●The more federal budgets are cut and taxes increased, the weaker an economy becomes.
●Austerity is the government’s method for widening the gap between rich and poor, which leads to civil disorder.
●Cutting the deficit is the government’s method for taking dollars from the middle class and giving them to the rich.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
●To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The penalty for ignorance is slavery.
My Senator, Dick Durbin, continues to cement his legacy
January 16, 2013
Dear Mr. Mitchell:
Thank you for contacting me about tax and spending changes scheduled to take effect in January. I appreciate hearing from you.
Concerns have been raised about the effects that impending changes to our tax code and the automatic spending reduction, also known as sequestration, could have on our economy. Congress must take steps to alleviate economic concerns while ensuring that our nation is on a sustainable fiscal path.
Sequestration was created in the Budget Control Act, enacted on August 2, 2011, to prevent a default on our nation’s debt and to give our economy the certainty it needs as we recover from a historic recession. The Budget Control Act also established the Joint Select Committee on Deficit Reduction, which was assigned the task of issuing a formal recommendation to reduce the nation’s deficit in November 2011. I was disappointed that the Committee failed to reach a compromise for such a recommendation. Since an agreement was not reached, a $1.2 trillion automatic spending reduction was triggered and will be phased in over nine years beginning in January unless alternative legislation is enacted to prevent it.
During the remainder of the year, I hope that Congress can reach a bipartisan agreement to deal with the deficit prior to the round of deep spending cuts scheduled to take place. I have consistently worked with a bipartisan group of my colleagues to craft a balanced plan for controlling our federal deficits, and I am optimistic that we can come up with a proposal to which members on both sides of the aisle can agree. I will continue to work to find commonsense solutions to rein in our ballooning debt without risking the economic recovery or breaking promises to senior citizens, working families, and future generations.
Your voice is a valuable part of this discussion. I will keep your concerns in mind as the Senate considers the future of expiring tax provisions and next year’s spending changes in upcoming months.
Thank you again for contacting me. Please feel free to keep in touch.
Richard J. Durbin
United States Senator
Rodger Malcolm Mitchell
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%
No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia. Two key equations in economics:
Federal Deficits – Net Imports = Net Private Savings
Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports