Debt Ceiling Chicanery
Posted on | June 27, 2011 | No Comments
How much does the US owe? You can see it here in real time: http://www.usdebtclock.org/. The page is very busy but the US owes almost 14.5 trillion and has almost maxed out the debt subject to the 14.3 trillion dollar limit.
The GOP [Republicans] say they won’t increase the limit without spending cuts to Medicare and Social Security. You can follow the stories here: http://money.cnn.com/news/specials/debt-crisis/ .
Over the weekend, I saw that AARP is starting to mobilize. I really like this commercial:
I think we should simplify the tax code and remove some tax entitlements. I see the entitlements as government spending because it allows for people to spend the government’s tax revenue that would otherwise be collected. Here is graphic from the Tax Policy Center Urban Institute and Brookings Institution.
A more detailed description is included here on their web site.
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