This morning, President Obama unveiled his Budget proposal for fiscal year 2011.
A Taxing Fact CheckThis morning, following the President’s State of the Union speech last evening, Americans for Tax Reform sent out a ‘Fact Check’ document this morning. I have highlighted two examples here:
Some Miscellaneous Thoughts
A lot is going in DC right now and a lot has gone on since I sent you my first missive of the year yesterday. Here is a quick rundown of my thoughts on a few of the goings and comings.
Deficit Spending for Guam Reparations?
This afternoon, the House will be voting on a bill known as the Guam World War II Loyalty Recognition Act. It will authorize $126 million in reparations to the residents of Guam who suffered during WWII at the hands of the Japanese. The bill will also authorize $5 million for a new grant program for research, educational, and media activities that memorialize the events surrounding the occupation of Guam.
I have no doubt that the good people of Guam faced great adversity during the Japanese occupation, and I wish we could have liberated the·island sooner than 1944. But, I cannot figure it out for the life of me, why our government should be giving these residents a check as an apology for something that we didn’t even do.
I am especially opposed to this idea when one considers that our national debt is nearing $9 trillion. Our budgetary deficit is $337 billion. Medicare's trust fund is projected to be completely exhausted in 12 years and Social Security is slated to be broke by 2041.
It does not take a CPA to realize that these are very stark figures that need to be addressed. We need to prioritize spending not just continue throwing money at everything that comes across our desk.
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