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THE END IS HERE!!! SEQUESTRATION IS UPON US!!!

Image: inetgrafx.deviantart.com

Despite President Obama’s righteous and noble efforts, he was unable to stop the arbitrary, across-the-board, devastating automatic spending cuts he designed from taking effect.

Under sequestration, returning to an agrarian society expected around 2018.

Under sequestration, returning to an agrarian society expected around 2018.

Rather than fall victim to the millions of unemployed wife-abusers that will soon be vagabonding the streets of America, I have descended to my cellar with enough instant rice and Ramen noodles to sustain myself for months.

With essential services absolutely decimated, anarchy and mayhem will soon be the law of the land, with marauding mad-cow-afflicted citizens preying on the most vulnerable.

Using information gathered from watching MSNBC, I have learned that, beyond defense, all that’s left to cut are seniors’ heating and milk for children.

Visual approximation of the 2013 Federal Budget based on analysis of MSNBC contributor Joy-Ann Reid

Visual approximation of the 2013 Federal Budget based on analysis by MSNBC contributor Joy-Ann Reid

Be ready to shoot through your door with a shotgun, things are about to get ugly.

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Taxpayers Funding More Than $1B In Free Cellphones

Of course, the program is rife with abuse.

H/T FreeBeacon

North Dakota Voters To Decide On Abolishing Property Tax

Hey, if you can do it…

via: USAToday

North Dakota voters will decide Tuesday on the ultimate tax revolt: abolishing the property tax altogether. A citizen-led petition drive has put the daring, all-or-nothing proposal before the voters in a state flush with tax revenue, jobs and prosperity generated by an oil boom.

If the property tax is eliminated, it would be the first time since 1980 — when oil-rich Alaska got rid of its income tax — that a state has discontinued a major tax, reports the Tax Foundation, a non-partisan research group. North Dakota would become the only state not to have a property tax, a levy the state has had since before it joined the union in 1889.

“The oil boom makes it easier to get rid of the tax, but we started this before the oil boom took off,” said Charlene Nelson, chairman of Empower The Taxpayer, which is leading the tax repeal effort. “Any state would benefit from this same thing.”

North Dakota’s political and business establishment has lined up against the measure. The state Chamber of Commerce, farm groups, unions and most elected officials are opposed.

North Dakota voters will decide Tuesday on the ultimate tax revolt: abolishing the property tax altogether. A citizen-led petition drive has put the daring, all-or-nothing proposal before the voters in a state flush with tax revenue, jobs and prosperity generated by an oil boom.

Fed: Recession Kicked Median Household Wealth To 1992 Level

20 years of wealth.

via: USAToday

The median U.S. household lost nearly 39% of its wealth from 2007 to 2010, the Federal Reserve said Monday, emphasizing anew the impact of the financial crisis and the recession on ordinary Americans.

Middle-class families took the biggest hit to their net worth during the crunch because much of their wealth was in their homes, whose values plunged during the recession and in its aftermath, the Fed report said. Wealthier families saw a smaller drop in their incomes, but nowhere near as much impact on their net worth.

Median incomes among the richest 10% of Americans fell 5.3%, compared with 7.7% for all Americans. The median net worth of the wealthiest 10% actually rose. The median is the point where half are above and half below.

Overall, median household net worth slid to 1992 levels after adjusting for inflation, wiping out the gains of the late-1990s Internet boom and the post-2000 housing surge, the Fed said.

City officials: Detroit will go broke in a week

This should be a lesson of what 50 years of Democrat rule produces:

via: Freep

Detroit will run out of cash a week from today if a lawsuit challenging the validity of the city’s consent agreement with the state is not withdrawn, city officials said this morning.

Jack Martin, the city’s new chief financial officer, said the city will be broke by June 15 but should be able to make payroll for its employees. He said the city will be operating in a deficit situation if the state withholds payments on a portion of the $80 million in bond money needed to help keep the city afloat.

The battle ultimately could lead to an emergency manager if state officials deem the city to be in violation of the consent agreement that gives the state significant control over Detroit’s finances.

Deputy Treasurer Thomas Saxton told the city Thursday that the lawsuit against the consent agreement could force the state to hold back $80 million in revenue sharing that was used, essentially, as collateral for interim refinancing of bonds issued in March so Detroit would not run out of cash.

S&P keeps US outlook ‘negative’

Our national spending problem threatens to destroy the republic.  How a populous (much less a president) continues to call for more spending is beyond me.

via: AFP

The United States held onto its AA+ rating from Standard & Poor’s Friday but the agency said it also kept a negative outlook on the country, citing the political deadlock over fixing the fiscal deficit.

Ten months after delivering a historic rate cut to Washington, removing its top-level AAA rating, S&P warned that the reasons for the downgrade remained in place and that if anything they were deteriorating.

The ideological deadlock between Republicans and Democrats continued to block real solutions for closing the government’s deficit and bringing down debt, S&P said.

It reiterated its August 2011 warning that if politicians do not come together to address the gaping fiscal hole and reduce debt over the medium term, the United States could be dealt another downgrade.

“The negative outlook reflects our opinion that US sovereign credit risks, primarily political and fiscal, could build to the point of leading us to lower our ‘AA+’ long-term rating by 2014.”