posted 05-26-2003 12:33 PM
Of course it isn't true RW dittohead!
It never was!
even George 'opium Poppy' Bush called it Vodoo Economics.
Just like using one credit card to pay another.
Only dittoheads could be so stupic as to ignore basic concepts/ such as
"spend more than you take in" (borrow and spend Re-Publicans) vs/ pay as you go
"spend only what revenue supports" (pay as you go Democrats)
$2.7 TRILLION SCAM http://www.etherzone.com/2003/henr051603.shtml
ENRON, WORLDCOM, OTHERS, ARE PIKERS
By: Ed Henry
Don't worry, forty-three percent of our horrendous
national debt is completely fraudulent and could be
eliminated tomorrow without consequence. All that has
to happen is that the Beltway Bandits suddenly become
honest or, in one way or another, honest people decide
to get rid of the bums, all of them.
Sounds preposterous, doesn't it? Well, it is. It's
preposterous that this has been allowed to continue
for as long as it has. It's preposterous that our national
debt has risen from practically nothing to an incredible
$6.4 trillion in the last twenty-five years.
It's also preposterous that the government is prosecuting
companies in the private sector for doing the same thing
that our lawmakers do on a much larger scale.
Ironically, the pirates turn to industrial reports, factory
figures, or the elements of the Gross Domestic Product
put forth by the same industrial giants who hide debt
and distort their financial position to show that "as a
percentage of GDP" our debt really isn't as bad as
it looks. Talk about students bringing apples
to the teacher.
Let's face a few facts:
Since taking office, George W. Bush has run up
the national debt $733 billion. And that's only from
January 31, 2001 until February 20, 2003, a little
over two years.
In the first year of the Bush term, fiscal 2001, the
government claimed to have the second largest surplus
in history—a surplus of $127.2 billion, all of it from
entitlements like Social Security's $98.7 billion
payroll tax overcharge in 2001.
On February 20, 2003, almost 90 days ago, three
months or one full quarter of the fiscal year, we hit
the national debt limit or ceiling of $6.4 trillion and the
government has not been able to borrow new money
since that time. That's a long time for borrowholics
to be on the wagon.
This fact has been ignored and underplayed by the
loyal media, watchdogs, think tanks, or those supposedly
watching our economy—probably because the government
told them to sit back, shut up, and wave their flags. We do
not want to appear financially weak during the invasion
and rebuilding of Iraq or display our dirty underwear
to a world population increasingly against us.
Amongst the false promises and government inability
to adhere to its own policies, the 1997 Balanced Budget
Act picked the year 2003 as the time when the government
would finally be able to live within its income, the almost
two trillion in taxes now provided annually by taxpayers.
It was the same popular Balanced Budget Act of 1997
that, unbeknown to most, included a raise of the national
debt limit to $5.95 trillion. This raise was inserted by John
Kasich (R-Ohio), Head of the House Budget Committee,
long before it was needed.
Shortly before or immediately after hitting the debt
limit on February 20th of this year, Congress could have
voted to raise the debt limit or placed such a raise into
other popular legislation for passage. They failed
to do so. Why?
The fact that the federal government has been able
to survive a full quarter without spending more than it
receives proves something, doesn't it? How long could
they go if they were truly cost conscious?
Every State in the union, every city and local government,
has been suffering from a lack of federal funding. Programs
included in the federal budget for fiscal 2003 have been cut
off at the knees.
Local governments have already bitten the bullet by cutting
essential programs, including Homeland Security, since the
money for these programs went into the invasion of Iraq.
(See: New York Times article of May 8, 2003, and one
from the Washington Times on May 14, 2003.)
We have a trade deficit of more than $500 billion that
will skyrocket even more due to the boycotting of American
products across the world including our strongest allies where
more than 80 percent of the populations of Britain, Spain,
and Australia were against our invasion of Iraq.
Does anyone know what it cost us to buy the "coalition
of the willing" that includes many small nations mumbled
to be somewhere between 40 and 60 supporters?
We have a weakening position of the dollar against
the Euro. Last reports were that it takes $1.15 US to
buy one Euro.
Debt limits became law in 1968 as a means to force
the federal government to live within its revenue, to
balance its budgets. It has never worked.
Laughably, the debt limit was supposed to make it
embarrassing for a politician to stand before Congress and
ask for a borrowing increase. Can you beat that?
Begging for
money is a prerequisite of political life in our country.
The borrowholics of Washington have no compunction
about using their constitutionally authorized "emergency"
credit card to run up the national debt and place more
and more burden on our children and grandchildren.
This applies to democrats and republicans alike.
Paul O'Neill resigned as Secretary of the Treasury
and Mitch Daniels recently resigned as head of the Office
of Management and Budgets (OMB) the president's
budgetary advisor.
As usual, the spin claims these gentlemen left to spend
more time with their families and, in the case of Mr. Daniels,
includes the new twist of a possible running for governor
of Indiana. But it's beginning to look a lot like rats
leaving a sinking ship.
Deeper meaning.
We now have estimates of deficits in the hundreds
of billions per year and these so-called deficits do not
include the money stolen from entitlements like Social
Security's surplus that are included in budgets as "off
budget" revenue but increase the national debt.
If entitlement overcharges are included in the budget,
then they cannot be considered "over budget." How's
that for crooking the books and hiding debt
Enron style?
Contrary to the propaganda, surpluses are not gone.
Entitlements have always accounted for the major if not
the only portion of any government surplus. In fiscal 2000,
Social Security alone produced a surplus of $94.5 billion.
In 2001 it was $98.7 billion. And in fiscal 2002, even
with high unemployment, it was still an $89 billion surplus/
overcharge or what could be called profit. And all of this
came from an organization supposedly "in trouble."
In the same years, all nineteen entitlements together
accounted for surpluses of $149.8 billion, $160.7 billion,
and $149.0 billion respectively.
President Bush talks about the "double taxation" involved
in dividend taxes, but it's nothing compared to the double
taxation involved in the working man's entitlement taxes.
Companies pay taxes on their profits. Then when they
declare dividends to investors, the investors pay a capital
gains tax on the money they receive. These are not the
same people paying the same tax. It's more like paying
sales tax on a used car after the person who bought it
new paid the first tax. Charging sales tax every time
a car is resold wasn't always a tax.
If the president wanted a real stimulus to the troubled
economy he would cut payroll taxes. If he really wanted
people to go out and spend more, he would help the
American workers who supposedly account for two
thirds of the economic growth in our economy.
But the federal government is never going to give up
the slush funds they've painstakingly developed, the rip-
off of every worker's retirement and health care money
plus what's taken from seventeen other entitlements
from unemployment taxes to military retirement.
Here's what happens.
The government pretends to borrow every cent of
surplus entitlement money. It's all a big pretense and
fraudulent game they play. Actually, it's outright theft
and we are buying debt with every surplus cent
we give them.
The American worker might just as well walk into the
U.S. Treasury, plunk down a handful of money and say;
here, give me some debt.
The federal government spends and plans to spend every
surplus entitlement dollar that comes into the Treasury and
do so as fast as it comes in. Then, wanting the public to
believe that it's possible to both spend and save the same
money, they deposit certificates of obligation in a fund
that they call a "trust fund" but actually hasn't the slightest
resemblance to a real bonifide fiduciary activity dealing
with the stewardship of property.
It's a debit black hole containing nothing but debt.
Periodically, these certificates of deposit are rolled over
into "special obligation" nonmarketable U.S. Treasury bonds
as well as tacking on about six percent annual interest paid
against the previous year's balance just to make the
"borrowing" appear authentic.
Interest is figured on a five year model of the interest
paid real long term bonds sold investors on the honest side
of the national debt. A side that deals entirely with investor
loans but is deliberately mislabeled "Public Debt" (it should
be called Investor Debt) to make you believe it's the
only side for which the public is responsible.
Interest is also paid entitlements by simply handing
the "trust" more bogus bonds, no real money whatsoever
involved. Interest is paid the Social Security trust fund in
December and June. Last year, fiscal 2002, the Social
Security trust was paid $64.3 billion by simply handing
the distrust fund more debt. Isn't that nice?
Last year, the crisis over the national debt ceiling of
$5.95 trillion was due entirely to the semi-annual interest
due the Social Security trust—what the authorities confess
is a bookkeeping effort. Since this interest raises the national
debt substantially, it was essential the debt limit be raised
during June. On the very last working day, Friday, June
28th, the debt limit was raised to $6.4 trillion and
the crisis was over.
There is currently $2.7 trillion in bogus bonds in the
fraudulent Intragovernmental Holdings portion of the
national debt. The words "Intragovernmental Holdings"
are another misnomer to make you believe that the
government owes itself or that somehow the
government is going to pay this off without taxpayer
money”an absolute impossibility. This should be
called "Entitlement Debt."
Ninety-three percent of the "holdings" are in the
nineteen different entitlement black hole accounts
with Social Security being the largest at a current $1.3
trillion or 21.7 percent of the national debt all by itself.
The other seven percent is in perks for judges and
government employees. Simply name a trust, deposit
some bogus nonmarketable bonds in it, and when you
need real money take it from the Treasury's general
fund of recent taxpayer dollars or money borrowed
from investors. (See: Trust Fund List)
Economists have continually claimed that if the poor dears
in Washington ever have to turn to the Social Security trust
fund for money, they will be faced with the tough decision
to either (1) raise taxes (2) borrow from investors (3)
cut benefits, or any combination thereof.
These are the normal options of government in raising
and managing revenue whether there is a trust fund or not.
In other words, the trust fund is meaningless and useless
except as a means of double taxation.
The only single purpose of these fraudulent
"Intragovernmental Holdings" is that they allow
the Beltway Bandits to withdraw money from the
U.S. Treasury without having to vote on it. They
do not require legislation if the entitlement
needs money.
We've had confessions right from the horse's mouth,
from President Clinton and heads of the Congressional
Budget Office, that this is nothing more than a
bookkeeping scam.
But we also have Alan Greenspan of the Federal
Reserve telling us that "the only thing that matters is
that it's enforceable." When called on, revenue will come
out of the Treasury's general fund even if it takes all of
the operating cash for that year or forces more honest
borrowing from investors.
And this is happening right now, today, with the
Unemployment trust fund, the Airport & Airways trust,
the Highway trust fund, and several others. With today's
income taxes, we are repaying money that was already
paid once before by someone else.
Without its credit card, without the ability to substitute
money borrowed from investors, the government is forced
to cut existing programs. There has been no other choice
for the last three months.
When it happens with Social Security it will be the
same people who paid the tax in the first place, their
children or grandchildren, who will be paying the tax again,
plus interest. That's real double taxation, plain and
simple.
The federal government will never give up this scam.
It's up to the victims to take action.
"Published originally at EtherZone.com : republication
allowed with this notice and hyperlink intact."
Ed Henry is the founder of TUFF, the Taxpayers Union,
and a regular columnist for Ether Zone.
Ed Henry can be reached at ctzcrank@mindspring.com
Ed's FREE pamphlet-"To The Moon, Alice" the national
debt, your Social Security, and the Pay-It-Again
Sam scam.
We also invite you to visit his website at www.uncle-scam.com
[Edited 2 times, lastly by shatoga on 05-26-2003]
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