Tag Archives: Debt Limit

Receipts and Outlays

So, it appears we’re close to an agreement on the debt limit. I’m confused how the Republicans allowed themselves to get beat so badly. Near as I can tell we are not going to reduce spending but we are going to raise revenue.

Democrat’s dream.

How pathetic.

If the United States Debt Were a Swimming Pool

If you aren’t reading Carpe Diem, you should.  Go, right now, check out Mark Perry’s site.

This whole thing started way back when.  I was an avid reader of Rob Neyer over at ESPN.  I was very much into baseball and stats and just the game.  I loved me some Neyer.  Since then, however, ESPN has made his stuff paid content and I no longer go to ESPN.  But whatever, ‘nother story.  One day, a long time ago, Rob mentioned a writer in Minnesota, Twins Geek.  And Twins Geek wrote a blog.   And I didn’t know what a blog was.  But it had the words, Twins, Geek and Neyer, so I checked it out.

And it turns out Twins Geek is a dude from Minnesota who works in an office doing office type work who just loves to write.

And I love that.

So, now I know what a blog is and I start looking for one.  And I trip upon Coyote Blog.  And NOW it’s on.  This is just too cool.  And, after reading Coyote for awhile, I notice he refers us to Carpe Diem on a regular basis.  And Mark Perry is from Minnesota.  And he writes about interesting stuff in a way that just makes sense.

So I read him everyday.

In fact, he is a large inspiration for the stuff I write here.  Only, like, he’s better and smarter, but hey, I have longer hair!

Anyway, via Mark Perry at Carpe Diem comes this:

We have what you call a spending problem.

By the way, if you like baseball and can stand the Twins, check out this most amazing site dedicated to Sabermetrics with a Twin’s twist.  This guy is the hero.  Dropped out of school at the UofM, living in his mom’s townhouse blogging about baseball at 3,000 words a clip.  Gets picked up by NBC sports and is livin’ large.

Spending: Obama vs Bush

I think that I am consistent with the Republican party’s claim that one Mr. Barack Obama spends too much.  Further, I think that I am consistent with the same Republican party in their view that it’s spending, not revenue that’s the problem.  After all, I’ve demonstrated that receipts increase year over year at a 7.2%.  And by simply slowing the growth of government, we can balance the budget in as little as 19 years.   God forbid what happens if we actually REDUCE the year over year of the government spend.

To that end, there has been much talk in the nation about that government spending.  Where it came from and who is actually spending it.

Remember, the subject is spending.  And that Barack is doing more of it than anyone else.

The context is “who is contributing to the massive increase in government spending we are seeing?”

And the answer to that question is being answered by this graph:

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Will We Raise The Debt Ceiling

Latest InTrade chart on whether or not Washington will raise the debt ceiling by midnight July 31st, 2011.

Doesn’t look positive.

On the upside, if you think they pull out of this spiral by July 31st at midnight, there’s money to be had!

The Debt Limit, Budget, Deficit and Debt: Update

So, yesterday I posted about a possible solution to the deficit and the debt. In those plans I accommodated those on the right who insist on a plan that includes no new revenues due to tax increases.  Further, I accommodated those on the left who insist on a plan that doesn’t cut; in fact my plan GROWS government each and every single year.

As I ended my analysis I demonstrated a method by which both of those targets were met AND we backed away from the debt limit that we are struggling with today.  The solution began to reduce the the deficit in year 1.  And it balanced the budget in year 19.  It’s the perfect trifecta.

But what if we can do better?  What if we can reduce the amount of time in which we are free of the deficit?

I think we can:

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Boehner’s Speech: What He Did Say – July 25, 2011

Well, just finished watching and listening to John Boehner.

Yeah, any good will established by Obama in trying to give the Speaker of the House props for being willing to work with the Democrats is out the window.  John Boehner came out swinging and he didn’t let up.  Almost with a vengeance the Speaker took Obama to task going back to January and the President’s request for more money.  And this after sending America on the largest spending binge of all time.  While I think he’s right, I’m not sure that the approach the Republicans just took is the wise one.

Where Obama made the case that we all need to agree to get along, Boehner went right at the President.  Where Obama looked to build a coalition with the Speaker, Mr. Boehner attacked the President for his priorities and his tactics in the debt talks to date.  Further, by appearing so dug in, the Republican may have set himself up for a situation that he can’t win.  A long time ago I learned that to be successful, you have to create a situation where your opponent can retreat or compromise in honor.  I’m afraid that Mr. Speaker has removed that option from the table.  I can see many things being thrown at the TV in the Democrat Head Quarters.

This is not to say That I don’t agree with the Republicans.  We DO spend too much.  We DO waste money.  Obama DOES negotiate in bad faith.  I know Obama is not a centrist but rather an over-matched Leftist Statist.  However, tonight, America was watching, not just us political junkies.  And America wants compromise more than they want ideology.

Either way, tonight set the die.  How it impacts the debate and the 2012 elections will, of course, remain to be seen.

Obama’s Speech: What He Should Say – July 25, 2011

Tonight President Obama is going to deliver a prime time speech to America tonight at 09:00 PM EDT.

I expect the President to compare and contrast the dueling debt limit bills in front of lawmakers.  On one hand is the Speaker’s plan and on the other is the Senate Majority Leader’s plan.  Obama has already come out in favor of the plan being offerred by Harry Reid; so the suspense of tonight’s address is largely gone.  What remains will be the rhetoric.

The President should stand in front of America and tell us that the leaders we have elected are working around the clock to craft a plan that cares for the future of America while at the same time keeps us in the good graces of our current debt obligations.  All American’s recognize that you can not make promises that you have no intention of keeping.  We borrowed money and entered into agreement with people from all over.  IN some cases this is foreign nations.  In others it’s with our own citizens in the form of our social programs.

We have debts and obligations.  And we mean to honor those obligations.

That being said, the future path of our economy is not an easily planned and established.  Rather, it’s gonna take a lot of work, a lot of courage and a lot of midnight oil.  There are ideological differences to be overcome.  And in today’s hyper-partisan atmosphere.  While it’s unfortunate, it’s reality.  And to ignore that reality is dangerous.  Rather we should let these people work through their challenges and come to a solution that everyone can be satisfied with; or at least one that everyone can admit some compromise on their part.

That is what he SHOULD say.  But he won’t.

President Obama will mention, at LEAST 4 times, that we are suffering through a crisis of some kind that was brought about by the policies of the last decade.  [I suspect polling has determined that people are tired of blaming Dubya, so he’s shifted to policies of the last decade.  Four times, I’m tellin’ ya.  Take it to the bank!] He’ll claim that we need leadership and not politics as usual.  Mr. Obama will make claims that he and the Democrats have been willing to compromise on this deal in order that America can make progress and that it’s the Republicans who have come to the table, worked out a deal only to demand further concessions or change the rules.

The President will claim that the Republican contingent has been held hostage to the extreme right element of the party, he may even mention the Tea Party by name.  But if he doesn’t, it’ll be clear that it is that group he is referring to.  He will remind America that it has been the Democrats that have agreed to set aside partisan politics to reach a deal based on compromise; even agreeing to virtually every Republican demand.  Only to be left at the alter at least twice.

Obama will mention that the Democrat’s plan contains spending cuts that result in a stronger economic position.  And he’ll mention that the Democrats have agreed that no tax cuts will be implemented; all this at the request of the Republicans.

He won’t mention the fact that the deal pushes the debate out past the next election, but he WILL mention that the Republicans insist on playing politics with the debt by insisting on a “two tier approach”.

I hope I’m wrong.  I bet I’m not.

The Debt Limit, Budget, Deficit and Debt: Framing the Picture

The talk of the town is the debt limit.  Raise it or not raise it; and what it would take TO raise it.

Reasonable people can agree on a couple of things:

  1. We are in debt and it’s getting worse.
  2. To balance the budget, there needs to be a combination of an increase in revenue and a decrease in spending.

I honestly feel that if you were to ask this question, hidden in such a way as to bypass the normal political partisanship, every single American would agree.  If the checking account is overdrawn, a second job becomes something to consider and a review of the household spending becomes a priority.

But, how do we agree on such a combination when the discussion changes from the household budget to the federal budget?  How can we get folks who demand that we raises taxes together with folks who demand we don’t?  How do we get people who refuse to cut spending to shake hands with those who feel we HAVE to cut spending?

I propose that we do it by doing neither.


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Boehner and Obama Debt Limit Negotiations

The Hill is reporting that Boehner has ended negotiations with the White House over raising the debt limit ceiling:

House Republican leaders have called off negotiations with the White House over a broad deficit-reduction deal tied to an increase in the federal debt limit and will begin exclusive talks with Senate leaders to avert a government default on Aug. 2, Speaker John Boehner (R-Ohio) announced Friday.

Boehner told House Republicans in a letter that President Obama is “adamant” about raising taxes and would not agree to “fundamental changes” to entitlement programs.

This shouldn’t come as a surprise to anyone.  Obama’s time in the Oval office to date is nothing but speeches that say one thing followed by policy that does another.  To have thought that Obama was serious when he claimed he was willing to cut spending, reform medicare and social security is wishful thinking at best

There isn’t a bone in Barack’s body that’s willing to reduce government spending.  The whole of his life has been spent enlarging government for the benefit of the “less fortunate”.  I’m convinced Obama can’t envision a world where government shrinks.  And reforming the entitlement programs?  HA!  If he speaks about reforming ’em, he isn’t talking about it in the way that you and I would reform ’em.  In his mind those reforms take the shape of ADDING to the revenue side to reduce the deficit of the programs.  Again, there is simply no way this man will shrink that aspect of government either.

There is no way that Obama means “spending cut” in any way that resembles reality as it relates to the common everyday American.

So, the fact that Boehner walked on him is the most positive thing that’s happened in a week.  Or weeks, for that matter.

With only 1 week before the government shuts down, it looks like we’re facing exactly that; a shutdown.  And judging by the reaction in Minnesota, namely — who cares? — and the fact that the Democrat gave in and accepted the Republican’s deal, I say let ‘er go.

America is fed up with the spending and it’s time we address it.

Hot Off The Presses – This Just In

This just in from CBSNews:

Over to our correspondent’s desk in Raleigh for related news:

100% of Pino children polled Disapprove of the Parents handling of the “Veggies for Dinner Crisis”.

Back to you….

Hat Tip SkyDancingBlog