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Kicking the can
Last comment by timeontarget 1 year, 7 months ago.

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When we were growing up we played kick the can.

In recent years the term "Kick the can" has been referred to with regards to our national debt.

It was said that each time we increased the debt limit we were simply kicking the can on down the road.

The debt has grown by leaps and bounds over the past decade or perhaps more. Actually it has been growing fairly steadily for a very long time.

There is approximately two weeks left in this year. We are told that those stingy old Republicans will fold and give in to borrowing more money in order to keep the Federal Government afloat.

I imagine that something like that will in fact take place.

We've been kicking this can on down the road for a long time now.

Matter of fact we've reached the point that we are now trying to kick the can up a hill.

Actually we're trying to kick it up a mountain.

Cutting spending is the only answer.

Increasing taxes to further finance our non essential governmant employees is insane.

I know at least some of you are government employees, in fact I suspect that most of you are.

You might riducule me but you all know that much of what you are paid to do was non essentual.

The only non-essential employees in private enterprise are off spring or in-laws of the principal of the oraginazation.

So much for my rant and thank you for reading if you have gotten this far.

This country is broke and broken as a government.

Someone named Everett Stephenson wrote a letter to the editor and it was published in the Savannah morning news this past Saturday.

I submit it here.
FUTURE BANK BAILOUTS MAY BE IMPOSSIBLE
The FDIC created as part of the Glass-Steagle Act of 1933 to provide insurance for some bank deposits, is funded by premiums paid by banks, based on account values and assigned risk levels.
Up through 2008, 11 bank failures had been managed. From 2008 through 2012, the number skyrocketed to 428. By 2009 FDIC reserve funds fell from over $45 billion, to insufficient funds to bail out one more bamk.
They estimated a need for $100 billion in new funds for servicing banks in the next four years. Banks were required to pre-pay estimated insurance premiums for three years in advance and the FDIC agreed to insure any and all non-interest bearing accounts.
This temporary program was established for the period Dec 31, 2010, through Dec 31, 2012
This tactic by the FDIC turned lemons into lemonade. Corporations sitting on billions in idle cash,rushed to park it in banks,shoring up their financial ratios to tolerable levels.
This allowed the FDIC to collect higher insurance premiums, plus sit on the sidelines keeping its limited powder dry.
The program is being allowed to end; there is no apparent interest in Washington to extend it.
Subsequently, when another failing bank--------there are many and will be more without this crutch-----meets it maker on a Friday afternoon, it will join the double-dip bank crisis that is being scripted to recur.
Any cashiers checks, certified checks, anything over an account aggregate of $250k in the pipe-line that is trapped will simply become wortheless.
Everett Stephenson
Savannah
I TOT do not know if this is all factual or not but the editor of the Savannah paper published it and it sounds plausible to my simple mind.
Also I'd like to point out that the Federal Reserve Bank of America (not a government entity) was chartered on Jeckyl Island in 1913. I've been told that it had a 100 year contract set to expire in 2013. That is next year folks.
Thoughts just thoughts.


Latest Activity: Dec 18, 2012 at 3:54 PM


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gacpl commented on Tuesday, Dec 18, 2012 at 16:21 PM

“Fiscal Cliff” put in a much better perspective.

Lesson # 1:

* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $ 38,500,000,000

Let's now remove 8 zeros and pretend it's a household budget:

* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts so far: $38.50

Got It ?????

OK now,

Lesson # 2:

Here's another way to look at the Debt Ceiling:

Let's say, You come home from work and find

there has been a sewer backup in your neighborhood....

and your home has sewage all the way up to your ceilings.

What do you think you should do ......

Raise the ceilings, or remove the #$@%?

timeontarget commented on Wednesday, Dec 19, 2012 at 08:02 AM

There should be a corresponding cut in expenditures by government for every dime of tax increase.

Be nice if it could be two to one.

To only increase the tax burden on those who are wealthy serves to take away venture capital for our private industry and from those involved in free enterprise. There fore reducing job opportunities.

sebekm commented on Wednesday, Dec 19, 2012 at 19:02 PM

"Social Security benefits are about to be cut."

I am now a Social Security recipient, and I say: CUT AWAY. But from what I am hearing from Capitol Hill, they are not cutting benefits already provided to SS recipients. They're talking about playing with the retirement age; the way the program is funded; and "solutions" which will not affect current recipients.

As far as I am concerned, NOTHING SHOULD BE SACRED - they should cut everything across the board. I'm talking about Social Security, welfare, food stamps, defense, foreign aid - every single federal government program should be cut. And I'm not talking about cuts in growth of spending or cuts in increases in spending - I'm talking about actual cuts to the current level of spending in every program.

Of course, I'm saying they should do this PROVIDING that they use the money to pay down the federal debt and balance the budget - NOT take the money and pay for some other "emergency" or pet projects they might have.

My prediction: Never happen.

Happy New Year.

sebekm commented on Wednesday, Dec 19, 2012 at 19:45 PM

Part I:

That is correct: NOTHING should be sacred. I'm saying they should cut military pension outlays, TRICARE benefits; the works. I have previously offered on this web site to donate my entire Social Security benefit - if others would do likewise - to be specifically applied to the reduction of the federal debt and balancing the budget. Of course, it's a frivolous suggestion - as viewed by the government - because they would never do it. But I'm as serious as a heart attack.

I NEVER said it is okay to "let the wealthy skate" on anything. As you're a relative newcomer to this her blog site, I'll reiterate my blueprint for a return to the fiscal health of this country.

*TAXES MUST GO UP - for EVERYONE. No exemptions; no exclusions; everybody who is a taxpaying citizen gets a tax increase. I would prefer a flat tax, but no need to discuss details here. The point is - everybody's taxes go UP.

*NO TAX REFUNDS FOR PEOPLE WHO DON'T PAY TAXES. Period.

*ALL ENTITLEMENTS ARE CUT. If everyone is reaping the benefits of living in this country, then everybody who benefits from our system should feel the pain. As I said above, military retirement and benefits should NOT be exempted. They should be part of the equation.

*IN PARTICULAR - SINCE WE ARE GETTING OUT OF "FOREIGN WARS" - DEFENSE SHOULD BE CUT. I'm talking about our overseas "footprint" and the ongoing programs that comprise the vast majority of the defense budget. The last time I checked, military benefits - retirement and otherwise - accounted for less than 30 percent of the entire defense budget. So there's a big piece sitting there to be whacked.

*WE MUST GET THE WELFARE STATE UNDER CONTROL. Free cell phones and chest-thumping for adding to the food stamp rolls is the wrong answer. Welfare used to be a program which was a helping hand - not a hand-out. And staying on welfare for life was disincentivized. I don't get that sense nowadays. When the federal government promotes foods stamps they way Ford promotes Fusions, there's something wrong with this picture.

up2sumptin commented on Wednesday, Dec 19, 2012 at 19:53 PM

In total agreement Seb but I would add, ALL income needs to be taxed, no matter what the source.

sebekm commented on Wednesday, Dec 19, 2012 at 19:53 PM

Part II:

*ALL PROCEEDS FROM THESE CUTS GO TOWARD PAYING DOWN THE FEDERAL DEBT AND BALANCING THE FEDERAL BUDGET. It didn't take us a few years to get into the hole we're in - and we won't get out of it in a few years. I project approximately 10 years of austere belt-tightening using my prescribed formula above to get us out of the hole.

And as I said in another blog, to simply cut the growth in spending is tantamount to doing nothing. The interest on the debt continues to grow; government spending continues to grow (albeit at a smaller rate); no reduction in the "principal" occurs; and we just "kick the can" down the road.

We have been pussy-footing around with this problem for most of my adult lifetime. Much lip-service is given by our politicians, but the fact of the matter is that nobody REALLY wants to address the problem. They only want to treat symptoms. Most politicians want to be all things to all people so they can get votes. Nobody tells the truth anymore, because to do so wouldn't get them elected. The people don't want to hear the truth, because it would infringe on their "pursuit of happiness."

The current state of our country demands that we hit our fiscal problems head-on. That means NO SACRED COWS. Everyone must feel the pain, from the richest of the rich on down. We need to get our financial house in order, or things will get a lot worse than they are perceived now.

sebekm commented on Wednesday, Dec 19, 2012 at 19:56 PM

Yes - up2. Everything must be on the table. And not like they are just saying "everying is on the table now." That's is NOT true. Everything is NOT on the table. The only things on the table are those which are the sacred cows of THE OTHER GUY. Every single politician would vote like lightening to cut somebody else's sacred cow, but when it comes to their own - NOOOOOOOOOOOOOOOOOOOOOOOOO. That attitude is what got us here.

Sheran commented on Wednesday, Dec 19, 2012 at 20:31 PM

Obama, one lie after another!

http://www.youtube.com/watch?v=I0fvjU...

Cut this crap out, we can leave SSI alone...

JimmyMack commented on Friday, Dec 21, 2012 at 12:47 PM

Sheran, I was thinking if things do not work out with your present significant other, then you should marry your soul mate: TOT.

timeontarget commented on Friday, Dec 21, 2012 at 15:35 PM

One lie after another from our news media is what has really brought us to this situation.

Vladimer Putin Russia's Prime Minister said that Obama and the American Democratic Party are either idiot's or they are deliberately trying to wreak the American economy.

I don't know if it is intentional or not but the economy has never been in this bad of shape in my lifetime.

timeontarget commented on Monday, Dec 24, 2012 at 16:14 PM

Sheran and JMack I wish you both and everyone else who visits this site a very Merry Christmas.

Maybe next year we can become a little more mature in the way we engage in our exchanges of point of view.

MERRY CHRISTMAS

timeontarget commented on Sunday, Jan 06, 2013 at 15:56 PM

Question for the graduate.

Did you read the part about the FEDERAL RESERVE BANK being broke as in out of money???????????????????????????????????

JM what sayest thou?

timeontarget commented on Thursday, Jan 10, 2013 at 12:10 PM

I meant to post that the FDIC is broke as in out of money.

The Federal Reserve Bank can't go broke as in out of money.

All they have to do is print more paper Federal Reserve notes

They have been doing that rather recklessly for some time now.

That is why the credit rating of the US was downgraded a while back.


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