May 30, 2012
John F. Kennedy, Address to the Economic Club of New York, delivered 14 December 1962
“…The most direct and significant kind of federal action aiding economic growth is to make possible an increase in private consumption and investment demand — to cut the fetters which hold back private spending. In the past, this could be done in part by the increased use of credit and monetary tools, but our balance of payments situation today places limits on our use of those tools for expansion. It could also be done by increasing federal expenditures more rapidly than necessary, but such a course would soon demoralize both the government and our economy. If government is to retain the confidence of the people, it must not spend more than can be justified on grounds of national need or spent with maximum efficiency. And I shall say more on this in a moment. The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system….”
May 29, 2012
Bear Grylls, host of Man vs. Wild, faces the dangers of the modern world
May 28, 2012
May 25, 2012
From USA Today:
The big difference between the official deficit and standard accounting: Congress exempts itself from including the cost of promised retirement benefits. Yet companies, states and local governments must include retirement commitments in financial statements, as required by federal law and private boards that set accounting rules.
The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government’s books.
In other words, they spent more money than we had and then lied to us about it. I’m pretty sure that’s called “Fraud.” No wonder we haven’t had an official federal budget for more than 3 years.
The full text of this letter is available here: http://www.gwirf.org/index.php/component/content/article/84-washingtons-letter.html
(This Word Cloud was randomly generated at http://www.wordle.net.)