This article says it quite eloquently, perhaps even presidentially, much of what many of us feel in America. It is time that we put a stop to this madness, and bring our nation back to its roots.
Enjoy,
Earl.
Wednesday, December 07, 2005
Thursday, September 08, 2005
The Federal Debt
We all carry debt, right? A mortgage, a car loan, student loans, credit card debts – It is the American way. Why should the fact that you don’t make enough money stop you from living the way you want? Heck, even our government carries debt. Maybe your county has sold bonds to pay for a new courthouse or prison. Maybe your city has borrowed money from the state to upgrade a main thoroughfare into the downtown shopping district. Maybe the federal government has issued treasury notes to help pay for the war in Iraq. Well, that’s what happens when the government incurs expenses that are greater than normal revenues allow. But what happens when you don’t pay back your debt? Besides accruing interest, you get penalties. It you continue to not pay off your debt, you get threats, first from the creditor, then from a collection agency. What happens when the federal government fails to pay off its debt? It prints more money or issues more bonds to cover the interest on the debt, incurring more debt. This is exactly how we have ended up with over $7.9 trillion in federal debt (well as of August 29th, 2005, $7,930,506,290,857.97 to be exact). Since the federal government is "owned" by the citizens of the United States, this means each one of us owns $27,000 of the federal debt. And it continues to go up by $1.5 billion every day. Where does all that money go? That is a discussion for another blog, but today I want to explain how the Federal Debt has grown since the Unites States was created.
Click on this link, The_Federal_Debt.pdf to see the charts referenced below.
When the United States Constitution was ratified by the individual states, the Federal Government was already in debt. As part of the treaty negotiations with Britain at the end of the Revolutionary War, the "national" government (under the Articles of Confederation), assumed all of the debt incurred by the individual states during the war. This put the Federal Debt at just over $75 million in 1790. In the early years of the nation, the Federal Government remained quite small (and frugal), thus they were able to pay down about half the debt before the War of 1812 broke out and debt began to accumulate again. After the War of 1812, the government started paying down the debt again. This was a continuous cycle – War/Increase debt, then Peace /Decrease debt – and thus was until World War II. At the end of WWII, the US was a prosperous place, everyone was making money, quality of life was being raised across most of the country. And the Federal Government was spending money too - building roads, loans and grants for veterans, helping people across the country. But they weren't paying down their debt. Then the Cold War took hold and the fight against communism caused the Federal Government to increase the Federal Debt tenfold, from $260 billion in 1945 to $2.60 trillion in 1988. With the collapse of the Soviet Union in 1989, you would think that the Federal Government would scale back and start paying off the debt, right? Alas, no. As the victorious superpower, the US had to maintain its vigilance, policing the world and protecting democracy from dictators and tyrants. Kuwait, Somalia, Panama, Bosnia, Afghanistan, Iraq, just to name a few. And spending was up domestically, on corporate welfare (tax credits, bailouts and subsidies), individual welfare programs, stateside defense infrastructures and education. In the last 17 years the Federal Debt more than tripled to its current level of $7.9 trillion.
Who is responsible for this debt? We all are. We elect a Congress and President, Congress fights to get more Federal funds back into their home districts, the President spends Federal funds to keep a strong American presence in the world, while trying to keep taxes lower to help whatever special interest group happy. We all re-elect them because we get something for "free" and we like that the world is becoming "Americanized." It is about time we break the cycle that has perpetuated for the last several generations.
But how can the Federal Government ever pay this down? Just like we do any other debt. First, they have to stop spending more than they take in. It sounds simple, but it can be difficult, as many of us know. Second, they need to establish a repayment schedule that pays towards the interest and the principle balance. Based on the current estimates from the President's Fiscal Year 2006 Budget, the interest on the Federal Debt is approximately $211 billion or 2.42% (I wish my mortgage was that low). I would set up a payment schedule of $400 billion annually (about 4.5% of the FY06 debt), the Federal Debt could be paid off in 31 years (by 2037). This is the equivalent of putting an amount equal to the Defense budget towards the Federal Debt each year (not including the interest payment, which is already in the budget). Alternatively, if this is more than the taxpayers feel comfortable with, set up a payment schedule of $300 billion annually (about 3.5% of the FY06 debt), in which case the Federal Debt could be paid off in 50 years (by 2056). This is less of a burden, but it still pays off the debt within the next generation.
Keeping a balanced budget is key to this. I propose a Constitutional Amendment to stop overspending unless absolutely necessary. Yes, there may be times when the Federal Government will need to borrow money, but it must be limited and there must be a finite plan to pay it back. It is the only way we can ensure that our future generations will have a future unburdened by our spendthrift ways.
Click on this link, The_Federal_Debt.pdf to see the charts referenced below.
When the United States Constitution was ratified by the individual states, the Federal Government was already in debt. As part of the treaty negotiations with Britain at the end of the Revolutionary War, the "national" government (under the Articles of Confederation), assumed all of the debt incurred by the individual states during the war. This put the Federal Debt at just over $75 million in 1790. In the early years of the nation, the Federal Government remained quite small (and frugal), thus they were able to pay down about half the debt before the War of 1812 broke out and debt began to accumulate again. After the War of 1812, the government started paying down the debt again. This was a continuous cycle – War/Increase debt, then Peace /Decrease debt – and thus was until World War II. At the end of WWII, the US was a prosperous place, everyone was making money, quality of life was being raised across most of the country. And the Federal Government was spending money too - building roads, loans and grants for veterans, helping people across the country. But they weren't paying down their debt. Then the Cold War took hold and the fight against communism caused the Federal Government to increase the Federal Debt tenfold, from $260 billion in 1945 to $2.60 trillion in 1988. With the collapse of the Soviet Union in 1989, you would think that the Federal Government would scale back and start paying off the debt, right? Alas, no. As the victorious superpower, the US had to maintain its vigilance, policing the world and protecting democracy from dictators and tyrants. Kuwait, Somalia, Panama, Bosnia, Afghanistan, Iraq, just to name a few. And spending was up domestically, on corporate welfare (tax credits, bailouts and subsidies), individual welfare programs, stateside defense infrastructures and education. In the last 17 years the Federal Debt more than tripled to its current level of $7.9 trillion.
Who is responsible for this debt? We all are. We elect a Congress and President, Congress fights to get more Federal funds back into their home districts, the President spends Federal funds to keep a strong American presence in the world, while trying to keep taxes lower to help whatever special interest group happy. We all re-elect them because we get something for "free" and we like that the world is becoming "Americanized." It is about time we break the cycle that has perpetuated for the last several generations.
But how can the Federal Government ever pay this down? Just like we do any other debt. First, they have to stop spending more than they take in. It sounds simple, but it can be difficult, as many of us know. Second, they need to establish a repayment schedule that pays towards the interest and the principle balance. Based on the current estimates from the President's Fiscal Year 2006 Budget, the interest on the Federal Debt is approximately $211 billion or 2.42% (I wish my mortgage was that low). I would set up a payment schedule of $400 billion annually (about 4.5% of the FY06 debt), the Federal Debt could be paid off in 31 years (by 2037). This is the equivalent of putting an amount equal to the Defense budget towards the Federal Debt each year (not including the interest payment, which is already in the budget). Alternatively, if this is more than the taxpayers feel comfortable with, set up a payment schedule of $300 billion annually (about 3.5% of the FY06 debt), in which case the Federal Debt could be paid off in 50 years (by 2056). This is less of a burden, but it still pays off the debt within the next generation.
Keeping a balanced budget is key to this. I propose a Constitutional Amendment to stop overspending unless absolutely necessary. Yes, there may be times when the Federal Government will need to borrow money, but it must be limited and there must be a finite plan to pay it back. It is the only way we can ensure that our future generations will have a future unburdened by our spendthrift ways.
Monday, August 29, 2005
What's New?
Yes, it has been a few weeks since I last posted anything. I have been working on a few thing to post, but as usual they have been taking longer than I thought they would. I have been researching several things that are hot buttons for our Federal Government's abuse of citizens' rights, including the Fed's control of the oil industry (or is it the other way around?), illegal taxation (income tax - see the link to Arthur Farnsworth trial site at right) and recent violations of the U.S. Constitution's Bill of Rights. There is sooo much stuff out there to pick from on all these topics, it is difficult to choose the right ones. I will do what I can to finish them and post them as quickly as I can.
Until then, all I ask from you is to question everything that the Federal Government does. Read your Constitution, and compare what the President, Congress and the Supreme Court does against this document. Search the internet for both sides of every story, and make your own judgement on the issues at hand. I know I will do nothing less, and as citizens of the United States, I implore you to do the same!
I leave you with this quote from a former President, Theodore Roosevelt:
"Behind the ostensible government sits enthroned an invisible government owing no allegiance and acknowledging no responsibility to the people. To destroy this invisible government, to befoul the unholy alliance between corrupt business and corrupt politics is the first task of the statesmen of today."
Until then, all I ask from you is to question everything that the Federal Government does. Read your Constitution, and compare what the President, Congress and the Supreme Court does against this document. Search the internet for both sides of every story, and make your own judgement on the issues at hand. I know I will do nothing less, and as citizens of the United States, I implore you to do the same!
I leave you with this quote from a former President, Theodore Roosevelt:
"Behind the ostensible government sits enthroned an invisible government owing no allegiance and acknowledging no responsibility to the people. To destroy this invisible government, to befoul the unholy alliance between corrupt business and corrupt politics is the first task of the statesmen of today."
Wednesday, July 13, 2005
First Campaign Promise
I think I should start off by saying that I believe that our current federal government - and I mean all branches - have strayed from the original intent of the U.S. Constitution, and that it will take more than just one person to bring it back under control. But it only takes one person to start the ball rolling. I would like to be that person, and as President I aim to do just that. I submit to you the following promise, well actually four promises:
1. I promise that as President, I will put any piece of legislation that crosses my desk up against the articles and amendments of the U.S. Constitution to determine if we, as the Federal Goverment have the power to even address the issue at hand, let alone pass a law on the issue. The U.S. Constitution specifically lays out those powers that each Branch has to govern, and anything that isn't specifically called for in the Constitution shouldn't have a law to govern it.
2. I promise that as President, I will ensure that any action taken by the Executive Branch does not cross or violate any of the Bill of Rights. The rights of the individual citizens, as well as the rights of the individual states, were thought of as being paramount by our founding fathers, that they should be protected by any means possible. Too often, the Bill of Rights is seen as areas that the Federal Government should actively govern, but our founding fathers evisioned that the Bill of Rights should be an area over which the Federal Government should stay away from, period.
3. I promise that as President, I will evaluate all departments and agencies of the Executive Branch to make sure that they uphold the articles and amendments of the U.S. Constitution. Any department or agency that doesn't support these goals will be reformed, replaced or eliminated.
4. I promise that as President, I will work hard to limit the influence of the United States Government to only the United States of America and its direct territories. I understand that being one of the most powerful nations in the world makes it easy for us to exert our power over other sovereign nations. We can use our power constructively, working with other nations through our trade agreements and treatise. I feel that our military forces should only be used to defend the property and citizens of the United States, and that it should only be used offensively if our nation, its property or its citizens are in eminent danger of being attacked.
Well, this is a good start. I invite comments, questions and discussions on these items, as it is the only way you to get to know me, and more importantly, for me to understand the will of the people I would like to serve.
Thank you,
Earl Kinsley
Candidate for President
1. I promise that as President, I will put any piece of legislation that crosses my desk up against the articles and amendments of the U.S. Constitution to determine if we, as the Federal Goverment have the power to even address the issue at hand, let alone pass a law on the issue. The U.S. Constitution specifically lays out those powers that each Branch has to govern, and anything that isn't specifically called for in the Constitution shouldn't have a law to govern it.
2. I promise that as President, I will ensure that any action taken by the Executive Branch does not cross or violate any of the Bill of Rights. The rights of the individual citizens, as well as the rights of the individual states, were thought of as being paramount by our founding fathers, that they should be protected by any means possible. Too often, the Bill of Rights is seen as areas that the Federal Government should actively govern, but our founding fathers evisioned that the Bill of Rights should be an area over which the Federal Government should stay away from, period.
3. I promise that as President, I will evaluate all departments and agencies of the Executive Branch to make sure that they uphold the articles and amendments of the U.S. Constitution. Any department or agency that doesn't support these goals will be reformed, replaced or eliminated.
4. I promise that as President, I will work hard to limit the influence of the United States Government to only the United States of America and its direct territories. I understand that being one of the most powerful nations in the world makes it easy for us to exert our power over other sovereign nations. We can use our power constructively, working with other nations through our trade agreements and treatise. I feel that our military forces should only be used to defend the property and citizens of the United States, and that it should only be used offensively if our nation, its property or its citizens are in eminent danger of being attacked.
Well, this is a good start. I invite comments, questions and discussions on these items, as it is the only way you to get to know me, and more importantly, for me to understand the will of the people I would like to serve.
Thank you,
Earl Kinsley
Candidate for President
Friday, July 08, 2005
Welcome!
This is my first post to the brand new blog, KinsleyForPrez08! As the name says, I am kicking off my campaign for the 2008 U.S. Presidential election. Since I do not feel compelled to join any particular politcal party (Republican and Democrats are too federalistic, Reform and Green Parties are never taken seriously, and Libertarians and Constitutionalists are just considered wackos), I plan to run in the general election as an independent candidate.
My campaign platform really revolves around freedom in this country, or the lack thereof. The federal government has little-by-little taken away pieces of our rights to live free and happy over the last 216 years, and in the last dozen years it has gotten exponentially worse. I believe that our government has infested every part of our lives, including parts that the U.S. Constitution and our founding fathers specifically prohibited them from interfering with. I want the American people to be able to take back control of the federal government and loosen those reigns that it has over us. I want to scale back the enormous federal budget (now standing at $2.568 trillion, yes trillion) to the point where the government spends money on what it should be, AND NOTHING ELSE. I want to work on paying off the gargantuan federal debt (as of yesterday, $7,842,026,166,045.39 or $26,705 per U.S. Citizen) by never, ever spending more than we collect from the taxpayers, and by collecting on the debt owed to the United States by persons, corporations and foreign nations. Finally, I want to alter our foreign policy and reduce our military presence in the world. The United States is a strong nation and as such can contribute much to the world economy, but not by invading third world countries and bullying our allies in the name of "democracy". We should lead by example, by participating in the United Nations (not acting against it), supporting the European Union (not undermining it) and pushing forth treaties that will encourage democracy through diplomacy (not through military force).
In the coming weeks and months, I will post here with additional thoughts and ideas on my campaign, and eventually, unveil my campaign website where I will be able to offer more details on what I will do if elected President. In the meantime, please email me your comments and questions. I will read them and respond either personally or via this blog.
Thanks,
This is my first post to the brand new blog, KinsleyForPrez08! As the name says, I am kicking off my campaign for the 2008 U.S. Presidential election. Since I do not feel compelled to join any particular politcal party (Republican and Democrats are too federalistic, Reform and Green Parties are never taken seriously, and Libertarians and Constitutionalists are just considered wackos), I plan to run in the general election as an independent candidate.
My campaign platform really revolves around freedom in this country, or the lack thereof. The federal government has little-by-little taken away pieces of our rights to live free and happy over the last 216 years, and in the last dozen years it has gotten exponentially worse. I believe that our government has infested every part of our lives, including parts that the U.S. Constitution and our founding fathers specifically prohibited them from interfering with. I want the American people to be able to take back control of the federal government and loosen those reigns that it has over us. I want to scale back the enormous federal budget (now standing at $2.568 trillion, yes trillion) to the point where the government spends money on what it should be, AND NOTHING ELSE. I want to work on paying off the gargantuan federal debt (as of yesterday, $7,842,026,166,045.39 or $26,705 per U.S. Citizen) by never, ever spending more than we collect from the taxpayers, and by collecting on the debt owed to the United States by persons, corporations and foreign nations. Finally, I want to alter our foreign policy and reduce our military presence in the world. The United States is a strong nation and as such can contribute much to the world economy, but not by invading third world countries and bullying our allies in the name of "democracy". We should lead by example, by participating in the United Nations (not acting against it), supporting the European Union (not undermining it) and pushing forth treaties that will encourage democracy through diplomacy (not through military force).
In the coming weeks and months, I will post here with additional thoughts and ideas on my campaign, and eventually, unveil my campaign website where I will be able to offer more details on what I will do if elected President. In the meantime, please email me your comments and questions. I will read them and respond either personally or via this blog.
Thanks,
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