Sunday, November 20, 2011
Why was the U.S. debt rating downgraded? Let's do the math to find out!
U.S. Tax revenue: $2,170,000,000,000
Fed budget: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cuts: $38,500,000,000
Let's now remove 8 zeros and pretend it's a household budget:
Annual family income: $21,700
Money the family spent: $38,200
New debt on the credit card: $16,500
Outstanding balance on the credit card: $142,710
Total budget cuts: $385
The recommended austerity measures that the new "Super Congress" create will be used to fast-track tax increases while concentrating more power over the nation’s purse strings in the hands of the Washington elite.
The mandate to cut 1.5 trillion dollars from the budget over 10 years (avg. 150 billion per year) will do NOTHING to bring down the deficit as the above figures illustrate. The recommendations will instead be used to inflict more pain on the middle class by raising taxes and cutting benefits.
The "Super Congress" will establish a new level of unaccountable government, and will strip elected representatives of the right to amend legislation or filibuster on whatever issues it sees fit, not merely limited to the debt situation.
This body will have "extraordinary new powers" to quickly force legislation through both chambers, including gun control, entitlement cuts and tax hikes.
As CBS News reports, Congress will be mandated to carry out an up or down vote, with no amendments allowed, on the recommendations of the super committee on December 23rd, one month after the new body completes its work, which will be focused on cutting Medicaid, Medicare and Social Security.
"Congress could not modify the committee's recommendation," reports CBS, an admission that powers ascribed to elected lawmakers that are enshrined in the Constitution are being completely gutted.
In the video below Judge Napolitano explains our monetary and fiscal policy and how we must borrow(rent) money from a private bank instead of our government printing it as specified in the U.S. constitution.
It is 535 members of Congress that alone are responsible for this mess. They alone have the power to tax and spend. No one else! Any politician that has been in office more than one term is due for a change-out. Vote anti-incumbent. Send them packing! It can get no worse than it already is.