balance the budget Archive

Join Americans for a Balanced Budget Amendment

By John Lumbard.   As the months have rolled by we've worked to simplify our message, because nobody wants to stop partying long enough to think about bipartisan fiscal responsibility.  Most Americans are for it---probably by a massive majority---but most haven't even thought about practical ways to ensure that the Congress does...
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Taking the Long View

By James Schaefer. In America nearly everyone has the opportunity to acquire substantial retirement savings; it's simply a matter of applying self discipline (and some common sense) consistently over a very long period of time.  Starting at age 22, saving a million dollars -- or more -- in retirement accounts is fairly...
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Americans For A Balanced Budget Amendment

Alan Parks is the founder of Americans For A Balanced Budget Amendment (http://www.balanceourbudget.com/), which collects signatures and builds support for the constitutional amendment that came within one vote of passing the Congress back in the mid 1990s.  It can be done. Alan tells us that he commissioned a survey, with dollars from his own pocket,...
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The Safe Withdrawal Rate

By John Lumbard.   The “safe withdrawal rate” is the amount of cash a retired person can withdraw from an IRA or other investment account without someday running out of money.  It’s not an easy figure to calculate, because you need to project your investment returns and your cost of living...
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Candidates Calling for a Balanced-Budget Amendment

Governor Tim Pawlenty of Minnesota:  http://www.timpawlenty.com/balancedbudget.  If you sign the petition you WILL be given an opportunity to decline fund-raising e-mails . . . . There is also an opportunity to put up a comment.  Our contribution: "Greater freedom for the American people will only become possible if we restrict Congress's freedom to intervene...
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Hope Springs Eternal . . .

We noted with interest an article in this morning's New York Times, on public sector pensions (States Take Aim at Pension Costs).  To successfully address the debt crisis, sacrifices will need to be shared across both the private and public sectors, and they will need to include entitlements, benefits, services,...
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Statutory Debt

By James Schaefer. Corporations, sole proprietorships, unions, and government all share a common mandate to Grow the Franchise. In the private sector this growth is constrained by the ability to make a profit---while laboring to provide goods or services that have value to others.  For them, the cost of money is real,...
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Markets will punish government profligacy

By Paul Casto In this article from Reuters, the head of the European Central Bank predicts that irresponsible governments will have to pay higher interest rates when they borrow.  Trichet is warning that other European nations could follow Greece down the slippery slope, but the same applies to the United States.  This...
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Balance the Budget

The press and the public have largely accepted the need to do something about the nation’s growing debt, and that’s very encouraging.  But there isn’t much time;  we don’t have to actually balance the budget in the next two years, but it’s essential that we prove to the world (the...
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The Debt, The Deficit, and You

The White House recently projected a $1.6 trillion deficit for 2010.  The deficit is the amount of money the Congress borrows each year, whenever it spends more than it collects in taxes.  This $1.6 trillion is new debt, on top of "the federal debt” that you’ve been hearing about for years, and it’s...
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