Tag Archives: Debt

News

Paul Ryan and Michele Bachmann will respond to State of the Union address

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Rep. Paul Ryan - GOP Ideas Man
Rep. Paul Ryan - GOP Ideas Man

Here’s the story from the Dallas Star-Telegram.

Excerpt:

House Budget Committee Chairman Paul Ryan, a rising Republican star who has stirred controversy with his approach to budget-cutting, will give the GOP response Tuesday to President Barack Obama’s State of the Union address.

The choice is aimed at showcasing the commitment of Republicans, who took control of the House of Representatives this month, to deficit reduction.

Ryan, 39, a seventh-term Wisconsin Republican, is known for his Roadmap for America’s Future, a plan for reducing federal budget deficits that includes letting younger workers set aside Social Security tax payments for “personal retirement accounts.”

In addition, Rep. Michele Bachmann, R-Minn., a favorite of the Tea Party movement, will deliver a separate reaction to Obama’s speech on behalf of the Tea Party Express, one of the movement’s largest groups.

The broadcast, after Obama’s and Ryan’s speeches, will be on live streaming video at www.TeaPartyExpress.org or at www.TeaPartyHD.com.

Bachmann, who recently said she is considering seeking the Republican presidential nomination, was in Des Moines, Iowa, on Friday to be keynote speaker at a reception held by Iowans for Tax Relief, an influential anti-tax group.

Bachmann also planned separate meetings with Iowa politicians, including Republican Gov. Terry Branstad and state House Speaker Kraig Paulsen, suggesting that she may be laying the groundwork for a caucus campaign.

The Iowa caucuses, set for February 2012, launch the presidential nominating process.

“It shows she wants to be a serious player in the national debate,” Branstad spokesman Tim Albrecht said.

Here’s the official announcement emphasizing private sector job creation. (H/T Hyscience)

Excerpt:

In making the announcement, the GOP leaders noted that Chairman Ryan is a leading voice for fiscal discipline and common-sense solutions to cut spending and create jobs. Known for his thoughtful and detailed critiques of big-government policies, Ryan has helped put to rest the Democrats’ argument that more government spending and higher taxes is the answer to most of our nation’s ills. His commitment to free enterprise and limited government make him the right choice to outline a vision for how a smaller, less costly government will help create the right conditions for the creation of good, private sector jobs.

“Paul Ryan is uniquely qualified to address the state of our economy and the fiscal challenges that face our country,” said Speaker Boehner. “We’re broke, and decisive action is needed to help our economy get back to creating jobs and end the spending binge in Washington that threatens our children’s future. I’m pleased that Paul will be outlining a common-sense vision for moving our country forward.”

Leader McConnell said, “Paul Ryan has spent the better part of the last two years explaining exactly why the Democrat agenda has been so bad for jobs and the economy, and why we need to ditch the government-driven approach in favor of creative, common-sense solutions that put the American people back in charge. Chairman Ryan’s unique understanding of the fiscal problems we face, his command of policy, and his adherence to the principles of our nation’s founding make him an excellent spokesman for the path that Americans want Washington to take.”

Chairman Ryan said, “Delivering an address to the nation is a unique opportunity, and I am grateful to my party’s leaders for entrusting me with this responsibility. I am hopeful that the President will work with the new House Majority to cut spending, reform government, and restore the foundations for growth and job creation. More than rhetoric, we need results. I look forward to outlining a vision for a future that fulfills the uniquely American legacy of leaving the next generation with a stronger, more prosperous nation.“

I don’t know what to say… the Republican party is coming through for me in such an amazing way. Everyone who I like is being prominently featured! And they really are trying to do something different for a change. I’m overwhelmed! The only other person I really wanted to hear from is Marco Rubio!

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News

Democrat-controlled Congress added 5.34 trillion to national debt

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The last Republican budget was in 2006
The last Republican budget was in 2006

Here’s the story from CNS News, which the OFFICIAL NUMBERS from the Treasury Department.

Excerpt:

In the 1,461 days that Rep. Nancy Pelosi (D.-Calif.) served as speaker of the House, the national debt increased by a total of $5.343 trillion ($5,343,452,800,321.37) or $3.66 billion per day ($3.657,394,113.84), according to official debt numbers published by the U.S. Treasury.

Pelosi was the 52nd speaker of the House. During her tenure, she amassed more debt than the first 49 speakers combined.

[…]When Pelosi was sworn in on Jan. 4, 2007, the national debt stood at $8,670,596,242,973.04. At the close of business on Jan. 4, 2011, her last full day in the speakership, it stood at 14,014,049,043,294.41–an increase of $5,343,452,800,321.37.

[…]When Pelosi became speaker in  January 2007 she was emphatic that there would be no new deficit spending.

“After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending,” she said in her inaugural address from the speaker’s podium. “Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.”

And a quick refresher about who controlled the House and the Senate at different times:

Year Congress President Senate (100) House (435)
2009 111th D D – 55*** D – 256
2007 110th R D – 51** D – 233
2005 109th R R – 55 R – 232
2003 108th R R – 51 R – 229
2001 107th R D* R – 221
1999 106th D R – 55 R – 223
1997 105th D R – 55 R – 228
1995 104th D R – 52 R – 230
1993 103rd D D – 57 D – 258

All government spending originates in the House of Representatives, so spending was a Democrat problem since the Democrats took over the House (and Senate) in January 2007. They own this recession.

And the reason that things went well in the Clinton Presidency is because the Republicans were in control of all the spending.

News

Socialist European countries seizing individual retirement accounts

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ECM sent me this terrifying story.

Excerpt:

People’s retirement savings are a convenient source of revenue for governments that don’t want to reduce spending or make privatizations. As most pension schemes in Europe are organised by the state, European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this money for their own ends. In recent weeks I have noted five such attempts: Three situations concern private personal savings; two others refer to national funds.

The most striking example is Hungary, where last month the government made the citizens an offer they could not refuse. They could either remit their individual retirement savings to the state, or lose the right to the basic state pension (but still have an obligation to pay contributions for it). In this extortionate way, the government wants to gain control over $14bn of individual retirement savings.

The Bulgarian government has come up with a similar idea. $300m of private early retirement savings was supposed to be transferred to the state pension scheme. The government gave way after trade unions protested and finally only about 20% of the original plans were implemented.

The article describes 3 other countries that are grabbing more individual retirement contributions.

This is exactly where the Democrats would take us.