Tag Archive: Government Spending


 ForAmerica

 

     That is a staggering number and it amounts to a rate of nearly a half a billion dollars per hour which we thought might be excessive even for our wastrel State but Wiki. Answers was kind enough to do the math :  How much money does the federal government spend every hour

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Poverty Level Under Obama Breaks 50-year Record

 

 

 

” Fifty years after President Johnson started a $20 trillion taxpayer-funded war on poverty, the overall percentage of impoverished people in the U.S. has declined only slightly and the poor have lost ground under President Obama.

  Aides said Mr. Obama doesn’t plan to commemorate the anniversary Wednesday of Johnson’s speech in 1964, which gave rise to Medicaid, Head Start and a broad range of other federal anti-poverty programs. The president’s only public event Tuesday was a plea for Congress to approve extended benefits for the long-term unemployed, another reminder of the persistent economic troubles during Mr. Obama’s five years in office.”

 

 

 

 

 

 

” Although the president often rails against income inequality in America, his policies have had little impact overall on poverty. A record 47 million Americans receive food stamps, about 13 million more than when he took office.

  The poverty rate has stood at 15 percent for three consecutive years, the first time that has happened since the mid-1960s. The poverty rate in 1965 was 17.3 percent; it was 12.5 percent in 2007, before the Great Recession.”

 

 

 

 

 

 

 

New Air Force Cargo Planes Fly Straight Into Mothballs

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” The Pentagon is sending $50 million cargo planes straight from the assembly line to mothballs because it has no use for them, yet it still hasn’t stopped ordering the aircraft, according to a report.

  A dozen nearly new Italian-built C-27J Spartans have been shipped to an Air Force facility in Arizona dubbed “the boneyard,” and five more currently under construction are likely headed for the same fate, according to an investigation by the Dayton Daily News. The Air Force has spent $567 million on 21 of the planes since 2007, according to purchasing officials at Dayton’s Wright-Patterson Air Force Base. Of those, 16 have been delivered – with almost all sent directly to Davis-Monthan Air Force Base in Tucson, where some 4,400 aircraft and 13 aerospace vehicles, with a total value of more than $35 billion, sit unused. “

And to think the purchase can’t even be spun as a “stimulus” effort for an American aircraft company since the jets are of Italian manufacture . Shame

Rep. Nancy Pelosi: Nothing Left To Cut In Budget

‘The Cupboard Is Bare’

 

 

” House Minority Leader Nancy Pelosi says Republican-led efforts to rein in government spending are pointless because there is nothing left to cut in the almost $4 trillion-a-year federal budget.

The federal budget has doubled in size in 12 years, from $1.9 trillion in 2001 to $3.8 trillion this year.”

 

 

 

 

 

 

 

 

Austerity Myth

 

 

 

 

” Europe’s struggles prove that “austerity” fails!

With a condescending sigh, they explain that Europe made deep cuts in government spending, and the result was today’s high unemployment. “With erstwhile middle-class workers reduced to picking through garbage in search of food, austerity has already gone too far,” writes Paul Krugman in The New York Times.

One problem with this conclusion: European governments didn’t cut! If workers pick through garbage, cuts can’t be a reason, since they didn’t happen.

Some European countries tried to reduce deficits by raising taxes. England slapped a 25 percent tax increase on the wealthy, but it didn’t bring in the revenues hoped for. Rich people move their assets elsewhere, or just stop working as much.

Iceland was hit by bank collapses — but government ignored street protests and cut real spending. Iceland’s budget deficit fell from 13 percent of gross domestic product to 3. Iceland’s economy’s is now growing.

Canada slashed spending 20 years ago and now outranks the U.S. on many economic indicators.

Around the same time, Japan went the other way, investing heavily in the public sector in an attempt to jump-start its economy, much as the U.S. did with “stimulus” under President Obama. The result? Japan’s economy stagnated.”

 

 

 

 

 

 

 

 

 

 

William Boyland Jr. Indicted Yet Again

 

 

 

 

” Assemblyman William Boyland Jr. just can’t catch a break.

Mr. Boyland, who was previously charged with soliciting bribes to pay his legal bills in an unrelated corruption trial, was indicted again last March for wire fraud charges stemming from alleged abuse of per diem requests. And he was just charged yet again today.

“Boyland engaged in a scheme to defraud New York State by steering public funds to a Brooklyn based non-profit organization (‘Non-Profit A’) and then directing that a portion of those public funds be used to pay for community events promoting Boyland and on goods such as t-shirts imprinted with the slogan ‘Team Boyland’ which were distributed at those events,” a press release from the U.S. Attorney’s office this evening declared.”

 

 

 

 

 

What $84 Billion In Cuts from Government Spending Is Like…

 

clooney

3. Bye George

“It would be like George Clooney agreeing to do ‘Up in the Air’ for $48,000 less than the agreed $2 million contract.”

 

 

 

” President Obama told America that if we cut $84 billion under his sequestration plan, children would be thrown out of Head Start and the nation would be more vulnerable to a terrorist attack. Click on these illustrations of what cutting 2.4% from the $3.6 trillion in government spending really looks like! “

 

 

 

Proposed Dem Budget Increases Spending 62% Over Next Decade

 

 

” Senator Patty Murray, the Democratic chair of the Senate Budget Committee, finally released a budget today. Year over year, in this proposed budget, spending jumps dramatically.

For instance, from this year’s budget to next year’s proposed budget, spending would increase by $162 billion. This year, the federal government will spend $3.599 trillion; under Murray’s budget, the federal government would be on track to spend even more.

Over the next decade, spending under Murray’s budget would increase by 62 percent. Here’s a chart from the Republican side of the Senate Budget Committee detailing the increase in spending over the next decade: ” (see above)

 

 

 

 

 

 

 

The Effects Of Sequestration On Federal Spending

 

 

 

 

” While the sequester is widely advertised as cutting spending over a ten year period, there is no actual reduction in overall spending levels. Rather, the sequester slows the overall growth in spending slightly between 2013 and 2023, with spending increasing by $2.40 trillion during that time period. Spending grows 51 percent, or $1.81 trillion, with sequestration between 2013 and 2021, the period when automatic spending procedures are to be enforced.”

 

 

 

CBO: TAX REVENUE HITS ALL-TIME HIGH

 

 

” While President Obama claimed repeatedly during both the fiscal cliff and the sequestration debate that America’s problem lay just as much on the tax revenue side as it did on the government spending side, new statistics show what a lie that is. According to the Congressional Budget Office, federal tax revenue will hit $2.7 trillion in 2013, the highest number ever.

Liberals will hang their hat on the fact that tax revenue totals 16.9 percent of GDP this year, as opposed to 18.5 percent in 2007, but that is because people earn less taxable income during recessions.”

 

 

 

 

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Boehner : ‘How Much More Money Do We Want To Steal From The American People?’

 

 

 

 

” House Speaker  said he favors pushing for more spending cuts instead of new revenues to get the federal budget under control.

“You’re talking about how much — you’re asking a question, how much more money do we want to steal from the American people to fund more government? I’m for no more,” he said.

Boehner told reporters that President Obama wants to close tax loopholes as part of an agreement to avoid the looming sequester, but only so he can justify raising revenue for new government spending.”

 

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Federal Welfare Spending to Skyrocket 80 Percent in Next Decade

 

 

Currently, 95% of spending on means-tested poverty assistance falls into four categories: cash assistance, health assistance, housing assistance, and social and family services.  Welfare spending has increased on a year-over-year basis regardless of whether the economy has improved or unemployment has declined, and is projected to continue this dramatic rise indefinitely.  Spending on these poverty programs will rise approximately 80% from FY2013-FY2022, representing a total cost of $11 trillion – roughly one quarter of cumulative federal spending.  Slowing the growth rate from 80% to a still massive 60% would thus result, according to standard congressional budget accounting, in a $1 trillion savings over ten years. “

 

 

 

Voice Your Displeasure With Washington DC

From Americans For Prosperity Comes This Novel Approach

 

 

 

 

Or Send A Note Of Thanks To Those On The Nice List 

 

 

” Members of Congress have been making backroom deals and preparing to bring you a season’s greeting of their own called “Merry Taxmas!” Americans for Prosperity wants to keep “Taxmas” from happening, by ensuring Congress keeps its promise of cutting wasteful government spending. Please follow the steps below to make your voice heard this holiday season.”

 

 

HT/Ramparts 360

How Much Do We Owe?

Too Damn Much  

 

  “Have you ever wondered how much we as taxpayers actually owe because of commitments politicians have made on our behalf? Turns out, the answer is not as simple as you might think.

The place to start is with a report put out annually by the U.S. Treasury. There I learned that the federal government officially recognizes an outstanding debt of $17.5 trillion. This amount consists of $10.2 trillion in government debt held by the public, plus pension and retirement benefits owed to federal employees.”

 

Even these numbers are deceptive …

 

   “So let’s see if I’ve got this right. I’ve been paying Social Security taxes for some 45 years or so and the federal government doesn’t officially admit that it owes me a dime. The same is true for 45 years of Medicare taxes. But it does admit that it owes pension benefits and post-retirement medical benefits to federal workers. As a taxpayer, I’m liable for all the promises the government has made to its own employees. But federal workers are not liable (necessarily) for all the promises the government has made to me”

 

Our Social Security and Medicare isn’t guaranteed but federal employee’s retirement benefits are …

 

 ” If today’s seniors get everything that’s been promised to them, they can expect to receive $12.8 trillion in Social Security and Medicare benefits beyond the estimated taxes and premiums that will be collected to fund those programs.”

 

Hold your nose and read the rest . It isn’t pretty 

Lawrence Kudlow interviews Alan Greenspan and they contrast the Reagan recovery with Obama’s …er … recovery stagnation .

” Now contrast President Reagan’s performance with President Obama’s recent attack on business. Instead of exhorting entrepreneurship, Mr. Obama demonized it. Here’s the money quote: “If you’ve got a business, you didn’t build that. Somebody else made that happen.”

   That’s a put down to business recovery, not an exhortation. Reagan praised entrepreneurs into recovery. Why must Obama trash them into recession?

   Great innovators like Thomas Alva Edison, Henry Ford, and Andrew Carnegie didn’t rely on government. There was hardly any of it in those days. More recently, Steve Jobs, Bill Gates, and Larry Ellison used genius to put brand-new ideas into production.

   Then you’ve got a whole smaller class of entrepreneurs: The electricians, bakers, clothing designers, and financial planners. They don’t depend on government. It’s always been a question of the American genius of entrepreneurship that makes the country run. And that’s optimism. It’s not name-calling or negativism. But it is the reliance on government under Obama that has undermined the morale of our economy.

   In an interview this week,Treasury Secretary Geithner said the problem with the economy is insufficient government spending. But I would argue that government spending is the problem . ”

 

This statement by Tim “Turbotax” Geitner ably demonstrate the cluelessness that reigns supreme in this administration ..

Trillion , Kabillion , Jillion

It’s like learning that 1 trillion seconds
equals 38,688 years, while the average
human life spans 2.4 billion seconds —
among analogies compiled by the Heritage
Foundation to help explain the gravity of
the national debt. Well, here’s another
one, this inspired by the Mega Millions
jackpot, a mere $6560 million.
“The largest jackpot ever would be spent
by the federal government in 80 minutes,”
reads a caption by Indianapolis Star
editorial cartoonist Gary Varvel in his
newest offering.
“To see how fast the federal government is
spending money, divide the budget for
2011 by 8,760 hours in a year you get over
$400 million per hour,” Mr. Varvel
explains. “If you spent $1 million every
day since the time Christ was born until
now, you will have spent approximately $
735 billion. Think about that. $1 million
every day for 2012 years and you still will
not have spent $1 trillion. And we’re $
15.5 trillion in debt. Where will it

Posted by John Galt

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