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Peter1469
04-13-2019, 09:35 AM
$2,198,468,000,000: Federal Spending Hit 10-Year High Through March; Taxes Hit 5-Year low
(https://www.cnsnews.com/news/article/terence-p-jeffrey/2198468000000-federal-spending-hit-10-year-high-through-march-taxes)
Here we see the great evil of both main parties: it is the spending stupid.


The federal government spent $2,198,468,000,000 in the first six months of fiscal 2019 (October through March), which is the most it has spent in the first six months of any fiscal year in the last decade, according to the Monthly Treasury Statements (https://www.fiscal.treasury.gov/reports-statements/mts/previous.html).

The last time the government spent more in the October-through-March period was in fiscal 2009, when it spent $2,326,360,180,000 in constant March 2019 dollars.


Fiscal 2009 was the fiscal year that began with President George W. Bush signing a $700-billion law to bailout the banking industry in October 2008 and then saw President Barack Obama sign a $787-billion stimulus law in February 2009.


At the same time that the Treasury was spending the most it has spent in ten years, it was also taking in less in tax revenue than it has in the past five years.


https://www.cnsnews.com/s3/files/styles/content_100p/s3/taxspendch1.jpg?itok=YIAQ4Was (https://cdn.cnsnews.com/taxspendch1.jpg)


Read the rest at the link.

DGUtley
04-13-2019, 09:37 AM
This is disgusting. Just disgusting.

Peter1469
04-13-2019, 09:48 AM
Yes it is.

Rumors are that Trump wants a QE4, although I have not verified it.

Captdon
04-13-2019, 10:13 AM
That would be stupid. It's inflationary. It's what LBJ did to pay for Vietnam. It ruined our economic values. It makes what we pay not only more expensive but wages did not keep up with the inflation it caused.

MisterVeritis
04-13-2019, 10:16 AM
There is ONLY ONE solution but we will not use it.

The only way this can be fixed is through the Constitution's Article V convention of states to propose amendments.

But we won't do it.

So the nation will fail. Those who come after us will live poorer lives as state-serfs or slaves.

DGUtley
04-13-2019, 10:33 AM
B.B.A.

Moderate Democrats Back Balanced-Budget Amendment, Countering Liberals

https://www.bloomberg.com/news/articles/2019-04-09/moderate-democrats-back-balanced-budget-countering-liberals

Adelaide
04-13-2019, 11:36 AM
B.B.A.

Moderate Democrats Back Balanced-Budget Amendment, Countering Liberals

https://www.bloomberg.com/news/articles/2019-04-09/moderate-democrats-back-balanced-budget-countering-liberals

That seems like a very good idea.

MisterVeritis
04-13-2019, 11:59 AM
B.B.A.

Moderate Democrats Back Balanced-Budget Amendment, Countering Liberals

https://www.bloomberg.com/news/articles/2019-04-09/moderate-democrats-back-balanced-budget-countering-liberals
The 27-member Blue Dog Coalition says it’s backing an amendment proposed by Utah Representative Ben McAdams, one of the most vulnerable Democrats up for re-election in 2020. The amendment would allow deficits during wars or recessions and would shield Social Security and Medicare from court-enforced cuts. The requirement for spending to equal revenue would take effect five years after ratification, to allow for a transition period.

Let's examine this.

It allows deficits.
It codifies unconstitutional programs (social security and medicare).
It prevents both programs from ever becoming smaller.
The requirement that spending equal revenue is a perverse constitutional requirement to raise taxes, not to cut spending.

No thank you.

MisterVeritis
04-13-2019, 12:02 PM
Two real amendments

TWO AMENDMENTS TO LIMIT FEDERAL SPENDING AND TAXING

SPENDING

SECTION 1: Congress shall adopt a preliminary fiscal year budget no later than the first Monday in May for the following fiscal year, and submit said budget to the President for consideration.

SECTION 2: Shall Congress fail to adopt a final fiscal year budget prior to the start of each fiscal year, which shall commence on October 1 of each year, and shall the President fail to sign said budget into law, an automatic, across-the-board, 5 percent reduction in expenditures from the prior year’s fiscal budget shall be imposed for the fiscal year in which a budget has not been adopted.

SECTION 3: Total outlays of the United States Government for any fiscal year shall not exceed its receipts for that fiscal year.

SECTION 4: Total outlays of the United States Government for each fiscal year shall not exceed 17.5 percent of the Nation’s gross domestic product for the previous calendar year.

SECTION 5: Total receipts shall include all receipts of the United States Government but shall not include those derived from borrowing. Total outlays shall include all outlays of the United States Government except those for the repayment of debt principal.

SECTION 6: Congress may provide for a one-year suspension of one or more of the preceding sections in this Article by a three-fifths vote of both Houses of Congress, provided the vote is conducted by roll call and sets forth the specific excess of outlays over receipts or outlays over 17.5 percent of the Nation’s gross domestic product.

SECTION 7: The limit on the debt of the United States held by the public shall not be increased unless three-fifths of both Houses of Congress shall provide for such an increase by roll call vote.

SECTION 8: This Amendment shall take effect in the fourth fiscal year after its ratification.

Levin, Mark R.. The Liberty Amendments: Restoring the American Republic (pp. 73-75). Threshold Editions. Kindle Edition.


TAXING

SECTION 1: Congress shall not collect more than 15 percent of a person’s annual income, from whatever source derived. “Person” shall include natural and legal persons.

SECTION 2: The deadline for filing federal income tax returns shall be the day before the date set for elections to federal office.

SECTION 3: Congress shall not collect tax on a decedent’s estate.

SECTION 4: Congress shall not institute a value-added tax or national sales tax or any other tax in kind or form.

SECTION 5: This Amendment shall take effect in the fourth fiscal year after its ratification.

Levin, Mark R.. The Liberty Amendments: Restoring the American Republic (p. 75). Threshold Editions. Kindle Edition.

Mini Me
04-13-2019, 12:04 PM
That would be stupid. It's inflationary. It's what LBJ did to pay for Vietnam. It ruined our economic values. It makes what we pay not only more expensive but wages did not keep up with the inflation it caused.
I think we can put a lot of the blame on NIXON who tore up the Breton Woods agreement, and all the world went on the floating currency which skyrocketed inflation, as nations fiat money printing presses went on a spree. That's when stagflation set in.

Peter1469
04-13-2019, 01:20 PM
There is ONLY ONE solution but we will not use it.

The only way this can be fixed is through the Constitution's Article V convention of states to propose amendments.

But we won't do it.

So the nation will fail. Those who come after us will live poorer lives as state-serfs or slaves.
I think after a crash we may get lots of libertarian enclaves.

Peter1469
04-13-2019, 01:23 PM
Two real amendments

TWO AMENDMENTS TO LIMIT FEDERAL SPENDING AND TAXING

SPENDING

SECTION 1: Congress shall adopt a preliminary fiscal year budget no later than the first Monday in May for the following fiscal year, and submit said budget to the President for consideration.

SECTION 2: Shall Congress fail to adopt a final fiscal year budget prior to the start of each fiscal year, which shall commence on October 1 of each year, and shall the President fail to sign said budget into law, an automatic, across-the-board, 5 percent reduction in expenditures from the prior year’s fiscal budget shall be imposed for the fiscal year in which a budget has not been adopted.

SECTION 3: Total outlays of the United States Government for any fiscal year shall not exceed its receipts for that fiscal year.

SECTION 4: Total outlays of the United States Government for each fiscal year shall not exceed 17.5 percent of the Nation’s gross domestic product for the previous calendar year.

SECTION 5: Total receipts shall include all receipts of the United States Government but shall not include those derived from borrowing. Total outlays shall include all outlays of the United States Government except those for the repayment of debt principal.

SECTION 6: Congress may provide for a one-year suspension of one or more of the preceding sections in this Article by a three-fifths vote of both Houses of Congress, provided the vote is conducted by roll call and sets forth the specific excess of outlays over receipts or outlays over 17.5 percent of the Nation’s gross domestic product.

SECTION 7: The limit on the debt of the United States held by the public shall not be increased unless three-fifths of both Houses of Congress shall provide for such an increase by roll call vote.

SECTION 8: This Amendment shall take effect in the fourth fiscal year after its ratification.

Levin, Mark R.. The Liberty Amendments: Restoring the American Republic (pp. 73-75). Threshold Editions. Kindle Edition.


TAXING

SECTION 1: Congress shall not collect more than 15 percent of a person’s annual income, from whatever source derived. “Person” shall include natural and legal persons.

SECTION 2: The deadline for filing federal income tax returns shall be the day before the date set for elections to federal office.

SECTION 3: Congress shall not collect tax on a decedent’s estate.

SECTION 4: Congress shall not institute a value-added tax or national sales tax or any other tax in kind or form.

SECTION 5: This Amendment shall take effect in the fourth fiscal year after its ratification.

Levin, Mark R.. The Liberty Amendments: Restoring the American Republic (p. 75). Threshold Editions. Kindle Edition.
I think the first and the spirit of the second. Except I would end the income tax and impose a national sales tax.