A new Congress has been seated, and it brings the prospect of perhaps, maybe, potentially, in a possible way doing something about the runaway federal deficits. And in other news, several New York area bridges are for sale, which you can acquire at a bargain price.
Excessive Spending Destroys!
Feds Have a Spending Problem — DO NOT RAISE THE CEILING!
The FairTax is a consumption tax unilaterally applied to all Americans at the same rate. For businesses, payroll taxes would no longer exist. Our exports would include a heavy tax for overseas buyers purchasing our products, while our imports would be cheaper for us to purchase. I'm not sure how this would affect GDP, as more information is necessary.
According to the FairTax website, "Under the FairTax, every person living in the United States pays a sales tax on purchases of new goods and services, excluding necessities due to the prebate." The prebate gives every legal resident household an "advance refund" at the beginning of each month so that purchases made up to the poverty level are tax-free.
So a family of four making something like $50,000/year should not have to pay taxes, thus preventing an unfair burden on low-income families. Since the FairTax eliminates both federal and payroll taxes, you get to keep your gross pay amount of each paycheck earned.
Secure the Border Before Immigration Reform!
The Center for Immigration Studies report detailed ICE’s release of the criminal aliens whose total convictions weighed in at about 88,000. Among the criminals, there were:
193 homicide convictions (including one willful killing of a public official with gun)
The flood of illegal immigrants from Mexico, Central and South AmeriKa exemplifies the federal government's complete failure to ENFORCE existing immigration law/regulations. Existing law requires that all "illegals" be apprehended, detained, interviewed, judged, and resultant judgement is usually 90% of the illegals will be deported. These illegals financially strain the resources of the already over-burdened and indebted federal and state governments. Of course, government indebtedness is caused by excessive spending and the very execessive pay and benefits of government employees.
“The more power the government has, the greater the risk to the people and the more dangerous the abuse.” Edmund Burke, 1771.
Big government is organized crime in all but name, and the man in the street is numb to the universal risk in today’s world.
Politicians and bureaucrats are spending the world into oblivion while secretly hoping and expecting to escape debt with depreciated dollars: yours. The public is unaware.
Note that your “elected” politicians never talk about the ongoing depreciation (inflation) of paper money (U.S. dollars). They don’t want you to think about this. They would rather you think about Donald Sterling and his frivolous racial comments.
But you should be on high alert. Liquidity is not only negative; it is at its most negative level in history. Are we facing the second Great Depression or worse?
For the third time in 14 years, U.S. stocks are in a bubble and far more leveraged than ever before. There are now more corporate bonds outstanding in the U.S. than there are mortgage-backed securities. This is significant, and the heart of the next crisis and the debt bubble will be non-financial corporate debt.
Investors beware! Stockholders beware!
Thanks to the Fed, it now seems that we have a bubble in all asset classes much larger than 2007. The Fed and other central banks with their expansionary monetary policies, all designed to boost asset prices, are similar to a juggler who is trying to keep all his balls in the air. The Big One is coming and there will be no place to hide except in very depressed gold stocks.
Becky Gerritson: "...government is out of control!" and "...our representative government has failed us."
A federal judge on Thursday ordered the IRS to detail under oath how some of former agency official Lois Lerner’s emails went missing, as well as any potential methods for recovering them.
Judge Emmet Sullivan of the U.S. District Court in Washington gave the Internal Revenue Service exactly a month — until Aug. 10 — to file a report, which he demanded as part of a lawsuit from a conservative watchdog, Judicial Watch, against the agency.
Judicial Watch is seeking a wide range of documents from the IRS, including Lerner’s emails, as part of a Freedom of Information Act request. It has complained that the IRS didn’t tell it that the agency couldn’t recover all of Lerner’s emails from 2009 to 2011.
Sullivan cast his ruling as a compromise, and a potential way for Judicial Watch to get answers without the court wading any deeper into the matter. Judicial Watch had asked the court to potentially compel IRS officials to testify about the lost emails, through a process called limited discovery.
The FairTax is a consumption tax unilaterally applied to all Americans at the same rate. For businesses, payroll taxes would no longer exist. Our exports would include a heavy tax for overseas buyers purchasing our products, while our imports would be cheaper for us to purchase. I'm not sure how this would affect GDP, as more information is necessary.
According to the FairTax website, "Under the FairTax, every person living in the United States pays a sales tax on purchases of new goods and services, excluding necessities due to the prebate." The prebate gives every legal resident household an "advance refund" at the beginning of each month so that purchases made up to the poverty level are tax-free.
So a family of four making something like $50,000/year should not have to pay taxes, thus preventing an unfair burden on low-income families. Since the FairTax eliminates both federal and payroll taxes, you get to keep your gross pay amount of each paycheck earned.
John Adams said, “Without [term limits] every man in power becomes a ravenous beast of prey”. That being said, here are some of the reasons we believe our country needs Term Limits.
Term Limits can help break the cycle of corruption in Congress. Case studies show that the longer an individual stays in office, the more likely they are to stop serving the public and begin serving their own interests.
Term Limits will encourage regular citizens to run for office. Presently, there is a 94% re-election rate in the House and 83% in the Senate. Because of name recognition, and usually the advantage of money, it can be easy to stay in office. Without legitimate competition, what is the incentive for a member of Congress to serve the public? Furthermore, it is almost a lost cause for the average citizen to try to campaign against current members of Congress.
Term Limits will break the power special interest groups have in Congress.
Term Limits will force politicians to think about the impact of their legislation because they will be returning to their communities shortly to live under the laws they enacted.
Term Limits will bring diversity of people and fresh ideas to Congress.
[Editor's Note: If you want to get rich, i.e. advance from a low paying government bureaucrat job on the local or state level, THEN GET ELECTED TO THE US CONGRESS (House or Senate). Once you're elected, it's easy to steal from your campaign contributions or the Congressional budget allocated to your seat and staff. You can go on a government-funded junket with 'lavishly' paid expenses. The list of ways to steal from the government while in office is inexhaustible. There are only a few Congressmen who left Congress just wealthy instead of a multi-millionaire. Of course, there are several who arrived in Congress as multi-millionaires and don't need to steal from the government.]
