50 States And Their Debt

I’m seeing an internet hit piece that is conveying a lot of false information (if it is on the internet it must be true, right?) about Texas debt. Texas is a big state, so it is going to have a bigger debt than say, Tennessee. What is important, is the ratio to the state’s GDP. Tennessee ranks 50th (the lowest) and Texas 48th. In other words, Tennessee and Texas are in great shape financially.

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Matt Damon Does Not Understand “Job Creation”

If I may respond to Matt Damon …

Are the wealthy who make $250,000 and above job creators? Damon doesn’t think so. “I didn’t start a small business with my tax break, and I don’t know anybody else who did. Everybody’s socking their money away. Nobody started a business with their first tax cut…that just defies common sense. I was against those tax cuts, they were ridiculous. So little is asked of the upper class anyway, what percent of them or their kids are fighting in any of these wars?…If you walk down Fifth Avenue, there’s no sense of shared sacrifice.”

via Matt Damon’s not to be messed with – The Marquee Blog – CNN.com Blogs.

I presume he means that he saved his money in a savings account or perhaps stocks. What that means Matt, is that your money just became capital. That money will go either into the government debt or into private investment ventures. In any event, your money goes to work creating jobs.

Secondly, what you don’t save, you spend. That means you consumed something in the private sector. The private sector creates things and among them, jobs. The government on the other hand creates not much of anything.

So Matt, if you would prefer giving your money to the government than to the private sector where it will accomplish something, then the Treasury is accepting contributions towards our 14 plus something trillion dollar debt. You are free to do with your money as you wish, just keep yer damn hands off of mine and everyone else’s.

Most Tenn. House members back debt deal | wbir.com

Someone explain to me how borrowing 2.4 trillion dollars is going to “reduce budget deficits by $917 billion”? Strange math ….

Democratic Rep. Jim Cooper and Republican Reps. Marsha Blackburn, Diane Black, Stephen Fincher, John Duncan and Phil Roe voted for the bill, which would cap discretionary spending and reduce budget deficits by $917 billion over 10 years, according to the Congressional Budget Office.

via Most Tenn. House members back debt deal | wbir.com.

I’m awaiting the new District maps. There have got to be some changes in the TN delegation next year.

Open Letter: Why I Oppose the Debt Ceiling Compromise Rand Paul | United States Senator

Why I love Rand Paul. Today is the day to call your Senator/Congressman and let them know how you feel about it.

To paraphrase Jim DeMint: When you’re speeding toward the edge of a cliff, you don’t set the cruise control. You stop the car.

The current deal to raise the debt ceiling doesn’t stop us from going over the fiscal cliff. At best, it slows us from going over it at 80 mph to going over it at 60 mph.

This plan never balances. The President called for a “balanced approach.” But the American people are calling for a balanced budget.

This deal does nothing to fix the overreaches of both parties over the past few years: Obamacare, TARP, trillion-dollar wars, runaway entitlement spending. They are all cemented into place with this deal, and their legacy will be trillions of dollars in new debt.

via Open Letter: Why I Oppose the Debt Ceiling Compromise Rand Paul | United States Senator.

460 days left until Judgement Day II

Let me paraphrase … “Senator McConnell said this morning that he is ‘very close’ to recommending the GOP death warrant.”

Senator Mitch McConnell of Kentucky, the Republican leader, said Sunday morning that he is “very close” to recommending to his members that they sign on to a debt deal with President Obama and the Democrats.

via McConnell Sees Deal “Very Close”; Focus Is on Triggers for Cuts – NYTimes.com.

Sources: Emerging debt deal calls for up to $2.8 trillion

 

Unacceptable! The National Debt has increased more than that in the past 3 years under Obama. The ONLY acceptable solution is to spend no more money than the government takes in. Otherwise, the debt will continue to grow. So if they are proposing cutting the debt and are serious, why not stop the spending now?

Washington (CNN) — With the deadline to reach a debt ceiling agreement just two days away, congressional leaders and the White House are mulling parts of a tentative deal that would extend the debt limit through next year.

The framework of the emerging deal to raise the nation’s debt ceiling calls for up to $2.8 trillion in total deficit reduction over the next decade, two sources familiar with the negotiations told CNN late Saturday night.

via Sources: Emerging debt deal calls for up to $2.8 trillion in savings – CNN.com.

Pelosi: Boehner went to ‘dark side’

 

Darn, she is the one who looks like Darth Vader ….

Right before the House voted to reject a Democratic debt-ceiling plan, Minority Leader Nancy Pelosi didn’t mince words.

Pelosi pulled out a Star Wars reference on the House floor, saying that Speaker John Boehner “chose to go to the dark side” and court the most conservative members of his conference, rather than work on a bipartisan compromise.

via Pelosi: Boehner went to ‘dark side’ – Seung Min Kim – POLITICO.com.