The newly formed Joint Select Committee on Deficit Reduction holds its first meeting this week. The 12-member panel will gather at 10:30 a.m. Thursday for an organizational session, then meet again on Sept. 13 at 10:30 a.m. for a hearing on “The History and Drivers of Our Nation’s Debt and Its Threats.”
The committee is chaired by Sen. Patty Murray (D-WA) and Rep. Jeb Hensarling (R-TX) and tasked with the goal of finding $1.5 trillion in savings to reduce the federal deficit. It’s not an easy goal, made even more challenging by the bleak future facing America.
The problem is Washington’s addiction to spending. For far too long both Republicans and Democrats have expanded government a pace that now threatens prosperity. Future generations of taxpayers are now on the hook for increasing levels of debt. The amount of debt per citizen will soon skyrocket.
This week’s chart is courtesy of Heritage’s 2011 Budget Chart Book, featuring charts on federal spending, revenue, debt and deficits, and entitlement programs.
Multi-generational sovereign debt is immoral because the only collateral is the new generation and this is slavery, pure and simple. It should be declared illegal. The people that authorized, issued and bought this debt should be severely punished, now by this generation, not sometime in the future.
This administration will see a huge underground market (Cash only transactions) grow in the future as a result of it's fiscal policies. If the average person has no "Incentive" to accumulate wealth (that is Taxed) then services will be done out of the reach of the governments hand. Net result will be less revenue for government and for the welfare nanny state. Thank you liberals for sowing the seeds of your own dimise..
Why don’t they teach the meaning of this to kids in school?
Underground economies have already started. There are laws that say we are suppose to report the fair value price of the bartering items and report it as taxable income. The only way we will be able to keep the gestapo from getting their greedy hands on our productivity is for us to protect each other from the gov't agents – by force if neccessary! Study the constitution and share it with others. Read the declaration of independence and see why the founders were upset at the Royal King.
Nick