Washington has created a self induced crisis. There is no need for any of this nonsense and I say it is a total disgrace. The country is on the verge of a major financial meltdown for no reason. The big egos in Washington which includes Democrats, Republicans and Teapots need to put everything aside and get together real quick and increase the debt limit.
Remember that first time when they failed to pass the TARP bill. The stock market went nuts. Well this time the country is not going to get a second chance. If they fail to act now, the world will no longer be convinced that the full faith and credit of the U.S. dollar means a thing. When the U.S. dollar is no longer the prime currency of reserve - watch out!
As a CPA , it is obvious to me what needs to be done. I am asking all fellow CPAs to speak up now and tell Washington enough is enough. Here is a simple link to find the phone number of your Congressman - www.congress.org/congressorg/directory/congdir.tt
What do YOU think? Let Washington know.
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45 comments:
Disgrace is the correct word but not quite strong enough. Congress and the President are not fit to run this country if they can't put personal agenda's aside and run this country.
Many Europeans are scratching their heads and wondering why BOTH parties are playing brinksmanship games that could affect the entire world’s economy. Although I believe that the impact is over-rated, the markets do not. As I write this Email, the DOW, Nasdaq and S&P 500 have taken beatings four days in a row.
What many people in the world think is that the US is far too inwardly focused, not realizing that as a superpower, it has responsibilities that go far beyond its own self-interest. Almost everyone who is rational realizes that both sides are correct.
The Congress and Senate need to raise taxes AND cut expenditures. The neo-conservatives have convinced the “common man” that raising taxes on the extremely wealthy will lead to slower economic growth. The Tea Party constantly uses this as a mantra.
So many economists have disproved the Laffer curve that it is hard to believe that “conservatives” still tout it as a “cure all” for the country’s economic woes. One only need look at the wealth distribution statistics over the last 60 years to see that it has not created overall economic well-being for, or improved the quality of life of the middle class or the average American citizen.
I shake my head in disbelief when I see the antics that Boehner & Co. use. Now is not the time to dither, play political games, or practice brinksmanship! It is time to compromise (that really is not a bad word, it works here in Switzerland) develop solutions and act on them.
America, reduce your debt!
Best regards,
Paul J. Boller
Egg, Switzerland
I disagree. Do you do any turnaround work?
I think the "teapots" as you call them are standing on principle over politics and I think it's not only refreshing, but a turn in the right direction.
Perhaps you can explain your sophomoric rant and let us know how borrowing more is the best way to get out of the impending crushing debt...
I agree! I would like to see a single list distributed over the internet, of every member of congress--their party affiliation and home state, with a message: "Make sure none of these idiots are re-elected!" Because I intend to do what I can to remove my congressmen. They seem to be blinded by egos.
I doubt that you would give the same advice to a business client, ie please continue to spend more than you make, and just run up more and nmore debt.
I noticed in your ranting that you did not mention Pres. Obama. As far as the 'teapots', can you clarify who you mean? The tea party is simply telling the Govt to control their spending. Why do you have a problem with this?
It is time the American people wake up. We need to issue 537 pink slips. We need to completely remove all federaly elected politicians. They do not work for us any longer, they work for their own self interest and the highest bidder. It is time to ban career politicians.
I agree...these teapots are idiots. McCain rightfully referred to them as Tea Party Hobbits (borrowed from the WSJ). The reality is that you turn the country around by increasing revenue and cutting expenses. It's called a compromise and we're in this mess because of the GREAT RECESSION. Have we forgotten the cause of the Great Recession. Where were the Hobbits when Bush was ringing up $5 Trillion of debt?
Dear Anonymous 1:54- Obama has been a huge letdown. When he was elected the country wanted change and was looking for inspiration from a visionary leader to build a future- and he totally blew it!!!
Nothing has changed.
Raising the debit ceiling will allow us to pay the bills we have already incurred. We have no choice- so why play games and delay it.
As far as moving forward, I do not believe cutting government spending is the way to go. You could never cut enough to bail us out. There has always been government waste and while I don't approve of it, THAT IS NOT WHAT GOT US INTO THIS MESS. The deficit is a result of funding numerous war efforts which currently don't appear to have been too successful. Hopefully history will prove differently.
How can someone say cutting down the NASA space program is good for our country. Most of the technology we use today including the Internet is a direct result of the money we put into NASA and government programs over the years.
Unfortunately the government must raise revenues. There is no other option that will work. There are only two ways to raise revenues... sell off government assets and or raise taxes. TAXES MUST GO UP AND THE WEALTHY ARE GOING TO FOOT THE BILL SINCE THE MIDDLE CLASS IS BROKE.
I disagree Michael. It's interesting that you would advocate to continue the spending binge.
1) Yes, spending IS the problem. (Let's eliminate all unconstitutional cabinet posts.)
2) And when "the wealthy" pay more taxes, who's prices go up? Aren't you forgetting something Michael?
Actually, I'm inclined to think there are quite a few "crackPots" here that think they're CPA's. What lousy advice: "Dear Client, As a CPA, I have the latest a greatest 'best practice': Spend until the revenue catches up."
Glad to be an American. Thanks for the airing...
Maybe I'm just a little old fashioned when I balance my checkbook and my budget.
You shouldn't spend what you don't have and if you take it from someone else they can't spend it either so the economy will not increase by increasing taxes.
Your mostly right but it's the Republicans that are playing politics and most of the people see that. Unfortunitley many CPA's will base their support based on their political affilation. Yes, the US needs to cut spending , but the country needs revenue as well , from tax increases. A balanced approach , but the Republicans want it their way or the Highway... i.e. take the economy over the cliff. Presidents George H Bush and Bill Clinton did raise the top rates on the top Brackets, it worked G.H. Bush paid a price for doing the right thing. Neverhtheless , the debt ceiling was increased everytime in the past (except 1 time under Truman - yes he used the 14 Admin. to get it done)with no problems from congress Republicans an Democrats. We can solve this, but by tanking the Stock Markets, losing the Value of our retirement investments and not by hurting the economy by cutting GDP when the Social Security and Veteran checks are not paid later next week and all the troubles that come with not passing the debt ceiling. Pass the Debt Celing with no strings attached and we can comprise later on a long term plan to make the USA financial condition good.
Fired up progressives like Mike have to understand that higher taxes will not get it done. I know it is difficult to realize that taking other people’s money is about to end but try to follow. For reference, see Greece, California, Wisconsin, etc.
So just for fun lets say we wanted to balance the budget by jacking up taxes on Club 250K, which according to Obama is the “rich”. According to the most recently completed census that group totals about 2.2 million families. That’s a problem: The 2012 deficit is forecast to hit at least $1.1 trillion under Obama’s budget.
Spread that deficit over all the households in Club 250K and you have to jack up their taxes by an average of $500,000 -- which you simply can’t do, since a lot of them don’t have $500,000 in income to seize. Most of them are making $250,000 to $450,000 and paying about half in taxes already.
You can squeeze that goose all day, but that’s not going to make it push out a golden egg.
Washington is playing Russian Roulette with 5 rounds in the gun. If ever there were a better argument for term limits and a revision of the two party primary system where the extremists seem to get the nominations, I've never seen it. I love my country, but I feel like there are very few in Washington that value anything but their position. You gotta give a little to get a little, but they forgot that.
Mike I couldn't have said it any better. There is enough common ground, if the extremists in BOTH parties are ignored (which is what they deserve), to agree to some large cuts, ditch the Bush tax cuts NOW ("job creators" be damned, more like job exporters that I can see), and raise the limit until all that has time to take hold. Ignore the voices of the shrill minority/extremists, and do what you KNOW needs to be done, NOW.
This is the most disgusting display of non-leadership by all parties involved. This should be a straight up vote on the debt ceiling. As part of that vote they should include a requirement that they must sit down and work out a complete revision of all programs, entitlements, taxes, everything.
The tax code should be simple - don't use it for "policy", revise the social programs to make them fair and self sustaining, eliminate most deductions and do a higher standard deduction, eliminate the cap on Social Security payins, stop the tax breaks for everyone.
Before I get attacked, most of these would impact me and my family, but I would rather see a better balance and a simpler system and I am willing to pay for it.
We need government to keep us safe, both militarily and regulatory for food, drugs, air and water, and financial, to establish and maintain an infrastructure; to help the less well off to eat, live, have health care and education; to deal with emergencies such as hurricanes and floods; and to ensure safety and fairness in the "big things" such as interstate energy rates, etc.
We have always been a generous country and we need to start acting like it again.
Heaven help us if we don't.
Sherri
I can't pay my credit card bill - so I need to get another credit card so I can pay my bill!!!!
That is what you are claiming. The problem is SPENDING - not a tax revenue shortage. The problem is not the monies spent on war efforts, although that has added to the problem.
The people that make up the Tea party are citizens of this country who see that Congress is out of control on spending and which this administration has made exponentially worse. For you to denigrate them shows your lack of knowledge, and a total absence of analysis of the issues concerned. I'm sorry, you have totally missed the boat on this!!
All I can say, after reading all the comments, is that most of the people who have commented are caught up in the "partisanship" battle. STOP IT!
Be realistic! If you are personally suffering from a "cash flow" problem, how do you solve it? I would venture to say that you would do two things: 1. you would find ways to cut your expenditures, and 2. you would find ways to increase your revenues.
Now is not the time to point fingers - both parties are responsible for this mess. Both parties must compromise, develop a solution and act on it.
To me, as an American expatriate, I can only shake my head and wonder "Why, why, why?
Paul J. Boller CPA
Egg, Switzerland
Though Bush approved too much spending, including for the wars, the Deomcrats REALLY cranked it up when they got control of Congress in 2006.
It is never easy to control government spending. Spending is the best tool of incumbents to buy career extensions.
This so called debt crisis is as good of an opportunity as there will be to get spending under control.
Plus, remember that, in Washington speak, they're really talkin about cutting the RATE OF SPENDING INCREASE IN THE FUTURE, not actual spending cuts.
Stand firm, Mr. Boehner and Mr. Ryan. You're on the right track.
Who were the representatives who failed to vote on Boehner's bill? Who was not even in attendance? I'm looking at congressional websites to find the individual votes per bill.
We are not only throwing egg on our own face in the global economy, but can only be adding fuel to the fire of international anti-Americanism and the threats and violence it poses.
Somebody needs to be the responsible grown-up. The teapots have made their point with their temper tantrum. But their solution is untenable.
Tax rates are down more than 30% since 1960. (Economic growth during the period of high taxes between the Korean and Vietnam wars averaged 2.6% per annum, compounded.) Military spending--not counting the pointless excursions into Iraq and Afganastan--are up more than 70% over the last decade.
Trickle down economics, frankly, never worked. It is less likely to work when the trickling will now be down to those employed overseas.
I agree that in the long run an enterprise should not spend more than it takes in. In the short run, however, most businesses do--and should--occasionally work at a deficit. When I practiced in the public sector and a client had a bad month I did not advise him (I will use the masculine gender to avoid using he or she or they) to lay off all his employees, close the plant, stop buying inventory, fire the salesmen, cancel advertising, etc., etc., etc. Had I given advice like that and had my client been stupid enough to follow that advice, a temporary slowdown would have become a terminal spiral into bankruptcy.
Yes. We need to reduce expenditures. Does that mean we need to eliminate social services? No. There are cheats. Does that mean we need to eliminate all programs? No. It means that we need to evaluate those programs, enhance their controls, make them more efficient, and determine the appropriate way to fund them.
The discussion that rages over taxing the rich--or raising taxes at all--always seems to ignore a few realities. One, follow the money. You tax those who can afford to pay the tax. Two, income taxes are not the only taxes. True, the rich pay a large (though not disproportionate) share of income taxes. I would imagine, however, that as a percentage of income, sales taxes, use taxes, excise taxes and the like take a bigger bite out of the middle and lower classes. Three, much of the foundational services of this country exist to protect the property of the wealthy. The army fights wars to benefit whom? Not the poor; the fight the wars. The police exist to protect the poor from the rich? No, it's the other way around. Who cares more about their home burning down? The poor living in an appartment slum or the rich living in a mansion? The SEC, the PCAOB, the FDIC...these exist to protect the interest of the poor? Court systems and prisons defend the rich and their property from the predation of the poor...not the other way around.
It costs more to insure a new Porsche than an old Ford. The maintenance of the instutions of this country are, in many respects, like insurance. The rich derive a bigger benefit and, hence, should pay more. A simple, equitable concept.
As to the Teapots, they are merely jejune. They would like to believe that government is some form of ogre denying them their rights. In fact, government preserves those rights. In The Leviathan, Thomas Hobbes made the point that people undervalue their government and that the wealthier one was the more one tended to do so. It's as true today as it was then. It makes me laugh to see a bunch of Social Security and Medicare beneficiaries at Teapot rallies. Are they such hypocrits or merely that stupid?
I praise Mr. Rosendale for his editorial. Our country was formed through a process of cooperation, conciliation and compromise. If you don't believe that, then read the Constitution. Bicameralism is a result of compromise. Federalism is a result of compromise. Separation of powers is a result of compromise. Suddenly compromise, the willingness to concede individual welfare to the common good, is bad? Now the party and the "pledge" are more important than the nation? Now campaign funding takes precendence over any other consideration? If so, then the debt limit is unimportant for the country will not survive.
The debt limit does NOT have to be increased for the USA to pay its bills. It will remain perfectly legal to "refinance" or "rollover" all existing treasury bills, notes and bonds that come due.
What won't be legal is to spend more money, which, in my mind, is a good thing. No one in congress has demonstrated the least amount of fiscal restraint, or the ability to say "no" to lobbyists and/or constituents who clamor for their pet projects, so why tempt them?
I agree with all you posted, and am surprised to see you put this out there since this is a very red state. When I was in public practice, I dared not express my opinion for fear of loosing clients. Financing and voting were my only avenues of expressing myself. It is amazing to me that some are still against raising the taxes back to where they were when we had a surplus....Does anyone remember the good old days when politicians cared about our countries fiscal well being, not just getting elected. The middle of the road voters are not for all this tea party nonsense, they are just loud and financed by ??????Not highter taxes, just return to common sense. If you don't have enough money to pay your bills, you raise your prices or get a second job...America needs a raise.
Thank you for speaking out. While I disagree with some of your statements, our profession needs to be more involved and I applaud you. However, we cannot ignore that serious problems with our accounting standards that have contributed to this.
We need to get all the liabilities (and the assets) on the balance sheet and focus on cost rather than legal compliance. And, we need to start including some data on performance in reports.
If CPAs don't lead the way, who will? We need to encourage Congress to act, but we cannot overlook our own complicity in poor accounting and the contribution of that accounting to our present plight. GASB and FASAB are making some hopeful moves. We should encourage more progress.
I must say I only agree with a few of these posts. Raising the debt ceiling is only a temporary fix. I think the original house bill of cut, cap and balance is the proper approach. If the budget is never balanced, we are only kicking the can farther down the road for future generations to deal with it. The wealthy are already paying the majority of the taxes and approximately 50 % of taxpayers pay nothing at all. Congress always spends more than the revenues, even in better economic times. There isn't any incentive for Congress not to spend. I also believe in term limits. The President has them, but none in Congress. Hopefully, America will wake up and use their votes to really make some changes in Washington.
How rude to call patriotic Americans teapots. You should be ashamed of your self. If you are talking about the Tea Party - I am one of them and take offense to your nastiness. I never asked to get your emails and hope never to get one again!!!
You need to read the Constitution, the government shouldn't be doing 90% of what it is undertaking!
You appear to be someone looking out for your self-interest. I think you should get off your soap box.
NO! INCREASING THE DEBT LIMIT WILL BANKRUPT OUR NATION!!!
Washington DC says "the sky is falling" and "we must raise the debt limit NOW". Should we believe them? Why can't we sell some federal assets to pay down the debt? Why is "raising the debt limit" the only option offered to us?
We must balance the budget now. We can balance the budget immediately if we merely refused to raise the debt limit. No one knows exactly where the "over the cliff" tipping point is, but I think everyone at least intuitively "feels" that the debt must be curtailed immediately. Treasury now collects about 2.5-2.7 trillion in actual receipts. Run the numbers and you find this is more than adequate to service the debt, and fund all of the entitlements and other essential services to run the government, including a defensive military, which is what the Constitution authorizes. So, there is no debt crisis, there's plenty of cash flow for essentials, and an immediate balancing of the budget would only eliminate lots of fat, pork and unnecessary federal agencies. "Top down" is the only way to rein in this rabid federal dog.
Politicians "live" off our tax dollars, to get re-elected, and help their special interest union buddies, and build bridges to nowhere. So if a few politicians lose the next election, so what?
This is an entirely phony crisis. If you're an accountant, look at the numbers! The debt has been driven up like a rocket the last few years, for what? Keynesian "voodoo" economics? That idea failed under FDR and it's failing now. Even if you're not an accountant, common sense should tell you that driving the nation into bankruptcy to pay for "current expenditures" is INSANE!
Can we not live within our current revenues? - NO MORE DEBT!
NO! INCREASING THE DEBT LIMIT WILL BANKRUPT OUR NATION!!!
Washington DC says "the sky is falling" and "we must raise the debt limit NOW". Should we believe them? Why can't we sell some federal assets to pay down the debt? Why is "raising the debt limit" the only option offered to us?
We must balance the budget now. We can balance the budget immediately if we merely refused to raise the debt limit. No one knows exactly where the "over the cliff" tipping point is, but I think everyone at least intuitively "feels" that the debt must be curtailed immediately. Treasury now collects about 2.5-2.7 trillion in actual receipts. Run the numbers and you find this is more than adequate to service the debt, and fund all of the entitlements and other essential services to run the government, including a defensive military, which is what the Constitution authorizes. So, there is no debt crisis, there's plenty of cash flow for essentials, and an immediate balancing of the budget would only eliminate lots of fat, pork and unnecessary federal agencies. "Top down" is the only way to rein in this rabid federal dog.
Politicians "live" off our tax dollars, to get re-elected, and help their special interest union buddies, and build bridges to nowhere. So if a few politicians lose the next election, so what?
This is an entirely phony crisis. If you're an accountant, look at the numbers! The debt has been driven up like a rocket the last few years, for what? Keynesian "voodoo" economics? That idea failed under FDR and it's failing now. Even if you're not an accountant, common sense should tell you that driving the nation into bankruptcy to pay for "current expenditures" is INSANE!
Can we not live within our current revenues? - NO MORE DEBT!
Raising the debt ceiling solves nothing. It simply allows us to continue lying to ourselves. There is no risk of default as the default is here. It's happening every day by simply pretending our dollars retain their value. Our problem is that we seem to prefer to continue our lie rather than face the truth. That truth is no matter games we play with our money, make no mistake, someone will be left with the bill. I for one would rather pay the price. Although they are dismissed as loons by "expert", there are politicians who actually want to change the structural problems we face. Ron Paul is one & he has my vote.
--Scott in pittsburgh
Let's not forget who controlled the Congress while "Bush was ringing up $5Trillion in debt"...and the years before.
Glad to see my CPA brethren discussing this.
While I do believe we'll have to raise the debt limit, I also believe we must make a decision about the size and scope of our government and the spending that such a decision would mean.
We need some REAL decisions and related action not just promises of future actions on both sides of the argument.
Shame on us!
When I received the email to read what my fellow CPA's suggest to fix our current predicament, I thought to myself, I sure my fellow CPA's will agree that we have a spending problem, not a debt ceiling problem. Wow, was I surprised to discover otherwise!
I'm ashamed to think that the best my fellow CPA's can recommend as the solution to our current crisis is for Congress to increase the debt. Our economy is at brink of failing because of the same debt that many of you believe we should increase.
Guys, look at it like this, if we look at our country as if it were a business, no CPA worth there fee would recommend to his client that answer to their deficit spending is to simply borrow more! No, the CPA's that I know would recommed to their client to cut spending…, cut spending…, and finally, to cut spending!
It disappoints and disguests me to discover that many otherwise fiscally savvy professionals would suggest that we simply kick the can down the road, encumbering our children and grandchildren with our problem!
“It’s the spending, stupid!”
SHAME ON US!
Andrew R. Meulenberg
Naples. Florida
I am heartsick about the hit my retirement fund is taking over this
aristocratic argument.
I feel lied to and robbed.
I am appauled at the arrogance and posturing going on in Washington DC.
Don't spend money you dont have.
Don't name call.
Don't lie.
Don't steal.
If politicians want "business as usual" in Washington DC then it is time to issue an "overdraft" announcement.
Why aren't CPAs making recommendations to help? For example, as we CPAs know, social security is just an unaudited defined benefit Ponzi scheme. When I audited defined benefit plans, we had to read the actuarial report and book the liability. When I audited federal and state grant programs, it was painfully obvious that there is not ONE thing the federal government does that comes anywhere close to the efficiency of the private sector. But when I talk it up to other CPAs, they clam up, and secretly pray that the "meal ticket" tax code will not be taken away from them. We need to step up to the plate.
I notice Mr Walker has "walked away"...maybe he's in Singapore with Jim Rogers.
We as CPAs should know better than anyone that increasing debt without a balanced budget amendment is not the right direction. Let the people decide whether we should balance our budget. I have more faith in the American people than I do in politicians. Don't the Democrats remember John F. Kennedy's famous speech "...ask not what your country can do for you, ask what you can do for your country." There are too many on the government's payroll and it's time to cut spending drastically before it is too late. The pain of a default now will be much less than a total collapse down the road.
There is a simple solution to avoid this disgrace the next time around. I believe we should tell BOTH houses of Congress AND the President with our votes. Vote AGAINST any incumbent when they are up for reelection, regardless of party affiliation.
I strongly disagree! The congressmen and women who are having the courage to stand up and say, "enough is enough", should be applauded. What is the disgraceful is the backbiting these brave men and women are facing as they administer tough love to the country.
This president has gone on an unprecedented spending binge. He was given the credit card and found that he liked using it. The unfortunate part is that the taxpayer has too foot the bill for his largess. TARP was the most obscene example of this. Instead of using the money to stimulate the economy, the money was target for special interests. As a result, very little was done to help the economy, and much was done to increase the debt.
DO call congress and tell them that you do not support increasing the debt limit without decreasing spending. Our nation's future depends on it!
A few simple things you need to understand:
Say you're the head of a family with an income of $250,000 a year - but you discover your expenses, thanks to free-loading relatives, are now $300,000. Do you cut expenses and dump the free-loaders, or do you insist on borrowing more? We're not talking rocket science here.
Moody's and Standard & Poor's said they would downgrade U.S. bonds if federal spending isn't cut by $4 trillion over the next ten years.
They need to cut expenses- not raise the debt limit.
Anonymous (the one fromn Switzerland) says that both sides have engaged in brinksmanship. It's hard to see how much more Obama, the Incredible Shrinking President, could do: he's agreed to enormous cuts that would cripple the economy and devastate millions of those who depend on Medicare, Social Security, and so forth. The Republicans won't take "yes" for an answer. The truth is, they believe that compromise, with the socialist, Islamist, Death Paneling president is itself evil. So they cannot accept anything he would agree to.
Another "Anonymous" (there seem to be several) thinks all debt is the same --private debt and government debt--, and that governments ought to be run like businesses (fine; but businesses use Central Planning, don't they?).
There's an awful lot of nonsense afloat here, from people who don't seem to understand economics, and who apparently never themselves spent more than they earned (they paid for their first houses with cash), and who equate a government with a business or a household.
The truth is, we already fired a good number of the "537" and look what we got in exchange: morons who say things like "cutting spending will grow the economy" and "we have to have low tax rates on the job creators." The "job creators" have had historically low tax rates for a long, long time. And we've been cutting spending (just ask any state government) for 2 years now. So where are the jobs? where is the prosperity?
"WHAT A DISGRACE! INCREASE THE DEBT LIMIT ALREADY"
Yes, the thing that got us in trouble in the first place, too much debt, and you want to increase the debt limit! Yes, for those people who brought homes too big for them to afford in the first place, let's lend them more money, what a progressive answer!!! Why don't we just bring corzine back as governor of nj...
Spend now & leave the bill to your children & grandchildren.
What CPA would ever give a client that advice, never mind the leading free world country?
What kind of world will there be after the inevitable USA collapse. Who will wind up controlling Middle East resources? Will South Korea survive? Good bye free Tiawan. The possiblities are endless.
I wouldn't want to hire a CPA who can't understand that there is such a thing as too much debt. When the USA cannot generate enough income (taxes) to service the debt and pay down the principal, it is past time to quit spending. The TEA Parties have it right, in my opinion.
It is a disgrace?! I'm proud to be an American. We are showing the rest of the world how a real democracy works. There were no civil servants rioting in the streets. Deficit spending has to stop. This was the only leverage available to start to bring it under control. Let's have this conversation now not later. Continued deficit spending will destroy our country so a little pain right now is worth it. We need to continue to do everything we can to cut spending. I'm tired of seeing trillions of dollars of debt being heaped upon my children. I couldn't think of a more laughable indicator to look at when making important longterm policy decisions than the daily flucuations of stock market. I remember when first TARP bill didn't pass and some Congressman was screaming about the DJIA droping 700 points. The market goes up and it goes down. It's not the governments job to prop it up.
And yes friends longterm cutting spending will improve economic growth. The biggest drag on our economy is an extremely anti-business President who attacks business on a regular basis. People have no confidence to invest in our country, no willingness to take risk because they fear having their wealth stolen from them by the government. We need to stop having federal agencies attack business investments like the Boeing plant in SC, drilling in Alaska and pipeline building from Canada.
Take the Senate away from the Progressive/Liberal Democrats in 2012.
Take the White House away from the Democrats in 2012.
Keep a majority of Conservatives in the House in 2012.
Yes - a total Conservative Legislative and Executive branch of government is what I am advocating. Why?
Since 2006 the Democrats have run the United States financially into the ground with unconstitutional spending and appropriations. It is they who caused the housing collapse through Barney Frank and Christopher Dodd (read "Fannie Mae and Freddie Mac") and their strong-arm tactics forcing banks to write sub-prime loans against the bank executives better judgment.
It is they who have forced an unconstitutional health care mandate on every citizen of this nation that will benefit unions and government employees at an exorbitant cost to the rest of us.
It is they who have raised the debt of this nation to astronomical proportions and, it is they who will destroy this nation if left unchecked.
Only Conservatives, and not all of them, have the fortitude to attack this colossal mess and restore some semblance of order. This nation with all of its overwhelmed entitlement programs cannot survive without permanet, major changes.
Absolutely NO to increased taxes - the more revenue Washington has coming in the more Washington spends in frivolous waste.
There is only default when the debt is not serviced (not paying other bills is separate) - SO SERVICE THE DEBT FIRST - that wasn't hard, was it? Yes - I am a CPA - yes - I am a Conservative - and yes - I am a Woman!! and I vote!!
Calm down, Dono (and everybody else). If you want to state a fact, back it up. Analogies between what a CPA would advise his small business client and how a national economy should be organized are silly. We should have been cutting the debt when we had a roaring economy (and not increasing it by $5 trillion, as GWB did); and when you have a depression (OK, "recession") the government's job is to take up the slack and keep people working.
This isn't that hard: if the government is just another business, then you don't need a government. And at the rate we are going, we won't have one for much longer. Look on the bright side: no more air pollution days, no more air traffic control delays; we won't have an EPA or an FAA.
And while you;re at it, hire your own soldiers to go terrorize people in huts halfway around the world. Just pick up a newspaper (those are those things that use "written words" to explain thing): What the hell are we doing in these backward, remote places? No wonder those tribesmen hate us. But, of course, we can't cut the military: who better than us to control someone else's oil?
Well, there's clueless, and then there's TOTALLY clueless. Referring to Tea Party members as teapots is infantile. Don't like them either, but then why not then stoop to Dumacrats and Repukeakins? Ridiculous.
Historically, our tax revenue was 18.1% of GDP. Currently, we are at 15%. The top 10% of the country owning 90% of the wealth recently had an effective tax rate of 16%. Yes, 16%. Reagan's tax receipts to GDP was intentionally budgeted at 18.2% as he wanted a .1% (who the Republicans point to as their almighty - right there is Obama's argument to the Republican's for raising taxes on the super-wealthy, but he has no clue as well as the fact he is ABSOLUTELY a puppet for the wealthy so we'll move on from that).
Bush's tax cuts were a disaster, and are a continuing disaster under incredibly weak and inexperienced leadership. So, before you start criticizing political parties and saying, "increase the ceiling," know it's an extremely short-term solution that is only kicking the can down the road and increasing the load of EVERYONE, not just the wealthy if not addressed soon - and less disposable income means less stimulation to the economy. But based on your infantile posting, it absolutely appears that your interest is not in vetting the truth, but looking for a short-term "solution" while pointing fingers anywhere but at the person whose leadership has failed miserably - probably even moreso than Bush considering he has done ZERO to try to get the country out of this morass - pun intended.
The disgrace is congress's refusal to make serious cuts in the spending. No sane person or corporation runs deficits at the rate the U.S. government is doing.
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