I’m mad as hell-and you should be too.

In Interesting Information, Uncategorized on January 16, 2011 at 9:09 pm

Tell me, good people, what are the “politicians” using for brains now-a-days.I suspect that it must be a combination of “goose poop mixed with mouse turds”

Can anybody think that cutting taxes will decrease the deficits in our budget and decrease our National  Deficit after President Reagon cut taxes and every year that he did, the deficit went up. Then came along  President G.W.Bush, and he cut taxes and the deficits went up again when he did. Now, believe it or not, I just saw on TV( around the middle of March 2011), a congressman with a bunch of “visual-aids” cards explaining how cutting taxes will lower the  national deficit.

Stop right here with the “BULL” that our “DEFICIT” can be controlled by “CUTTING TAXES”. That is NOT true now…and never has been true.

July 20th, 2008! The United States Has Not Had A Balanced Budget Since 1957! Posted by marketman in Government and PoliticsIn September 27, 2000, CNN wrote that that:the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year’s record surplus of $122.7 billion. I’m not sure where CNN finds their White House correspondents, but they obviously know nothing about government accounting. CNN is not the only clueless news narrators of course; MSNBC, The New York Times, ABC, CBS, USA Today and virtually every other national news agency got it wrong then, and continue to get it wrong today. Here is a tip for the mainstream news agencies: when reporting on US government budgetary issues, check the source. The source I’m referring to is the US Government’s Treasury Direct website. For all the pilfering the US government does of the tax coffers, at least they are honest about it. They accurately and honestly report the largest accounting scandal in world history. CNN just doesn’t understand the numbers.

The common practice is to look at National Debt and Deficits by President. However this practice ignores the role of Congress. It takes actions by Congress to raise the debt ceiling (allowing issuance of debt) and Congress must pass all budget bills. Tracking deficits and debt increases by control of Congress gives a much different picture than by tracking by President. The U.S. Congress was dominated by Republicans from 1861 – 1931, a period when 47 peacetime surpluses were experienced and only 13 peacetime deficits. Democrats dominated the Congress from 1933 to 1994. During that time only 7 peace time surpluses were experienced. The last budget passed by a Democrat controlled Congress to finish with a surplus came in 1969.

As of July 17, 2008, the current US Government Debt is nearly 9.518 Trillion dollars. From the Budget of the United States historical tables (pg 31), the United States tax revenue for fiscal year 2007 was only 1.86 Trillion dollars when the social insurance and retirement receipts are subtracted out. For those of you who think that your money is 100% safe in United States treasuries, consider the fact that the debt to revenue ratio of the United States treasury is over 5 to 1! (9.518 trillion total debt divided by 1.86 trillion in tax revenue).
Looking back, here are the historical US government debt numbers from 1986 through 2007:

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