Federal Budget Deficits Will Reach Levels Never Seen Before in the U.S.
Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute.
The charts in this book are based primarily on data available as of March 2011 from the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO). The charts using OMB data display the historical growth of the federal government to 2010 while the charts using CBO data display both historical and projected growth from as early as 1940 to 2084. Projections based on OMB data are taken from the White House Fiscal Year 2012 budget. The charts provide data on an annual basis except… Read More
Authors
Emily GoffResearch Assistant
Thomas A. Roe Institute for Economic Policy StudiesKathryn NixPolicy Analyst
Center for Health Policy StudiesJohn FlemingSenior Data Graphics Editor
The Sixty Six who resisted “Sugar-coated Satan Sandwich” Debt Deal (Part 23)
This post today is a part of a series I am doing on the 66 Republican Tea Party favorites that resisted eating the “Sugar-coated Satan Sandwich” Debt Deal. Actually that name did not originate from a representative who agrees with the Tea Party, but from a liberal.
Rep. Emanuel Clever (D-Mo.) called the newly agreed-upon bipartisan compromise deal to raise the debt limit “a sugar-coated satan sandwich.”
“This deal is a sugar-coated satan sandwich. If you lift the bun, you will not like what you see,” Clever tweeted on August 1, 2011.
Washington, D.C. – U.S. Rep. Randy Hultgren (IL-14) released the following statement after voting against the Budget Control Act.
“Tonight, I voted against a flawed bill that doesn’t go far enough,” said Hultgren. “I’ve been clear from the very beginning I would not support any effort to increase our nation’s debt ceiling if the proposal does not hold true to the values of Cut, Cap, and Balance, as well as enact serious structural changes.
“It is my opinion that the proposal approved by the House tonight falls short of what we need to do to put our country back on the right track. By failing to require Congress to approve a Balanced Budget Amendment (BBA) prior to any further increases in the debt ceiling, this bill does not provide the structural changes that I stated were necessary to earn my support.
“When leadership changed the bill on Thursday night to strengthen the BBA provision, that change earned my support; in failing to keep that strong language, I could not, in good conscience, support this bill.”
The federal government loves to eat up more and more of our money. Back in the first few years of the 20th century our federal government usually spent about 3% of our money per year unless we were involved in a war, but now the percentage of GDP is up to almost 25%. It reminds me of the “Yum Yum Eat em up” short film I saw many years ago.
Federal Spending Is Outpacing Inflation
Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute.
Prices of goods and services normally rise year to year, but federal spending has risen even faster. Although spending grew substantially after 9/11, less than half of the increase can be attributed to defense and homeland security spending.
YEAR-TO-YEAR PERCENTAGE CHANGE
Download
Source: U.S. Bureau of Labor Statistics and White House Office of Management and Budget.
The charts in this book are based primarily on data available as of March 2011 from the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO). The charts using OMB data display the historical growth of the federal government to 2010 while the charts using CBO data display both historical and projected growth from as early as 1940 to 2084. Projections based on OMB data are taken from the White House Fiscal Year 2012 budget. The charts provide data on an annual basis except… Read More
Authors
Emily GoffResearch Assistant
Thomas A. Roe Institute for Economic Policy StudiesKathryn NixPolicy Analyst
Center for Health Policy StudiesJohn FlemingSenior Data Graphics Editor
More Than Half of the President’s Budget Would Be Spent on Entitlement Programs Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute. In combination with other entitlements, such as food stamps, unemployment, and housing assistance,Medicare, Medicaid, and Social Security constitute […]
Entitlements Will Consume All Tax Revenues by 2049 Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute. If the average historical level of tax revenue is extended, spending on Medicare, Medicaid and the Obamacare subsidy program, and Social Security will consume […]
Liberals just don’t get it. They should listen to Milton Friedman (who is quoted in this video below concerning the best way to limit poverty). New Video Shows the War on Poverty Is a Failure Posted by Daniel J. Mitchell The Center for Freedom and Prosperity has released another “Economics 101″ video, and this one […]
Defense Spending Has Declined While Entitlement Spending Has Increased Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute. Spending on national defense, a core constitutional function of government, has declined significantly over time, despite wars in […]
Federal Spending Is Outpacing Inflation Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute. Prices of goods and services normally rise year to year, but federal spending has risen even faster. Although spending grew substantially after […]
Before the 2010 elections Clinton came back to Little Rock and said the Democrats would have a tough time winning because the voters had a memory problem. What is his spin on the Tea Party? Max Brantley of the Arkansas Times noted: A friend sent a link to Politico coverage of a panel discussion and unscripted remarks […]
It is truly said how far to the left our country has gone. Happy Fiscal New Year (with an Unhappy Obama Hangover) Posted by Daniel J. Mitchell Today, October 1, is the first day of the 2012 fiscal year. And if you’re wondering why America’s economy seems to have a hangover (this cartoon is a perfect illustration), it’s because […]
Republicans need to tackle runaway entitlement spending Uploaded by NatlTaxpayersUnion on Feb 15, 2011 Dan Mitchell, Senior Fellow at the Cato Institute, speaks at Moving Forward on Entitlements: Practical Steps to Reform, NTUF’s entitlement reform event at CPAC, on Feb. 11, 2011. __________________________ I am disappointed in some of the Republicans who do not want […]
Uploaded by catoinstitutevideo on Mar 5, 2010 What is the true cost of public education? According to a new study by the Cato Institute, some of the nation’s largest public school districts are underreporting the true cost of government-run education programs. http://www.cato.org/pub_display.php?pub_id=11432 Cato Education Analyst Adam B. Schaeffer explains that the nations five largest metro […]
Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute.
As Washington continues to spend more than it can afford, future generations of taxpayers will be on the hook for increasing levels of debt. The amount of debt per citizen will skyrocket.
INFLATION-ADJUSTED DOLLARS (2010)
Download
Source: U.S. Census Bureau and Congressional Budget Office (Alternative Fiscal Scenario).
The charts in this book are based primarily on data available as of March 2011 from the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO). The charts using OMB data display the historical growth of the federal government to 2010 while the charts using CBO data display both historical and projected growth from as early as 1940 to 2084. Projections based on OMB data are taken from the White House Fiscal Year 2012 budget. The charts provide data on an annual basis except… Read More
Authors
Emily GoffResearch Assistant
Thomas A. Roe Institute for Economic Policy StudiesKathryn NixPolicy Analyst
Center for Health Policy StudiesJohn FlemingSenior Data Graphics Editor
The Sixty Six who resisted “Sugar-coated Satan Sandwich” Debt Deal (Part 22)
This post today is a part of a series I am doing on the 66 Republican Tea Party favorites that resisted eating the “Sugar-coated Satan Sandwich” Debt Deal. Actually that name did not originate from a representative who agrees with the Tea Party, but from a liberal.
Rep. Emanuel Clever (D-Mo.) called the newly agreed-upon bipartisan compromise deal to raise the debt limit “a sugar-coated satan sandwich.”
“This deal is a sugar-coated satan sandwich. If you lift the bun, you will not like what you see,” Clever tweeted on August 1, 2011.
Washington, D.C.—Idaho First District Congressman Raúl R. Labrador today issued the following statement following the passage of the Budget Control Act of 2011.
“The debt ceiling agreement that was considered by Congress today represents a good plan to resolve the uncertainty surrounding the debt ceiling debate. It immediately cuts federal spending and implements new spending caps to prevent government expansion when our economy begins to recover. While this bill has the potential to reduce the size of our budget and the trajectory of government spending, this bill doesn’t go far enough to make the changes necessary to get us out of our fiscal mess.
“I promised my constituents that I would come to Congress to fundamentally change the way the federal government operates. While this legislation is a good first step towards that goal, it also relies on the time honored Washington tradition of delegating problems to commissions instead of solving them ourselves. It places more confidence in its Super Commission than is warranted. The legislation also lacks a rock solid commitment to passage of a balanced budget amendment, which I believe is necessary to saving our nation. With the help of the new members of Congress, the standard operating procedure in Washington has begun to change from spending recklessly to cutting spending sensibly, but there is a lot more that needs to change. ”
I have been blogging for 10 months now and have had over 110,000 hits on my blog. Posts encouraging Senator Pryor to cut spending have been responsible for more posts than any other subject. It has got the most hits too. I am hopeful that Senator Pryor will either pay attention to the people or get voted out. Below is the email that I received today from Senator Mark Pryor:
October 24, 2011
Dear Mr. Hatcher,
Thank you for contacting me regarding a Constitutional amendment requiring a balanced federal budget. I appreciate hearing from you.
I am deeply concerned about current spending levels and our ever-growing national debt, and I believe Congress can and should balance the federal budget. As a nation, we have been living beyond our means for a long time. Balancing the budget will require both parties to work together to achieve this goal.
Amending the Constitution is a step that should never be taken lightly. A poorly drafted balanced budget amendment could prevent the federal government from being able to respond appropriately to national emergencies, cause drastic cuts to important programs, such as Social Security and Medicare, and result in an automatic tax increase. However, I remain open to considering a balanced budget amendment, and will give my full attention and thought to any balanced budget amendments the Senate considers.
In the meantime, I will continue to introduce legislation to eliminate ineffective and unnecessary programs, and use my position in Congress to further reduce wasteful spending. I appreciate hearing from you. Your input helps me make better decisions, and I will be sure to keep your specific comments in mind as I work to come up with better fiscal solutions for the American people.
Again, thank you for contacting me. I value your input. Please do not hesitate to contact me or my office regarding this or any other matter of concern to you.
Sincerely,
Please Note, this is not a monitored email account. Due to the sheer volume of correspondence I receive, I ask that constituents please contact me via my website with any responses or additional concerns.
Dear Senator Pryor, why not pass the Balanced Budget Amendment? (Part 17 Thirsty Thursday, Open letter to Senator Pryor) Dear Senator Pryor, Why not pass the Balanced Budget Amendment? As you know that federal deficit is at all time high (1.6 trillion deficit with revenues of 2.2 trillion and spending at 3.8 trillion). On my […]
I got this off the internet. 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 cut: $38,500,000,000 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 credit card: $142,710 […]
The old political playbook will not work this time around. Bragging on Obamacare and the first stimulus in Arkansas will not do much for Pryor in 2014. In this clip above Senator Pryor praises Mike, Vic and Marion. (All three of those men bailed out and Marion and Vic were replaced by Republicans and in […]
Dear Senator Pryor, why not pass the Balanced Budget Amendment? (Part 10 Thirsty Thursday, Open letter to Senator Pryor) Dear Senator Pryor, Why not pass the Balanced Budget Amendment? As you know that federal deficit is at all time high (1.6 trillion deficit with revenues of 2.2 trillion and spending at 3.8 trillion). On my […]
Senator Mark Pryor wants our ideas on how to cut federal spending. Take a look at this video clip below: Senator Pryor has asked us to send our ideas to him at cutspending@pryor.senate.gov and I have done so in the past and will continue to do so in the future. On May 11, 2011, I […]
Jason Tolbert noted today: Democrats are touting a compilation polling data out from Public Policy Polling that shows Gov. Mike Beebe has the highest approval rating of any governor in the country. Of those Arkansans polled, Beebe is approved of by 59 percent with only 22 percent disapproving. He truly seems to be the teflon […]
Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute.
In 2010, the U.S. spent more on interest on the national debt than it spent on many federal departments, including Education and Veterans Affairs.
BILLIONS OF DOLLARS (2010)
Download
Source: White House Office of Management and Budget.
The charts in this book are based primarily on data available as of March 2011 from the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO). The charts using OMB data display the historical growth of the federal government to 2010 while the charts using CBO data display both historical and projected growth from as early as 1940 to 2084. Projections based on OMB data are taken from the White House Fiscal Year 2012 budget. The charts provide data on an annual basis except… Read More
Authors
Emily GoffResearch Assistant
Thomas A. Roe Institute for Economic Policy StudiesKathryn NixPolicy Analyst
Center for Health Policy StudiesJohn FlemingSenior Data Graphics Editor
NEW YORK (Reuters) – The United States will likely suffer the loss of its triple-A credit rating from another major rating agency by the end of this year due to concerns over the deficit, Bank of America Merrill Lynch forecasts.
The trigger would be a likely failure by Congress to agree on a credible long-term plan to cut the U.S. deficit, the bank said in a research note published on Friday.
A second downgrade — either from Moody’s or Fitch — would follow Standard & Poor’s downgrade in August on concerns about the government’s budget deficit and rising debt burden. A second loss of the country’s top credit rating would be an additional blow to the sluggish U.S. economy, Merrill said.
“The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan” to cut the deficit, Merrill’s North American economist, Ethan Harris, wrote in the report.
“Hence, we expect at least one credit downgrade in late November or early December when the super committee crashes,” he added.
The bipartisan congressional committee formed to address the deficit — known as the “super committee” — needs to break an impasse between Republicans and Democrats in order to reach a deal to reduce the U.S. deficit by at least $1.2 trillion by November 23.
If a majority of the 12-member committee fails to agree on a plan, $1.2 trillion in automatic spending cuts will be triggered, beginning in 2013.
Those automatic cuts, mostly in discretionary spending, would weigh further on a fragile U.S. economy, Merrill said. In the same report, the bank reduced its 2012 and 2013 growth forecasts for the United States to 1.8 percent and 1.4 percent, respectively.
If there were a downgrade, it was not clear which ratings agency would move first.
Moody’s Investors Service, which has a negative outlook on the United States’s Aaa rating, said it is looking at several other factors, including the results of presidential elections and the expiration of the Bush-era tax cuts late in 2012, to decide on the rating.
“It’s not that we’re waiting just for this committee to decide on the rating,” Steven Hess, Moody’s lead analyst for the United States, told Reuters in an interview last week.
Failure by the committee to come up with an agreement, he said, “would be negative information but it is not decisive in our view about the rating.”
To be sure, Hess did not rule out the possibility of an early move on U.S. ratings if the country’s economy slips into recession. So far, however, the economic performance “is certainly not super positive but not a disaster either,” he said.
Fitch Ratings, on the other hand, still has a stable outlook on its AAA rating on the United States, meaning it is more likely to revise that outlook to negative before actually downgrading the rating.
In its latest report on the United States, Fitch says a “negative rating action,” which could be only an outlook revision, could result from a weaker-than-expected economic recovery or by failure by the bipartisan committee to reach agreement on at least $1.2 billion in deficit-reduction measures..
Everyone wants to blame the Tea Party for the downgrade, but a Tea party approach is needed to get on the right tract. The Debt Ceiling and the Balanced Budget Amendment Posted by David Boaz The Washington Post editorializes: A balanced-budget amendment would deprive policymakers of the flexibility they need to address national security […]
Tea Party representatives claim debt deal responsible for downgrade because it did not cut enough (Part 5) The Tea Party members in the Republican Party voted against the debt deal and have even claimed that the debt deal did not cut enough out of the budget and that is why the USA got a downgrade […]
The Sixty Six who resisted “Sugar-coated Satan Sandwich” Debt Deal (Part 1) This post today is a part of a series I am doing on the 66 Republican Tea Party favorites that resisted eating the “Sugar-coated Satan Sandwich” Debt Deal. Actually that name did not originate from a representative who agrees with the Tea Party, […]
It was a sad day when this dumb debt deal was signed. Morning Bell: Our Work Has Only Begun Ed Feulner August 2, 2011 at 9:30 am My fellow conservatives, Americans are disappointed. They are disappointed that the debate over our debt limit was about the needs of politicians instead of the needs of the country. […]
President Obama really believes that we must raise taxes in order to balance the budget. Nevertheless, conservatives argue that the bloated federal spending should come down to a level where he can balance the budget. Take a look at the excellent article “Unbalanced,” by Michael D. Tanner Michael Tanner is a senior fellow at the […]
The Tea Party members in the Republican Party voted against the debt deal and have even claimed that the debt deal did not cut enough out of the budget and that is why the USA got a downgrade in the credit rating. Below I have the comments on the downgrade from two of those representatives. […]
The Tea Party members in the Republican Party voted against the debt deal and have even claimed that the debt deal did not cut enough out of the budget and that is why the USA got a downgrade in the credit rating. KINGSTON STATEMENT ON S&P ANNOUNCEMENT Washington, D.C., Aug 5-Congressman […]
Senator Mark Pryor wants our ideas on how to cut federal spending. Take a look at this video clip below:
Senator Pryor has asked us to send our ideas to him at cutspending@pryor.senate.gov and I have done so in the past and will continue to do so in the future.
On May 11, 2011, I emailed to this above address and I got this email back from Senator Pryor’s office:
Please note, this is not a monitored email account. Due to the sheer volume of correspondence I receive, I ask that constituents please contact me via my website with any responses or additional concerns. If you would like a specific reply to your message, please visit http://pryor.senate.gov/contact. This system ensures that I will continue to keep Arkansas First by allowing me to better organize the thousands of emails I get from Arkansans each week and ensuring that I have all the information I need to respond to your particular communication in timely manner. I appreciate you writing. I always welcome your input and suggestions. Please do not hesitate to contact me on any issue of concern to you in the future.
Therefore, I went to the website and sent this email below:
Repeal Davis-Bacon: Saves $6 billion
The Davis-Bacon Act requires employers to pay workers at least the locally prevailing wage and fringe benefits on
federal construction projects of more than $2,000. The Department of Labor publishes Davis-Bacon prevailing wages
in four types of construction: residential, building, highway, and heavy construction. In 2008, for metropolitan areas,
Davis-Bacon prevailing wages rates for all projects were 62.4 percent higher than the average hourly wages reported
by the Occupational Employment Statistics (OES).
Davis-Bacon forces government contractors to pay wages that are higher than they normally would. These wages
increase the cost of the federal construction project, without increasing the labor productivity, quality, or timeliness in
completing the project.
Dear Senator Pryor, why not pass the Balanced Budget Amendment? (Part 17 Thirsty Thursday, Open letter to Senator Pryor)
Dear Senator Pryor,
Why not pass the Balanced Budget Amendment? As you know that federal deficit is at all time high (1.6 trillion deficit with revenues of 2.2 trillion and spending at 3.8 trillion).
On my blog www.HaltingArkansasLiberalswithTruth.com I took you at your word and sent you over 100 emails with specific spending cut ideas. However, I did not see any of them in the recent debt deal that Congress adopted. Now I am trying another approach. Every week from now on I will send you an email explaining different reasons why we need the Balanced Budget Amendment. It will appear on my blog on “Thirsty Thursday” because the government is always thirsty for more money to spend.
Washington, D.C. – U.S. Rep. Randy Hultgren (IL-14) released the following statement after voting against the Budget Control Act.
“Tonight, I voted against a flawed bill that doesn’t go far enough,” said Hultgren. “I’ve been clear from the very beginning I would not support any effort to increase our nation’s debt ceiling if the proposal does not hold true to the values of Cut, Cap, and Balance, as well as enact serious structural changes.
“It is my opinion that the proposal approved by the House tonight falls short of what we need to do to put our country back on the right track. By failing to require Congress to approve a Balanced Budget Amendment (BBA) prior to any further increases in the debt ceiling, this bill does not provide the structural changes that I stated were necessary to earn my support.
“When leadership changed the bill on Thursday night to strengthen the BBA provision, that change earned my support; in failing to keep that strong language, I could not, in good conscience, support this bill.”
Obama’s Budget Would Deepen Already Unprecedented Deficits
Rising Deficits Drive U.S. Debt Limit Higher, Faster
Federal Spending Grew More Than Ten Times Faster Than Median Income
Total Government Spending Has More Than Doubled Since 1965
National Debt Set to Skyrocket
Obama’s Budget Would Send Federal Debt to Levels Not Seen Since World War II
Net Interest Spending Will More Than Triple Over the Next Decade
Entitlements Will Consume All Tax Revenues by 2049
The Daily Hatch 