Wednesday, May 13, 2009
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Open Up the Government Books
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Posted by:
Michele Bachmann at
10:23 AM
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Yesterday, the Medicare and Social Security Trustees issued a new report that laid out unequivocally that our current Medicare and Social Security programs are on a path for financial implosion and are in need of serious reform.
In fact, the Medicare insolvency date has moved up to 2017. And, that doesn’t include the impact of the so-called “stimulus” bill, which could accelerate insolvency by about 6 months.
And, we're facing a strain on Social Security like never before, with nearly 80 million retiring Baby Boomers tapping into the funds soon we'll be spending more to pay benefits than what the system receives in payroll taxes. Yet, we continue to carry on with the status quo, every now and then saying that we need to reform it, but not actually doing anything about it.
It's crucial that Americans know full well what the government is doing with the government books. You have to be able to hold your lawmakers accountable for the way they spend your money. I've introduced the Truth In Accounting Act to make government finances truly transparent and open. Not only would financial commitments be crystal clear to Congress, but also to the taxpayers.
Currently, when Congress and the President prepare budget proposals and pass spending bills, they have the luxury of ignoring shortfalls year after year. They prepare, present, and approve budgets which project these estimates over the short-term – usually five or ten years. And, there are a lot of things that can be done on paper to paper over the long-term shortfalls.
My Truth in Accounting Act would require the President to consider these long-term shortfalls when he proposes his budget. And, it would require both the GAO (Government Accountability Office) and the U.S. Treasury to report this information to the Congress so that the numbers can be used when we’re finalizing the annual budget.
Furthermore, my legislation would require that the report be translated into easily comprehensible terms so that nothing could be hidden by complex jargon. The government’s fiscal imbalance would be presented in the whole, and as distributed per person, per worker, and per household.
We can’t fix our current budget shortfalls if we continue to dig ourselves deeper in debt, and we can’t solve our Social Security conundrum by simply putting a patch on it year after year. It's time to take an honest account of our finances instead of mortgaging our debt to future generations of Americans.
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Entitlement Spending:
Reciently the Societh of Actuaries; not a right wing group, suggested that we eliminate the 62 year old Social Security eligiblity age. If we did this, the Federal Governemtn would save 1.2 trillion dollors over 10 years.
Even though I am closing in on my 61st birthday, I sincerely hope Congress will take this step. The early retirement option has only been available since 1964.
Personally, I would be better off taking my Social Security early and investing it over the next several years; however, I don't believe in that degree of welfareism. While I oppose such radical steps as the elimination of Social Security and Medicare, we must at least make some modest adjustments in these programs |
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" I've introduced the Truth In Accounting Act to make government finances truly transparent and open"
Good idea.. been to Sweden where everything is open to view...
Glad to see you are against a LIGHT BULB ban too !
For the longest(?) list of reasons around against a ban see http://ceolas.net/#li2x onwards...
As far as consumers are concerned,
they can surely decide for themselves if any running cost savings in buying "energy saving" lights is worth it for them, when they compare with advantages that light bulbs have, or they would not be so popular (19/20 lights bought in the USA).
The energy supply for society is hardly a problem either
1. Renewable energy sources already exist, and are increasingly deployed.
2. As finite sources become scarcer, their price rises, reducing such consumption anyway, and the choice of renewable energy resources becomes more natural on the market place.
Carbon emissions can be considered:
Unlike with energy depletion, energy markets do not themselves react to increasing carbon emissions.
But light bulbs don't give out any gases. Power stations do. The problem can and should be dealt with on the supply side, without going into people's homes, looking for things to ban.... |
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It is amazing that the public has forgotten all of this. Unfortunately, the republicans failed to make their case during this last election. Also we failed to stay with our conservative values. It is pretty interesting that guys like Franks and Dodd who are truly incompetent continue to take center stage blaming the republicans. I am one that does not think the republicans need to move more to the middle, in fact I think that is what has gotten us in trouble in the first place. Lets hope this party has learned its lessons. |
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...needs to be put into stocks, amirite?
Ms. Bachman, your reporting on an alternate universe is so insightful and scary at times. Its right up there with Ken Kesey or Hunter S. Thompson. Keep it up! |
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We've bailed out every Tom, Dick, and Harry in the banking business and Wall Street executives,car companies,dead beat home buyers,and generations of welfare families. But fix the SS program???and make sure our disabled and elderly have a few bucks for a run down house and cat food(to eat) ...oh heck no. Aspirin can fix anything right? A cane or wheelchair isn't really necessary is it,I mean heck they can hop or crawl to the couch and toilet ,right?
Our country is going straight down the crapper and the creeps we have in Washington are using a plunger to help it along. |
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"I am with you. I do believe that we could have invested our money ourselves and been far better off."
That would be true had not the following been orchestrated by the leftists in Washington:
2001 Bush Administration warns of FM and FM financial problems which could have serious financial repercussions.
2003 Bush Administration warns that the financial condition is now at a point where it could become a systemic risk.
2003 Bush Administration pushes congress to establish federal agency to supervise and oversee FM and FM GSEs.
Treasury Secretary John Snow calls for new oversight of GSEs
Barney Frank responds that FM and FM "are not in a crisis" that more should be done to get low income people into homes. Frank says that too many people have a “sky is falling mentality” and that the GSEs are fundamentally sound.
The legislation was blocked by the Democrats.
2006 Allan Greenspan testifies that our financial system is at risk and something must be done or we face insolvency.
Chuck Schumer says that FM and FM did a wonderful job.
John McCain co-sponsored legislation on Senate floor for greater regulation of GSEs and all Democrats voted against it in committee.
Democrats were opposed to regulation and oversight of GSEs and nothing was done.
Obama said nothing.
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how MUCH I agree with you, I really, really would, I WOULD LIKE to tell you all how much I agree with you, but, SHOOT, I gotta get to the bank and cash my check............(pssstttt...do ya think one or two of ya could work a couple hours more a week? pleazzzzzeeee!!!??? - I could use a little COLA raise ya know!) |
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by financially raping our kids and grandchildren he paid for the stimulus bill.
now I hear he intends to tax us on the air we breathe to pay for social security and medicare. we will be taxed on a per breath basis, so those of you who can hold your breath for long periods will make out.
how are all these new social programs going to work, if the current ones have shown us they ultimatley fail? I thought Harvard produced smart people.....
411acrossamerica.com |
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until the tax-payors unite and starve the beast! |
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...of Big Government handling more than it should. Big Government has "fixed" Social Security umpteen times. Reformers, mostly conservative voices, have sounded alarms umpteen times. Big Government ignored the alarms and "fixed" the problems anyway. But now it's broken, yet again.
Hey, Big Government sycophants, remember the cliche' "Fool me once, shame on you. Fool me twice, shame on me"? What do you say when you've been fooled umpteen times? And please, we're talking Big Government here (you hate it when Repubs are in charge). It is a much bigger beast than any political party. Let's deal with reality for a change. We know, and you know, what IS is. |
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We've known about this since the 80s |
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I am with you. I do believe that we could have invested our money ourselves and been far better off. The up side of that would be that what is left when we die would go to our family as it should be. It is offensive that the government for all these years have used this money for their general fund. |
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Give me back the money you extorted over the last 35 years. That's all I want, what I paid in. I'll put it in something that will work, like a savings account. And, oh yes, you stop taking any more from me. |
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Unfortunately when the Bush administration brought this to light the dems told the old people that he was just trying to scare them and take away their money. I am sure that the dems will find a way to blame Bush for this also. SS has been in trouble for years. Those of us who have paid and are getting ready to retire realize there is a good chance we will get very little of the money we paid in. We will surely face raised taxes for SS. So much for you 95% getting a tax cut. |
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So now it's another emergency that has to be addressed. Even though calls for reform have been happening for over a decade. But somehow, saying we would hit this point was called fear mongering before and is an emergency now. |
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It's one thing to provide sustenance to the mentally/physically enfeebled, and quite another to provide retirement benefits to everyone over 65. And this responsibility should fall on the states to determine necessity and level of funding (if they choose to provide benefits in the first place).
To paraphrase Paine, "averice prevents severe privation." |
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