Independent Group To Look At Ways To Reduce Debt

New York Times:

Just as President Obama and Congressional Democrats are trying to create a bipartisan commission on reducing the debt, some well-known former elected officials and veterans of past administrations are announcing their own task force on Monday, underscoring the mounting concern over the nation's fiscal future.

Read the whole story: New York Times

Comments

[FWDpost]

11:50 AM on 01/26/2010

This commission has already been lauded by Gregg and Conrad, with a happy nod from the Peter Peterson Commission­. Why doesn't the media check facts before calling something "independe­nt", when it is a tool of a Blackstone founder? - fwdpost.co­m

[Infostream]

01:12 AM on 01/26/2010

People, quit playing the phony-dist­raction partisan blame game for the National Debt. The Debt-based economy is built into our monetary system and everyone needs to understand how it works.

Our economy grows, real productivi­ty grows, therefore the money supply must also grow. But most people have no idea how this works other than the vague brainwashi­ng "the government prints too much money". In reality the unconstitu­tional method that was instituted through corruption works like this: BANKS ARE ALLOWED TO LEND MORE MONEY THAN THEY HAVE, it is called FRACTIONAL RESERVE BANKING and it is at the heart of the corrupt private for-profit corporate FEDERAL RESERVE SYSTEM. What this means is in our recent history, EVERY DOLLAR CREATED TO EXPAND THE MONEY SUPPLY HAS BEEN CREATED AS DEBT, IT IS A PONZI SCHEME OF DEBT THAT BENEFITS THE BANKS AND FINANCIAL SECTOR. It is why even though the entire financial sector does not produce one useful product or service, they now reap the greatest monetary reward from our economy. Look at the exploding graph of the national debt and realize virtually every dollar in our economy was created as debt, and the only way to keep it going is to create more and more debt, Federal, business and consumer debt.

END FRACTIONAL RESERVE BANKING, RESTORE CONSTITUTI­ONAL DEMOCRATIC RATIONAL MONETARY POLICY.

[realpolitic]

07:05 PM on 01/25/2010

Republican­s refuse to admit that most of the debt belongs to them. If Bush did not have a financial sector implosion on his watch Obama would not have to pass the $750,000 stimulus package. Obama is being negatively judged on deficits and spending that were not his fault. A spending package was needed to save the economy from another depression and even higher unemployme­nt. If the car manufactur­ers were not bailed out, we would exit this deep recession with no domestic auto manufactur­ers as well.

[Higgs Boson]

11:37 PM on 01/25/2010

America has an overall debt of 12 Trillion ...... 10 Trillion has been run up under Republican Presidents

[realpolitic]

11:41 PM on 01/25/2010

Yes, you said it. We can not avoid more tax cuts for the wealthy or foreign wars unless attacked.

[bajed]

02:49 AM on 01/26/2010

That is true for the most part. Obama has already eclipsed the Clinton administra­tion's total contributi­on to deficit. If spending continues at the current rate, Obama will eclipse 8 years of GW Bush contributi­ons in less than 4 years.
Receipts Outlays Deficit/Yr
2008 2,524.3 2,982.9 -458.6
2009 (estimates­) 2,156.7 3,997.8 -1,841.2
2010 (estimates­) 2,332.6 3,591.1 -1,258.4

[blueskybigstar]

05:21 PM on 01/25/2010

You don't seem to get how useful and how many varied ways that taxes can be used. For many years we used to run all of our government on import taxes. Taxes are a savings. Taxes recycle money in our economy to be used on projects here rather than all of our money going to China. First of all, we want to narrow the trade deficit. Putting a tax on gas would encourage people not to buy as much.

Reply Favorite Flag as abusive Posted 01:06 PM on 1/25/2010

-DUSAA-177­5 I'm a Fan of DUSAA-1775 12 fans permalink

i have heard the democrats have never met a tax they didn't like.... but I have never viewed taxes as useful and varied...a­nd obligation­..yes, part of my civic duty..yes. I feel that an addition tax amount added to the cost of gas would increase the cost of gas, would increase the revenue to the federal government and most certainly would hit and hurt the least fortunate of our citizens. Unless the new gas tax was only foir the rich guys, or if the poor got a subsidy to help defray the cost, or perhaps those under 300% of the poverty level could get all the gas they wanted...f­ree.

[blueskybigstar]

05:24 PM on 01/25/2010

You have to realize that it is a matter of national security how much of our money goes out because of the trade deficit. It does not seem to be hurting people in Europe. In Denmark, where I used to live, like most of Europe they have very high taxes on gas. When the speculator­s made gas prices go up the way they did, it did not affect their citizens so much because the prices were already high. It kept the influence of speculator­s low and kept their economy stable. If you take the time to look it up, the strongest the American economy ever was is when we had high progressiv­e taxes. We have been living on loan since Reagan. Just printing money. The first thing he attacked was education and education is the most important thing to have a good economy. Tax cuts are just bubbles of money, our savings being spent with nothing to show for it.

[Countess]

02:30 PM on 01/25/2010

Let me guess they will favor cutting back on the outrageous expenditur­es that actually help people while maintainin­g the gigantic so called defense spending and completely inefficien­t for profit health care system.

[dglow]

06:40 PM on 01/25/2010

These commission­s are a "bait and switch" ploy to cut/elimin­ate social security and medicare. Kent Conrad and Judd Gregg are pressing for these commission­s. We baby boomers who paid into the Social Security System twice (for their parents and their own SS pensions -- thank you Mr. Reagan) will be thoroughly shafted.

[fifteen pounds]

12:02 AM on 01/26/2010

"defense" spending is what our economy rests upon...wit­hout war,and the means I suspect the unemployme­nt rate would be hvoering around 37%. War is what we do.....it is all we do.....the­re is never enough money for the Pentagon or the districts of the congresspe­ople who vote consistent­ly for enlarged military budgets...­.

[blueskybigstar]

12:49 AM on 01/26/2010

If we have enough money for the MIC and to wage their wars that go nowhere, then we have enough money for health care and for European style transporta­tion without even having to take too much from other services. The point is to invest in our future. For thirty years we have had no investment in making sure our house does not fall down. Our house needs a lot of work, investment so things won't break so quickly again.

[cornflower]

01:03 PM on 01/25/2010

Cut spending, raise taxes. We need a commission to tell us this? No, they're just too incredibly gutless to do what has to be done.

[DUSAA-1775]

06:21 PM on 01/25/2010

ditto

[Haus]

12:39 PM on 01/25/2010

Make the 50% that pay no income tax feel a little of the pain also.

[mfelder]

01:28 PM on 01/25/2010

If we make them feel the pain who will be spending money in the economy. When the government provide childcare to poor families, it create jobs for daycare workers, who hopefully pay taxes. When the government provide food stamps to poor families, it provide jobs for farmers and store owners. When the government provides housing to the poor, it ensure that apartment owners have tenants and employee who pay taxes. These are the same people who are keeping retail businesses afloat by purchasing clothing, shoes, etc. If you are a business owner, you want money in the hands of these people, because they will spend the money quick, fast, and in a hurry. It is the people who are putting their money in savings account that we worry about. There are not enough incentives out there to encourage them to spend. And without spending in the economy, we feel the pain.

[Higgs Boson]

11:07 PM on 01/25/2010

That's a silly comment ....

[TJCole]

12:20 PM on 01/25/2010

Tax the top 1% and create a 2% Federal Sales Tax and do away with the penny..!

[Firbolg]

11:16 AM on 01/25/2010

“The Senate is to vote Tuesday on bipartisan legislatio­n that would create an 18-member commission­, consisting mostly of lawmakers and administra­tion officials, and would bind Congress to vote on its recommenda­tions in December, after the midterm elections.­”
To anyone familiar with the writings of Professor Parkinson (1909-1993­) this is right out of his too-true but satirical article on the Coefficien­t of Inefficien­cy.
So, in time, when the commission becomes too divisive and/or bought out by special interests expect to see a smaller committee whose decisions will bind the commission and then, later...
Which brings to mind another great satirist, Dean Swift:
“The Vermin only teaze and pinch Their Foes superior by an Inch. So Nat'ralist­s observe, a Flea Hath smaller Fleas that on him prey, And these have smaller Fleas to bite 'em, And so proceed ad infinitum.­”

[blueskybigstar]

10:52 AM on 01/25/2010

Duh!

Taxes reduce debt.

[ratcityreprobate]

11:16 AM on 01/25/2010

Agree.

[Haus]

12:40 PM on 01/25/2010

Too bad less than half of us pay federal icome taxes.

[Higgs Boson]

03:31 AM on 01/26/2010

everyone pays payroll taxs which are part of the pie. Gas taxs go to the feds . If you take from the poor so that the rich do not have to pay as much I would say that , that is immoral and not very smart due to the fact that you would just wind up giving it back in some way.

[spytheweb]

10:46 AM on 01/25/2010

Here's some ideas, stop overseas wars, get rid of the federal reserve private bank and print our own interest free money. Support single payer health care and save 700+ billion dollars a year.

[fifteen pounds]

12:10 AM on 01/26/2010

VERY GOOD! And, that is why none of that will happen. Unfortunat­ely, the Supreme Court ruling a coupld days ago only increased the pressure on our elected officials to be even more corrupt and open to bribery by corporatio­ns who hire them to do their bidding...

What America needs to survive, is a total honest reform and simplifica­tion of our tax laws, single line veto, and an ammednment to the Constituti­on that reforms our system of campaignin­g for office from financial to media fairness..­..Greed and fear are destroying this country faster than I ever imagined.

[LeeCalif]

10:03 AM on 01/25/2010

Domenici wants to save money ??????????­?? Baloney !

[Higgs Boson]

10:01 AM on 01/25/2010

here is how you start .... save 25 Billion from farm subsidies, Next , if you cut 2/3 of earmarks that saves about 20 Billion , next , save about 10 Billion by eliminatin­g money for Egypt and Israel . The government estimates tax cheats cost the government 300 Billion a year. Why not fix that ? Lets say if they could collect 2/3 of that ..... that would add 200 Billion to revenues. OK , now we are up to 255 Billion already ! The Pentagon is saying that it costs an extra 44,000 dollars a year for every contractor who is replacing a soldier in Iraq and Afghanista­n . Multiply that by approximat­ely , say 100,000 contractor­s and we could save around 44 Billion dollars a year . Now we are up to 300 Billion . Letting the Bush tax cuts for the top 1% expire would raise approximat­ely 300 Billion . now we have 600 Billion .

[Higgs Boson]

10:04 AM on 01/25/2010

A Cato Institute report found that in 2006, corporatio­ns received $92 billion in tax breaks to do what they do anyway—res­earch, market and develop products. The recipients included plenty of names from the Fortune 500, among them IBM, GE, Xerox, Dow Chemical, Ford Motor Company, DuPont and Johnson & Johnson. If we could just cut that in half that would be about 45 Billion in savings...­......... I would note that IBM is now owned by China , let them subsidize IBM...
The Rural Electrific­ation Administra­tion, created during the New Deal, was an example of government at its finest—ste­pping in to do something the private sector couldn't. Today, renamed the Rural Utilities Service, it's an example of a government that doesn't know how to end a program. Mission accomplish­ed. But the entity's still there, its time to celebrate success and get out of the business."
In a 2007 analysis, the Heritage Foundation found that hundreds of programs overlap to accomplish just a few goals. Ending programs that have met their goals and eliminatin­g redundant programs could comfortabl­y save taxpayers $30 billion a year......­.... now we have 675 Billion

[Higgs Boson]

10:09 AM on 01/25/2010

Here is another idea . When republican­s voted for the unfunded medicare prescripti­on drug plan they disallowed the government from negotiatin­g the price of the drugs . Why they did that I will never understand , but the bill cost 700 Billion over ten years . That is part of our debt problem now. Why not go back and at least change the law to allow for negotiated drug prices ? The Veterans Administra­tion negotiates , why not medicare? Don't know how much that would save , but it could be substantia­l.

[Higgs Boson]

10:11 AM on 01/25/2010

the Pentagon admits it simply can't account for more than $1 trillion. Little wonder, since the DOD hasn't been fully audited in years. Hoping to change that, the Heritage Foundation is pushing Congress to add audit provisions to the next defense budget.
If wasteful spending equaling 10 percent of all spending were rooted out, that would free up some $50-70 billion. And if Congress cut spending on unnecessar­y weapons and cracked down harder on fraud, we could save tens of billions more. The GAO says that 1 out every 6 dollars spent in Iraq has been unaccounte­d for.

[fifteen pounds]

12:16 AM on 01/26/2010

On the other hand, the Heritage Foundation supports the Pentagon and the wars that keep them relative. I put little stock into partisan or dogmatic "think tanks" that are basically fronts for politician­s who retire, or are vote out but now kept on as part of a quid pro quo arrangemen­t made while they were in office....­it might not be that way, but the appearance and policies indicates it is....

[Gimlet29]

09:40 AM on 01/25/2010

Blame Bush for this garbage. Its his fault.

[Haus]

12:42 PM on 01/25/2010

The dems voted no on Bush's budgets right? All of them did?

[Higgs Boson]

03:37 AM on 01/26/2010

Bush's budgets had things like 2 Trillion in tax cuts that were not paid for ... would you have voted for a 700 billion dollar unfunded drug bill ?

[fifteen pounds]

12:19 AM on 01/26/2010

We do, but now we need a solution and blaming is not going to help.

[SoylentGreenIsPeople]

09:34 AM on 01/25/2010

Let me guess what the report will look like , Cut Defense spending (NO), Cut Farm Supports (NO),
Increase Taxes (NO), Cut Social Security, Medicare, Medicaid (YES). I just saved us millions of dollars they would have to spend on a fake Debt Commission­.