published Thursday, June 2nd, 2011

Spending ‘damaging’ our country

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    U.S. Sen. Bob Corker, R-Tenn., speaks to lawyers and political representatives during the Chattanooga Bar Association's annual law day breakfast held at the Chattanooga Convention Center early Tuesday morning. Staff Photo by Dan Henry/Chattanooga Times Free Press
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There long has been evidence that many Americans believe there is virtually no limit to what “government should do for us.” But all of us know, or should know, that government has nothing to spend without first taking it from us in taxes — or borrowing it, creating tax liabilities on future generations.

Sen. Bob Corker, R-Tenn., renewed a valid warning when he spoke Tuesday at the Chattanooga Bar Association’s annual Law Day observance.

The senator said there should be caps on federal spending in general and reform of programs such as Medicare and Social Security, because the status quo is accelerating our debt. Unrestrained debt, he said, is the “greatest threat to our country’s sovereignty, security and economic growth.”

Corker said Congressional Budget Office numbers show the national debt is already equivalent to 62 percent of our gross domestic product — everything our nation produces in a year!

We have a tendency to insist on more from government, which already is spending $1.5 trillion a year more than we are willing to pay in high taxes. But if we don’t curb our spending, Corker said, the debt could rise to 146 percent of GDP by 2030.

“I think it’s very damaging to our country,” he added.

Who can reasonably disagree?

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librul said...

Hey Bob - how about closing some loopholes and collecting some tax revenue from corporate tax cheats that made billions, paid no taxes, but manipulated the tax code to actually get millions in tax benefits from our government! But that's much harder than kicking old folks when they're down, huh?

June 2, 2011 at 1:51 a.m.
carlB said...

Now that this Republic has been put in the conditions of "class warfare" and on the verge of another "great depression" by the "controlling capitalist and the lobbied congress," every policy tried to prevent the conditions of another great depression, brings out the favorite words of the "guilty." Those words, Socialism/Socialist have become prevalent again, by the people in favor of the forced "class warfare."

The article below speaks of the details that you are discussing. When the people do not have money to pay for their higher standards or even their necessary conveniences then they are forced to go back to the basic methods of staying alive, putting food in their stomachs and having a roof over their heads. I believe we have already talked about the policies that the private capitalist have taken or have not taken along with the leadership of our politicians that have caused or allowed this Republic to go through our latest changes, setting up the conditions we are now having to deal with.
standard of living http://www.answers.com/topic/standard-of-living

There does not seem to have been any major change until after the 1920s, when the degree of inequality diminished somewhat, the rich losing and the poor gaining, in relative terms. By the 1950s, the richest 5 percent had about five times the income per family of the remaining 95 percent. From then to the mid-1970s, the distribution was rather stable, those in the middle-income groups gaining slightly at the expense of both rich and poor. After the 1970s, the distribution began to widen, with working families facing an increasingly declining standard of living. Beginning with the adminstration of President Ronald Reagan (1980–1988), and due in substantial part to his policies, the income disparity between the richest and poorest Americans has widened significantly. Weakened labor laws and the exploitation of unprotected immigrants have fueled this disparity and pushed a greater share of the nation's wealth upward to the top five percent, while the bottom third or more have experienced a decline in its standard of living.

Read more: http://www.answers.com/topic/standard-of-living#ixzz1MwpdjIFp

June 2, 2011 at 9:05 a.m.
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