** 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 **Understand the percent of a retirement portfolio that comes from earnings growth vs the percent that comes from the actual cash saved. It will be a sliding scale: in the early years of saving, the percent coming from the cash saved will be significant, but in just a few years, investment earnings will dominate. At the end of forty or fifty years those investment earnings will represent about 80% of the value of the portfolio. Likewise, track the percent of your annual income that goes into creating that retirement portfolio, then compare the two. A person with a modest, middle-class income does not have to give up a comfortable middle-class lifestyle to build a substantial retirement portfolio. In modern business parlance, it is called "smart money". In our parents' and grandparents' day, it was called common sense.
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 James Schaefer A friend I knew many years ago used to say, "A little stupidity goes a long way." Let's re-phrase that and say, "A little Common Sense goes a long way." Herewith are some bits of wisdom that have been shared with me over the years. 1) Live below your means. No...Read More
By James Schaefer. The non-partisan Tax Policy Center of Washington, DC, calls the current Internal Revenue Code "an incomprehensible mess." The latest good news on tax reform has shown up in an article by Laura Saunders in the Wall Street Journal ("Will 'Tax Reform' Really Happen?", Aug 3-4, 2013; the article is...Read More
By James Schaefer. The last time the tax code underwent a major revision was nearly 30 years ago, in the mid-1980s, under bi-partisan legislation led by Ronald Reagan and House Speaker Tip O'Neil. The existing tax code is nearly 4 million words long! Our source here is an IRS document, "The Complexity of the...Read More
By John Lumbard . The economy is strengthening. Home prices have jumped 10% in the last twelve months alone, and home equity---the part of the home that the homeowner actually owns, is up an incredible 25%. Over the same period the stock market is up 20%, adding another $2.5 trillion to...Read More
By John Convery, CFA . Interest rates have been falling for more than thirty years. That’s the same thing as saying that bond prices have been rising, so the track records of bond funds, pension plans, and all things “low risk” or “fixed income” have been terrific. That’s about to change. The...Read More
By Paul Wright, CFA. The Congressional Budget Office now estimates that the 2013 federal deficit will be just $642 Billion. That’s still about $4,000 in new debt for every American under the age of 40, but it’s a vast improvement over last year’s $1.1 trillion. And the deficit for 2015, two...Read More
By John Lumbard. The economy is accelerating. It’s been almost four years since the official end of the 2007-2009 recession, yet New York Times op-ed columnist Paul Krugman is still calling for more stimulus spending! Maybe if we were to pave every road every year . . . Last month the former...Read More
“Attorney General Eric Holder, the top U.S. law-enforcement official, finally admitted this week that bank executives truly are above the law and may commit crimes with virtual impunity.” -- MarketWatch. If you ever wondered why banker bailout beneficiaries were treated with kid gloves after the financial crisis, it helps to understand that...Read More
By Drew Kellner, CFA. In the final days of 2012, as the Bush Tax Cuts were about to expire forever, the sitting President pressed to make them permanent for nearly every American. There was a brief debate about whether “nearly every” meant 98% or 99% of all taxpayers (in the end...Read More