congress and as such if we were to default it would be by order of the President regardless of whether any debt ceiling deal is or is not made and if this happens he as the responsible officer of the government who gave the order would be in direct violation of the Constitution…
Our politicians (and President) are fear-mongering to push higher debt limits and taxes to support their limitless spending. But the American taxpayer, no matter how rich, cannot support such a spending plan. The American Thinker’s Alan Aszkler has an article that states that we are completely hosed at this point in time. This paragraph caught my attention:
How much in new taxes will need to be seized from the private sector over and above every dollar currently collected? One point eight trillion dollars. What is the effect in real dollars on every American tax-paying citizen to pay the debt and the deficit spending? Increasing your federal income tax rate to 48%.
How many of us can live on 50% of what we take home minus the taxes we pay to our respective states (sales, income, property, gasoline, etc…)? Any volunteers?
Then there is this plan from the same article:
If Obama truly believed we all can pay a little more, he could put his money where his mouth is. Mr. President, save $12 billion by abolishing the IRS and instituting a national sales tax of 26% on our $15.2-trillion economy to raise the $4 trillion to run your federal social justice program. Everybody would pay their fair share of the ever-escalating costs of government entitlement programs. Add in the local sales tax, and one third of every dollar goes to government costs!
In about a week, everybody would be willing to cut government spending.
Hmmm… Let’s just get to the bottom line – cut the crap and the spending….