Pronk Pops Show 67, April 2, 2012: Segment 2: The Big Squeeze–The Forced Downsizing of The U.S. Government–Rising National Debt Requires More Interest Payments–Cut Spending By At Least $1 Trillion Now!–Videos

Posted on April 1, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, Government, Government Spending, Health Care, Health Care Insurance, History, Investments, Media, Monetary Policy, Philosophy, Politics, Polls, Public Sector Unions, Regulation, Tax Policy, Unions, Videos, Violence, Wisdom | Tags: , , , |

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

Pronk Pops Show 64: February 29, 2012

Pronk Pops Show 63: February 22, 2012

Pronk Pops Show 62: February 15, 2012

Pronk Pops Show 61: February 8, 2012

Pronk Pops Show 60:February 1, 2011

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Segment 2: The Big Squeeze–The Forced Downsizing of The U.S. Government–Rising National Debt Requires More Interest Payments–Cut Spending By At Least $1 Trillion Now!–Videos

Led Zeppelin – Stairway to Heaven Live (HD)

There’s a lady who’s sure all that glitters is gold
And she’s buying a stairway to heaven
When she gets there she knows, if the stores are all closed
With a word she can get what she came for
Ooh, ooh, and she’s buying a stairway to heaven

There’s a sign on the wall but she wants to be sure
‘Cause you know sometimes words have two meanings
In a tree by the brook, there’s a songbird who sings
Sometimes all of our thoughts are misleading
Ooh, it makes me wonder
Ooh, it makes me wonder

There’s a feeling I get when I look to the west
And my spirit is crying for leaving
In my thoughts I have seen rings of smoke through the trees
And the voices of those who stand looking
and it makes me wonder
really makes me wonder

And it’s whispered that soon if we all call the tune
Then the piper will lead us to reason
And a new day will dawn for those who stand long
And the forest will echo with laughter


If there’s a bustle in your hedgerow, don’t be alarmed now,
It’s just a spring clean from the May Queen
Yes, there are two paths you can go by, but in the long run
There’s still time to change the road you’re on
Ooh, it makes me wonder
Ooh, Ooh, it makes me wonder

Your head is humming and it won’t go, in case you don’t know
The piper’s calling you to join him
Dear lady, can’t you hear the wind blow, and did you know
Your stairway lies on the whispering wind


And as we wind on down the road
Our shadows taller than our soul
There walks a lady we all know
Who shines white light and wants to show
How everything still turns to gold
And if you listen very hard
The tune will come to you at last
When all is one and one is all, yeah
To be a rock and not to roll.

And she’s buying the stairway to heaven

The Debt Clock

Dan Mitchell Discussing Dishonest Budget Numbers with John Stossel

Geithner Admits: Obligations In President’s Budget ‘Unsustainable’

Tim Geithner to Paul Ryan: “We don’t have a definitive solution… We just don’t like yours”

Paul Ryan: President’s Budget Ensures Government Can’t Keep Its Promises

The Deal with Jack Hunter: Ignoring Rand Paul’s Budget

Ron Paul to Congress: If Debt Is the Problem, Why Do You Want More of It?

Another Day Older & Deeper In Debt: Federal Deficit to Top $1 Trillion for Fourth Year

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

Unfunded Liabilities and Hidden Taxes

Stunning Finding: President’s Health Law Creates $17 Trillion In Unfunded Financial Obligations

The National Debt: A Primer and A Plan by George C. Christy

How Big Is the U.S. Debt?

Charlie Rose The Movie (Bloomberg) – In The Year 2525

Default America: Interest Suppressed

Kotlikoff Says Next Generation to Suffer From Fiscal Gap

Default America: Deflation vs Inflation

Default America: Ron Paul has already won

Ron Paul Ad – Plan

SPECIAL REPORT: Ron Paul’s Plan To Restore America

Balance the Budget NOW

The Crimes of the Century

Fed Reserve Caught Red Handed

Enron: The Smartest Guys in The Room

Why doesn’t the Federal Reserve just buy Treasury securities directly from the U.S. Treasury?

“…The Federal Reserve Act specifies that the Federal Reserve may buy and sell Treasury securities only in the “open market.” The Federal Reserve meets this statutory requirement by conducting its purchases and sales of securities chiefly through transactions with a group of major financial firms–so-called primary dealers–that have an established trading relationship with the Federal Reserve Bank of New York (FRBNY). These transactions are commonly referred to as open market operations and are the main tool through which the Federal Reserve adjusts its holdings of securities. Conducting transactions in the open market, rather than directly with the Treasury, supports the independence of the central bank in the conduct of monetary policy. Most of the Treasury securities that the Federal Reserve has purchased have been “old” securities that were issued by the Treasury some time ago. The prices for new Treasury securities are set by private market demand and supply conditions through Treasury auctions. …”

Lackluster Five-Year Auction Weighs On Treasury Market

By REUTERS Posted 03/28/2012

“…U.S. Treasury prices fell Wednesday after weak demand for a debt sale dampened gains built on Federal Reserve Chairman Ben Bernanke’s assurances U.S. interest rates will remain low.

In a day of choppy trade, the lackluster reception for $35 billion in five-year notes overshadowed weaker than forecast durable goods orders that earlier lifted bond prices from session lows.

Another influence was the Fed’s purchase of $4.81 billion of Treasuries maturing between August 2020 and November 2021. The purchases helped the bond market erase its morning losses, leaving it flat to slightly higher by early afternoon before the Treasury auction.

Treasury losses widened when the stock market began to erase some of the day’s worst losses and the S&P 500 index clung to the 1,400 level, hurting the bid for safe-haven U.S. debt.

In afternoon trade, the benchmark 10-year Treasury note was down 5/32, its yield rising to 2.20% from 2.18% late on Tuesday.

RSC Budget Has Ambitious Targets, Needs More Policy Detail

“…The Republican Study Committee (RSC) has once again pushed the outside of the fiscal envelope, presenting a budget that reaches balance in just five years—twice as fast as the group’s proposal a year ago—through entitlement reforms, deep spending reductions, and no tax increases. This aggressive plan incorporates many elements of the House Budget Committee resolution, in some cases going further toward cutting spending.

The RSC budget[1] is a highly ambitious effort that moves as far and fast toward its goals as seems possible. It is not a perfect plan. It falls short in substantiating all its significant spending cuts with adequate substantive policy detail. But it draws another clear, sharp contrast with the President’s vision of ever-expanding government, higher spending, and more debt. …”

“…How the Plan Could Be Improved

Even with the strengths cited above, the RSC plan would benefit from more substantive policy detail on how it would achieve its $112 billion reduction in 2013 discretionary spending from the 2012 cap level of $1.043 trillion. This is a tall order that warrants a fuller description; it cannot be accomplished solely through the worthwhile but inadequate eliminations of the Corporation for Public Broadcasting, Legal Services Corporation, National Endowment for the Arts, and National Labor Relations Board.

On the entitlement side, the RSC should explore the effects of its large and rapid cuts in major programs such as Medicaid and CHIP. To be sure, the RSC does not have the same access to the Congressional Budget Office and other resources that budget committees do; but budgets should be driven more by policy than just numerical targets.

Testing the Boundaries

The RSC budget reflects the need to reverse the explosion of federal spending and debt that threatens the country’s economy—and to do so soon. It pushes hard toward the limits of government spending reduction and reform. However ambitious this budget seems, and notwithstanding its limitations, the convictions behind it should not be ignored.

Patrick Louis Knudsen is the Grover M. Hermann Fellow in Federal Budgetary Affairs in the Thomas A. Roe Institute for Economic Policy Studies at The Heritage Foundation. Senior Policy Analyst Curtis S. Dubay contributed to this paper.”

1,000 Days Without a Budget: Facts on the Senate’s Failure

“…Tuesday, January 24, will mark the 1,000th day since the U.S. Senate has passed a budget—an egregious dereliction of duty on Senate Majority Leader Harry Reid’s (D–NV) watch. By enacting continuing resolution upon continuing resolution (short-term measures to keep the government running, spending money at the current rate), the Senate has taken a pass on leading, all to the detriment of the poor and middle class.

The budget process forces Congress to set priorities to protect the people’s money and put it to its appropriate use. Instead, the Democrat-controlled Senate has abdicated its responsibility. The result? The deficit is soaring, causing a looming tax burden and injecting uncertainty into the economy, leaving jobs and economic growth on the table. It’s no wonder the U.S. economy’s growth is so tepid.

As the 1,000th day nears, here are some facts about America’s budget and why the Senate must take action to be stewards of the people’s money as the Constitution requires:

  • The last time the Senate passed a budget was on April 29, 2009.
  • Since that date, the federal government has spent $9.4 trillion, adding $4.1 trillion in debt.
  • As of January 20, the outstanding public debt stands at $15,240,174,635,409.
  • Interest payments on the debt are now more than $200 billion per year.
  • President Obama proposed a FY2012 budget last year, and the Senate voted it down 97–0. (And that budget was no prize—according to the Congressional Budget Office, that proposal never had an annual deficit of less than $748 billion, would double the national debt in 10 years and would see annual interest payments approach $1 trillion per year.)
  • The Senate rejected House Budget Committee Chairman Paul Ryan’s (R–WI) budget by 57–40 in May 2011, with no Democrats voting for it.
  • In FY2011, Washington spent $3.6 trillion. Compare that to the last time the budget was balanced in 2001, when Washington spent $1.8 trillion ($2.1 trillion when you adjust for inflation).
  • Entitlement spending will more than double by 2050. That includes spending on Medicare, Medicaid and the Obamacare subsidy program, and Social Security. Total spending on federal health care programs will triple.
  • By 2050, the national debt is set to hit 344 percent of Gross Domestic Product.
  • Taxes paid per household have risen dramatically, hitting $18,400 in 2010 (compared with $11,295 in 1965). If the 2001 and 2003 tax cuts expire and more middle-class Americans are required to pay the alternative minimum tax (AMT), taxes will reach unprecedented levels.
  • Federal spending per household is skyrocketing. Since 1965, spending per household has grown by nearly 162 percent, from $11,431 in 1965 to $29,401 in 2010. From 2010 to 2021, it is projected to rise to $35,773, a 22 percent increase. …”

Background Articles and Videos

Real News: Distribute the Wealth

Related Posts On Pronk Pops

Pronk Pops Show 67, April 2, 2012: Segment 0: U.S. Supreme Court Oral Arguments: Obamacare Mandates Or Forces American People To Buy Government Approved Insurance That They May Neither Need, Want or Afford–Young To Subsidize The Sick And Old–Unconstitutional And Illegal Power–Videos

Pronk Pops Show 67, April 2, 2012: Segment 1: Ryan’s Long And Winding Road To U.S. Bankruptcy and Default–A Balanced Budget in 2040!–Tea Party Demands Better–Dead On Arrival–Ditto Obama’s Budget–Videos


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