Fix the Debt

Bipartisan campaign is commonsense approach to fiscal wellness

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Rick Allen and Martha Zoller would’ve been great voices of common sense to have in Congress.

As it is, their voices may actually be better heard in Capitol Hill as regular citizens.

The two Georgia congressional candidates who lost in their recent respective Republican primaries – Allen in the 12th District, Zoller in the 9th – have teamed up to join the national Fix the Debt campaign.

The bipartisan campaign is one of the most hopeful signs we’ve seen that this country may yet address the catastrophic levels of debt that multiple presidents and congresses from both parties have dumped on America.

It’s a debt that is depressing economic activity, threatening collapse of the dollar, and burdening future generations with an immoral $16 trillion bill they had nothing to do with running up.

“The most significant threat to our national security is our debt,” Admiral Michael Mullen, former chairman of the Joint Chiefs of Staff, has said.

Think about that: One of the great military minds of our era says the greatest threat to national security is our spending.

“A nation with our current levels of unsustainable debt,” Mullen said, “cannot hope to sustain for very long its superiority from a military perspective, or its influence in world affairs.”

In addition, as noted by CNNMoney.com, “other countries own close to half of all outstanding U.S. public debt” – including China.

Writes CNNMoney.com: “‘You can’t be strong around the world unless you’re strong at home,’ said Lawrence Korb, a senior fellow at the Center for American Progress who served as assistant secretary of defense under President Reagan.”

Fix the Debt is a creation of Democrat Erskine Bowles and Republican Alan Simpson – the former chairs of President Obama’s “Simpson-Bowles” National Commission on Fiscal Responsibility and Reform, which recommended solutions to the debt crisis and was unceremoniously ignored by official Washington. Also involved is the Committee for a Responsible Federal Budget, a bipartisan non-profit.

Other respected bipartisan organizations such as the Concord Coalition are also involved in Fix the Debt. And some 100 CEOs have signed on to help.

National co-chairs of Fix the Debt are former Republican Sen. Judd Gregg of New Hampshire and former Democratic Gov. Ed Rendell of Pennsylvania.

And now, Rick Allen and Martha Zoller have signed on as Georgia co-chairs for Fix the Debt.

This election is the most important in our lifetimes – but it will come and go within the next week. What will remain, like a giant hurricane on the horizon, is the legacy of debt that we are still adding to, at the rate of about $1 trillion a year. We’ll be awash in it long after Hurricane Sandy has died out and its floodwaters fully receded.

It’s past time to plan for a better future for our children. But better late than never.

We wish the Fix the Debt campaign Godspeed, and we should all stand ready to do whatever it takes to help the campaign succeed. And that includes some forms of financial sacrifice.

Ask the remaining heroes of the World War II generation if self-sacrifice works.

And ask yourself if you’re up to the challenge.

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nofanofobama
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nofanofobama 11/02/12 - 09:52 am
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tparty .. they do not create

tparty .. they do not create economic GROWTH...under your scenerio you have to believe your welfare mother was NOT eating, homeless and clothless...real economic growth does not come from necessities of life it will only grow proportionally to the population. this is not growth that create jobs...you can not take money out of the econony that is disposiable income again defined by that above the necessities of life and not affect jobs in other industries...its an economic certainty.

faithson
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faithson 11/02/12 - 10:00 am
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biz

on the social security issue, one side (ayn Rand) suggests that the individual should be responsible. The other side recognizes that given the responsibility, a great majority will be irresponsible (look at the pregnancy rate among this same population you would entrust with their own financial retirement). Considering the social outcome over time on the culture (see third world poor living off garbage dumps), most of us see the wisdom of the government forcing us to participate in our retirement funding, a funding that helps those who do not have the discipline to save not become more of a burden on our social conscience than they already are.

TParty
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TParty 11/02/12 - 10:03 am
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FanofObama.... If only you

FanofObama....

If only you knew... A person spending money on things, regardless if you think it's disposable or (disposiable as you say) not, is income to another person. That person takes that income and spends it for items that you think is disposable or not, and that becomes income of someone else, who continues to buy things.

Less people buying things, means less income for a person, who also will not spend, taking away income from others, who will continue to do the same. This is very simple.

Talk about growth- what has Americas growth been compared other industrial nations?

Bizkit
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Bizkit 11/02/12 - 10:05 am
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Well Tparty there is a Faux

Well Tparty there is a Faux news (but that will be discredited by progressives) report so go to the whitehouse budget office: http://www.whitehouse.gov/omb/budget/Historicals/
Look at talble 7.1.

Bizkit
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Bizkit 11/02/12 - 10:20 am
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But faith in order to evolve

But faith in order to evolve we need such stressors. I don't think we do our society, population, or genome any good enabling bad traits to be passed on. Conditions will force people to adapt-as it always has. Sounds cruel and harsh but so is nature that molded our species. Modern man has withstood ice ages, drought, but within the last 50K human kind was almost wiped off the face of the planet which created a bottleneck and explains the reason there are no such thing as races-we haven't had time to evolve many differences in fact we are more alike than any species on the planet. I'm not suggesting eugenics and I am compassionate to those truly in need but the "truly in need" part is the real kicker. I've worked at a VA hospital before and personally witnessed canes and wheelchairs ridden folks suddenly jump up and load their wheels in their car too.

TParty
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TParty 11/02/12 - 10:24 am
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Thank you for the source

Thank you for the source Bizkit. I'd have to look into the numbers, see how they came up with them, because if this projection can be stopped by letting the Bush tax cuts expire, then that is something else. Or, if this the projection of the spending cuts and tax increases that would be triggered automatically next January which would take 5.1% out of the country's GDP in one year....

$20 Trillion is crazy... but we hit 15 T, and passed 16 without people making a fuss.... shame so few care about our fiscal problem, or think for a moment NPR and PBS are the reasons the number is ticking up to over 17.5 T next year....

nofanofobama
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nofanofobama 11/02/12 - 10:40 am
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tparty try one more time

tparty try one more time 2-people who have the same income and same shop at the same grocery store how does that create jobs...if one of those people has extra money to spend and buys ..say a 2nd house ..that creates jobs i-in all the material-the trades-the furniture -etc.that goes into that house..plus a tax base for the local schools...you again take that money from this 2nd person and both only shop at that grocery store for JUST the necessities of life.. those jobs are gone..sorry its just basic economics

justthefacts
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justthefacts 11/02/12 - 10:50 am
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NPR

Listened to NPR for about 2 hrs yesterday while driving. If Romney wins, I hope it is the first thing he cuts spending for. Rediculously one sided reporting.

dichotomy
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dichotomy 11/02/12 - 10:50 am
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We have to cut spending

We have to cut spending EVERYWHERE. Some cuts to the military but not enough to gut it. This is a very dangerous world and things happen with no time to "ramp up" so we must maintain a strong and techonologically advanced military.

Geez, we have 47% of the people not paying any federal income tax. We are handing out food stamps, welfare, and disability to everyone who walks be the office and waves. And everyone agrees that raising taxes on people who make over $250,000 only pays for government operations for 6 days a year and does NOTHING to reduce the debt.

FOLKS WE HAVE TO CUT SPENDING. You cannot fix this on the backs of our military. We have got to quit paying people to not work. We ALL have to start paying SOME federal income tax and yes, maybe the wealthy can pay a little more but we ALL have to start paying SOME. And like it or not, we have got to get a grip on Medicare and Social Security. I don't have the answer to those but it will have to be radical. Either benefits have to be reduced, or payroll taxes raised dramatically, or the age of eligibility raised, or some form of investment program for SS and vouchers for Meidcare. We all know SOMETHING has to be done and it cannot all be done by sitting in the Peanut Gallery and hollering "cut the defense budget". In fact, defense spending is probably the ONLY government spending that actually accomplishes it's intended purpose. The rest of it goes to government agencies that justify their existence by seeing how much of our money they can hand out to other people or other countries, or how many new government regulations they can generate to strangle us and limit our freedoms. There is a WHOLE LOT of government agencies that can be cut or eliminated before you start cutting the Defense Department.

Bizkit
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Bizkit 11/02/12 - 10:59 am
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Crapload of data Tparty-we

Crapload of data Tparty-we might not hear from you for awhile if you plan to sort all of it out. I hunt and peck for info because it is too bewildering at times. Good luck if you plan to do a thorough analysis-I'd like to see it.

YeCats
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YeCats 11/02/12 - 11:05 am
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The answer is simple: Reform

The answer is simple: Reform the tax code.

Everyone participates. No deductions. No IRS. No bean counters. One rate for folks, one for businesses.

TParty
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TParty 11/02/12 - 02:44 pm
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"2-people who have the same

"2-people who have the same income and same shop at the same grocery store how does that create jobs...if one of those people has extra money to spend and buys ..say a 2nd house ..that creates jobs i-in all the material-the trades-the furniture -"

I cannot even fully understand that FanofObama is trying to say here....

Who has extra money and decides to buy a second house? The super rich?

If you have people struggling to feed their families, because they lost their job, since some rich guy wanted to buy another house and he could do so with the extra cash he has from shipping jobs overseas- those families that use to shop at a grocery store when they had jobs, dropping 300-400 dollars a month there, cut back to rice and beans only- that affects the workers of that grocery store. The same amount of cash flow is no longer coming in, and you don't need as many people ringing up rice and beans, so they let go of a worker or two, who also shopped at the grocery store. Job losses.

Instead, these people who need assistance, get some help, and they can now buy milk, some meat and other things, dropping all their money into food, instead of keeping it in offshore bank accounts- and what do you know! The grocery store does not have to lose employees, and those people can continue with their life style, buying junk they don't need, to impress people who don't like them anyways.

You understand that cycle, right?

TParty
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TParty 11/02/12 - 02:48 pm
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"Everyone participates. No

"Everyone participates. No deductions. No IRS. No bean counters. One rate for folks, one for businesses."

While tax reform is needed- this super simple elementary idea will never work.

TParty
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TParty 11/02/12 - 02:53 pm
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Bizkit-

From my understanding- from the way things are now- that's where the 20 trillion comes from.

Getting our debt in order is going to take quite a few acts of congress. Until that happens we are stuck with many of the policies passed under President Bush which are hemorrhaging money, like his tax cuts, wars, and the worst economy since the Great Depression. Until Congress gets it's priorities straight or voted out of office, this isn't going to happen.

The largest contributor to the debt is unemployment. Not the benefits being paid out, but the lack of tax revenue from so many people out of work. The second greatest contributor to the debt is still the Bush tax cuts. These cuts took us from $350 billion dollar surplus to $500 billion dollar deficits during economic expansion. No one expects that to go down during a massive recession, do you? Europe immediately went into austerity measures to tackle their debt and their unemployment is >11% and their financial problems are getting worse.

nofanofobama
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nofanofobama 11/02/12 - 03:12 pm
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T i tried to reduce it to as

T i tried to reduce it to as simplistic as possible to prove a point. Many middle and upper middle class have cabins and weekend retreats. Just go to the lake region of Minnesota and Wisconsin. It's not only the super rich who have disposable income. It's not a hard concept to understand any basic understanding of our economy will show you that you cannot build the economy by puling everyone else down. And it's NOFAN!
Le class

YeCats
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YeCats 11/02/12 - 03:14 pm
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Yea, your probably right T,

Yea, your probably right T, we need more complicated answers to "Fix the Dept". Harvard type brains, great minds. Thinkers. No simpletons.

I like to watch "Kitchen Nightmares", yet I'll agree you only have to watch 3-4 shows to get the formula, on fixing broking restaurants/businesses/lives.

Get back to the BASICS.

TParty
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TParty 11/02/12 - 03:23 pm
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"i tried to reduce it to as

"i tried to reduce it to as simplistic as possible to prove a point."

The economy is not simple. By thinking it's as simple as running a lemonade stand, you believe fall victim in simplistic and false talking points.

nofanofobama
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nofanofobama 11/02/12 - 03:25 pm
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T. To believe that tax cuts

T. To believe that tax cuts do not spur economic growth is naive. Do you remember when how obumler said that he would raise capital gains tax and the correspondent reminded him that a cut always grew revenue for the federal treasury.. Then obumler said it was matter of fairness. The left wants to punish success. Taxing is not static it does produce change. I guess you also don't remember the luxury tax how it gutted middle class jobs in the small plane and yacht industries. But I guess it's how you define fair.

TParty
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TParty 11/02/12 - 03:26 pm
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YeCats- again- you too are

YeCats- again- you too are falling victim to believing everything is black and white, and a 5th grader can figure things out. That's clearly not the case. I'm happy to know that by watching a reality tv show, you can solve the world problems.

TParty
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TParty 11/02/12 - 03:34 pm
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"To believe that tax cuts do

"To believe that tax cuts do not spur economic growth is naive."

False.. I posted it earlier, you can just read the summery, only one page, but there are more details.

http://graphics8.nytimes.com/news/business/0915taxesandeconomy.pdf

nofanofobama
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nofanofobama 11/02/12 - 03:44 pm
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T how naive to believe that

T how naive to believe that your post is the final authority. What do you believe ? everyone can find a so called expert and an expert here is defined by someone who agrees with a given belief Defend your opinions . Tell me how if you reduce disposable income in an economy that it doesn't hurt employment . The govt doesn't create wealth it simply takes it and spends . A very inefficient govt such as ours that wants more will not stimulate an economy but further harm it.

nofanofobama
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nofanofobama 11/02/12 - 03:44 pm
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T how naive to believe that

T how naive to believe that your post is the final authority. What do you believe ? everyone can find a so called expert and an expert here is defined by someone who agrees with a given belief Defend your opinions . Tell me how if you reduce disposable income in an economy that it doesn't hurt employment . The govt doesn't create wealth it simply takes it and spends . A very inefficient govt such as ours that wants more will not stimulate an economy but further harm it.

YeCats
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YeCats 11/02/12 - 04:14 pm
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T, I did originally state

T, I did originally state that the answer was simple, to which you agreed that tax reform is needed.

So, whats your proposal? Broadened my horizons.

TParty
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TParty 11/02/12 - 06:23 pm
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YeCats

You said on taxes "Everyone participates. No deductions. No IRS. No bean counters. One rate for folks, one for businesses."

One rate? For what? On what?

TParty
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TParty 11/02/12 - 06:39 pm
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When this started FanofObama,

When this started FanofObama, JTF said " As someone mentioned, at least the increase would be providing jobs and not just giving the money away" talking about defense. So maybe you should tell JTF that "govt doesn't create wealth it simply takes it and spends."

Now, I don't think my post is the final authority. Some have a theory that welfare is what is putting this country in debt, however, there is a lot of evidence about the money given to those who need it are thrown right back into the economy.

And when people talk about welfare, people seem to target women who decided not to have abortions as the ones taking everything and are the reason the nation is debt. No one says anything about corporate welfare, which is unfair, because as Romney said "Corporations are people, my friend."

KSL
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KSL 11/02/12 - 06:53 pm
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Corporate Welfare

By that, I assume you mean the bailout for the banks and automobile companies, the money given to green energy companies that have promptly gone bankrupt. I could go on.

TParty
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TParty 11/02/12 - 07:12 pm
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I noticed you left out farms

I noticed you left out farms and oil companies, KSL.

TParty
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TParty 11/02/12 - 07:25 pm
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KSL- You do know that the

KSL- You do know that the government has invested in 63 energy companies, and only 5 have gone bankrupt? Not bad considering the huge head start China has on America with their investments in green energy.

And if the banks were strong enough, they probably would have helped with automobile companies bankruptcy, but they weren't and the government helped- and they have paid back half- and if we, the tax payers, sell the stock we have- would maybe get most of it back.

omnomnom
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omnomnom 11/02/12 - 07:37 pm
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"The largest contributor to

"The largest contributor to the debt is unemployment."

If we had full employment the tax revenue generated would be marginal compared to the national debt.... Unless the 7.9% (hahahaha its really close to 3x that) unemployed people magically became millionaires.

KSL
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KSL 11/02/12 - 08:39 pm
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Tparty

BS

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