Posted on 03/12/2015 10:04:24 AM PDT by DoodleDawg
Senate Budget Committee Republicans got a taste of things to come Wednesday as witnesses warned it will take $5.5 trillion in deficit reduction to bring the government into balance in a decade and the GOP can’t afford to take its eye off economic growth.
“It will be about $5.5 trillion to get us to balance in 10 years,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget told the panel. “Just to put that in perspective that’s eight times the size of the [2012] fiscal cliff deal and it’s 65 times the size of the [2013] Ryan Murray deal which you recall we didn’t stick to for very long.”
(Excerpt) Read more at politico.com ...
Well, let’s get cuttin’, then!
So, where do we cut?
Ten years might as well be 100. Balance the budget NOW.
The EXEMPT, as always, will first consider:
How can we profit from this and protect our King?
In other wordsw we will never get to balance. It’s a runaway train with nothing to stop it but that cliff in the distance.
Cut the budget to the bone except for the military, national security, roads, highway budgets.
IRS
HUD
National endowment for the arts.
PBS
Education Department
I assume that the core of the one percent solution is to first turn off base-line budgeting.*
http://en.wikipedia.org/wiki/Baseline_%28budgeting%29
Baseline budgeting is an accounting method the United States Federal Government uses to develop a budget for future years. Baseline budgeting uses current spending levels as the “baseline” for establishing future funding requirements and assumes future budgets will equal the current budget times the inflation rate times the population growth rate.[1] Twice a year—generally in January and August—CBO prepares baseline projections of federal revenues, outlays, and the surplus or deficit. Those projections are designed to show what would happen if current budgetary policies were continued as is—that is, they serve as a benchmark for assessing possible changes in policy. They are not forecasts of actual budget outcomes, since the Congress will undoubtedly enact legislation that will change revenues and outlays. Similarly, they are not intended to represent the appropriate or desirable levels of federal taxes and spending.[2]
*Meanwhile there is a proposal afoot to increase the state sales tax from 6% to 7% which is of course a 16% increase in the tax, but will no doubt be marketed as “just a penny” increase.
It’s a target rich environment.
Pure Fantasy, there is no such thing as a budget for a term greater than 1 year.
No Legislative body is bound by the acts of a previous legislative body.
Right. I can do it in 1 year.
If you put Americans back to work you can close that gap pretty easily. You’d be getting a lot more payroll taxes, and fewer government outlays.
But if you continue to allow American industry to be offshored, you’re payroll taxes will continue to shrink and your government outlays will continue to rise.
Free Trade heresy! < /sarc >
Federal employees owe $3.3B in back taxes
And how many employees do our government agencies have:
IRS = 110,000
DHS = 240,000
HHS = 80,000
SSA = 60,000
EPA = ??
It’s a runaway train
***********
A train wreck in the making. Its not just the budget; its also the exploding entitlements that are unsustainable. They are ticking time bombs. There will be a day of economic reckoning, or should that be ‘wreckoning’?
The budget will never balance.
They will tank the currency, and divide by ten and start over.
Planned parenthood
Republicans have shown no interest in fiscal sanity and there is nothing to suggest that will change anytime soon. They won’t make any cuts other than tiny symbolic ones. Increases in spending are already baked into the budget and the military will require higher spending as it has been gutted.
The status quo will continue and people who think it can’t continue long enough for this crop of congress critters to retire are wrong.
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