** 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 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 trillion dollars unsustainable fiscal policy
Have Your Say!
- Facilitator on Common Sense
- Bill Gelwick on Common Sense
- John Lumbard on Problems With a Balanced Budget Amendment?
- Chris Curley on Problems With a Balanced Budget Amendment?
- John Lumbard on How to Fix the Health Care Mess
- Did Government Agencies “Raid” Social Security “Coffers”? « Joejolly’s Weblog on “The Debt The Government Owes Itself For Raiding Social Security”
- John Lumbard on The Antidote
- Gen Y on The Keepers of the Flame
- Chuck Bailey on Amendment Filed. Call Your Congressman!
- Phoebe Addington on Party On!
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
By John Lumbard. Our economy is accelerating. Monthly employment gains have grown from 150,000 to 200,000, and the net worth of US households has hit a new high. Dirt-poor farmers and ranchers are getting rich; we just heard of a hardscrabble North Dakota rancher whose oil royalties are now $1.2 million...Read More
By James Schaefer. "[If] you have to have to gripe," says Jim Ratcliffe of Great Britain, "[it is that America] has the highest corporate taxes in the world. They're too high in my view, [at] nearly 40%. And that's a pity because in most other parts of the world corporate tax...Read More
By John Lumbard. 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 meager...Read More
By James Schaefer. The U.K.'s Chancellor of the Exchequer, George Osborne, wrote an op-ed recently in the Wall Street Journal ("How Britain Returned to Growth", December 17, 2013), on Britain's changes to their tax rates and spending as a means of stimulating growth of the British economy. The results were dramatic. They...Read More
By James Schaefer. At a time of partisan warfare, inside-the-beltway gridlock, and a Congressional approval rating chronically below 10%, the recent budget accord worked out by Senator Patty Murray (D, Washington State) and Representative Paul Ryan (R, Wisconsin) is a step in the right direction, and evidence of adult leadership in...Read More