Tag Gross domestic product

Obama and Democrats Place Economy on ‘Crash Course’

Allen Frederick 1 Comment

Great Depression: man dressed in worn coat lyi...
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This is serious business folks. These ‘fools’ in congress have spent us beyond our ability to recover. It is imperative that ‘fiscal conservatives‘ step in and apply the brakes to this run-away, federal spending, train wreck. It has become increasingly obvious even to the causal observer that federal spending is out of control.

Come on people vote these fools out of office and take our country back from these ruinous democrat policies. The good times are over, it is time to get off the party train and take some fiscal responsibility before it is all over. Which may come sooner than you think.

Amplify’d from www.americanthinker.com
Warning signs are everywhere — most of them carefully phrased and nuanced, but warnings, nevertheless. Greece and, closer to home, California are painful reminders of what could happen. CNBC is reporting that the Dow is repeating patterns that prevailed just before the Great Depression. The U.S. workforce suffered one its sharpest declines ever — a drop of 652,000 — in June. Economists claim that “wages are flirting with deflation.” It’s hard to find good news on the financial front. Now, the Congressional Budget Office (CBO) just released its “Long-Term Budget Outlook” to confirm what people already feared: The national debt is devastating for the future of America. According to the CBO, “the federal government has been recording the largest budget deficits, as a share of the economy, since the end of World War II.” As a result, the CBO paints a very bleak picture of our nation’s future prospects. Further, as the world’s remaining superpower, this country’s terrible financial condition affects all other nations — a fact that makes the CBO report even more alarming.
Sadly, Shaw’s dismal picture is not sobering enough. Douglas W. Elmendorf, director of the CBO, noted that the nation’s debt to GDP surged from 40 percent to 62 percent in just two years.
To compound the alarm, the CBO admits to understating the severity of the problem because its report does not include the negative impact that “substantial amounts of additional federal debt” would have on other aspects of the nation’s economy.

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Federal Debt Unsustainable according to CBO Chief

Allen Frederick 1 Comment

Government spending and largess has swamped America in an unsustainable debt crisis. And what do the politicos come up with as a solution? You guessed it RAISE TAXES. Hey how about this idea… CUT THE SIZE OF GOVERNMENT and REDUCE SPENDING. GET OUT OF THE HEALTH CARE BUSINESS. How about quit sticking your big fat nose under every FREE ENTERPRISE tent in America.

LAY OFF the ENTIRE federal government. I THINK WE THE PEOPLE will find a way to survive without you guys. The political class is KILLING AMERICA.

clipped from www.politico.com

President Obama's budget.

The problem ‘cannot be solved through minor tinkering,’ the head of the Congressional Budget Office said Thursday morning.

AP

The nation’s fiscal path is “unsustainable,” and the problem “cannot be solved through minor tinkering,” the head of the Congressional Budget Office said Thursday morning.

Elmendorf noted a recent CBO report that pegged an increase in the public debt from $7.5 trillion at the end of 2009 to $20.3 trillion at the end of 2020 if President Barack Obama’s fiscal 2011 budget were to be implemented as written. As a percentage of gross domestic product, the debt would rise from 53 percent to 90 percent, CBO forecasted. The last time the percentage was that high was right after World War II.

“If at the end of the day we need to raise taxes, we should raise taxes,” Volcker said.

On Wednesday, Bernanke said in a speech in Dallas that the government must cut entitlements or raise taxes.
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While America Suffers Capital Hill Prospers

Allen Frederick 1 Comment

congress salary

A crumbling economy, more than 2 million constituents who have lost their jobs this year, and congressional demands of CEOs to work for free did not convince lawmakers to freeze their own pay.

Instead, they will get a $4,700 pay increase, amounting to an additional $2.5 million that taxpayers will spend on congressional salaries, and watchdog groups are not happy about it.

However, at 2.8 percent, the automatic raise that lawmakers receive is only half as large as the 2009 cost of living adjustment of Social Security recipients. thehill.com

The 2009 annual salary for rank-and-file senators and representatives is $174,000, up from last year’s $169,300.

The legislative pay hike comes as major U.S. employers shed jobs by the tens of thousands. Many worker salaries have been frozen or cut. Their benefits often have been slashed.

Families are pinching pennies and watching retirement accounts evaporate.In this decade, Congress has allowed the pay increase to go through for every year except 2007. The percentage increase is tied to private-sector wages and cannot be more than increases granted to general federal employees.

This follows the news from this weekend that Congress approved $93,000 more in petty cash for each member. Gatewaypundit.blogspot.com

I am all for people getting periodic MERIT raises but this automatic increase no matter what kind of job a person is doing has bankrupted this country. Capital Hill constantly pontificates on the sacrifices AMERICA has to make and then they turn around and pad their salaries and increase their benefits packages all at the expense of the taxpayer.

As the average American family is trying to survive this government induced economic recession, Capital Hill continues to spend OUR MONEY without any regard to the hardships they are placing upon their constituents. I am proposing a spending cut starting with all federal and public employees. I propose that all federal and public employees should have their wages and benefits reduced by the same percentage as the GDP index reduces. In other words the economy has shrunk by almost 6% since Obama took office so therefore the FEDERAL GOVERNMENT and all public employees and offices must reduce all spending and wages by at least 6%.

Once they have done all that then they can start to eliminate all PORK and earmark spending by at least 6%. I propose that all federal, and public employees who live off of TAXPAYER money must have their wages  froze at the MEDIUM wage of all workers in their states. In other words all State Senators and Representatives can not earn more than the AVERAGE of all other state residents. They should not be earning huge wages while the people they represent are struggling to manage their households. Perhaps if all Federal, and Public employees would suffer along with their constituents then perhaps they will listen a little more intently when we say ENOUGH IS ENOUGH. What say you?

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