In another confluence of resources, here is an opinion piece that appeared in last Sunday's edition of The Washington Post. It deals with the failure to do anything significant about the national debt, not just now but over the last several decades. What really got my attention was the opening, which referred to Bill Gross, a founder of the investment firm PIMCO and his reluctance to buy any more U.S. debt. In fact, according to the author, Gross is unloading some of his holdings in favor of bonds from other countries. It seems he worries about our commitment to do anything about the national debt.
Of course, there is a recently formed bi-partisan commission that is to address the problem. But, you know what - "been there, done that, got the t-shirt." Some will say, "Yes, but the situation is more serious now. We'll certainly take action." Perhaps. I think we will hear great statements and see wonderful posturing. These are, after all, the same people who think they can reform the financial system.
This brings me to this next item from The Indianapolis Star. (HT to Carpe Diem.) Seems to me this may be another Captain Renault moment.
What do you think?
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A lot of people do not realize where about 70 percent of their federal income taxes go. Note I said income taxes, not payroll taxes.
About 65-70 percent of income taxes are eaten up by Defense, Homeland Security, VA, Civilian Defense, USDA, Commerce, Interior and debt service.
An astonshing amount of money is siphoned by the feds--every year, and for decades now--out of higher-income states, such as NY, CA, CT, MA, and funneled into rural subsidy states, such as WY, MS, MT and Alaska.
Sadly, these rural states each have two Senators, and they well understand they are addicted to even more federal rural subsidies every year. As we all know, subsidies and welfare create not strength but dependency. We have created an entire rural economy in the USA that depends on more subsidies to survive. Everything in rural America is subsidized, from roads, to water systems, to power systems, RR stops, airports, telephone service, postal service, and crop supports.
Good luck balancing the federal budget--and, it is no coincidence that no R-Party president has even proposed a balanced federal budget in more than 50 years.
Clinton was the last D-Party prezzy to propose balanced budgets, and he even ran surpluses.
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