Breaking down Senator Mark Pryor’s speech on debt ceiling (Part 1)

The Arkansas Times Blog reported on July 22, 2011:

Senator Mark Pryor today made the following statement on the Senate floor to encourage his colleagues to end the budget gimmicks and move forward with a comprehensive debt-reduction plan as part of a debt ceiling solution. A portion of his statement is below:

The Gang of Six offers an alternative — a comprehensive roadmap that allows us to tackle the debt in a reasonable, responsible and fair manner. I applaud Mark Warner, Dick Durbin, Saxby Chambliss, Kent Conrad, Tom Coburn and Mike Crapo on this bipartisan effort. By leaving out political agendas, these senators, these statesmen, produced a plan to slash deficits by $3.7 trillion over 10 years. This plan follows the blueprint put forth by the fiscal commission following a year’s worth of study and collaboration.

In addition to an immediate $500 billion down payment, the plan puts everything on the table. It balances the need to reduce spending, adjusts entitlement programs and reforms our tax code. While I may not agree with every provision, I do like that it calls on every citizen to contribute to debt-reduction. It allows us to achieve measurable results without jeopardizing safety-net programs meant to protect the most vulnerable among us. Furthermore, it avoids gimmicks such as a constitutional amendment or cut, cap, and balance which offer a nice sound bite, but falls short.

I am hopeful a Gang of 60 will embrace this plan, and that we can include it as part of the final debt ceiling solution. Congress has created this cliffhanger moment. Americans and leaders all over the world are now watching. The question for Congress remains, will we rise to the occasion or will we fail?

Here are the real facts concerning the plan given from the gang of 6.

‘Gang of Six’ Plan Is Lousy

Posted by Tad DeHaven

My colleague Dan Mitchell discussed the good, the bad, and the ugly in the deficit reduction plan released by the bipartisan group of senators known as the “Gang of Six.”  As Dan noted, the plan is more of an outline and a complete assessment isn’t possible until more details emerge. However, the fact that President Obama immediately embraced the plan ought to tell proponents of limited government all they need to know.

Here are some random thoughts on the plan:

  • There’s nothing impressive about the “immediate” $500 billion in deficit reduction. That figure includes revenue increases, so it’s not even $500 billion in spending cuts. And I’m not sure why they say “immediate” when they probably mean that the reductions would occur over the next several fiscal years. The deficit alone for next year will probably be at least $1 trillion.
  • The plan promises about $2.5 trillion in spending reductions over 10 years. As I’ve been pointing out, $2 trillion in spending cuts isn’t a lot when compared to the $46 trillion the government is projected to spend over the next decade. See this Cato video for more.
  • Tax reform is fine; more revenue for the government is not. Transferring more resources from the private sector to the government is a loser for both economic and individual liberty. In addition, the plan’s requirement that tax reform “maintain or improve the progressivity of the tax code” would result in more Americans viewing the federal government’s spending programs as a “free lunch.”
  • My anti-tax credentials are beyond question: I equate taxation with theft. But I don’t like debt-financed spending any more than I like tax-financed spending. Had anti-tax advocates and Republicans put the same amount of effort into restraining spending during the Bush/Republican Congress years as they did in cutting taxes, we might not be facing the prospect of a large tax increase today. Unfortunately, I see little evidence that that lesson has been learned.
  • The plan does almost nothing to rein in the scope of federal government’s activities. It doesn’t seem to matter which party or ideological faction on Capitol Hill releases a plan — conservatives, moderates, and liberals all apparently assume that the federal government should continue doing everything that it currently does. Generally speaking, Democrats want more tax revenue to maintain an expansive government. Republicans talk about smaller government, but only a handful can articulate exactly what programs or functions they’d eliminate. It’s more common to hear Republicans blubber on about “reducing waste, fraud, and abuse” in government programs and “saving” the pillars of the welfare state (Social Security and Medicare) for “future generations.”
  • Our global military presence would make a Roman emperor blush and our Founding Fathers roll over in their graves, but there’s nothing in this plan to suggest that the military-industrial complex faces any threat.

In sum, if you’re hoping that debt reduction will be brought about through a reduction in the federal warfare/welfare state, you’re going to have to wait for a different plan. And the sad truth is that no such plan is going to materialize anytime soon – at least not one that will get through Congress and signed by the president. But look on the bright side – we’re not Greece! Not yet.

Here is one of my favorite videos on this subject below:

What Is The Debt Ceiling?

Published on May 19, 2013

What is the debt ceiling and why does it matter? Find out:http://BankruptingAmerica.org/DebtCei…

Congress’s dance with the debt limit can be confusing and, frankly, the details can be a real snooze fest for many Americans. Sometimes a little humor clarifies the absurdities of Washington antics better than flow charts and talk of trillions.

The 31-second video and accompanying infographic “The Debt Ceiling Explained” by Bankrupting America offers the facts, leavened with a dose of levity. The conclusion is serious, however: The country’s debt threatens economic growth, and spending cuts are the answer.

_________________________

It is obvious to me that if President Obama gets his hands on more money then he will continue to spend away our children’s future. He has already taken the national debt from 11 trillion to 16 trillion in just 4 years. Over, and over, and over, and over, and over and over I have written Speaker Boehner and written every Republican that represents Arkansans in Arkansas before (GriffinWomackCrawford, and only Senator Boozman got a chance to respond) concerning this. I am hoping they will stand up against this reckless spending that our federal government has done and will continue to do if given the chance.

Why don’t the Republicans  just vote no on the next increase to the debt ceiling limit. I have praised over and over and over the 66 House Republicans that voted no on that before. If they did not raise the debt ceiling then we would have a balanced budget instantly.  I agree that the Tea Party has made a difference and I have personally posted 49 posts on my blog on different Tea Party heroes of mine.

What would happen if the debt ceiling was not increased? Yes President Obama would probably cancel White House tours and he would try to stop mail service or something else to get on our nerves but that is what the Republicans need to do.

I have written and emailed Senator Pryor over, and over again with spending cut suggestions but he has ignored all of these good ideas in favor of keeping the printing presses going as we plunge our future generations further in debt. I am convinced if he does not change his liberal voting record that he will no longer be our senator in 2014.

I have written hundreds of letters and emails to President Obama and I must say that I have been impressed that he has had the White House staff answer so many of my letters. The White House answered concerning Social Security (two times), Green Technologieswelfaresmall businessesObamacare (twice),  federal overspendingexpanding unemployment benefits to 99 weeks,  gun controlnational debtabortionjumpstarting the economy, and various other  issues.   However, his policies have not changed, and by the way the White House after answering over 50 of my letters before November of 2012 has not answered one since.   President Obama is committed to cutting nothing from the budget that I can tell.

 I have praised over and over and over the 66 House Republicans that voted no on that before. If they did not raise the debt ceiling then we would have a balanced budget instantly.  I agree that the Tea Party has made a difference and I have personally posted 49 posts on my blog on different Tea Party heroes of mine.

_________________________

Related posts:

Brummett is fooled by Pryor’s assurance that gang of 6 offers real cuts now (Part 2)

  John Brummett in his article, “By Pryor prediction, gang of 6 emerges,” Arkansas News Bureau, July 21, 2011 asserts: So what’s in this great new plan from the Gang of Six? Only about $4 trillion in real deficit reduction achieved by deep defense cuts, commission-delegated reductions in spending for Medicare, Medicaid and Social Security, […]

Brummett is fooled by Pryor’s assurance that gang of 6 offers real cuts now

John Brummett in his article, “By Pryor prediction, gang of 6 emerges,” Arkansas News Bureau, July 21, 2011 asserts: So what’s in this great new plan from the Gang of Six? Only about $4 trillion in real deficit reduction achieved by deep defense cuts, commission-delegated reductions in spending for Medicare, Medicaid and Social Security, plugging […]

Mark Pryor and the liberal gang of six plan

Today I read in the article, “Pryor backing bipartisan debt reduction plan,” Arkansas News Bureau, July 20,2011 the following words: Sen. Mark Pryor said today he supports a $3.7 trillion deficit-reduction plan unveiled Tuesday by six Republican and Democrats as a “carefully crafted balanced” way to avert a looming financial crisis. The Arkansas Democrat was […]

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