Wrong Priorities
Money is being borrowed from the Social Security Trust Fund for the Iraq war. The money in the trust fund could be generating interest and be a self-sustaining program, but it continues to be used in ways other than designated by statute. Congress is aware of this, yet does nothing.
Social Security can be made solvent by merely raising the FICA cap on employee and employer contributions. Warren Buffett one of the wealthiest men in the world has said: “I personally would increase the taxable base above the present $90,000. I pay very little in the way of SS taxes.”
In addition to “borrowing” from the Social Security Trust Fund, we’re selling off our financial independence to the Chinese, Japanese, and Europeans. In 2001, the outstanding federal government debt topped $6 trillion. Thirty percent of that debt was held by foreign lenders. In the past five years that debt has grown by another $3 trillion, with foreign lending accounting for 80 percent of the increase.
We’re subsidizing the Chinese government to the tune of $50 to $100 billion a year, which could easily double over next five years. With rising interest payments, that means more money leaving our country, and less money for schools and health care. Economists agree this is not sustainable, but Congress has failed to demonstrated the political will to reign in budget deficits.
In 2004, Senate Republicans obliged the Bush regime by voting to raise the debt limit to nearly $9 trillion. Some Senators wanted to attach conditions to limit the increase. However, Republicans blocked an amendment to look at the impact of foreign held debt, and an amendment to set up a pay-as-you-go measure that would force lawmakers to pay for future budget increases.
Many believe that it’s political suicide, for a politician to suggest a tax increase, because most voter continue to be so short sighted that they’re almost blind. Instead, of tax and spend liberals, we’ve had borrow and spend conservatives. In 2006, ninty-six percent of America’s debt, which was sold on financial markets was bought by foreign investors. According to Montana Democratic Senator, Max Baucus the solution is simple: “You’ve got to cut spending and you’ve got to look at revenue and just match the revenue with the spending.”
America must spend less on its military, whose primary mission is to protect the assets of the wealthy. We must also stop giving tax breaks to the wealthy, but most importantly, we must stop electing politicians with the wrong priorities.
Social Security can be made solvent by merely raising the FICA cap on employee and employer contributions. Warren Buffett one of the wealthiest men in the world has said: “I personally would increase the taxable base above the present $90,000. I pay very little in the way of SS taxes.”
In addition to “borrowing” from the Social Security Trust Fund, we’re selling off our financial independence to the Chinese, Japanese, and Europeans. In 2001, the outstanding federal government debt topped $6 trillion. Thirty percent of that debt was held by foreign lenders. In the past five years that debt has grown by another $3 trillion, with foreign lending accounting for 80 percent of the increase.
We’re subsidizing the Chinese government to the tune of $50 to $100 billion a year, which could easily double over next five years. With rising interest payments, that means more money leaving our country, and less money for schools and health care. Economists agree this is not sustainable, but Congress has failed to demonstrated the political will to reign in budget deficits.
In 2004, Senate Republicans obliged the Bush regime by voting to raise the debt limit to nearly $9 trillion. Some Senators wanted to attach conditions to limit the increase. However, Republicans blocked an amendment to look at the impact of foreign held debt, and an amendment to set up a pay-as-you-go measure that would force lawmakers to pay for future budget increases.
Many believe that it’s political suicide, for a politician to suggest a tax increase, because most voter continue to be so short sighted that they’re almost blind. Instead, of tax and spend liberals, we’ve had borrow and spend conservatives. In 2006, ninty-six percent of America’s debt, which was sold on financial markets was bought by foreign investors. According to Montana Democratic Senator, Max Baucus the solution is simple: “You’ve got to cut spending and you’ve got to look at revenue and just match the revenue with the spending.”
America must spend less on its military, whose primary mission is to protect the assets of the wealthy. We must also stop giving tax breaks to the wealthy, but most importantly, we must stop electing politicians with the wrong priorities.
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