The fight for economic freedom begins in earnest today.
Congratulations to the hundreds of spontaneous grassroots
organizers who have successfully organized the over 300 tea party
events that will take place today across the country. Such events
have already been widespread, and highly successful, with sudden
big crowds: 2,000 in St. Louis, 3,000 in Cincinnati, 6,000 in
Orlando, as recently reported by
Peter Roff in a Fox News blog.
Because these events are highly decentralized, with no
significant institutional organization or funding behind them,
they represent a genuine outpouring of grassroots opinion with
enormous political importance. For every person out in the
streets today, there are undoubtedly many more who didn't make it
who share the same opinions. The bigger the demonstrations today,
the bigger the rest of the iceberg under water. Moreover, this
movement represents genuine grassroots organization, as names and
contact information are collected, and this will be valuable for
future political activity.
These people are both against and for something. They are against
the left-wing extremism of the current political leadership in
Washington, from Barack Obama to Nancy Pelosi, to Barney Frank,
to Henry Waxman, and on and on. No wonder Newsweek (soon
going out of business) thinks we are a nation of socialists now,
as it admitted in a recent cover story.
But even more, the tea party revelers are for a sophisticated
vision of economic freedom. They recognize that the more
resources the government takes out of the private sector, through
taxes, borrowing and spending, the less freedom that average
working people have left for the pursuit of happiness. Taxes as a
percent of GDP, government spending as a percent of GDP, should
be taken as reverse indicators of economic freedom. The higher
they are, the less economic freedom people have. The lower they
are, the more economic freedom we have. In other words, the more
the government takes your money to spend on what it
wants, the less freedom you have to choose to spend, or to save
and invest, your own money as you want. And visa versa.
Let us review the already gruesome results of the Obama economic
policy to see what has the people out in the streets. Obama's
budget for this year increases federal spending by an extremist
34% over the budget adopted for last
year, to a total of $4 trillion, the highest ever! Since
World War II, going back over 60 years now, federal spending as a
percent of GDP has been stable, hovering around 20%. But federal
spending for this year under the Obama budget and economic
policies will soar to a shocking 28.5%of
GDP,an increase in the size of the federal
government in Obama's first year of 42% compared to the
postwar average relative to GDP.
Over the longer run, because of exploding federal entitlements,
federal spending will soar to 40% to 50% of GDP, depending on how
much permanent damage Obama does. With state and local spending,
the total will climb towards 60%, and we will no longer be a free
country.
The Congressional Budget Office projects Obama's budget deficit
for this year at a shocking $1.845 trillion, the highest
ever. That would be more than seven times Reagan's largest
deficit of $221 billion, which caused so much howling among
liberals and Democrats. This Obama budget deficit will total an
astounding 13.1% of GDP, more than
one-eighth of the entire U.S. economy, for the federal
deficitalone!
Obama says that this is George Bush's budget deficit. But it
wasn't George Bush who led adoption of a $1 trillion stimulus
package in February, followed by a $410 billion supplemental
spending bill the next week, with a $275 billion housing bailout
plan proposed the following week, $634 billion as a down payment
on a new national health insurance entitlement adopted in the
budget, and another $1 trillion bank bailout plan recently
announced as well. (Note: The entire economy produces just $14
trillion a year, so $1 trillion is real money.)
Obama said in his national press conference on March 24, "We're
doing everything we can to reduce that deficit." But do his
actions recounted above look like he is "doing everything we can
to reduce that deficit"?
The deficit for the last budget adopted when Congress was
controlled by Republican majorities, for fiscal 2007, was $162
billion, or 1.2% of GDP. CBO projects that by 2019 under Obama's
budget, the deficit will still be well over $1 trillion.
Finally, under Obama's budget the national debt will double over
the next five years, and triple over the next ten, to $17.3
trillion. The national debt as a percent of GDP will soar from
40% to a peacetime record of 82.4%, almost as large as the entire
economy, and twice as high as when Reagan left office. If the
economy does not recover permanently next year, as even the CBO
assumes (not going to happen long term), Obama could even top the
World War II record of national debt at 113% of GDP, spending
mostly on welfare and entitlements, rather than on fighting the
Nazis and Imperial Japan.
Does this sound like we're "moving from an era of
borrow-and-spend to one where we save and invest," as Obama also
said in his press conference last month?
Is this unfair to Obama, who needed to restore economic growth to
a collapsing economy he inherited? After all, as Obama recently
laughed, "What do you think a stimulus is?"
Well, ask yourself, will we restore growth through increased
welfare, runaway federal spending, and record deficits and debt?
Or does growth come from reducing tax rates, unnecessary
regulatory burdens, and government spending, and maintaining a
strong dollar? That's what Reagan did, and the result was a
25-year economic boom that spread across the entire planet, with
"70 million people a year [worldwide]…joining the middle class,"
as Steve Forbes recently observed.
What Obama is doing is the opposite of this proven formula, in
every detail.
Oh, the economy will "recover" later this year, because it is
still a powerful, capitalist economy that tends towards growth.
But Obama's economic policies are taking America back on a long,
slow, nostalgia tour to the glorious economy of Jimmy Carter,
complete with gas and energy shortages, soaring inflation and
interest rates, and persistent unemployment. Over the longer run,
that road leads back to the liberal left glory days of the 1930s.
Peter Ferrara is Senior Fellow at the Carleson Center for Public Policy, Director of Entitlement and Budget Policy for the Heartland Institute, and General Counsel of the American Civil Rights Union.He served in the White House Office of Policy Development under President Reagan, and as Associate Deputy Attorney General of the United States under the first President Bush. He is the author of America’s Ticking Bankruptcy Bomb, now available from HarperCollins.
I believe there are over 750 nation wide now.
I will be at my local Tea Party today in Gloucester Virginia, the
birthplace of our America at 12 noon at the historical colonial
courthouse.
do you think BO is watching us?
by the way, was the name of the much over hyped family dogs' name
transparent, or what?
Appleby| 4.15.09 @ 6:44AM
Perhaps this will inspire the Kanukistani peasants to do the
same.
Naaaah. Our motto is a shrug and *What can you
dooooooooooooooooo?*
I paid my taxes yesterday, so some welfare mom can cash her
cheque tomorrow. You can bet that she will sit in front of her
flat screen TeeVee moaning that it isnt enough.
Mr. Ferrara, thanks for this detailed, informative report. So
much to digest. Americans, basically, want common sense. I think
Washington, D.C. is where that trait goes to die. One doesn't
have to be a genius or an economist to see that the politicians
have gone totally insane. Americans are basically good, decent
and patient people, BUT -- when things have gotten this far out
of hand this quickly, that's when patience is put on hold.
These last few months for me have been the equivalent of 9/11. A
major disaster has been visited on this country in the form of a
Congress that is consumed with its own power and without any
common sense or even a sense of concern about the future of the
country. Many in the country sighed with relief after 9/11 that
Bush had won the presidency because that meant the grown-ups were
in charge. I don't think there are any grown-ups left in D.C. --
just a bunch of adolescents with their parents' credit card
spending us to oblivion.
Just FYI, everyone, there's a great article at pajamasmedia by
Tom Blumer here:
http://pajamasmedia.com/blog/tax-receipts-plummet-as-americans-go-galt/
It’s not just that spending’s out of control, but tax receipts
are plummeting, and that will really make the deficit larger and
larger. The fiscal year 2009 first six months tax receipts came
in on Good Friday, and they are very low. Remember the fiscal
year for 2009 began in October 2008. -- He has a very detailed
chart and many links to the government reports to back up what he
says.
He says corporations and S corporations started going "Galt"
after the Dem Congress last year basically said no more drilling
for our own oil in this country.
Corporate income taxes are down 57% for this fiscal year. That's
some big bucks that won't be pouring into the Treasury. Anyway,
read it and see the chart he creates for yourself. Looks like the
shrugging has already begun.
Oops.. should have been "Corporate income tax receipts are down
57%...". Don't want anyone to think Congress would actually cut
corporate tax rates. How "unfair" would that be.
…the government takes your money to spend on what it wants, the less freedom you have to choose to spend, or to save and invest, your own money as you want. And visa versa. http://spectator.org/archives/2009/04/15/the-tea-party-revolution Leave a Reply Click here to cancel reply. Name (required) Mail (will not be published) (required) Website Submit Comment Wednesday, April 15, 8:07 am Business News Intel says
Skippy| 4.15.09 @ 8:35AM
Hey David, no one cares. Continue on you troll.
Skippy| 4.15.09 @ 8:39AM
Skippy| 4.15.09 @ 8:38AM
By Steven A. Holmes
The New York Times
September 30, 1999
In a move that could help increase home-ownership rates among
minorities and low-income consumers, the Fannie Mae Corporation
is easing the credit requirements on loans that it will purchase
from banks and other lenders.
The action, which will begin as a pilot program involving 24
banks in 15 markets — including the New York metropolitan region
— will encourage those banks to extend home mortgages to
individuals whose credit is generally not good enough to qualify
for conventional loans.
Fannie Mae, the nation's biggest underwriter of home mortgages,
has been under increasing pressure from the Clinton
administration to expand mortgage loans among low and moderate
income people and felt pressure from stock holders to maintain
its phenomenal growth in profits.
"Fannie Mae has expanded home ownership for millions of families
in the 1990's by reducing down payment requirements," said
Franklin D. Raines,
''From the perspective of many people, including me, this is
another thrift industry growing up around us,'' said Peter
Wallison a resident fellow at the American Enterprise Institute.
''If they fail, the government will have to step up and bail them
out the way it stepped up and bailed out the thrift industry.''
Clean your mess off the keyboard, booger eater.
Big J| 4.15.09 @ 8:56AM
Excellent article, Mr. Ferrara. I fear that your proposals make
entirely too much sense for this government to implement. I hope
that starts to change once they start seeing our faces and
hearing our voices. Don't stop now!
By the way, I have a new slogan for the ignorant that post here
and spew hateful talking points that make zero sense: "Scroll
past the troll, scroll past the troll!"
One more thing...Tom Blumer (on July 10) wrote at the time of the
Democrat Party skewering of the American public and American
companies with their "no drilling here" adolescent response to
outrageous energy prices..."In summer of 2008, House Speaker
Nancy Pelosi, presidential candidate Barack Obama, and Senate
majority leader Harry Reid aren’t merely talking the economy
down; they’re taking it down. They have created what I am calling
the POR (Pelosi-Obama-Reid) economy. Businesses and investors are
responding to their total lack of seriousness by battening down
the hatches and preparing for the worst.
"Businesspeople now face ugly realities. Their full ugliness has
only come to the fore in the past month or so, as energy prices
have reached record highs, and as the clamor for Washington to
act has grown.
"The POR response to the clamor has been shockingly out of
touch:..." You can read it all here:
http://pajamasmedia.com/blog/are-democrats-driving-an-economic-downturn/
Yes - Economic Freedom! People take for granted that the American
economy is the strongest in the world, yet they are willing to
throw away the thing that made it strong - freedom. Warren
Harding was right – the Business of America is Business. That’s
why we recovered from the 1921 Recession and not the 1929
Recession.
Entrepreneurs and small companies drive growth, employment and
eventually tax revenue. Through my adult life I have seen one
barrier after another erected in the path of the business owner.
Confiscatory taxes, layers of byzantine regulations and business
laws, and the lawsuits – I am amazed anyone bothers starting a
business these days. We penalize the successful and reward the
idle.
Bram| 4.15.09 @ 9:09AM
Big J - Yep.
I have trained my eyes to automaticlly skip Jharp/DM posts - it
makes this blog much more pleasant to read.
Robert Rosencrans| 4.15.09 @ 9:25AM
A broken record never fed a hungry child.
Mattled| 4.15.09 @ 9:29AM
These trolls are like Forrest Gump---without the brains.
I'm sure out (un)favorite troll also knows how to prepare shrimp
hundreds of different ways too.
jim rice| 4.15.09 @ 9:53AM
Some of these ideas are really good... I like the simplified tax
structure and the idea of a national sales tax a lot.
But, come on... we haven't even tried to see if Obama's ideas
will work yet. We had 8 years of crap, and the new guy hasn't
even had 4 months yet to see if anything works. Conservatives
should have done something about this when you had the chance,
but you blew it.
As good as these ideas sound, these little tea parties are kind
of ridiculous and very very poorly timed. It just seems like, if
you really felt this strongly about these ideas, you would have
promoted them much better and much more actively when Republicans
controlled everything. But now it's just coming off as bitter
that you no longer have a stupid redneck pretending to run
things.
Big J| 4.15.09 @ 10:11AM
"But, come on...we haven't even tried to see if Obama's ideas
will work yet".
Sometimes people speak as though they were born only 8 years ago.
Bush is the only president that has ever existed. I recommend
reading some history. Not the tainted excuse offered up in a
public school, but actual history. The socialist policies that
are being crammed down our throats right now have been tried and
failed many, many times over. The "New Deal", "Great Society",
just to name a couple of instances have been total failures. They
have done nothing but breed government dependance and punish
production.
Our system is unique. Socialism DOES NOT WORK
Big J| 4.15.09 @ 10:15AM
Oops! Sometimes my typing gets out of control, and I hit the
wrong button!
Anyway, Socialism doesn't work here. Really, it doesn't work
anywhere, but I say if you want to give it a go and try to create
wealth with that system, there are TONS of countries that have it
to offer. Please, go! Let the rest of us evil, greedy Capitalists
carry on with our vessel of wealth. That's what Capitalism is
supposed to be about. Work hard, get rewarded. Sit around and do
nothing, starve.
Sure does make sense to me.
Richie M| 4.15.09 @ 10:20AM
Great article!
P.J. O'Rourke said it best:
"Giving money and power to Congress is like giving whiskey and
car keys to teen-aged boys."
Rasmatas| 4.15.09 @ 10:22AM
Read the article Davey boy. The debt is at $5.8 trillion not $11
trillion. And if you think your taxes haven't gone up, you're not
paying attention. Unless, of course, you're one of those not
paying any taxes at all and living on those of us who do.
El Rey| 4.15.09 @ 10:26AM
Folks, we have a problem here and it's not just a semantic one.
Let me illustrate with Appleby‘s post @ 6:44AM. He writes, “I
paid my taxes yesterday, so some welfare mom can cash her cheque
tomorrow.”
Exactly.
So you see, economic liberty for those on the dole (and this
includes many, but not all, of the millions in the employ of
government at various levels) depends on higher taxes being
imposed on those in the private sector.
In physics, the pull of gravity is proportional to the mass
attracting the object. Likewise, the more people that become
dependent on the government, the larger government grows in size
and the greater the political force favoring bigger government.
This auto-reinforcing process continues until soon the meaning of
freedom & liberty become so distorted that freedom becomes
synonymous with big government.
And sadly, this is the trajectory we’re on. Believe me, millions
of our fellow citizens (Democrats) belief big government =
freedom ... for them at least.
jim rice| 4.15.09 @ 10:38AM
It's kind of ridiculous to lump ideas that exist, as all things
do, in their own time and space into one big group and say,
"socialism doesn't work here." Even if your views on past
attempts to unify the country economically are negative,
inductive reasoning is almost always fallacious.
And yeah, "work hard, get rewarded" sounds nice... except that,
in such a system, the only driver is individual human greed. Yes,
it works for some people... maybe a LOT of people, but its main
driver is abhorrent.
Regardless... a little off topic... My question remains... where
were all you activists over the past 8 years when your
"Conservative" government was destroying the country? It feels
like you knew that the end was (finally) here, and you were just
waiting to stick the other guys with your problems. Why was it ok
for bush to waste trillions of dollars but not ok for Obama to do
it? It's ok to spend money blowing up countries that didn't
attack us but not ok to spend money trying to help build are
domestic infrastructure?
... which is still to say... I think the ideas from the article
have merit... I was a Ron Paul supporter until Palin joined the
McCain ticket. (As in, yes, I was planning to write him in) The
way and the timing in which these concerns are being brought to
light is just... It feels wrong and petty.
Also, "I recommend reading some history" is nothing but an
inflammatory remark. It doesn't add to your argument at all. :-/
Tallil 6| 4.15.09 @ 11:00AM
I am seeing with my own eyes the results of what can happen when
American consumers are unburdened by excessive taxes.
Here in Iraq, and Afghanistan, American servicemen and women are
exempt from most federal and state income taxes. Almost all of us
are using this 'opportunity' to significantly pay down debt
and/or save for cars, motorcycles or other consumer goods that we
would otherwise do without. It's remarkable - nearly every
soldier has a story of success. As for the Tea parties, well, we
probably won't be that demonstrative over here - (there is a war
on, you know) - but I'll add my voice to those who say:
Party ON!
Bill G| 4.15.09 @ 11:10AM
A good idea would be for there to be some symbol (car parking
lights on during the day, certain color shirt, some do it
yourself arm band thing, or something like that which is easy for
anyone to do) to show solidarity with the tea party protests by
all of the people who agree with the demonstrators but who are
not able to get to one of the actual events.
I say drive all day with parking lights on until someone comes up
with a better idea.
Perhap it's just he skeptic in me -- but having observed our
Mainstream Kool-Aid Drinkers (Williams, Gibson, the Chipmunk and
the CNN's et al) - my informed gut tells me that today's media
coverage of the National Tea Parties will receive much same level
of "positive" spin coverage, generally afforded to the grand
opening of a full service Cheese Whiz factory in downtown Rio
Linda.
Of course, don't watch me ... watch The Chipmunk.
bob montgomery| 4.15.09 @ 1:20PM
As we write, the Washington Post is busily engaged in inventing
new terminology for people who are fed up with taxation without
consent. They are calling them "tax deniers" and "tax defiers".
Michael L. Hauschild| 4.15.09 @ 4:19PM
I live in a town of about twenty thousand. I would guess that
three to four hundred protesters are assembled outside city hall
at the moment.
DONALD SAMMIS| 4.15.09 @ 4:58PM
Where was I when G.W.Bush was 'spending" wildly? Out in front
yelling and writing "STOP". But then its congress who spends and
taxes, isn't it.?
GWEBB / NH| 4.15.09 @ 5:38PM
Well today there are supposed to be many teabag rallies across
the country. They are getting together to protest reckless
government spending or the large deficits the Obama
administration is racking up implementing their policy. My only
question is this: where were these people 8 years ago? More
importantly, where were these people 30 years ago?
Under Reagan, the budget was never balanced and debt ballooned.
In fact, under Reagan the total debt/GDP ratio increased from a
little over 30% to a little over 60%. Yet there were no protests.
And the fact the budget was never balanced didn't seem to bother
anybody. Of course, you could argue that the current teabaggers
weren't around then so this doesn't count.
But when Bush took office the exact same thing happened.
According to the Cato Institute, the Republican Party became the
"Grand Old Spending Party." Bush was the biggest spender since
LBJ. Here is what the Cato Institute wrote:
President Bush has presided over the largest overall increase in
inflation-adjusted federal spending since Lyndon B. Johnson. Even
after excluding spending on defense and homeland security, Bush
is still the biggest-spending president in 30 years. His 2006
budget doesn't cut enough spending to change his place in
history, either.
Total government spending grew by 33 percent during Bush's first
term. The federal budget as a share of the economy grew from 18.5
percent of GDP on Clinton's last day in office to 20.3 percent by
the end of Bush's first term.
The Republican Congress has enthusiastically assisted the budget
bloat. Inflation-adjusted spending on the combined budgets of the
101 largest programs they vowed to eliminate in 1995 has grown by
27 percent.
Yet there were no protests. And here is a report from the Bureau
of Public Debt of the annual federal debt outstanding at the end
of the last 8 federal fiscal years:
To anyone with an ounce of common sense, it's obvious what's
going on. Republican/conservative rank and file are protesting
because they are out of power and their leadership is terrible.
But they aren't protesting spending; they are protesting the
Democratic Party's governance. And that is fine. But please,
don't tell me it's about spending or debt. If that were the case,
you guys should have taken to the streets years ago.
SouthPaw| 4.15.09 @ 5:53PM
"I say drive all day with parking lights on until someone comes
up with a better idea."
Bill G.
Kennett Square PA
Hey Bill G... the lefties picked up on driving with the parking
lights on during the day as well. So remember when you see those
headlights you may be smiling at a staunch left leaning Liberal.
Have a nice day :)
stmichrick| 4.15.09 @ 7:24PM
Skippy;
Thanks for the ride down memory lane with that NYT article. More
of this needs to be made at election time.
The pervasive fiction about out-of-context 'lax regulation' and
'Wall Street greed' as sources of our problems needs to be
addressed BIG TIME by conservative candidates.
Tony| 4.15.09 @ 8:03PM
What most of the news media and the government is trying to pull
off is that the tea parties are only protests about taxation, and
that the protesters are only a bunch of Republicans. Both of
these allegations are false. (And they know it) A lot of American
people have realized that the country the founding fathers
constructed is not what we have today and they are tired of it.
The ONLY way we can take back our country and return to the
principles of the constitution and the bill of rights, is the way
this was done. They can stop some of us, but they can't stop us
all. It is high time to let them know that WE THE PEOPLE run the
government and THEY serve US. God bless you all, and SEMER
FEDELIS!
Anthony| 4.15.09 @ 10:37PM
Hey Obama, today was change we can all believe in. Get the
message? And Janet, I am a right wing extremist, get used to it,
they're millions of us.
lynnrockets| 4.15.09 @ 11:50PM
SHOULD SHE STAY OR SHOULD SHE GO
(Sung to the Clash song “Should I Stay or Should I Go”)
(Whoo! - - - Allah!)
Sarah you gotta let us know
Should you stay or should you go?
If you say that you are mine,
You should be in State 49.
I know we have a lot of snow,
But do you really have to go?
Its always me, me, me
Loved your selection for A.G.
Another po-lit-i-cal hack
Beware if you are gay or black
Well come on and let us know
Do you really have to go?
Should she stay or should she go now?
Should she stay or should she go now?
If she goes to Indiana,
Will it next be to Montana?
Don’t we pay you enough dough?
Your poor decisions boggle me
You’re just a lightweight G.O.P.
Pranked that time by fake Sarkozy
Embarrassed by Levi on T.V.
Come on and let us know,
Are you brain-dead or is it show?
(split)
Should she stay or should she go now?
Should she stay or should she go now?
If she goes, future’s in trouble,
And if she stays, laughs will be doubled
We just hope that if she goes…
She takes her best friend “Plumber Joe”
Should she stay or should she go now?
If she goes, future’s in trouble,
And if she stays, laughs will be doubled
We just hope that if she goes
She takes along her “Sixpack Joes”
…The organizers had a steep slope to climb, as IBD pointed out. Lorie Byrd had 5 reasons why you should attend a party. Phil Brennan chimes in, asking what’s next. Various encouragements and reports from the field, here , a good slideshow of photos, here, and here some on Predictably, the Left didn’t like the tea parties, and a CNN reporter turned nasty in a hurry. But a group trying to…
Blame teh FED not OBAMA| 4.16.09 @ 2:37PM
Why is everyone worried about the economy now, and not while Bush
was on an 8 year spending spree, lining the pockets of his
buddies.
Obama took over this GREAT MESS CREATED BY NONE OTHER THAN BUSH
AND DICK CHENEY. But who runs America dares not show his face.
America has been run by a lot of HOCUS-POCUS Banking system run
and controled by a RICH BUNCH OF JEWISH BANKING FAMILIES. Go and
have words with David Rockerfeller, and the De Rothchilds and ask
them for your money.
Obama is the victim, of a Satanic Kabal, run by Money Laundering
Criminals that has HyJacked America economic system.
Who has ever heard of solving a DEBT crisis, with more DEBT.
Creating stagflation and hyperinflation in the future.
This economic problem will continue for the next 15 years and it
matters not who is President. The Criminals that runs America
does not show their face. And the FED Reserve Prine money out of
nothing and charge the people of America interest on the money
they print, should be in prison.
If you are interested in a follow up action that can extend the
impact of the Tax Day Tea Parties, go to the web site go-galt.org
and participate in the Atlas Shrugged Books-to-Politicians
Campaign.
…The organizers had a steep slope to climb, as IBD pointed out. Lorie Byrd had 5 reasons why you should attend a party. Phil Brennan chimes in, asking what’s next. Various encouragements and reports from the field, here , a good slideshow of photos, here, and here some on Predictably, the Left didn’t like the tea parties, and a CNN reporter turned nasty in a hurry. But a group trying to…
…organization — Dick Armey’s FreedomWorks, Newt Gingrich’s American Solutions for Winning the Future , Koch Industries’ Americans for Prosperity , the Heritage Foundation , American Spectator , the National Republican Congressional Committee , the Republican National Committee , and dozens of others — spent heavily to organize and mobilize the protests. In the end, thousands of…
john smithson| 4.20.09 @ 1:19AM
GWEBB / NH, you really should not come onto a site or forum such
as this, make up stick, and move on. Example, Reagan doubled
taxed revenues with his tax cuts and his debt never exceeded
53.1% of GDP. And remember, his Democrat congress gave full
approval to the spending increases and , in fact, insisted on
those spending increases -- just as they are doing right now.
Secondly, no Democrat will ever be able to criticize Bush 43 for
his spending habits in view of Obama's declaration, " All
government spending is stimulus." Dems have no choice to glory in
Bush's spending habits - maybe that is why the last two years of
Bush found a Democrat Congress agreeing with his spending.
What Dems do not get is the fact that many Republicans hated the
spending of Bush. It just took them a few years to realize that
the GOP was not going to return to their fiscally conservative
roots without a fight . . . . and that is exactly what is
happening within the Grand Old Party right now. The RINO's are
out or the GOP will never win another election. We need a choice,
not tyranny but we will accept tyranny for a time if it means the
GOP renews itself and represents [again] those who made the party
great.
…that the Obama budget deficit will total an astounding 13.1 percent of GDP this year. As a comparison, under George Bush, the federal deficit for 2008 was 3.2 percent of GDP. The deficit for fiscal year 2007, in the last budget adopted when Congress was controlled by Republican majorities, was 1.2 percent of GDP. Obama's deficit will force the United States to borrow nearly $10 trillion in the next…
…that the Obama budget deficit will total an astounding 13.1 percent of GDP this year. As a comparison, under George Bush, the federal deficit for 2008 was 3.2 percent of GDP. The deficit for fiscal year 2007, in the last budget adopted when Congress was controlled by Republican majorities, was 1.2 percent of GDP. Obama’s deficit will force the United States to borrow nearly $10 trillion in the next…
…that the Obama budget deficit will total an astounding 13.1 percent of GDP this year. As a comparison, under George Bush, the federal deficit for 2008 was 3.2 percent of GDP. The deficit for fiscal year 2007, in the last budget adopted when Congress was controlled by Republican majorities, was 1.2 percent of GDP. Obama’s deficit will force the United States to borrow nearly $10 trillion in the next…
…that the Obama budget deficit will total an astounding 13.1 percent of GDP this year. As a comparison, under George Bush, the federal deficit for 2008 was 3.2 percent of GDP. The deficit for fiscal year 2007, in the last budget adopted when Congress was controlled by Republican majorities, was 1.2 percent of GDP. Obama’s deficit will force the United States to borrow nearly $10 trillion in the next…
Frederic Stieg, M.D.| 3.21.10 @ 5:45PM
It's time for a tax revolution and an Atlas Shrugged. Producers -
stop declaring your income. What, are they going to throw us all
in jail? Without money, our money, they can not exist. Stop
giving them the money they need - NOW!
…mot d’ordre national et recrutent dans les deux principaux camps politiques, républicain et démocrate (les premiers étant toutefois à ce jour plus nombreux). Ils se reconnaissent sous le nom de Tea Party Groups , en mémoire de l’insurrection de 1773, contre les abus de pouvoir du gouvernement britannique. Cette rébellion qui consista pour les insurgés déguisés en Indiens, à jeter à la mer des…
John Fitzgerald| 10.27.10 @ 7:46PM
We could also cut (alotof) military expenses. Most of our taxes
go there, to the execesive and criminal and massive-destructor US
Army.
Warinterror is a lie invented for mantaining the terrorist
Army.
stephanie| 4.15.09 @ 6:22AM
I believe there are over 750 nation wide now.
I will be at my local Tea Party today in Gloucester Virginia, the birthplace of our America at 12 noon at the historical colonial courthouse.
do you think BO is watching us?
by the way, was the name of the much over hyped family dogs' name transparent, or what?
Appleby| 4.15.09 @ 6:44AM
Perhaps this will inspire the Kanukistani peasants to do the same.
Naaaah. Our motto is a shrug and *What can you dooooooooooooooooo?*
I paid my taxes yesterday, so some welfare mom can cash her cheque tomorrow. You can bet that she will sit in front of her flat screen TeeVee moaning that it isnt enough.
jeremy abrams| 4.15.09 @ 7:13AM
TEA = Topple Excessive Appropriators!
Deborah| 4.15.09 @ 7:45AM
Love your version of TEA, jeremy.
Mr. Ferrara, thanks for this detailed, informative report. So much to digest. Americans, basically, want common sense. I think Washington, D.C. is where that trait goes to die. One doesn't have to be a genius or an economist to see that the politicians have gone totally insane. Americans are basically good, decent and patient people, BUT -- when things have gotten this far out of hand this quickly, that's when patience is put on hold.
These last few months for me have been the equivalent of 9/11. A major disaster has been visited on this country in the form of a Congress that is consumed with its own power and without any common sense or even a sense of concern about the future of the country. Many in the country sighed with relief after 9/11 that Bush had won the presidency because that meant the grown-ups were in charge. I don't think there are any grown-ups left in D.C. -- just a bunch of adolescents with their parents' credit card spending us to oblivion.
Deborah| 4.15.09 @ 8:03AM
Just FYI, everyone, there's a great article at pajamasmedia by Tom Blumer here: http://pajamasmedia.com/blog/tax-receipts-plummet-as-americans-go-galt/
It’s not just that spending’s out of control, but tax receipts are plummeting, and that will really make the deficit larger and larger. The fiscal year 2009 first six months tax receipts came in on Good Friday, and they are very low. Remember the fiscal year for 2009 began in October 2008. -- He has a very detailed chart and many links to the government reports to back up what he says.
He says corporations and S corporations started going "Galt" after the Dem Congress last year basically said no more drilling for our own oil in this country.
Corporate income taxes are down 57% for this fiscal year. That's some big bucks that won't be pouring into the Treasury. Anyway, read it and see the chart he creates for yourself. Looks like the shrugging has already begun.
Deborah| 4.15.09 @ 8:07AM
Oops.. should have been "Corporate income tax receipts are down 57%...". Don't want anyone to think Congress would actually cut corporate tax rates. How "unfair" would that be.
Pingback| 4.15.09 @ 8:07AM
http://saverdollar.org/?p=549 links to this page. Here’s an excerpt:
Skippy| 4.15.09 @ 8:35AM
Hey David, no one cares. Continue on you troll.
Skippy| 4.15.09 @ 8:39AM
Skippy| 4.15.09 @ 8:38AM
By Steven A. Holmes
The New York Times
September 30, 1999
In a move that could help increase home-ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
"Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements," said Franklin D. Raines,
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''
Clean your mess off the keyboard, booger eater.
Big J| 4.15.09 @ 8:56AM
Excellent article, Mr. Ferrara. I fear that your proposals make entirely too much sense for this government to implement. I hope that starts to change once they start seeing our faces and hearing our voices. Don't stop now!
By the way, I have a new slogan for the ignorant that post here and spew hateful talking points that make zero sense: "Scroll past the troll, scroll past the troll!"
What 'ya think?
Deborah| 4.15.09 @ 8:56AM
One more thing...Tom Blumer (on July 10) wrote at the time of the Democrat Party skewering of the American public and American companies with their "no drilling here" adolescent response to outrageous energy prices..."In summer of 2008, House Speaker Nancy Pelosi, presidential candidate Barack Obama, and Senate majority leader Harry Reid aren’t merely talking the economy down; they’re taking it down. They have created what I am calling the POR (Pelosi-Obama-Reid) economy. Businesses and investors are responding to their total lack of seriousness by battening down the hatches and preparing for the worst.
"Businesspeople now face ugly realities. Their full ugliness has only come to the fore in the past month or so, as energy prices have reached record highs, and as the clamor for Washington to act has grown.
"The POR response to the clamor has been shockingly out of touch:..." You can read it all here: http://pajamasmedia.com/blog/are-democrats-driving-an-economic-downturn/
Deborah| 4.15.09 @ 8:57AM
Big J -- love it!
Bram| 4.15.09 @ 9:07AM
Yes - Economic Freedom! People take for granted that the American economy is the strongest in the world, yet they are willing to throw away the thing that made it strong - freedom. Warren Harding was right – the Business of America is Business. That’s why we recovered from the 1921 Recession and not the 1929 Recession.
Entrepreneurs and small companies drive growth, employment and eventually tax revenue. Through my adult life I have seen one barrier after another erected in the path of the business owner. Confiscatory taxes, layers of byzantine regulations and business laws, and the lawsuits – I am amazed anyone bothers starting a business these days. We penalize the successful and reward the idle.
Bram| 4.15.09 @ 9:09AM
Big J - Yep.
I have trained my eyes to automaticlly skip Jharp/DM posts - it makes this blog much more pleasant to read.
Robert Rosencrans| 4.15.09 @ 9:25AM
A broken record never fed a hungry child.
Mattled| 4.15.09 @ 9:29AM
These trolls are like Forrest Gump---without the brains.
I'm sure out (un)favorite troll also knows how to prepare shrimp hundreds of different ways too.
jim rice| 4.15.09 @ 9:53AM
Some of these ideas are really good... I like the simplified tax structure and the idea of a national sales tax a lot.
But, come on... we haven't even tried to see if Obama's ideas will work yet. We had 8 years of crap, and the new guy hasn't even had 4 months yet to see if anything works. Conservatives should have done something about this when you had the chance, but you blew it.
As good as these ideas sound, these little tea parties are kind of ridiculous and very very poorly timed. It just seems like, if you really felt this strongly about these ideas, you would have promoted them much better and much more actively when Republicans controlled everything. But now it's just coming off as bitter that you no longer have a stupid redneck pretending to run things.
Big J| 4.15.09 @ 10:11AM
"But, come on...we haven't even tried to see if Obama's ideas will work yet".
Sometimes people speak as though they were born only 8 years ago. Bush is the only president that has ever existed. I recommend reading some history. Not the tainted excuse offered up in a public school, but actual history. The socialist policies that are being crammed down our throats right now have been tried and failed many, many times over. The "New Deal", "Great Society", just to name a couple of instances have been total failures. They have done nothing but breed government dependance and punish production.
Our system is unique. Socialism DOES NOT WORK
Big J| 4.15.09 @ 10:15AM
Oops! Sometimes my typing gets out of control, and I hit the wrong button!
Anyway, Socialism doesn't work here. Really, it doesn't work anywhere, but I say if you want to give it a go and try to create wealth with that system, there are TONS of countries that have it to offer. Please, go! Let the rest of us evil, greedy Capitalists carry on with our vessel of wealth. That's what Capitalism is supposed to be about. Work hard, get rewarded. Sit around and do nothing, starve.
Sure does make sense to me.
Richie M| 4.15.09 @ 10:20AM
Great article!
P.J. O'Rourke said it best:
"Giving money and power to Congress is like giving whiskey and car keys to teen-aged boys."
Rasmatas| 4.15.09 @ 10:22AM
Read the article Davey boy. The debt is at $5.8 trillion not $11 trillion. And if you think your taxes haven't gone up, you're not paying attention. Unless, of course, you're one of those not paying any taxes at all and living on those of us who do.
El Rey| 4.15.09 @ 10:26AM
Folks, we have a problem here and it's not just a semantic one.
Let me illustrate with Appleby‘s post @ 6:44AM. He writes, “I paid my taxes yesterday, so some welfare mom can cash her cheque tomorrow.”
Exactly.
So you see, economic liberty for those on the dole (and this includes many, but not all, of the millions in the employ of government at various levels) depends on higher taxes being imposed on those in the private sector.
In physics, the pull of gravity is proportional to the mass attracting the object. Likewise, the more people that become dependent on the government, the larger government grows in size and the greater the political force favoring bigger government. This auto-reinforcing process continues until soon the meaning of freedom & liberty become so distorted that freedom becomes synonymous with big government.
And sadly, this is the trajectory we’re on. Believe me, millions of our fellow citizens (Democrats) belief big government = freedom ... for them at least.
jim rice| 4.15.09 @ 10:38AM
It's kind of ridiculous to lump ideas that exist, as all things do, in their own time and space into one big group and say, "socialism doesn't work here." Even if your views on past attempts to unify the country economically are negative, inductive reasoning is almost always fallacious.
And yeah, "work hard, get rewarded" sounds nice... except that, in such a system, the only driver is individual human greed. Yes, it works for some people... maybe a LOT of people, but its main driver is abhorrent.
Regardless... a little off topic... My question remains... where were all you activists over the past 8 years when your "Conservative" government was destroying the country? It feels like you knew that the end was (finally) here, and you were just waiting to stick the other guys with your problems. Why was it ok for bush to waste trillions of dollars but not ok for Obama to do it? It's ok to spend money blowing up countries that didn't attack us but not ok to spend money trying to help build are domestic infrastructure?
... which is still to say... I think the ideas from the article have merit... I was a Ron Paul supporter until Palin joined the McCain ticket. (As in, yes, I was planning to write him in) The way and the timing in which these concerns are being brought to light is just... It feels wrong and petty.
Also, "I recommend reading some history" is nothing but an inflammatory remark. It doesn't add to your argument at all. :-/
Tallil 6| 4.15.09 @ 11:00AM
I am seeing with my own eyes the results of what can happen when American consumers are unburdened by excessive taxes.
Here in Iraq, and Afghanistan, American servicemen and women are exempt from most federal and state income taxes. Almost all of us are using this 'opportunity' to significantly pay down debt and/or save for cars, motorcycles or other consumer goods that we would otherwise do without. It's remarkable - nearly every soldier has a story of success. As for the Tea parties, well, we probably won't be that demonstrative over here - (there is a war on, you know) - but I'll add my voice to those who say:
Party ON!
Bill G| 4.15.09 @ 11:10AM
A good idea would be for there to be some symbol (car parking lights on during the day, certain color shirt, some do it yourself arm band thing, or something like that which is easy for anyone to do) to show solidarity with the tea party protests by all of the people who agree with the demonstrators but who are not able to get to one of the actual events.
I say drive all day with parking lights on until someone comes up with a better idea.
Bill G.
Kennett Square PA
Colin| 4.15.09 @ 1:09PM
Perhap it's just he skeptic in me -- but having observed our Mainstream Kool-Aid Drinkers (Williams, Gibson, the Chipmunk and the CNN's et al) - my informed gut tells me that today's media coverage of the National Tea Parties will receive much same level of "positive" spin coverage, generally afforded to the grand opening of a full service Cheese Whiz factory in downtown Rio Linda.
Of course, don't watch me ... watch The Chipmunk.
bob montgomery| 4.15.09 @ 1:20PM
As we write, the Washington Post is busily engaged in inventing new terminology for people who are fed up with taxation without consent. They are calling them "tax deniers" and "tax defiers".
Michael L. Hauschild| 4.15.09 @ 4:19PM
I live in a town of about twenty thousand. I would guess that three to four hundred protesters are assembled outside city hall at the moment.
DONALD SAMMIS| 4.15.09 @ 4:58PM
Where was I when G.W.Bush was 'spending" wildly? Out in front yelling and writing "STOP". But then its congress who spends and taxes, isn't it.?
GWEBB / NH| 4.15.09 @ 5:38PM
Well today there are supposed to be many teabag rallies across the country. They are getting together to protest reckless government spending or the large deficits the Obama administration is racking up implementing their policy. My only question is this: where were these people 8 years ago? More importantly, where were these people 30 years ago?
Under Reagan, the budget was never balanced and debt ballooned. In fact, under Reagan the total debt/GDP ratio increased from a little over 30% to a little over 60%. Yet there were no protests. And the fact the budget was never balanced didn't seem to bother anybody. Of course, you could argue that the current teabaggers weren't around then so this doesn't count.
But when Bush took office the exact same thing happened. According to the Cato Institute, the Republican Party became the "Grand Old Spending Party." Bush was the biggest spender since LBJ. Here is what the Cato Institute wrote:
President Bush has presided over the largest overall increase in inflation-adjusted federal spending since Lyndon B. Johnson. Even after excluding spending on defense and homeland security, Bush is still the biggest-spending president in 30 years. His 2006 budget doesn't cut enough spending to change his place in history, either.
Total government spending grew by 33 percent during Bush's first term. The federal budget as a share of the economy grew from 18.5 percent of GDP on Clinton's last day in office to 20.3 percent by the end of Bush's first term.
The Republican Congress has enthusiastically assisted the budget bloat. Inflation-adjusted spending on the combined budgets of the 101 largest programs they vowed to eliminate in 1995 has grown by 27 percent.
Yet there were no protests. And here is a report from the Bureau of Public Debt of the annual federal debt outstanding at the end of the last 8 federal fiscal years:
09/30/2008 $10,024,724,896,912.49
09/30/2007 $9,007,653,372,262.48
09/30/2006 $8,506,973,899,215.23
09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32
09/30/2003 $6,783,231,062,743.62
09/30/2002 $6,228,235,965,597.16
09/30/2001 $5,807,463,412,200.06
09/30/2000 $5,674,178,209,886.86
To anyone with an ounce of common sense, it's obvious what's going on. Republican/conservative rank and file are protesting because they are out of power and their leadership is terrible. But they aren't protesting spending; they are protesting the Democratic Party's governance. And that is fine. But please, don't tell me it's about spending or debt. If that were the case, you guys should have taken to the streets years ago.
SouthPaw| 4.15.09 @ 5:53PM
"I say drive all day with parking lights on until someone comes up with a better idea."
Bill G.
Kennett Square PA
Hey Bill G... the lefties picked up on driving with the parking lights on during the day as well. So remember when you see those headlights you may be smiling at a staunch left leaning Liberal. Have a nice day :)
stmichrick| 4.15.09 @ 7:24PM
Skippy;
Thanks for the ride down memory lane with that NYT article. More of this needs to be made at election time.
The pervasive fiction about out-of-context 'lax regulation' and 'Wall Street greed' as sources of our problems needs to be addressed BIG TIME by conservative candidates.
Tony| 4.15.09 @ 8:03PM
What most of the news media and the government is trying to pull off is that the tea parties are only protests about taxation, and that the protesters are only a bunch of Republicans. Both of these allegations are false. (And they know it) A lot of American people have realized that the country the founding fathers constructed is not what we have today and they are tired of it. The ONLY way we can take back our country and return to the principles of the constitution and the bill of rights, is the way this was done. They can stop some of us, but they can't stop us all. It is high time to let them know that WE THE PEOPLE run the government and THEY serve US. God bless you all, and SEMER FEDELIS!
Anthony| 4.15.09 @ 10:37PM
Hey Obama, today was change we can all believe in. Get the message? And Janet, I am a right wing extremist, get used to it, they're millions of us.
lynnrockets| 4.15.09 @ 11:50PM
SHOULD SHE STAY OR SHOULD SHE GO
(Sung to the Clash song “Should I Stay or Should I Go”)
(Whoo! - - - Allah!)
Sarah you gotta let us know
Should you stay or should you go?
If you say that you are mine,
You should be in State 49.
I know we have a lot of snow,
But do you really have to go?
Its always me, me, me
Loved your selection for A.G.
Another po-lit-i-cal hack
Beware if you are gay or black
Well come on and let us know
Do you really have to go?
Should she stay or should she go now?
Should she stay or should she go now?
If she goes to Indiana,
Will it next be to Montana?
Don’t we pay you enough dough?
Your poor decisions boggle me
You’re just a lightweight G.O.P.
Pranked that time by fake Sarkozy
Embarrassed by Levi on T.V.
Come on and let us know,
Are you brain-dead or is it show?
(split)
Should she stay or should she go now?
Should she stay or should she go now?
If she goes, future’s in trouble,
And if she stays, laughs will be doubled
We just hope that if she goes…
She takes her best friend “Plumber Joe”
Should she stay or should she go now?
If she goes, future’s in trouble,
And if she stays, laughs will be doubled
We just hope that if she goes
She takes along her “Sixpack Joes”
Pingback| 4.16.09 @ 12:58PM
Tea parties a success… « Time for Thorns links to this page. Here’s an excerpt:
Blame teh FED not OBAMA| 4.16.09 @ 2:37PM
Why is everyone worried about the economy now, and not while Bush was on an 8 year spending spree, lining the pockets of his buddies.
Obama took over this GREAT MESS CREATED BY NONE OTHER THAN BUSH AND DICK CHENEY. But who runs America dares not show his face.
America has been run by a lot of HOCUS-POCUS Banking system run and controled by a RICH BUNCH OF JEWISH BANKING FAMILIES. Go and have words with David Rockerfeller, and the De Rothchilds and ask them for your money.
Obama is the victim, of a Satanic Kabal, run by Money Laundering Criminals that has HyJacked America economic system.
Who has ever heard of solving a DEBT crisis, with more DEBT. Creating stagflation and hyperinflation in the future.
This economic problem will continue for the next 15 years and it matters not who is President. The Criminals that runs America does not show their face. And the FED Reserve Prine money out of nothing and charge the people of America interest on the money they print, should be in prison.
Jeffery Small| 4.16.09 @ 7:03PM
If you are interested in a follow up action that can extend the impact of the Tax Day Tea Parties, go to the web site go-galt.org and participate in the Atlas Shrugged Books-to-Politicians Campaign.
Regards,
--
Jeffery Small
go-galt.org
Pingback| 4.17.09 @ 10:43PM
Tea parties a success… | john ziegler links to this page. Here’s an excerpt:
Pingback| 4.18.09 @ 3:53PM
Getting What We Pay For links to this page. Here’s an excerpt:
john smithson| 4.20.09 @ 1:19AM
GWEBB / NH, you really should not come onto a site or forum such as this, make up stick, and move on. Example, Reagan doubled taxed revenues with his tax cuts and his debt never exceeded 53.1% of GDP. And remember, his Democrat congress gave full approval to the spending increases and , in fact, insisted on those spending increases -- just as they are doing right now.
Secondly, no Democrat will ever be able to criticize Bush 43 for his spending habits in view of Obama's declaration, " All government spending is stimulus." Dems have no choice to glory in Bush's spending habits - maybe that is why the last two years of Bush found a Democrat Congress agreeing with his spending.
What Dems do not get is the fact that many Republicans hated the spending of Bush. It just took them a few years to realize that the GOP was not going to return to their fiscally conservative roots without a fight . . . . and that is exactly what is happening within the Grand Old Party right now. The RINO's are out or the GOP will never win another election. We need a choice, not tyranny but we will accept tyranny for a time if it means the GOP renews itself and represents [again] those who made the party great.
jd
Pingback| 5.26.09 @ 8:49AM
Sorry, Barack: You Can’t Blame the Bogeyman for Your Record Budget Deficits, Too - C links to this page. Here’s an excerpt:
Pingback| 6.11.09 @ 7:55AM
Dirty Democrats » Liars… NY Times Says Obama Is Not Responsible For Historic Debt– It links to this page. Here’s an excerpt:
Pingback| 7.23.09 @ 10:58PM
Dirty Democrats » Obama Implosion Alert: Dear Leader Blames GOP For His Record Spendi links to this page. Here’s an excerpt:
Pingback| 10.15.09 @ 12:33PM
Senator Johnson Franks on Deficit | Constant Conservative links to this page. Here’s an excerpt:
Frederic Stieg, M.D.| 3.21.10 @ 5:45PM
It's time for a tax revolution and an Atlas Shrugged. Producers - stop declaring your income. What, are they going to throw us all in jail? Without money, our money, they can not exist. Stop giving them the money they need - NOW!
poptropica | 4.9.10 @ 8:49PM
thanks you very much for your information
Poptropica
Poptropica
Pingback| 4.30.10 @ 1:38AM
Tea Party | Portail LHC links to this page. Here’s an excerpt:
John Fitzgerald| 10.27.10 @ 7:46PM
We could also cut (alotof) military expenses. Most of our taxes go there, to the execesive and criminal and massive-destructor US Army.
Warinterror is a lie invented for mantaining the terrorist Army.