Tuesday, July 12, 2011

Debt Crisis - #3067 - Our Retreat from Prosperity - American Thinker (2) Higher Taxes Not the Answer - Heritage Foundation (3) 2.4 Million Fewer Americans Working Now Than When Obama Signed Economic Stimulus - CNS News (4) U.S. Must Borrow Another $5,240 Per Household Just to Fund Government at Current Level thru 9/30 - CNS News

The process that built the United States into the world's wealthiest country has reversed; it's tearing down what it once built. Americans once sang proudly of "America the Beautiful"; now they avert their faces in guilty silence while demolishing everything that once defined them. They welcome strangers to replace them. This is an ending; it cannot end well. Long downhill slides never have. British colonists came to North America for opportunity denied by the rigidities of their home society. The British had made the most of the Industrial Revolution up to that time and they brought that with them. Some tried communal forms of organization; those quickly failed and were replaced by private property, which worked because people produced when they could own and enjoyed the result. Private property was a foundation inducing colonists to produce; a result was their buying and taking land to develop from the Indians, a process that accomplished the replacement of the Indians by the colonists.........Maybe Americans will revert to their roots, rise up, and restore that which provided their glorious past; no better time to consider that could be imagined. Read more....... AW: Great article, please read.


Higher Taxes Not the Answer - Heritage Foundation -  Republican congressional leaders will meet in the White House today with their Democratic counterparts and President Obama in an effort to reach an agreement on the debt ceiling. Reports are sketchy as to whether they will succumb to arm-twisting by the White House, amplified in the media, to cut a deal in which “everyone has to give a little”—or fill your preferred cliché. It is thus an appropriate time to remind everyone that Americans have already given all they can, especially to the IRS, and, no, it isn’t time to raise taxes—on the contrary, it’s time for politicians to curb their spending habits.  But just in case dire warnings about defaulting on the debt don’t work and the Republican leadership holds its ground today, a small team of Treasury officials along with friends of the White House are carving out a Plan B ploy to borrow more money on its own authority. It is based, to be charitable to its originators, on a dangerously flawed reading of the 14th Amendment.  The core issue that has Washington in a deadlock is the $14.3 trillion federal debt ceiling—Congress either has to borrow more money to pay its bills, cut spending, or raise taxes—the last option being so unpopular that even its liberal proponents call it by another name: “revenue enhancements.”  Read more........

2.4 Million Fewer Americans Working Now Than When Obama Signed Economic Stimulus - CNS News - There were approximately 2.4 million fewer Americans working in June 2011 than there were when President Barack Obama signed the economic stimulus bill on Feb. 17, 2009, according to data from the Bureau of Labor Statistics (BLS).  According to the BLS, there were approximately 141.68 million people counted as “employed” in America back in February 2009. By June of 2011, that number had fallen to approximately 139.33 million, yielding a net reduction in jobs of approximately 2.4 million.  Read more........


U.S. Must Borrow Another $5,240 Per Household Just to Fund Government at Current Level thru 9/30 - CNS News - President Barack Obama and congressional leaders seeking to negotiate a deal to increase the legal limit on the federal government’s debt, would need to agree to increase that debt by $615.865 billion between now and Sept. 30, just to keep the government going at current spending levels, according to the CBO’s latest estimate of the fiscal 2011 deficit and the Treasury Department’s latest accounting of the federal debt.  Given that the Census Bureau estimates there are now 117,538,000 households in the United States that means the federal government must borrow an additional $5,239.71 per American household just to maintain the current federal spending level through Sept. 30.  Read more.........

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