Should the Republican Congress send a balanced budget amendment to the States?

[EdwardBaiamonte]

How do you determine if a program is wasteful?

simple, when it performs worse than competing programs

 

[Dont Taz Me Bro]

Should the Republican Congress send a balanced budget amendment to the States?

Why would the Republican Congress do such a thing seeing as how they have no interest in balancing the budget?

 

[OnePercenter]

Stick around. Live through a few more Democratic and Republican Congresses and Presidents.

Then try to say with a straight face that only one party spends too much.

How do Democrats spend too much?

 

[EdwardBaiamonte]

Should the Republican Congress send a balanced budget amendment to the States?

Why would the Republican Congress do such a thing seeing as how they have no interest in balancing the budget?

actually dear they have introduced 30 BBA's since Jefferson's first. 100% of the interest in fiscal responsibility lies within the Republicans Party. Newts passed the House and fell one vote short in the Senate with most positive votes being Republican . If the people had supported this concept just a little more today the debt would be 0 not $20 trillion.

 

[EdwardBaiamonte]

How do Democrats spend too much?

by spending always more and more on welfare entitlements turning a safety net into a crippling intergenerational dependency and a source of votes.

 

[OnePercenter]

The solution to Social Security and Medicare is very simple. We are living decades longer than our ancestors who established the eligibility age at 65. We need to raise that eligibility age to 70, and index it to 9 percent of the population going forward.

Only 5.4% of Americans were over the age of 65 when Social Security was established. It was not intended to support everyone in their old age. It was insurance for those who lived beyond the mean life expectancy.

By the time Medicare was enacted, 9 percent of Americans were over the age of 65.

Today, 13.1 percent of Americans are over 65.

This is an unsustainable trend and the solution is blazingly obvious.

It is 'blazingly obvious.'

The problem with Social Security are too fold.

1. The fund was attacked.

2. The American public is making far less (wage vs. expenses) than 45 years ago.

The answer;


-Base Federal tax for corporations at 30% of revenue.

-Raise minimum wage to $23.50/hr. Based on where minimum wage should be using 1970-2013 rise in food, shelter, and transportation.

-Eliminate all business subsidies (deductions/write-offs/write-downs) except for employee expenses which are deducted dollar-for-dollar on all city, state, and Federal taxes and fees with the Feds refunding city, State, and fees.

-Companies with 400 employees or less, employee expenses above the deduction are subsidized at 100% with funds usually give back to the States.

-Adjust Social Security and private/public retirement and pension payments using 1970-2013 price structure.

-Remove the FICA limit.

-Back down ALL costs, prices, fees, to January 1, 2009 levels and hold them for 10 years which will eliminate inflation.

-Recall ALL off-shore investments tax free, and disallow any further off-shore investments.

-Make inversion illegal.

 

[OnePercenter]

I believe I read that my newly elected Senator from Georgia, David Perdue and Senator Jerry Moran (R-KS) introduced a bill with the Fair Tax Amendment. That is a consumption tax that takes the place of all other taxes.

Here is the link
Fair Tax News Georgia for FairTax

Which increases taxes on those that consume the most. Middle-class and poor.

FYI: If you're middle class or poor, Republicans ARE NOT YOUR FRIENDS.

 

[OnePercenter]

it's normal and perfectly appropriate for national budgets to move from surplus to deficit and back to surplus again, depending upon events and economic conditions.

notice how the Nazi liberal is not afraid to lie. Surpluses??? Then how did we get $20 trillion in debt????

YOU voted for Bush.

 

[danielpalos]

.

I happen to be a firm believer in requiring our federal government to balance the budget on an annual basis. To not do so opens the door to accumulating a massive federal debt, as has happened, depriving our nation’s younger generation of their economic liberty in that they are now in debt to the tune of $127 Trillion! See You Think The Deficit Is Bad? Federal Unfunded Liabilities Exceed $127 Trillion

My personal choice for a balanced budget amendment is following what our Founders intended, and is reflected in the FAIR SHARE BALANCED BUDGET AMENDMENT which follows.


The Fair Share Balanced Budget Amendment


“SECTION 1. The Sixteenth Amendment is hereby repealed and Congress is henceforth forbidden to lay ``any`` tax or burden calculated from profits, gains, interest, salaries, wages, tips, inheritances or any other lawfully realized money.


NOTE: these words would return us to our founding father’s ORIGINAL TAX PLAN as they intended it to operate! They would also end the experiment with allowing Congress to lay and collect taxes calculated from lawfully earned "incomes" which now oppresses America‘s economic engine and robs the bread which working people have earned when selling their labor!

"SECTION 2. Congress ought not raise money by borrowing, but when the money arising from imposts duties and excise taxes are insufficient to meet the public exigencies, and Congress has raised money by borrowing during the course of a fiscal year, Congress shall then lay a direct tax at the beginning of the next fiscal year for an amount sufficient to extinguish the preceding fiscal year's deficit, and apply the revenue so raised to extinguishing said deficit."


NOTE: Congress is to raise its primary revenue from imposts and duties, [taxes at our water’s edge], and may also lay miscellaneous internal excise taxes on specifically chosen articles of consumption. But if Congress borrows and spends more than is brought in from imposts, duties and miscellaneous excise taxes during the course of a fiscal year, then, and only then, is the apportioned tax to be laid.


"SECTION 3. When Congress is required to lay a direct tax in accordance with Section 1 of this Article, the Secretary of the United States Treasury shall, in a timely manner, calculate each State's apportioned share of the total sum being raised by dividing its total population size by the total population of the united states and multiplying that figure by the total being raised by Congress, and then provide the various State Congressional Delegations with a Bill notifying their State’s Executive and Legislature of its share of the total tax being collected and a final date by which said tax shall be paid into the United States Treasury."


NOTE: our founder’s fair share formula to extinguish an annual deficit would be:

States’ population

---------------------------- X SUM TO BE RAISED = STATE’S FAIR SHARE

Total U.S. Population


The above formula, as intended by our founding fathers, is to insure that those states who contribute the lion’s share of the tax are guaranteed a representation in Congress proportionately equal to their contribution, i.e., representation with proportional financial obligation!


Note also that each State’s number or Representatives, under our Constitution is determined by the rule of apportionment:


State`s Pop.
------------------- X House size (435) = State`s No. of Representatives
U.S. Pop.


"SECTION 4. Each State shall be free to assume and pay its quota of the direct tax into the United States Treasury by a final date set by Congress, but if any State shall refuse or neglect to pay its quota, then Congress shall send forth its officers to assess and levy such State's proportion against the real property within the State with interest thereon at the rate of ((?)) per cent per annum, and against the individual owners of the taxable property. Provision shall be made for a 15% discount for those States paying their share by ((?))of the fiscal year in which the tax is laid, and a 10% discount for States paying by the final date set by Congress, such discount being to defray the States' cost of collection."


NOTE: This section respects the Tenth Amendment and allows each state to raise its share in its own chosen way in a time period set by Congress, but also allows the federal government to enter a state and collect the tax if a state is delinquent in meeting its obligation.


"SECTION 5. This Amendment to the Constitution, when ratified by the required number of States, shall take effect no later than (?) years after the required number of States have ratified it.


JWK


“…..with all these blessings, what more is necessary to make us a happy and a prosperous people? Still one thing more, fellow-citizens—a wise and frugal Government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement and shall not take from the mouth of labor the bread it has earned. This is the sum of good government, and this is necessary to close the circle of our felicities“. Thomas Jefferson, First Inaugural Address

No. The Power to pay the Debts is clearly enumerated.

 

[OnePercenter]

over a 2 years period, for example, based on non partisan projections

For a private business maybe. But that's more like 5-10 years out.

Government is much different. For example; How many weather events has the government paid for since 1980 vs. the previous 35 years? How many insurance companies walked away from their customers after a weather event since 1980 vs. the previous 35 years? Who gets to foot the bill to make Americans whole?

To make matters worse (insurance companies); How many large re-insurers do we have left since Lords of London closed? One?

 

[TooTall]

We have enough trouble with the mess Obama left to try to amend the Constitution.

Which is the least of your problems. Look at what Republicans/corporate America/wall street have done financially to the majority of Americans.

My 401K and IRA's invested in the stock market have done very well for me, thank you Wall Street.

 

[OnePercenter]

Libertarianism Makes You Stupid

so our Founders were stupid?? How??

No. But they died 200+ years ago. The world was a MUCH different place 200+ years ago.

 

[OnePercenter]

How do you determine if a program is wasteful?

simple, when it performs worse than competing programs

Have an example?

 

[OnePercenter]

How do Democrats spend too much?

by spending always more and more on welfare entitlements turning a safety net into a crippling intergenerational dependency and a source of votes.

By welfare entitlements you mean Walmart? It can't be for people since $1.00 spent on welfare for people puts $1.70 into the economy. Walmart welfare puts NOTHING into the economy.

 

[TooTall]

Should the Republican Congress send a balanced budget amendment to the States?

Why would the Republican Congress do such a thing seeing as how they have no interest in balancing the budget?

You obviously have not been paying attention.

JOHN CASSIDY
FEBRUARY 11, 2013

According to a piece by the National Review’s Robert Costa, Senate Minority Leader Mitch McConnell and his number two, John Cornyn, hope to introduce a bill as early as Thursday that which would enshrine in the Constitution a requirement for the federal government to balance its spending and revenues. House Republicans, including Paul Ryan, are also reportedly lining up behind the idea, which has long been part of the conservative agenda. In 1982, Ronald Reagan endorsed the concept. In 1994, it was an element of the Contract with America. And in 2010, it returned to the national agenda as part of the Tea Party platform. During the past thirty years, Congress has on numerous occasions considered and rejected bills incorporating a balanced budget amendment, most recently in 2011.

 

[OnePercenter]

My 401K and IRA's invested in the stock market have done very well for me, thank you Wall Street.

How much did you loose in 2008?

 

[TooTall]

My 401K and IRA's invested in the stock market have done very well for me, thank you Wall Street.

How much did you loose in 2008?

My portfolio fell by about 50%. It is now about 20% above what it was before the housing bubble collapsed the market. I would have lost a lot if I had sold, but instead I doubled down and bought when it took a dive. Now I am selling. See how that works!

 

[TooTall]

it's normal and perfectly appropriate for national budgets to move from surplus to deficit and back to surplus again, depending upon events and economic conditions.

notice how the Nazi liberal is not afraid to lie. Surpluses??? Then how did we get $20 trillion in debt????

YOU voted for Bush.

Bush added 5 or 6 trillion to the debt in 8 years and Obama has added 7 trillion in 6 years. I'll take Bush every time.

 

[TooTall]

I believe I read that my newly elected Senator from Georgia, David Perdue and Senator Jerry Moran (R-KS) introduced a bill with the Fair Tax Amendment. That is a consumption tax that takes the place of all other taxes.

Here is the link
Fair Tax News Georgia for FairTax

Which increases taxes on those that consume the most. Middle-class and poor.

FYI: If you're middle class or poor, Republicans ARE NOT YOUR FRIENDS.

You apparently know NOTHING about the Fair Tax and I will not waste my time educating you. Buy the book or read the proposed bill and you will see how wrong you are.

 

[OnePercenter]

My portfolio fell by about 50%. It is now about 20% above what it was before the housing bubble collapsed the market. I would have lost a lot if I had sold, but instead I doubled down and bought when it took a dive. Now I am selling. See how that works!

Sure, I see how you lost 50% which made you play catch-up. That 50% would have placed you at a higher balance and return today.

I called an 'all-out' in August 2007. I went all out. The ONLY thing I lost was not making a return on investment which wasn't there. The existing capital I still own.