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Ok, where do I start. Getting rid of porkbarrel spending is nice and all. But, when you consider it totals approximately $8 Billion and then you also consider our current budget deficit is over $1,000 Billion it amounts to less than 1% of our total budget deficit (less than 0.4% of our total budget). Which, amounts to squat. It amazes me how this little teeny amount gets so much more attention than anything else that is hoisting our budget deficit up. Did you know we are going to spend about $750B this year on Medicare and Medicaid but we only expect to bring in approximately $200B in Medicare Payroll tax receipts? That's almost half of the budget deficit right there. Now that's something to get up in arms about! But no, the politicians want us to fight over the scraps that are too small for a mouse to eat rather than actually finding out what is really causing our problems.
CAGW said:The Congressional Pig Book is CAGW's annual compilation of the pork-barrel projects in the federal budget. The 2010 Pig Book identified 9,129 projects at a cost of $16.5 billion in the 12 Appropriations Acts for fiscal 2010.
What's chilling in the ad is the accuracy of it.
Eh, I think they are. At least they are the largest owner of treasury securities.Except that it is not accurate. Just one quick example, China is not the largest holder of US debt. It's scare tactics and appeal to emotion without any real substantive facts.
Eh, I think they are. At least they are the largest owner of treasury securities.
Except that it is not accurate. Just one quick example, China is not the largest holder of US debt. It's scare tactics and appeal to emotion without any real substantive facts.
Source please?
They are third(900.2b), behind "other investors and savings bonds"(1.193t) and the "Federal Reserve and other intergovernmental holdings"(5.259t). Source: Largest Holders of US Debt
Ockham, you're link only provides details for the largest foreign holders of US debt. Nobody is disputing that fact. However, they are not the largest holder of US debt which is linked in a post above. They are third.
You are correct that it is $16.5 Billion. I was using the graph at the end of the link and it only showed what could be attributed to individual states. That's where the $8 Billion comes from. Nonetheless, it remains less than 1% of our total budget. I don't think you got my whole point though. I don't agree with pork barrel spending either. I'm jut pointing out that it's (pork) a relatively minor part of what it will take to balance our budget. There are bigger fish to fry. Why use all the ammunition on a relatively worthless pawn?
My issue is that people are making it sound like China own's us when they don't even hold 10% of our total debt. It's about 8% based on the link that was provided above. Now, I don't particularly like the fact that China has control of 8% of our debt but it needs to be put into perspective. It's still a huge amount, I don't contend that it's not. But, I prefer facts with substance to facts that are spun to get a point across even though the whole story is not being told.Why would I be concerned about domestic holders of debt? And I could have sworn the OP video I posted identified China - which as you stated, is the largest foreign holder of U.S. debt...undisputed. So now that the smoke and mirrors nonsense has cleared and the "fear mongering" claim has been stepped on, the ad makes a very good point doesn't it?
1. Because it's relatively easy to do in Washington and easy to sell back home
2. Because the taxpayers money is not meant to be used as a State creditcard for pet projects
3. Because spending has to be curtailed and this has to start somewhere - so why not with political pork?
4. Because it would be supported by the a majority of U.S. citizens both in an election year and non-election year.
5. Because tax increases alone cannot reduce the debt by itself.
Those are just off the top of my head, I'm sure would I give it some thought I could come up with better / more reasons.
My issue is that people are making it sound like China own's us when they don't even hold 10% of our total debt. It's about 8% based on the link that was provided above. Now, I don't particularly like the fact that China has control of 8% of our debt but it needs to be put into perspective. It's still a huge amount, I don't contend that it's not. But, I prefer facts with substance to facts that are spun to get a point across even though the whole story is not being told.
Where did I ask that? Seriously, how many times do I have to go through this with you? I think pork is bad. I think pork is bad. I think pork is bad!You asked why cut pork?
Where did I ask that? Seriously, how many times do I have to go through this with you? I think pork is bad. I think pork is bad. I think pork is bad!
What I don't like is the fact that a relatively trivial amount in the grand scheme of things is getting so much more air time out of our politicians when there are more important things to look at that will help reduce our deficit.
Taboon said:I'm jut pointing out that it's (pork) a relatively minor part of what it will take to balance our budget. There are bigger fish to fry. Why use all the ammunition on a relatively worthless pawn?
By country - China holds the most: Source - US Treasury.
http://www.ustreas.gov/tic/mfh.txt
The CRC report to Congress January 2008 (predating the US Treasury info).
http://fpc.state.gov/documents/organization/99496.pdf
Yeah - it's all fearmongering. :lamo
You fail to understand that I don't CARE about domestically held debt, I'm concerned about FOREIGN debt. And the largest foreign holder of U.S. debt? CHINA.You seem to be failing to understand the point I made, which is that China is not the largest holder of US debt, nor is it even close.
It's showing a potential future which may indeed come true. Obviously China doesn't currently own the U.S. I would have thought the view is clearly a warning and not a "true to life" representation of today. Sorry you missed that and didn't understand the context of the ad. Apparently it went over your head.Further, that was just to point out one factual flaw of the video, and that is not why it is fearmongering. The reason it is fearmongering is suggesting a false, scary potential problem with the debt.
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