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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Metacomet who wrote (59453)	11/14/2006 4:54:39 PM
From: Robert Beatty	Read Replies (1) \| Respond to of 116555

> And nearly succeeded in stopping the legislation that forced > at least a temporary turn toward fiscal sanity That bill was a massive tax increase that did virtually nothing to fix the long term fiscal problems. It was just another attempt to confiscate more money from the people and increase the power of government. A "turn toward fiscal sanity" might include things like: 1) Eliminate "off-budget" accounting. It obfuscates the real deficit. (~$3 Trillion a year if you use GAAP standards!) 2) End theft of Social Security surpluses from the "Social Security Trust Fund."(thanks Democrats) 3) Fully fund all government retirement programs.(or cut them to make them solvent) (Force government to live by the accounting standards it requires of business!) 4) Fully fund future liabilities for Medicare and the Prescription Drug plan.(or again, cut them to make them solvent at current revenue levels) 5) Eliminate pork by forcing accountability on spending. (To wit: Begin the process for a Constitutional Amendment for a Presidential Line Item Veto.) 6) Begin the process of a Constitutional Amendment for a Balanced Budget. That's for starters... > Urban legends notwithstanding, it is the GOP that has driven > this train to the precipice. It is the Democratic Party that started all of these run-away social programs that are in such a mess. It was easy to make impossible future promises with these programs to buy votes. Eventually, it has to be paid for. Now, the Republicans have gotten in on the act with the Prescription Drug Plan. It has $10 TRILLION dollars in unfunded future liabilities. Medicare has over $24 TRILLION and Social Security has about $12 TRILLION.(from what I last read) Clinton's 1993 Record Tax increase did little to address anything affecting these long term issues.