“MEDICARE IS UNDER WATER BY $30 TRILLION DOLLARS, SOCIAL SECURITY BY $5.7 TRILLION, AND THAT’S JUST CONSIDERING A 75-YEAR HORIZON.”
(These entitlements comprise 45% of the federal budget.)
David Walker, Democrat, former Comptroller General. **
“Clearly you want to minimize tax burdens in order to maximize economic growth, maximize disposable income, and maximize investment, productivity, innovation, to maintain our competitive advantage,” declares David Walker.
The last thing we do is follow Obama’s plan: raise taxes, increase federal spending, cut defense, extend benefits and amnesty to illegal aliens, ignore border security, allow the U.N. to tax Americans, launch government funded healthcare, restrict trade.
*In reality we already have income redistribution. The top 25% of income earners pay 86% of the income taxes, and the lower 40% of income earners pay nothing at all. We are already soaking the rich, the very people best positioned to invest and grow the economy and create jobs.
We are seeing wealthy Americans move resources offshore and away from Obama’s IRS. The Obama effect is already being seen in the markets as well.
As to defense as a percentage of the overall budget: get a load of this! (David Walker, Democrat, former Comptroller General)
2005: 20% of federal budget spent on defense
Who in his right mind suggests cutting defense and hamstringing our military and intelligence agencies in a time of unprecedented lethal threats worldwide?
RECOMMENDATIONS FROM DAVID WALKER
1. re-impose budget controls both in terms of taxes and spending
2. increase transparency in terms of long-term costs projected – THE MEDICARE PRESCRIPTION DRUG PLAN IS AN EXAMPLE OF WHAT NOT TO DO! ($8 TRILLION DOLLAR PROGRAM!)
3. must reform entitlement programs (cut and reorganize, not expand), we simply MUST to remain solvent
4. must re-engineer the base of mandatory and discretionary spending
5. tax reform***
“Clearly you want to minimize tax burdens in order to maximize economic growth, maximize disposable income, and maximize investment, productivity, innovation, to maintain our competitive advantage,” declares David Walker. (JFK understood this and agrees with McCain by the way.)
6. “There are lots of numbers and they are all big and bad. This is about values and people.” Public officials have a responsibility to leave the country better positioned for the future. This has been our tradition.
“The baby boomer generation may be the first in our history to break that tradition.”
In short, we have to tighten our belts dramatically and become hyper-disciplined concerning government spending, yet, Obama wants to take us in the opposite direction, insisting on an orgy of new spending, and, this will bankrupt us, and destroy our economy.