America’s Biggest Issues: Spending
Despite their promises to the contrary, every year, politicians continue to spend hundreds of billions of dollars more than the government takes in. And every year, they put it on the national credit card and the bill grows bigger. That bill currently averages $67,000 for every single American. If you’re a family of three, that’s over $200,000.
The Heritage Foundation’s Romina Boccia explains how it’s not too late to save the incredible promise that is America. But first, we have to convince leaders to end their runaway spending habits and adopt spending controls.
View more: https://www.heritage.org/budget-and-spending/heritage-explains/reforming-reckless-government-spending
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And I forgot to say in my last comment that they now have eighty-seven thousand more IRS agents. So instead of getting smaller and more efficient they're getting larger and I would be willing to bet that the current administration will be voted in again, I think the vast majority of Americans like big government, I think conservatives are becoming the way of the past. I think this is a cycle of democracy and we are in the end stage.
Really what's happening now in our country has happened in every country where the federal government just gets bigger and bigger and bigger until the whole thing collapses under its own weight.
I think it said 21 trillion in debt on the video and I think three years later now we're at 31 trillion and climbing 😭
Even though most politicians, economists, and mainstream pundits won't admit it, central banks exist to help governments finance themselves by stealthily transferring wealth away from the average person's savings.
It’s the hidden, but real, reason why central banks exist.
This video was three years ago and their spending addiction has even gotten more out of hand.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." – Thomas Jefferson
Why is your house so big ?
Your cars so many and new ?
Debt is irrelevant to carreer politicians! If the system DID fail…most would already be out of the country with MASSIVE hordes of money stashed in their offshore tax havens! We are already beyond corrupt!
CRITICAL RASE THEORY DOES NOT SEEK TO TEACH THAT ALL WHITE POEPLE ARE RASIST BUT TO TEACH TRUTH ABOUT U.S. HISTORY GOOD BAD AND INDIFFERENT. RASISM IS AND ACT OF INGNORANCE AND THE CHAINS AROUND THE NECK OF A COWORD. BUT THE TRUTH SHALL SET ALL FREE
Right now they are spending without our consent. Cash to illegals, billions on housing them, the Covid tax fraud scam, to name a few.
Less is more, live with gratitude!
Government won't talk about it,unless its Busch telling us were screwed
it's not just Washington.
Are there any specific ways in which you've seen negative impacts from our government overspending? Let us know in the comments!
Don't like the idea of government wasting your tax money or spending it frivolously?
VOTE FOR REAL CONSERVATIVES OR LIBERTARIANS!
My family spends very less money because all of us don't have a job. We rely on Social Security that gives us the amount of money needed to pay most of the bills, Food Stamps to buy food from the Grocery, and saving up money to buy other daily stuff. The problem is they only come once a month and when you spend out all that money in just a week you won't have none left to pay for any food or pay any of your bills. Even the jobs I come across in my state most of them don't pay enough to cover the expensive bills.
Entitlements[1], like the $1.7 trillion OASDI/Medicare insurances spending[2,3] are funded by the 15.4% FICA and SS Trust Fund. Rates and caps may be adjusted to sustain the fund. Address entitlements like the $2.25 trillion guns[4] & butter[5] spending funded primarily by the federal income tax[6].
Consider transitioning to a decentralized 0.3% flat tax[7,8] on the $4 quadrillion liquidity flows tax base[9] instead of the 10-37% graduated income tax on a $10 trillion subset of the liquidity flows tax base[10] and average 6% sales tax plus state income taxes[11], 10% capital gains tax, excise taxes, subsidies and tariffs. Apportion these tax revenues to local governments so constituencies, through their locally elected representatives, may deliberate how their tax dollars are spent and regulate funding of appropriations to state and federal governments, as well as reduce property and education taxes. This tax reform addresses tax havens[12,13] and saves $800 billion/year in tax processing overhead costs. Profits would rise, wages would rise and prices would drop. Set up a sinking fund[14] to manage national debt and maintain good standing with primary lenders to Federal debt. No one wants their savings or investments diluted or to incur rising tax rates. Excessive inflation, e.g. QE/ZIRP would result in higher tax rates and local governments compensating for inflation by reserving more tax revenues to address local fiscal issues, i.e. less funding for state and federal appropriations.
1, Glossary Term | Entitlement | United States Senate
2. [PDF]Fast Facts and Figures About Social Security| SSA | 2018
3. Medicare Financial Status: In Brief | CRS |2018
4, Making Sense of $1.25 Trillion National Security State Budget| POGO
5, CRS Report: Welfare Spending The Largest Item In The Federal Budget | Sessions
6. The Income Tax | Seligman | 1911
7. Alternative Proposals Reform, May 11 2005 | Video | C-SPAN (2nd 5-minute speaker)
8. Taxation for the 21ST Century: The Automated Payment Transaction (APT) Tax | SSRN
9. Intraday Liquidity Flows | FRBNY
10. Summary of the Latest Federal Income Tax Data, 2017 Update | Tax Foundation
11. A List of State Income Tax Rates – The Balance
12. [PDF] Treasure Islands | Nicholas Shaxson
13. The Spider's Web – Britain's Second Empire
14. Sinking Fund | Investopedia
Good stuff made simple. I would only add after 1-4 is accomplished #5 A balanced budget amendment.
i'm not paying it and i don't think anyone has to pay it except the net-tax-takers.
Americas biggest problem: believing Israel and its people are is its greatest ally.
We need to cut the spending starting with the politicians pay.
Cut all federal government social programs let individual states control it.
I agree with what she said in the video cause it makes sense.
2/3 of our budget is medicare, medicaid, social security that is so called payed for
And now the democrats are arguing over who will spend the MOST trillions to fight climate change.