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Romina Boccia: Out of Control Spending A Bipartisan Problem
Romina Boccia joined Newsmax on February 12, 2020 to unpack President Trump’s FY2021 budget proposal.
Learn more about this issue: https://www.heritage.org/budget-and-spending/commentary/trump-budget-cuts-size-federal-government-bolder-reforms-needed
Romina Boccia is the Director of the Grover M. Hermann Center for the Federal Budget. She is a leading fiscal and economic expert at The Heritage Foundation and focuses on government spending and the national debt.
Check out her work here: https://www.heritage.org/staff/romina-boccia
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The bottom line is this woman wants to cut Social Security and Medicare.
Spending trillions of dollars for defending the petrodollar[1,2] is costly and has diminishing returns[3]. The main drivers of national debt and inflation are guns & butter spending. We're dishing out $1.25 trillion per year on national security[4] and over $1 trillion per year on welfare[5]. The Pentagon and HUD haven't passed an audit in decades so the public does not know where these trillions of dollars have gone[6].
Social Security & Medicare Insurance is funded separately as part of the Federal Insurance Contribution Act. If you eliminated the 15.3% FICA payroll withholding to help the current generation, today, it will not help our current fiscal condition one iota. It's a zero-sum gain. It will, however, devastate today's senior citizens and deprive the current and future generation of social security benefits in their old age, tomorrow[7]. Monetary expansion is increasing COLA increases. QE/ZIRP and FED Repos are diminishing returns for the SS Trust fund and bond portfolios in retirement accounts to prop up the stock market and the central government. The financialization of our economy is an underlying cause[8,9]
To lower debt/gdp, consider transitioning to a decentralized form of Edgar Feige's 0.3% APT tax[10,11] on dollar liquidity flows[12,13], where tax proceeds are apportioned to local governments and bubble up to State and Federal levels after local fiscal issues are addressed (including price inflation from monetary expansion). Besides saving $800 billion/year, it raises net profits, raises net wages, lowers prices and unilaterally addresses tax havens[14,15]. This enables local governments to lower property taxes, lower education taxes and limits excessive state and federal spending of our tax dollars. That's the economic check we need on Federal and State spending. That's the stimulus we need for business and job creation in our local communities, along with less red tape to start and operate those going concerns.
[1] Petrodollar Warfare: Oil, Iraq and the Future of the Dollar | William R Clark | 2005
https://www.youtube.com/watch?v=F1Drj7-YeoY
[2] America's War for the Greater Middle East | Bacevich | 2016
[3] Path to Hydrogen Competitiveness-A cost perspective | Hydrogen Council | 2020
https://hydrogencouncil.com/wp-content/uploads/2020/01/Path-to-Hydrogen-Competitiveness_Full-Study-1.pdf
[4] Making Sense of the $1.25 Trillion National Security State Budget| POGO | 2019
[5] CRS Report: Welfare Spending The Largest Item In The Federal Budget | Sessions | 2012
[6] Dr. Mark Skidmore – $21 Trillion Missing from US Federal Budget | Youtube
[7] Research: Military Veterans and Social Security | SSA
[8] The Finance Curse | Shaxson | 2018
[9] Other Peoples Money | John Kay | 2016
[10] Alternative Proposals Reform, May 11 2005 | Video | C-SPAN
[11] Taxation for the 21ST Century: Automated Payment Transaction (APT) Tax | SSRN
[12] Intraday Liquidity Flows | FRBNY
[13] Worldwide Currency Usage & Trends | SWIFT
[14] The Spider's Web – Britain's Second Empire | Youtube
[15] [PDF] The Treasure Islands | Nicholas Shaxson
cant be the fat man with loads of money if you cant defend it properly! For now…. spend serious money investing on necessary components the country needs to secure its vulnerabilities from obama's strip club style of doing business. A dollar to see his asshole
Aint that so? : )
Anyway, if people still dont trust in running things properly… Just ask yourself, can you do better with all the swamp trying to stop you? Trump, handling the swamp by swaying around them instead of locking horns with them! Be Torero not another bull like the dembs. Its a waste of time and money and nothing will come out of it! If you think Trump cant solve it? Better elect Bernie or Warren then? And lets see you still enthusiastic to see the Green new deal to solve the deficits and american problems, which would not exist till dembs try to help to solve it!
Emotional reaction… is the only way dembs to remain relevant coz its easy to scare from and distrust trump and always to listen what they wanted to hear from democrats they truly care! LMAO
People, do accept the fact…. if you pick democrat ? you already know you will lose big time! Since thats true, so theres no point to worry about and be afraid with dembs fearmongering that you lose it with Trump! Its an educated bet to lose it with Trump than dembs smiling at you for your demise! : )
Ignorance isnt actually bliss… but its a state where everyone is very easy to scare for the cattle drive!! : )
Go trump…hes not great but so far trying todo what he said he was gonna do.
Should be no argument from either party on the reduction of our deficit , Americans, regardless of party are in debt because a realistic and acceptable budget was not approved !