Remove 8 Zeros from U.S. Economy and Pretend It's a Household Budget: See what happens.

Ι want to share with you all something very simple.  It came to me in an email from a the specialists at Farwell Wealth Management.  You may want to look these guys up.  Here's their website:


http://www.farwellwealthmanagement.com/

But what I wanted to share with you is the very clear way they have of explaining exactly why the U.S. was downgraded in a way that all of us can understand.   Here it is, "simply put":

SIMPLEST TERMS: Why the US was downgraded.

• U.S. Tax Revenue: $2,170,000,000,000
• U.S. Federal Budget: $3,820,000,000,000
• Annual New Debt: $ 1,650,000,000,000
• Total US Federal Debt: $14,271,000,000,000
• Recent Budget Cut: $ 38,500,000,000

Let's remove 8 zeros and pretend it's a household budget:

• Annual Family Income: $21,700
• Money the Family Spends Annually: $38,200
• New Debt on the Credit Card: $16,500
• Outstanding Balance on the Credit Card: $142,710
• Total Annual Spending Cuts: $385

How long would your household last with this 'economic' policy at home?  Not long.  

Now you know what this is all about.  You know why I'm working hard to convince my American friends to take the necessary actions to stop this insanity before it buries us all.   All petty differences must be set aside (without compromising on godly absolutes) to put together a united endeavor to defeat those that spend like this and put in the White House some who will do something about it.

[Are you looking for a speaker at your church, your club, school, or organization? Ken is available to preach, teach, challenge, and/or motivate. Please contact us.]

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This Is The Senator Marco Rubio Speech Video Everyone Should See.

I heard this live the other day, and I'm glad I could find it to share it with you. This is a great speech from a young man who has a future, I believe. He explains the mess so well.

VP Biden said the Tea Party “acted like terrorists” — you might want to watch this Senator Rubio video � Gretawire


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Here is the Setup by the W.H. and How One Side Is Wrong Abt. This Debt Deal.

This is the kind of double-speak I get really ticked at. I foresee a major battle in the House of Congress before Thanksgiving. Read the details.

Tax Hikes 'Impossible' Under Debt Deal? Think Again ... - FoxNews.com

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Summary of New U.S. Deal on Debt Negotiations as we know them now.

Here are the highlights as I understand them:

1. Raise debt ceiling provisions through to end of 2012 as required, but most subject to deliberations of the congressional committee on spending cuts.
2. Cut deficit immediately by $917 Billion.
3. Cut deficit over next 10 years by a total of $18 Trillion by means to be proposed by the bipartisan congressional committee.
4. This Committee must use current law(s) which includes expiration of all Bush tax cuts in 2013 for rich and a 50% reduction in the $1,000 child credit, and no adjustment to the Alternative Minimum Tax.
5. If this Committee fails to agree on spending cuts by Thanksgiving for up to $1.5 Trillion, then $1.2 Trillion cuts will trigger automatically -- 1/2 to come from cuts in defense spending, and the rest primarily from non-defense discretionary spending, and some of it from entitlement program spending.
6. Any cuts to Medicare that may be triggered will only impact the Providers and not the public who use the program.
7. There is no tax reform mandatory in the deal, or for the Committee to consider.
8. There is no net new revenue that will be considered.
9. It is agreed that B.O. will veto an extension of the Bush tax cuts (see above) for those families earning more than $250,000 a year unless there is elimination of current tax subsidies.

The deal as it stands above is very similar to Boehner's last plan he put forward and the House passed.  Clearly, even CNN is admitting that the Republicans got almost all they wanted and the Democrats got very little of anything they wanted except that the ceiling was raised to prevent default.

Still needs to pass the House and the Senate.  As I write this, we have no idea of where Pelosi, who has supposedly agreed to this, really stands.

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Latest Details We Have on the New Debt Deal

Here are the details. They need a lot of studying. Rather than summarize them for you now, I'll just let you go to them and we'll summarize later. Here you go . . .

Boehner Pitches New Debt Deal Details to GOP - Major Garrett - NationalJournal.com

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Feature: Situation In Washington Is A Comedy of Lies & Errors. And Ten Things We Know For Sure.

Here we are two days before the so-called and now famous August 2, 2011 deadline at which time the United States of America is supposed to default and all the Ratings agencies will downgrade the country from its stellar AAA rating making life much more expensive and miserable for all of us around the world.

Let us stop and look at what we know for sure:

1.  The Democrats have not proposed a budget for 822 years, which includes the first two years of Obama's reign when they controlled both houses of congress, and had (with the help of independents in the Senate) the super-majority 60 votes there.  [Which by the way, they used to pass the additional expenditures bill now referred to as Obamacare.]  That many days without a budget is unheard of.  It is against the law in fact.  During that same period of time and up to today, Obama has not proposed a budget except one that he knew would not pass because it was ridiculous -- identifying only more expenditures.  It was so ridiculous that not a single member of his own party voted for in the Senate.  I repeat that is against the law.

2.  Today Rating agency Moody has said they won't downgrade the U.S. even if they don't get a deal by August 2 because the U.S. has enough to take care of its financial responsibilities for the Treasury.  We are being sold a bill of goods, nay, lies by the Democrats.

3.  Thirdly, the argument of whether there should be a simple-majority or a super-majority vote in the Senate is ridiculous.  The Senate is the safety-valve, the check and balance of crazy ideas in the House and the tradition for budget or money bills has always been a super-majority for such -- that is 60 votes required for passage.  Even the Congressional Research Service, a government agency, so specifies in its official document.  The Democrats are asking for a simple-majority vote because they cannot pass the bill without it.  But read on.

4.  We have spent too much time on the Boehner bill in the House when the Senate told us it would kill it -- which it subsequently did.   We are now spending too much time in the Senate on the Reid bill when the House has already killed it.  Neither of these bills will win the day.

5.  The GOP is protecting the country from giving Obama a blank check for the next 18 months until his next election.  If Obama thinks he will lose in 2012, he will spend like crazy to support his failing  programs.  If he thinks he'll win, he will hold off and get control of the House again to pass more government programs and thus more spending and thus more taxes.

6.  We also now that people who are paying taxes are for the most part demanding that the country spends less.  They want the budget balanced.  They may not all agree on how best to do that or by when.  What the GOP wants is a guarantee that the budget will be balanced by a certain date -- seven years, eight years, ten years.  The Democrats refuse to put that in their bill so they could pass it.

7.  We also know that as a Senator, Obama was adamant and voted against lifting debt ceilings.  Now he wants it lifted without a limit and he wants a blank check.

8.  We also know that 90% of the existing debt was incurred by Democrat presidents and only 10% by Republican ones.  We also know that the debt is skyrocketing exponentially under Obama, more so than any other President.

9.  The president's average job approval ratings by America's several top pollsters show him to be totally loosing the support of the American people as to the job he is doing.  In fact, it's terrible and in free-fall.

10.  The last thing we know is this:  the President is frustrated and lately he is hiding; certainly his VP and Secretary of State are both in hiding or have been hidden by him on this.  The President has no plan except to create a crisis, scare everybody, and then act unilaterally if allowed, all while adamantly claiming through his teeth "I'll never do that."  We also know that Reid and Pelosi are frustrated and thwarted -- why else would they make statements like what Peolosi said today: "Boehner has joined the 'dark' side."   That's ridiculous and childish.

In conclusion, we have a mess.  The President will be required to act unilaterally and then blame both parties, but particularly the GOP.  If it comes to that, he will pay the price in November 2012.  The world is laughing at America.  But it has been laughing since November 2008 when Obama won the election.  They knew he was in way beyond his head.  The two and almost three years that have followed prove that in spades.  I am not alone in saying that.  Take a look at what the major news media centers of the world are saying about his disastrous presidency.  Take a look at his ratings.  Take a look at his lack of leadership.

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The Two Competing Plans Right Now (July 25 @ 3 p.m.)

Here's a good account of the two plans. Well written.

But here's the problem. The parties can't agree on the solution. What they need to do first is: "forget the numbers". Then they need to negotiate on the points of the package. For example:

A. Will there be a debt ceiling raise? (The answer is a definite and obvious 'yes'.)
A1. If so, how much? Negotiate that.
A2. Once we agree to A1, negotiate the timing or the number of stages.

B. Will there be spending cuts?
B1. If so, how much? Negotiate that.
B2. Once we agree to B1, then agree to when.

C. Will there revenue increases?
C1. Is so, how much? Negotiate that.
C2. Once we agree to C1, then agree to where and what programs?
C3. Once we agree to C2, then negotiate timing for each cut.

D. Nothing is agreed to until everything is agreed to.

This is all "basic negotiating 101". I can't believe these guys can't sit down and do that. They need either a facilitator or a mediator. There's lots of good ones around.

Just heard two minutes ago on CNN B.O. has okayed the Democrat approach. That won't fly. It may have to be dictated! Take a look.

Republicans, Democrats shop competing debt relief plans - The Globe and Mail

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Latest on Amer. Debt Ceiling Negotiations

As of 6:33 p.m. EST Saturday evening July 23, here is the latest we could find on the Obama-Boehner and Dem/GOP negotiations. It looks like Boehner is the man in charge. Take a look.

Boehner wants debt ceiling plan by Sunday - Carrie Budoff Brown and Jake Sherman and Jonathan Allen - POLITICO.com

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B.O. Making the U.S. Military a "Hollow Force"

B.O. has already given us his warning -- much of any expected spending cuts will come from the budget of the U.S. military. Take a look at the details.

Obama strategy guts U.S. armed services

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The "National Debt by President" Statistics

We thought you should know the facts on the "who raised the debt?" race. Take a look and blame your choice of president. You'll be very surprised. Then read the whole thing.  A good source.

The National Debt by President � The National Debt Crisis

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Every Dem. Senator including B.O. Voted Vs. Raising the Debt Limit in 2006

Lest we forget. . . the 'true' integrity of this president.

Weasel Zippers � Blog Archive � Flashback: Every Dem Senator Including Obama Voted Against Raising Debt Limit In 2006…

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Sen. Marco Rubio May Be Young, But . . . .‪

‪This 9 minute, 34 second clop from "Face the Nation" -- CBS no less is well worth listening to.   This young man should not be ignored simply because he's he junior representative from Florida.   I believe he's got a future in the White House a few terms from now.   Sorry about the title of his piece but if the shoe fits, B.O. should wear it.

"Obama Is To Blame For EVERYTHING!" Senator Marco Rubio‬‏ - YouTube

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What the BBC is Saying About the U.S. Situation -- It's All Politics.

I'm not the only one seeing things as a big political manipulation by B.O. Here's an editor from the respected BBC. . . . Take a look.

BBC News - Obama challenges Congress in $4tn budget gamble

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GOP Must Listen To Charles Krauthammer Today!

Charles has got this one nailed perfectly and he says it like it is. He hits B.O. hard and the Republicans even harder, but he gives the GOP a great solution to this whole mess of the debt ceiling. Take a look today. Tomorrow will be too late. And by the way if the GOP fail to listen to Charles, maybe you'll remember when it comes to next year's elections. Here's Charles:

Charles Krauthammer: Republicans owe Obama no favours | Full Comment | National Post

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Maybe It is Time to Bring Down the P of the U.S. (POTUS)

Let's make B.O. a prophet and let his presidency fall on this. He's clearly in a corner that his own arrogance, agenda, and stubbornness have created. It looks good on him and it's time he stop blaming Bush, the GOP, the rich, and anything or anyone else he can. This all rests clearly on his shoulders.

This afternoon, he clearly couldn't stand the heat and he left the kitchen until tomorrow. This is a sign of poor leadership skills and one frustrated man.

POTUS: 'This May Bring Down My Presidency, But I Will Not Yield on This' - Budget Battle - Fox Nation

 

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More Proof B.O. is Abt. Higher Taxes and More Government, and Thus Must Go.

This is a really neat analysis we need to be aware of.   If you want more government and higher taxes for those that make America competitive, then B.O. is your guy.  But those that want that, most of them socialists, already know that.   I'm just drawing it to the attention of the rest of us.  Take a look.

James Pethokoukis | Analysis & Opinion | Reuters.com

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B.O.'s Job Approval Continues to be More & More Negative

Not a good week for the B.O. on his Job Approval scores.  He's negative again and more so than recently.  Take a look.  Maybe people just aren't buying his politics and goals when it comes to the debt and the budget/economy.  And why should they.   He doesn't get it.  Cut the defecit and the debt does not mean "raise more revenues"!

RealClearPolitics - Election Other - President Obama Job Approval

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Treasury Studying How To Avoid Default if Dems. Lose in Congress

No matter that the White House is denying it, the Treasury is indeed studying how to avoid default if the GOP have their way this month.  This is serious stuff and if it happens it will make the Greek crisis look like a birthday party in comparison to what may happen in the U.S.  And if any administration can twist the law to their advantage -- or at least act and seek forgiven (or not) later, it is this one.  Take a look at the nitty-gritty.

Exclusive: Treasury secretly weighs options to avert default | Reuters

 

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Now That I Understand What B.O. is Saying About Corporate Jets, I Can Afford One.

How to fool the people without the facts.  Well, here are the facts and the people won't be fooled.  If all B.O. has to complain about is this "tax break" as his main reason (so far) for insisting he be allowed to increase the debt ceiling -- well, heaven help us.   Take a look at the facts.

What eliminating the corporate jet tax break really means. Next to nothing.

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Greece: Mixed . . . and Very Serious . . . Messages . . .

Yes, George Papandreou's re-shuffled government received a vote of confidence in the Greek Parliament gaining 155 out of 300 votes.  Nothing to write to the New York Times about.  But still, it works for now.  Next Wednesday comes the big vote in the Parliament about the very austerity measures themselves.

There is still controversy (and I haven't been able to determine for sure) on the issue of whether the Greek members of Parliament have actually taken a personal financial hit themselves to lead the way.  So far, the overwhelming informal poll of people and internet sites I've checked with seems to indicate, "no, they have not".  As long as this continues, you can force people to follow the laws, but they'll continue to work to defeat the system you have set up.  (If you know of contrary evidence, please share it with us here.)

Anyway, yesterday's vote is a small move in the right direction for Greece to get its next bailout and keep it from defaulting.  Still, one just doesn't know if a) that will ever happen and b) how long it will last if it does.

Meanwhile, as you will see from the link to today's blog, some of the "smart money" and the experts are basically saying, "no way, Greece is bound to default"  and others will join them.  Those are strong predictions from some influential people.

The good news is that the same people are also saying it won't be the end of civilization as we know it if Greece defaults.  But they haven't said that won't be the case if some other countries in Europe (which they haven't named) also follow Greece's suit and default themselves.  Anyway, while Greece's impact may be minimal, we need to keep in mind the "elephant in the room" that just may cause a bigger stir if it defaults soon and that's the United States.  But hey, we have a few more weeks before that scenario is finalized by either congress lifting the debt ceiling or not.  Yes, they're working on the nitty-gritty right now and very little room for politics is left.

Keep on watching.   For those that are Christians, it's all interesting but not alarming.  Just keep on trucking in the course you've been led to follow as you read scripture and utilizing the knowledge, skills, passions, and values that God has instilled in your heart.  That's the safest non-financial advice I can give you or anyone else, including myself.

http://business.financialpost.com/2011/06/22/smart-money-says-greek-default-inevitable/

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