Alarming! Washington’s Dilemma!. Soaring debt and a budget Congress can’t balance.
This VIDEO explains WHY. Every person in AMERICA should watch this video!
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Capitalism has become the scapegoat for many social woes. When critics are pressed to assert their opinion, a couple of distinct charges are leveled at the economic system: it generates inequality and it threatens social solidarity by allowing individuals some priority over their communities, says James R. Otteson, chair of the Philosophy Department at Yeshiva University in New York. However, not only are many of the claims against capitalism misleading and overly caustic, but also they fail to account for the enormous positive influence that capitalism has in the world, specifically by curtailing the growth of poverty. Because capitalism truly came into its own as an economic model approximately 200 years ago, a comparison of modern economic indicators with those from 1800 is enlightening. Continue reading from NCPA…
April 29 marks the third year that the U.S. Senate has not passed a budget. Now more than ever, it is crucial that Americans understand what our nation’s spending, taxes, and debt mean for them and their families and why Congress must urgently get back to budgeting. The Heritage Foundation’s newly released Federal Budget in Pictures 2012 edition (previously called the Budget Chart Book) offers a unique tool to learn about the federal budget in a clear and compelling way. Debt and Deficits chart 1 shows that publicly held debt is set to skyrocket as deficit spending explodes to finance runaway spending on Medicare, Medicaid, and Social Security. If government spending continues on its current trajectory, in less than 20 years each man, woman, and child in America will owe more than $100,000 for their share of the federal credit card. To view Charts and continue reading from The Heritage, click here. President Obama’s 2013 budget would add $3.5 trillion to annual deficits through 2022, according to a new estimate from the Congressional Budget Office (CBO). It also would raise the deficit next year by $365 billion, according to the nonpartisan office. The CBO estimate is in sharp contrast to White House claims last month that the Obama budget would reduce deficits by $3.2 trillion over the next decade. Continued reading… On April 1, Japan will cut its corporate tax rate to 36.8 percent from 39.5 percent. You know what that means, right? It means the United States will officially have the highest corporate tax rate in the world, with average combined federal and state profit levies of 39.2 percent. “Yes, that’s higher than Sweden,” The Wall Street Journal reports. “Higher than Russia. And China, Mexico, Denmark and even France. Doesn’t it make you want to break out in a chant: U-S-A, U-S-A?” Continue reading… “The FY 2013 budget marks the fourth straight year that President Obama has failed to address America’s entirely unsustainable habit of spending increases and debt accumulation in his budget requests,” said CAGW President Tom Schatz. “The budget projects spending of $47 trillion over the next 10 years, an increase of 62 percent from FY 2011 to FY 2022. If the President gets his way, real deficit reduction will not begin until FY 2018, two years after he has left office. Even if Congress agrees to stick to that plan, which is unlikely, the deficit will be still be $704 billion in FY 2022 and gross federal debt will have climbed to $25.9 trillion.” Continue reading…. The $16.4 trillion debt ceiling could be reached just weeks after Election Day, according to a new report. The analysis raises the possibility that lawmakers might have to raise the nation’s borrowing limit before the election, a scenario they took pains to avoid in the debt deal passed in August. Now, partially due to lower than expected tax receipts, the nation could reach the $16.4 trillion debt limit as early as late November, according to an analysis from the Bipartisan Policy Center (BPC) to be released Friday. Continue reading… Few now doubt that the U.S. government is rushing headlong toward a major fiscal crisis. Promised future outlays, mainly for Social Security, Medicare and Medicaid, far exceed projected future revenue, and the total federal debt continues to grow beyond previous boundaries, says Jeffrey Rogers Hummel, an associate economics professor at San Jose State University.
The federal government is spending more per household than ever before. Since 1965, spending per household has grown by nearly 162 percent, from $11,431 in 1965 to $29,401 in 2010. From 2010 to 2021, it is projected to rise to $35,773, a 22 percent increase. Click here for budget charts… |
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