** 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 **The average carried credit card balance in the U.S. is almost $16,000 per household. The average interest on that carried balance is 12.79% (source: Creditcards.com). The true cost of borrowing money is the sum of interest paid, plus the earnings foregone had that money been invested; this is what economists call "opportunity cost": the cost of the foregone opportunity to do things differently. For example, the true cost of a "Zero-percent interest!" auto loan is actually the earnings foregone had the money been invested, i.e., around 6.6%; and the true cost (the opportunity cost) of a carried balance on a credit card is the sum of the interest charged (12.79%) plus the earnings foregone (an average market return of 6.6%), or over 19%.
Have Your Say!
- 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!
- FaGaurlwal on Incentives Rule!
- James Schaefer on The ENTIRE Government Runs on Borrowed Money
Topics$1.6 trillion deficit $8.2 trillion $12.8 trillion 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 fiscal respnsibility fiscal responsibility Fiscal Sanity government debt Greece growth of government interest rates Judd Gregg limit on federal spending Line-Item Veto national debt net debt Pledge of Fiscal Responsibility political platform Portugal Social Security Spending Cap Spending Limit Amendment Sustainable Government Tax Reform Tea Party Term Limits trillion dollars unsustainable fiscal policy
By John Lumbard. We have the most ridiculous tax system in the history of the world. Last year Clorox paid taxes at a 39% rate---nearly twice what they’d pay if they moved to Canada---while GE paid nothing. The wealthiest 10% of our citizens pay 70% of all the nation’s taxes, but...Read More
. . . It must be a Constitutional Amendment, the voice of the people, and inviolable; it must limit government’s ability to live above its means, and it must limit the size of government relative to the economy. It is unconscionable that our generation would leave a legacy of profligacy and...Read More