Posted on 07/30/2011 7:45:00 AM PDT by casinva
See the attached video from The Sean Hannity Show dated July 29, 2011 to discover more about Connie Mack's Penny Plan - a debt cutting plan backed by Freedom Works, a Tea Party associated organization. It's supported by Senator Rand Paul, more recently Congressman Marco Rubio, and many other conservative politicians and organizations.
I'm challenging all FR readers to become more informed on this bill, The Connie Mack Penny Plan, also known as The 1% Solution and known in The House as H.R. 1848.
(Excerpt) Read more at foxnews.com ...
better than boehnor’s dem deal.
Sorry for my typo above!
It is SENATOR Marco Rubio who is now endorsing this bill. I misstated his title above.
It is the only plan out there that actually deals in cuts. The Dims want to offer their own plans, but everyone knows that Dims don’t plan, they scheme...
I enjoyed reading your article from rollcall!
What is fascinating is that while this is a principled plan that works for the Tea Party and grassroots conservatives, it might just work for at least “enough” Democrats too. Why do I say that? I actually found this on the gop.gov website where Connie Mack is talking about his plan on MSNBC, and I was quite surprised the MSNBC anchors actually seemed to be quite interested. They even chuckled over the Bill’s nickname being “The Mac Attack”! LOL
Here’s that video where Connie Mack describes the plan on MSNBC.
http://www.gop.gov/republicans/conniemack/media/5ufGsTliGbo
I am familiar with it and if enacted, everyone has to cut back. Corporations do this all the time. You can’t tell me that every office, every department, every agency can’t find 1% waste in their organizational budgets. At least.
I think we need to actively promote House bill H.R. 1848, also known as the Penny Plan, at all levels. Information on this plan needs to go viral nationwide and pressure needs to be applied to let them know that we are watching and know.
This may well be the only plan tht has a realistic chance of taking us out of the economic death spiral.
When I first heard of this plan I tthought it was to cut spending by a paltry 1 percent. Thanks to this post, I now know that it cuts spending by 1 percent of GDP. That makes more sense to me now. It’ll work fine until the government starts cooking the books as to what GDP really is...like they are currently doing with inflation.
Tell you what. If there are ACTUAL spending cuts (not this “cut in the rate of growth” bs), I would be willing to take a tax hike.
Ball’s in your court, Obammy!
“You can’t tell me that every office, every department, every agency can’t find 1% waste in their organizational budgets.”
The waste in Washington is monumental (pardon the pun), and far beyond what most people could ever imagine. To your point, GAO reports routinely finds and documents agency waste and mismangement on a grand scale. The corrupt media rarely recounts these findings, unless of course it serves to embarass a Republican administration.
I thought Rand Paul said 1% of every federal dollar - not 1% of GDP.
Hmmm
Nevertheless this is the only plan I’ve heard of that would actually solve our problem - which means the rats would never allow it.
“I would be willing to take a tax hike.”
If you are willing to have a tax hike then by all means send the Treasury Dept a big fat check. Make it 99% of your gross annual income if you would like. Timmy Geitner will gladly accept it. Just keep your hands, and especially the government’s hands, out of my pocket. NO NEW TAXES of any kind. Increased taxes of any kind just feed the rabid beast. The beast needs to starved.
I heard him on Hannity.
The explanation is that it finally does away with the “Base Line Budget” that assumes 7% increase per year.
So by eliminating the built in 7%, and then subtracting 1%, it adds up to big cuts.
If we start with $3.7T and use the two accounting methods we get:
Year 1 $3.663T vs. $3.959T (saving 0.296T)
Year 2 $4.236T vs. $3.636T (saving 0.610T)
Year 7 $3.449T vs. $5.941T (saving 2.493T)
This ads up to a total saving over 7 years of 9.377T
It really adds up fast when you eliminate the baseline budgeting.
I don’t know how it impacts guaranteed paying programs like Social Security, etc.
I don’t think Walrus really wants to have a tax hike. Who really does except those who talk about putting them into law! LOL
I think he/she was just showing an incredible amount of joy over such a simple plan that would starve the junkie’s addition! LOL
Kind of like... “Well then, if that happens, I’ll eat my shorts.” Believe me, I wouldn’t WANT to eat my shorts! hehe
An important difference, to be sure. When I went to the website that explains the plan it seemed to me to be reducing the percentage of GDP that the government consumes...currently 25 percent, and over time reducing it to 18 percent of GDP.
“It’s the debt stupid”
http://mercatus.org/publication/how-much-federal-spending-borrowed-every-dollar
I’m still trying to learn more about this myself, and your question about how it impacts Social Security led me to this:
Thanks for the correction casiva.
Talk of tax hikes just goes hand in hand with the talk of budgets, debts, debt ceilings, Congress, Democrats, Obammy...
Must have forgotten I was FR for just a second!
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