** 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 **Most of the millionaires in the U.S. are small business owners, and their wealth is tied up in their businesses. They drive used, American-made sedans; they live in modest homes in middle-class neighborhoods. Most of them are first-generation wealthy; they did not inherit their wealth, but earned it the hard way, through adding value in a business, or by saving diligently. Source: "The Millionaire Next Door", by Thomas Stanley and William Danko.
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
growth of government Archive
By James Schaefer. The original colonists of America and Canada were risk-takers -- by definition, a self-selecting group of people -- willing to leave behind family and culture and language and all that stood for civilization to cross an ocean in search of a better life. No government handouts awaited them. That entrepreneurial spirit...Read More
By James Schaefer. In a Wall Street Journal piece entitled Obama and the Politics of Condescension, Karl Rove asks the question, "Do we place our trust in the federal government or the people?" This question is not a new one. At the founding of the republic, it was central to the debate. Alexander Hamilton wanted...Read More
By Paul K. Wright. The economy of 2012 should look very similar to the economy of 2011, and it’s likely that we won’t see any change in this low-growth environment for a number of years. Consumers and corporations have been spending less and paying down debt, and while this lower rate...Read More
By James Schaefer. In today’s Wall Street Journal, the lead editorial discusses the problems of government overspending (The Road to a Downgrade, July 28, 2011). Medicare, Social Security, and Medicaid prove Milton Friedman's thesis: we cannot get something for nothing. There is no free lunch; and indeed, it is quite an...Read More
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
By John Lumbard. Spending more than you have feels pretty good, so the resistance to balanced budgets---or anything close to balanced budgets---is not surprising. Still, it's always a bit of a shock to read carefully-thought-out opinions, written by smart people, that are nonsensical efforts to bend reality to justify the status quo. Today...Read More
By James Schaefer. At long last, the topic of entitlement reform -- "the topic" -- has been broached (see Weekend Interview with Paul Ryan). These entitlements -- Social Security, Medicare, Medicaid, and the Prescription Drug Benefit -- are the promises that politicians have made to American citizens for decades. We think of them...Read More
By James Schaefer. Scott Adams, the author of Dilbert, recently had a feature article in the Wall Street Journal, entitled "How to Tax the Rich", and he asked readers to think up incentives that might allow our biggest taxpayers to feel a bit better about dropping hundred-thousand-dollar checks into the ravenous maw...Read More
By Ron Olive. (To the Editor of the Wall Street Journal) Sir: In “Revenues Are Rising” (Review & Outlook, January 12th), you tell us that, according to the Congressional Budget Office, federal receipts “have climbed by $44 billion, or nearly 9%, to $531 billion” during the first quarter of fiscal...Read More
By John H. Haldeman, Jr., CFA During the 1840s, before Texas was admitted to the Union and before oil was discovered, bonds issued by the territory were deemed speculative, and traded at a large discount. Embedded in the treaty of annexation was a provision that the United States would assume...Read More