Tag Archives: national debt

Solutions For America

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On December 18th, Victor Davis Hanson posted an article at American Greatness titled, “10 Steps to Save America.”

The article lists his ten ideas:

Cut the Debt

Secure the Border

Tap Natural Resources

Oppose Discrimination

Disrupt and Reform Higher Education

Revive the Armed Forces

Fix Voting

Drain the Swamp

Upend the Welfare State

Restore Norms

Many of these problems are the result of well-meaning policies that were supposed to solve the problems they created. The welfare state was supposed to end poverty. Instead it created a bureaucracy that has no incentive to reduce the number of people on welfare. Draining the swamp refers to the administrative state that is currently making most of our laws–instead of the legislative branch of the government that is supposed to make them. Restoring norms like community standards, marriage as the foundation of our society, and protecting children from pornography would be a step forward.

Please follow the link above to read the entire article. These are things we can all work to implement that would definitely improve the future of our country.

Hang On To Your Wallet

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Breitbart is reporting today that the Continuing Resolution (CR) currently making its way through Congress is going to be loaded up with all sorts of goodies not normally found in a CR.

The article reports:

Punchbowl News reported Monday that the Biden White House continues to prepare a list of “anomalies” that they will want funded as part of any continuing resolution (CR) that a CR does not usually fund. The White House will send the list of their priorities to the House and Senate Appropriations Committees likely sometime this week.

The article lists some of the things that the Democrats (and some Republicans) want funded:

Senate Minority Leader Mitch McConnell (R-KY) has vowed to oppose the inclusion of a debt ceiling increase with the government funding bill.

Democrats and Republicans have included many carveouts in high-priority legislation.

For instance, the Democrats’ $3.5 trillion budget resolution includes:

    • A civilian climate corps
    • Debt relief
    • Environmental justice investments in clean water affordability and access, healthy ports, and climate equity
    • Investments in clean vehicles
    • Paid Family and Medical Leave
    • ACA expansion extension and filling the Medicaid Coverage Gap
    • Health equity (maternal, behavioral, and racial justice health investments)
    • State and local tax (SALT) tax deduction relief which primarily benefits wealthy, blue states
    • Tax “fairness” for high-income individuals, or those who are making more than $400,000 per year
    • Universal Pre-K for 3- and 4-year olds
    • Electrifying the federal vehicle fleet (USPS and non-USPS)
    • Lawful permanent status for qualified immigrants or amnesty for illegal aliens

Taxpayers need to stand up against this nonsense. There is a reason we have to raise the federal debt ceiling. This CR would only increase our national debt to the point where there is no hope of paying it off. The only way to decrease our national debt at this point is to print more money, decreasing the value of our currency, and fueling inflation. That is where we are.

Just for the record, our Founding Fathers believed that it was immoral to create a national debt that lasted beyond the administration that created it. We need to get back to that sort of thinking.

Economic Indicators In November

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One America News is reporting today that U.S. homebuilding increased more than expected in November and permits for future home construction surged to a 12-1/2-year high.

The article reports:

The economy’s near-term prospects were also bolstered by other data on Tuesday showing a strong rebound in manufacturing production in November as the return of formerly striking General Motors’ <GM.N> workers boosted automobile output. The data suggested the economy remained on a moderate growth path in the fourth quarter despite slowing consumer spending.

…In a separate report on Tuesday, the Fed said manufacturing production rose 1.1% last month after dropping 0.7% in October. Excluding motor vehicles and parts, manufacturing output increased 0.3%.

The rebound in manufacturing production suggests the factory downturn is probably close to running its course. Manufacturing output is still expected to contract in the fourth quarter.

“This is a welcome shift after declines in three out of the four preceding months, but not the end of the struggles for manufacturing,” said Tim Quinlan, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

Single-family homebuilding, which accounts for the largest share of the housing market, increased 2.4% to a rate of 938,000 units in November, the highest level since January. Single-family housing starts rose in the West and Northeast, but fell in the Midwest and the South.

Single-family housing building permits rose 0.8% to a rate of 918,000 units in November, the highest since July 2007.

Starts for the volatile multi-family housing segment jumped 4.9% to a rate of 427,000 units last month. Permits for the construction of multi-family homes rose 2.5% to a rate of 564,000 units.

The economy is doing very well. The only thing that would make it better would be if the people we elected and sent to Washington would get serious about cutting spending and lowering our national debt.

North Carolina’s Third Congressional District

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I am not endorsing anyone for the Third District House of Representatives seat in North Carolina. However, I heard Allen Thomas speak tonight, and I was impressed by a lot of what he had to say.

Mr. Thomas is a native of eastern North Carolina and is the former Mayor of Greenville, North Carolina. He graduated from New Bern High School,  continued his education at Eastern Carolina University, and finally earned his MBA at Chapel Hill. He started a business in North Carolina which he sold last year. As Mayor of Greenville, he was successful in lowering the crime rate in the city and bringing industry into the city and the area of eastern North Carolina. He also served on the board of Global Transpark, creating jobs for eastern North Carolina.

Mr. Thomas listed the following items as major issues in eastern North Carolina:

  • Reinforce the military presence and keep our military here after they leave the military by working with companies to create jobs
  • Reinforce the infrastructure of the area–transportation, broadband, connectivity
  • Insure the future for farmers and for fishermen

Mr. Thomas described himself as a fiscal conservative – he stated that the current national debt is unacceptable. We need to reexamine the role we have played as the world’s policemen and work toward a shared mandate to deal with terrorism and rogue nations.

On immigration Mr. Thomas stated that as a sovereign nation we need to secure our borders. He also noted that illegal immigration has created a shadow economy in certain areas of our economy and that needs to be considered in dealing with the immigrants who have been here for a long time who are not legal citizens. We need to bring that economy into the mainstream of the American economy.

On the issue of life, Mr. Thomas stated that his personal view is to protect life, but he did not want to see America go back to a time when abortions were illegal and performed in back alleys.

Mr. Thomas also pointed out the need for politicians of both parties to work together across the aisle.

Mr. Thomas is a very well-spoken, charismatic candidate. I disagreed with him on some basic issues, but he had some very good ideas.

Some Good News From The Senate

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On Friday, The Washington Free Beacon reported that the Senate passed an amendment on Thursday renewing and codifying a Congressional ban on earmarking bills.

The article quotes Senator Ben Sasse who led the initiative to ban earmarks:

“The last thing taxpayers need is for the same politicians who racked up a $22 trillion national debt to go on an earmark binge,” Sasse said in a statement. “It’s pretty simple: Earmarks are a crummy way to govern and they have no business in Congress. Backroom deals, kickbacks, and earmarks feed a culture of constant incumbency and that’s poisonous to healthy self-government. This is an important fight and I’m glad that my Republican colleagues agreed with my rules change to make the earmark ban permanent.”

Earmarks have been banned before, but somehow keep cropping up again. In 2011 the Senate passed a temporary ban on earmarks. In 2017, the Senate voted to keep the ban in place. However, in the past, the ban has not necessarily accomplished much.

The article reports:

The Senate voted in 2017 to keep the ban in place, with a push led by former Sen. Jeff Flake (R., Ariz.). Flake launched an investigation in 2015 which found that, despite the 2011 ban, many earmarks had slipped through, with hundreds of millions spent on side projects, such as grape research and subsidies for a ballet theater in the wealthiest congressional district in America.

Similarly, a Citizens Against Government Waste report found that Congress had approved $5.1 billion in earmarks in 2016. In 2016, House Republicans attempted to undo earmark bans, but the Speaker of the House Paul Ryan (R., Wis.) rebuffed the effort, saying that it would inappropriate right after a “drain the swamp” election.

Earmarks are a tool to get bills passed that might not otherwise be passed. If a Senator is promised a new highway for his state in exchange for his vote, he might vote for whatever is being considered. However, earmarks make it possible to pass bills that are wasteful and would not otherwise pass. Banning earmarks is a really good idea.

Who Holds Our Debt?

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CNS News is reporting today:

Chinese holdings of U.S. Treasury securities are 11.5 percent below their peak level which was attained in November 2013, according to data published by the U.S. Treasury.

U.S. government debt held by entities in the People’s Republic of China peaked at $1,316,700,000,000 in November 2013, according to the Treasury. As of August 2018, according to the latest date released by the Treasury this month, China held $1,165,100,000,000 in U.S. Treasury.

That is a drop of $151,600,000,000 from the November 2013 peak.

We are still carrying way too much national debt, and that will be a more serious problem as the federal reserve raises interest rates. However, although China is holding less of our debt, it is still the the top foreign holder of U.S. Treasury securities.

The article concludes:

While China remains the top foreign owner of U.S. government debt—despite its declining holdings—the Federal Reserve still owns far more. As of the end of November, according to the Federal Reserve, it owned $2,324,589,000,000 in U.S. Treasury securities.

China’s $1,165,100,000,000 in U.S. Treasury securities was only 50.1 percent of the Fed’s holdings.

It’s time to cut government spending and get out of debt!

 

 

Why The Republican Party Is Losing Voters

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The 2016 Republican Platform includes the following on Page 8:

Reducing the Federal Debt

Our national debt is a burden on our economy and families. The huge increase in the national debt demanded by and incurred during the current Administration has placed a significant burden on future generations. We must impose firm caps on future debt, accelerate the repayment of the trillions we now owe in order to reaffirm our principles of responsible and limited government, and remove the burdens we are placing on future generations. A strong economy is one key to debt reduction, but spending restraint is a necessary component that must be vigorously pursued.

On May 10, 2018, CNS News reported:

The federal government collected a record $2,007,451,000,000 in total taxes through the first seven months of fiscal 2018 (October through April), but still ran a deficit for that period of $385,444,000,000, according to the Monthly Treasury Statement.

It’s the spending–not the revenue–that is the problem. So what are Republicans doing about it?

On May 8, 2018, The Washington Times posted the following:

House GOP leaders vowed Tuesday to speed President Trump’s new $15.4 billion spending cuts proposal through their chamber, brushing aside complaints from Democrats and some Republicans over the trims the White House wants to see.

House Majority Leader Kevin McCarthy on Tuesday predicted the House will pass the package, which includes 38 cuts to programs and generally involves money that’s sitting unused.

So what happened when the bill reached the Senate?

The Daily Haymaker posted the story today:

Senators voted Wednesday to block President Trump’s $15.4 billion spending cuts package, with lawmakers saying it trimmed the budget too much.

Brushing aside administration promises that the cuts were chiefly to money that was never going to be spent, the Senate voted 50-48 to keep the bill bottled up. Two Republicans — Susan Collins of Maine and Richard Burr of North Carolina — joined Democrats to defeat the package.[…]

So if the Republicans won’t even cut spending on money that wasn’t even spent, why in the world should I vote for them? Didn’t they read their own platform? How long could you run up your credit card before creditors would start clamoring for their money? Is the government any different?

 

Representative Walter B. Jones Is Sounding The Alarm On The Deficit

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Monday morning, a group of taxpayers and I were fortunate to sit down with Representative Walter B. Jones and ask him questions about his votes and his views. The interview will be aired on 107.1 WTKF The Talk Station on Sunday at 11am and 8 pm. You can stream the interview if you live outside the listening area. The interview will also be available on the Coastal Carolina Taxpayers Association website later in the week.

Representative Jones has been a warrior for responsible government spending since he has been in Congress. His voting record reflects that. He will not support a bill that increase the deficit, regardless of what is in the bill.

This is the handout he gave us about the deficit. I think all of us need to read it carefully. We need to understand the consequences of the unbridled spending that is currently the norm in Washington.

Americans need to learn to live within their means at home and at the federal and state levels. Most Americans carry some level of personal debt and do not realize that as the economy improves and the fed raises interest rates, the cost of that debt (and the cost of the national debt) will increase. It is time we all learned to spend responsibly–both at home and in government.

When All Else Fails, Do The Math

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The Democrats are screaming that the tax bill will add to the national debt. It might. Or it might not–depending on the growth of the American economy unleashed by lower taxes. However, there are some numbers that those Democrats might want to consider before they scream too loud.

A website called The Balance posted the following and updated it earlier this month:

The Gateway Pundit reported the following yesterday:

The major complaint that the Democrats have with the tax bill is that it is projected to increase the U S debt by $1.5 trillion. However, when compared to Obama President Trump already nearly has it covered.

The article at the Gateway Pundit includes the following:

The Gateway Pundit also points out:

The FED kept interest rates at near zero percent for most of Obama’s eight year term. Since President Trump was elected the FED have increased rates four times by a total of 1%. Increases in the Fed Funds Rate increase the cost of borrowing and the largest borrower in the world is the US government. With $20 trillion in debt, a 1% increase in interest payments equals $200 billion in annual interest payment increases.

President Trump has already paid for nearly all of the tax cuts. Aside from that fact, whose money is it anyway? The tax cuts will allow Americans to keep more of what they have earned. That is a good thing.

A Quick Summary Of The Trump Economy

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Elections have consequences. Thank goodness that one of the consequences of the 2016 presidential election is a rollback of some of the regulations that were crippling the American economy. The Gateway Pundit has a summary of what has happened to the American economy under President Trump:

The DOW daily closing stock market average has risen nearly 14% since the election on November 8th. (On November 9th the DOW closed at 18,332 – on May 19th the DOW closed at 20,804).
* Since the Inauguration on January 20th the DOW is up 5%. (It was at 19,827 at January 20th.)
* The DOW took just 66 days to climb from 19,000 to above 21,000, the fastest 2,000 point run ever. The DOW closed above 19,000 for the first time on November 22nd and closed above 21,000 on March 1st.
* The DOW closed above 20,000 on January 25th and the March 1st rally matched the fastest-ever 1,000 point increase in the DOW at 24 days.
 * On February 28th President Trump matched President Reagan’s 1987 record for most continuous closing high trading days when the DOW reached a new high for its 12th day in a row!
* The S&P 500 and the NASDAQ have both set new all-time highs during this period.
* The US Stock Market gained $2 trillion in wealth since Trump was elected!
* The S&P 500 also broke $20 Trillion for the first time in its history.

Somehow this news has escaped the mainstream media.

The article also includes the following:

The article goes on to list job statistics and home sales statistics. I strongly suggest that you follow the link to read the entire article.

The article concludes:

In Summary

President Obama left President Trump with a weak economy and all sorts of domestic and foreign policy nightmares.  To date President Trump has had little time to address all of these messes but if he handles these as well as he has the economy Americans will soon be in a much better and safer place.

Overall based on the above data it is clear that President Trump is doing a solid, if not excellent job.

The mainstream liberal media won’t report this, but when looking at the economy, President Trump the businessman thumps the former community organizer Barack Obama.

Despite what the media is telling us, this does not sound like a White House in chaos. It sounds like a White House that is getting the country back on a solid economic footing despite tremendous opposition from the media.