** An American Promise **
● A Balanced-Budget Amendment to the Constitution, with appropriate exceptions for times of war and recession.
● A line-item veto, to give the President a fighting chance to eliminate pork and earmarks.
● A limitation on federal spending, to 20% of GDP.
** About We Elected You **
** Building A Million Dollar Retirement Portfolio **Remember that it's your money. If you live above your means, using borrowed money to do so, then the banks and money-lenders will own what should have been your retirement savings when you hit retirement age. This is especially true if you use borrowed money throughout your working years to purchase things that you want but do not necessarily need. Distinguish clearly between what you need and what you want. In the end, the fiscally prudent will own the fiscally profligate, and this applies equally to households, businesses and governments. If you think being a diligent saver will tank the economy, think again. The banks will lend money to those who spend it; investments in in mutual funds and individual stocks (i.e., publicly-held companies) will go back into the economy in the form of salaries, product development, plant expansion, and countless other ways. By saving or investing, your role has gone from being a direct consumer of goods and services to an indirect consumer. Unless you lock it in a vault or stuff it in a mattress, the money hasn't left the economy. .
Topics$1.6 trillion deficit American Promise Austerity Balanced Budget Amendment balance the budget bipartisan reform Buying Votes cbo compound interest Congressional Budget Office Constitutional Amendment Contract From America debt burden default economy entitlements fair tax system federal budget Federal debt Federal deficit federal spending fiscal respnsibility fiscal responsibility Fiscal Sanity government debt Greece growth of government interest rates Investing Judd Gregg limit on federal spending Line-Item Veto national debt Pledge of Fiscal Responsibility political platform Portugal Social Security Spending Cap Spending Limit Amendment Sustainable Government Tax Reform Tea Party Term Limits The Stock Market unsustainable fiscal policy
Have Your Say!
- Michael Smith on Solvency
- James Schaefer on Peter Treadway: Debt and Deflation . . . or Inflation?
- Michael S on Peter Treadway: Debt and Deflation . . . or Inflation?
- Michael S on WaPo columnists look at the national debt
- John Lumbard on WaPo columnists look at the national debt
- Hollis on Simulated budget battles deal blow to federal debt
- John Lumbard on Tales from the North Atlantic
- Michael Smith on The 20% Solution
- Michael Smith on Consumer Debt-cutting
- James Schaefer on Consumer Debt-cutting
By John Lumbard, CFA ... “Swiss cantons are free to set their own tax rates. For example in Zug, corporate tax is about 16 percent but can fall as low as 9.5 percent for companies that do most of their business outside Switzerland. That compares with an average global corporate tax...Read More
By John Lumbard, CFA. In 1972 the Club of Rome, a global think tank formed by “scientists, economists, heads of state, UN bureaucrats, high-level politicians and government officials” caused an international sensation with the publication of The Limits to Growth, which predicted that population growth and economic growth would exhaust all...Read More
On August 8 George Schultz, Secretary of Everything (Labor, Treasury, and State; also OMB director) penned an opinion piece for the Wall Street Journal, offering ides for renewal and reform to a country that seems to be suffering from Eurosclerosis. We'll stick to the parts that affect the economy and...Read More
By James Schaefer. In "Blotting the Balance Sheet", (Wall Street Journal, April 26-27, 2014), James Grant reviews the book, The Reckoning, by Jacob Soll. In it, Soll highlights the fall of successful societies, and points some of the finger of blame at accounting, and the behaviors that follow. And he lays blame equally...Read More
By John Lumbard, CFA. In late December movie mogul Michael Moore, writing in the NY Times, described Obamacare as “awful” and said that he’d known this all along---but didn’t want to say so because it would give comfort to the President’s “enemies”. Maybe it’s time we stopped the hyper-partisan hyperventilating, and...Read More
By John Lumbard, CFA. According to The Daily Kos, 27% of recent college graduates (ages 21 to 24) are either unemployed or underemployed. The Democratic Underground says that recent college graduates earn $3,200 less than they did 13 years ago. Of course, it’s not just college graduates; low starting salaries and...Read More
By James Schaefer. By any measure, the tax code is too complex. It currently totals 70,000 pages and defies both comprehension and easy compliance by mere mortals. Collectively, Americans spend $168 billion each year in compliance costs. The latest attempt to simplify the code comes from Congressman David Camp of Michigan, who has...Read More