A Balanced Budget Amendment…Before It’s Too Late!
by Timothy MooneyThis week, the US federal debt surpassed the $12 Trillion threshold.
Congress will vote in December to extend America’s indebtedness above $12,100,000,000,000, necessitated because our national debt grew last year by more than $1,400,000,000,000 and will grow this year by $1,400,000,000,000. According to the Obama White House estimates, the national debt will continue to grow by more than $1 trillion for the next nine years. Except it won’t…because it can’t. There just isn’t $9 Trillion to borrow.
For years we’ve heard about the immorality of putting this debt on our grandkids. Forget the grandkids, our economy is at grave risk of collapse right now!
The dollar is in free-fall. The Ponzi scheme Congress calls Social Security is about to collapse. Foreigners are beginning to balk at loaning the US government more money. That grave economic turmoil our debt and deficit will cause in the future? It’s here now.
Beyond threatening our economic security, our national debt is imperiling our national independence. We now owe foreign entities $3.448 Trillion – 28.2% more than just 12 months ago!
Three of the five largest holders of US debt should cause you sleepless nights. We owe China the most, $797 billion — 38.9% more than we did just 12 months ago. We owe Oil Exporting Countries $189.2 billion – 11.5% more than just 12 months ago. And we owe Caribbean Banking Centers (thought to hold billions in narco-terrorist money) $180.2 billion – 35.5% more than just 12 months ago. Japan and the United Kingdom round out the top five foreign debt holders, with our debt to the UK increasing an astonishing 173% in just the last 12 months.
Can we really expect China to increase its lending to the US by nearly 40% next year, and each of the next nine years? Even if it wanted to, the UK doesn’t have the cash to increase its lending to the US by another 173% next year.
Any one of these debt holders could put the US economy in collapse overnight by selling or even just threatening to sell off their US debt holdings.
We owe them…they own us! Clearly, our national independence is in grave risk.
The Federal government also owes Social Security and Medicare $4.5 Trillion. With the economic downturn, Social Security doled out more money than it took from employees’ paychecks for the first time this year. By 2016 – just seven years from now – according to the Social Security Trustees report, Social Security will move from surplus to permanent deficit as the baby boomers retire.
(That “lock-box” presidential candidates like to talk about has never existed. The Social Security ponzi scheme makes Bernie Madoff look like a wayward kid shoplifting a pack of gum.)
If we do not balance the budget by the time Social Security moves to permanent deficit in 2016, we almost assuredly will not without a cataclysmic economic crisis.
What’s the solution? A balanced budget constitutional amendment.
History has shown Congress simply won’t act responsibly unless the voters force them to balance the budget. With great voter pressure, Congress came within 1 Senate vote of passage of the balanced budget amendment in 1996 – and the Congress passed balanced budgets each of the next four years.
When support for the balanced budget amendment waned, Congress spent like crazy.
A balanced budget amendment is the only cure to a Congress unwilling to control spending. In fact, Germany passed the BBA just last year.
That’s why we launch this week DeficitFree.com – a national push for a Balanced Budget Amendment by July 4, 2013, and a balanced Federal budget by July 4, 2016. These would be the two best birthday gifts we could give our country!
Our first and immediate goal is to bring together 5 million Balanced Budget Amendment supporters by July 4, 2010, with a minimum of 5,000 from each Congressional district. You can join the movement at www.DeficitFree.com. This non-partisan movement is being launched by some of America’s most successful grassroots activists – not Washington DC politicians.
We need 5 million voters to work together to ensure the Balanced Budget Amendment becomes the most prominent issue in the 2010 Congressional races and in the 2012 Presidential contest.
If we don’t, it won’t be our grandkids who will suffer the economic collapse of our country and our loss of national independence.
It will be us!
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40 Comments
It is beyond too late.
Simple physics, simple gravity prevent US from pulling out of this wreck. Is Obama to blame? No, not wholly. Bush needs to accept 3/4 of the blame, but Obama is on the fast track to surpass Shrub……….
We are heading for an Obama Depression while the scumbags are taking our money and bamking it overseas.
All the polls lie as far as "recovery" is concerned. Will 2010 be too late? Do we need to take out this administration NOW? I think so.
It is too late already, if we loose in 2010 well God help us.
We need to start destroying and dismantling the whole concept of a re-distribution system (and I mean that in a political way)
I somewhat disagree with cowboy, simple math say bush deserves 1/3 the blame for the raw debt since Obama trippled the debt and voted "Yes" on every spending bill since 2006. A case can be made that bush enabled the whole thing so call it 50/50 before the health care bill issue.
Obama is not through though, as he said, he's just getting started.
We ALL need to fae the old hard facts when pointing the Fikle Finger of Frustration. We need to take a hard look at ourselves first in the mirror. The we next need to look at the root cause of the US and World eonomic system: The Federal Reserve Bank. The we next to look at who set policy for the last generation: the senile Alan Greenspan, and now Ben Bernanke. They have set policy for Obama, Bush, Clinton and Bush Sr. We gotta give redit where credit is due. They have ALL worked in concert to mismanage and ruin what was America. They need to hang thier heads in shame.
Now having gotten that off my chest I agree, an amendment is the only way to keep the corrupticians limited to the taxes they collect.
That's a whole other problem though since they dont care if they tax people out of existence, so an amendement that says you can only buy what you pay for in a time of war will simply shift the burden up the chain.
You might argue that the people will become enraged if that happens, I don't know about that, the people that earn 10K a year wouldnt give a rip, they woudl just "Tax the rich"
Throw in a flat tax amemendment and you pretty much eliminate 50% of the corruption problems.
What a nice dream, 2010 might be the time, 2012 most certainly will be if we dont completely blow it.
I also seriously wonder if their is a simple robbery of the treasury that that Stimulus etc. is masking, impossible to tell.
Tt sounds nuts, but 2 years ago so did having a president that woudl be doing everything he could to nudge ng everything in the private sector he can get his hands on under government control.
Very disturbing trends going on
I have a question for all those fools that thought they were all gonna get free stuff from the Obama stash; why has gas gone up about a buck since Obongo got elected, and nobody has made one peep? Not one word,one question, not one MSM news story. A year ago it was Bush/Cheney/Halliburton and the Big Oil Conspiracy. What about now? What about Obama? I thought the Savior was going to be the savation for a plethora of the worlds ills. I thought there was gonna be free sex, free drugs, free Starbucks Moocha and we were all gonna be standing in tall cotton. All I see is poverty as far as the eye can see, and the wheels are falling off the cart quicker than Joe Biden can put them Back on…….
Balancing the budget won't really work either but it is a start. The problem is that politicians will still spend like crazy. To fund their need to waste money, they'll increase existing taxes, find new methods to tax existing things and create new taxes. In short, they'll bleed the public dry.
We have to get these bums out of office. We need to show that we aren't going to stand for our elected officials out of control spending and whoever replaces the current crop of tax and spenders needs to have that message made very clear to them.
Balanced budgets sound great but we're talking the Federal government here. They mastered the accounting shell game. A budget that must be balanced won't stop their reckless spending. Only the public can stop them by voting them out of office.
A balanced budget ammendment is a gimmick that won't work. Similar schemes have been tried in the past. The government will ingnore it or find a way get around it. The spending and vote buying party never ends!!!
I know I'll be chastized here but i do believe Bush did try adn rein in Fanny and Freddie before the collapse.. the dems wanted nothing to do with it.. would it have mattered? maybe but he did double the debt too!
Ah…come on guys we need things. Barry’s promised us wine and roses, I want my stuff. Of coarse this will be the end of the nanny state, the ultimate solution, if you will. Barry’s stash is getting very low, what’s a scum bag to do? I know …get a job!
Shit, it isn't just me…
[...] Government: A Balanced Budget Amendment… Before It’s Too Late by Timothy [...]
I am thinking that right now a total collapse may be preferable to a lifetime of subjugation to these thugs and tax suckers.
Lorben wrote:
“If I didn’t believe in God and His overall plan, this would consume me to the point of death. I have consumed to much wine…depressing…I am not sure this can be conquered, we may be sunk and be pushed into a one world government…holy crap!”
If you believe in God and his overall plan (*as outlined in many prophetic books in the Bible), then you should know, and be comforted by this knowledge, that it’s all being brought into play right now. That your beliefs are being vindicated by reality. We *will* be sunk and pushed into one-world govenment. You should realize this. That fact shouldn’t be depressing, since what Christians have long believed is going to happen “someday” is happening right now, out in the open, for all to witness. Keep your head up. Looking up.
We will be killed for our beliefs, too. Jailed, persecuted, questioned, killed. Can’t pick and choose which eschatological prophecies to believe. Sounds depressing, I know. God’s plan is righteous. Even if we cannot see how his allowing Satan’s minions to once again fill great holes in the ground with the bodies of millions of dead believers is a GOOD thing, in the end it will be known to all, and understood by all.
Just know that our Savior’s red carpet is being rolled out right now, by the likes of Obama and our fascist-tending government, by the likes of Ahmadinejad and Islam, by the likes of Putin and Soros and Communist organizations worldwide including but not limited to ACORN, International ANSWER, Workers’ World Party, and thousands of others. They will be the ones filling the graves with our bodies, coming back to take our houses and posessions. I’m guessing here, but I’ll bet there are people in the US right now that are out “House Hunting” and calling “DIBS” on Christians’ and conservatives’ houses. They will be the ones who think that what they are doing is good and right, just as at Treblinka the Germans knew that the Party mattered more than mere individual human lives. These sons-of-Satan are rolling out the red carpet for Christ, who, this time, will come with a sword, and the will to use it, AND THEY DON’T EVEN KNOW IT!
Rejoice, Lorben. It’s all true, and it’s all now being revealed.
a balanced budget amendment is pure rubbish. we need the us government, all three branches to follow that rule book called the constitution, that is all we need. we are not running deficits due to being taxed too little, they keep spending more and more money. just this year, we went from 2.6 trillion to 3.8 trillion budget. and with healthcare that will easily ballon out of control. we need to spend money only on what the framers said we could. foreign aid, farm subsidies, public housing, education, welfare, and a whole lot more are never mentioned, or were never envisioned to be spending money on. stop spending, and watch the books look a whole lot better.
Tone Loc, you are correct. The R’s repeatedly and provably tried to rein in and reform Fannie/Freddy, as the D’s, primarily Chris Dodd, Barack Obama, and Barney Frank, made ACTUAL BIG MONEY from keeping it from being investigated, let alone reformed.
It’s funny, not in a ha-ha way, that every single thing the Left tried to tell us Bush was doing (like pocketing cash from halliburton, taking down the WTC, etc.), every single accusation unproven lies, have all been done a thousandfold by Obama and the current Democrats. Bush didn’t take down the WTC, but Obama and Dodd and ACORN and Frank and Raines DID actually, provably take down the mortgage industry, maliciously and WHILE PROFITING GREATLY. Bush and Cheney didn’t really get cash from Halliburton, but Obama and Dodd and Raines and Frank DID actually get LARGE cash from Fannie/Freddie, and it’s all fully documented. CSPAN is a wonderful thing. Bush didn’t EVER try to stifle all the extreme hate-speech by the supposed Grassroots (but actual Astroturf) anti-war movement, and they still screamed and camped out at his ranch and yelled, all the time, that the Evil BushHitler was attempting to stifle their free speech, though at no time did he or our government make any attempts to silence anyone. Meanwhile Obama and his cronies are calling for investigations, setting up tiplines to rat our neighbors out, pushing the fairness doctrine to stifle all speech that is not “correct.”
Every thing the Left says the Right is doing, we aren’t, but THEY ARE, IN TRIPLICATE.
I’ve had people say to me, “Remember when Bush was jailing people for speaking out against the war?”
And they REALLY DO THINK THEY REMEMBER, so hardwired is their programming. Never happened, but boy oh boy do they remember it. Because that’s what their pastors and community organizers told them EVERY SUNDAY and every other day of the week for EIGHT FRIKKIN YEARS. Yes, it was a black person. Eight years they are lied to by their “Reverends” about what Bush was doing. So they “remember”.
We are living in strange times, but things are going according to plan. This is a nation that is like a field that was planted, and is now ripe for deception. The seeds? Hollywood, the cult of Entertainment, the National Education Association, the Federal Department of Education. Many more. It took a 60-year plan by the Soviets (or by God, depending on how you want to look at it), but it worked. America is deceived, by and large.
Cowboy you are usually right on but Bush 3/4 to blame is that a typo? I know he borrowed for a war I know he also artificialy inflated the economy "in part I feel to mask the real $ damage that was done on 9/11" he also had Katrina Inc sucking on the federal tit. Perhaps he set the mood for republican bashing that led to this A hole running the government. Tarp was a scam but was it his scam remember Benicke promised to buy the toxic assest thats how TARP was sold NOT buying banks. NOT Buying Carmakers Bush was misled by the wallstreet cheats that our new leader iss now leading to the trough. Look at the tapes again when Bush Announced Tarp he looks like a POW hoping to die rather then betray his country. Did they have Laura in the other room? Sometimes I wonder.
The unfunded liabilities are a major problem. We have $12T in debt right now. But when you add a 75 year estimate for Medicare and SS you have another $100T. All this could be fixed, but it will hurt and piss off many.
Just to pay off the $12T in a reasonable amount time spending would need to be reduced to less than $1T so that $2.1T in tax revenue could pay down the debt and interest payments. But that would mean killing most of the government programs. Since the GOV employs 10% of the population, unemployment would go up again!
What a freakin mess.
I had that discussion with a friend the other day Thinking Man. If it is then who is behind it? One thing Im sure of they will leave the patsies to take the fall. The Patsies never see it coming. Talk about history first POTUS to go to jail
Hey, I love your new name thingey.
Bush? No typo.
I still gotta call a spade a spade. I believe Bush was a good man. Still is. He was decent and honorable, but a financial idiot. Look at Afghanistan; it broke Communist Russia, and will break US.
The tapes you mention? I remember them vividly. It was like he was shell shocked. At first I thought it was my imagination, playing tricks on me, but as the days and weeks went buy, i firmly believe something happened. I think a half hour before he went on camera, China called, and said "Boy, we're calling your notes." It was something very drastic……..
He looked worse then the day they took down the towers. Man bush really got the presidentcy of the century. Afghanistan I would have prefered the nuke option Blast em and trash em and rebuild nothing cold calculating Machavellian. It would have had all our enemies on their knees and wouldn,t have busted the budget. Nwo we are the little country that couldn't.
Just in case you didn't know the Federal Reserve is a private company of bankers with twelve branch banks that confiscate our money and they have been doing this for almost a hundred years,— this time!They are not part of the United States Government. Yet today they collect hundreds of billions of dollars from American taxpayers every year.
Thomas Jefferson was adamantly opposed to the idea of a privately owned federal bank and said " I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies".
In December 1913 while many members of Congress were home for Christmas, the Federal Reserve Act was rammed through Congress and was later signed by President Wilson. At a later date, Wilson admitted with remorse, when referring to the Fed."I have unwittingly ruined my country"
Check the Saul Alinsky Handbook…there is where you will find your answers…
Looking back at this piece by Mooney on a Balanced Budget Amendment: When the Congress ignores the Constitution, what in the world makes anyone think they'll abide by such an amendment? Even the amendments that constitute our individual rights (the Bill of Rights) are trashed just about every day by congressweenies of both parties.
Just thought I'd provide all of you with a little hope and change (NOT).
The US Govt is operating under the philosophy of economist John M Keynes. He informed FDR that it is the Govts duty to go into debt and cause full employment. His policies were called "Dynamic Debt". He coined the phrase "We Only Owe Ourselves". His biggest lie is the fact that "We The People" do not own the bank as we are susposed to. Therefore, we owe someone else. The 2nd lie is that we can pay back any loan that has interest charges. This is because no money or currency is issued for the interest portion of the loan.
A little correction: We CAN NOT pay back any loan that has interest charges!
You are right. But NOBODY, and I mean NOBODY will touch the line "Exactly who do we owe?" Do you know? Would you hazard a guess? I'll tell you: A group of International Jew Bankers.
Now, in addition to being labeled a racist, I'll be labeled an anti-semite……………
Hard Core Muslims call us Infidels. Hare Core Jews call us “Goyim”. A goyim is a cow to be milked….and we are getting milked allright. And, they’re labels of us DO NOT COUNT as they are Liars from the beginning and still continue deceiving…
Right, and worse it allows them to all vote to raises taxes claiming "but the balanced budget amendment means we HAVE to vote for it…"
It was sarcasm, already read it…
Sorros is making a ton of money off of this, Stern has thrown the dice because he has nothing to lose, Podesta has the thrill of potentially seeing the US government fail and be reformed into a socialist utopian dicatoroship.
The new york times is even having doubts about spending more money, this is akin to the Pope doubting the existence of Christ.
Obama seems to be very calm about the impending doom he helps to create, even seems to understand he is doing it, as if he is reading from a script, this could be simple acting to avoid reality, arrogance in thinking he can manage the train wreck he started, or something else, I do get the feeling that he has a life preserver stashed away, if it all goes down he is still safe.
Puppet, or Puppet Master, every one thinks that the master is Sorros or Stern, not so sure, they seem to be useful idiots as well.
Theft I think is happening, it could be opportunistic, if could be planned, it could be both. So many villains that it's hard to figure out who is leading who.
The republicans en masse just didn't have any will on this, they were afraid of being labled racists and they are political animals for the most part, more worried about the next election than the country in my opinion.
The GOP as a whole spent like drunken sailors as well, they seem to think instituionalized theft is ok as long as the beneficiaries are good players, theft is theft in my book no matter who gets the loot.
I don't think Bush was a bad operator like Obama is, I just think he and the usual supsects were wearing mittens in a knife fight. Rules of good behavior and all that, and there emotions were played.
Having said that I would trade him for Obama in about 1 nanosecond.
Wake Up america! Our country is no longer! we are owned by friegn governments and the only way out is to pay them cash or go to war with them. Obama continues to push more and debt heavy programs which requires foriegn barrowing to happen which in turn puts our country at risk of being over run by froiegn invaders with them habveing to fire shot! Obama is refusing to honor his oath of office. To protect us from all agressors both foriegn and domestic! The debt is killing this country the same as if he had allowed the saudi's to bomb New York! Obama is comitting treason by pushing these spending bills with no regard for the consequences! Impeach Obama now! Deliction of duty! Treason! Bribery! aiding and abetting the enemy! wake Up america! Save our country! It up to you! Only you can fight for your rights and the freedom of your children!
A balanced budget amendment does not solve the problem. This does not stop the government from raising taxes to balance the budget. This does not stop the government from overprojecting next years tax revenues and understating expenses to show a balance. It does not decrease spending.
Bankruptcy will solve it. I hope healthcare, a second stimulus package, and extended unemployment benefits to name a few, along with decreasing tax revenues speeds the inevitable along. California and the City of Chicago are already getting results.
But it isn't just the elected politicians. It's the whole governmental engine that needs to be rebuilt. It's all the helpers and workers who have the ear of the pol, telling him what to say, how to vote, who to suck up to, etc. But that does not change the fact that there needs to be a full cleaning of the political system. One of the first and best tools we have is the letter of the law. How many people in DC would not be there but for the lax enforcement of rules and laws broken? Then we elect the people who will REPRESENT us.
It might be the equivalent to ripping the bandage off the wound.
I agree but the public really can only elect by voting, the politiicians. They are the conduit between the public and the bureaucracy. With tax and spenders as elected officials, they'll support the existing bureaucracy. Elect people that understand that government isn't the answer and you'll start seeing the bureaucracy being overhauled.
[...] Three of the five largest holders of US debt should cause you sleepless nights. We owe China the most, $797 billion — 38.9% more than we did just 12 months ago. We owe Oil Exporting Countries $189.2 billion – 11.5% more than just 12 months ago. And we owe Caribbean Banking Centers (thought to hold billions in narco-terrorist money) $180.2 billion – 35.5% more than just 12 months ago. Japan and the United Kingdom round out the top five foreign debt holders, with our debt to the UK increasing an astonishing 173% in just the last 12 months . . . Timothy Mooney writing at Breitbart.Com [...]
Agreed.