Senate Democrats Try To Supersize The Crap Sandwich
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Another day, another few billion dollars for the putrid pork push that is Bailout 2.0. The over 650-page House liberal wishfest is now in the Senate, and it ain’t gettin’ any smaller. $1.2 Trillion is today’s magic number…but it’s still early in the week.
Only 38% of Americans support the plan according to Gallup, and that number is dropping like a rock. GOP Governors, however, are lining up behind it. Why such traitorous behavior? Well, it has something to do with the fact that almost ALL of our nations Governors are running states with huge budget deficits, with an AVERAGE of almost 10% budget shortfalls. In fact, only 4 states are not currently in this predicament. Wyoming, Montana, North Dakota and West Virginia.
Many states are already scurrying to cut unwanted costs, cut state-funded programs, raise taxes, not issue tax refunds to their citizens, and borrow money just to survive in 2009. Most states have sane laws against carrying budget deficits. Many banks…the same banks the Fed bailed out…are refusing to loan money to the states and their Treasury agencies. Who didn’t see THAT coming? The state deficits over the next two-and-a-half years are likely to be in the $350 billion to $370 billion range
So the crap sandwich is looking mighty tasty to many Governors, who are putting the heat on the Senate. We all know California’s about to issue I.O.U’s instead of welfare checks and tax refunds, and Arizona has 90 days left before it burns through the rest of it’s cash. The Center on Budget and Policy Priorities has a grim, detailed report on the sad state of our states.
Will the GOP hang tough, and “reform” the House Bill as promised by minority leader Mitch McConnell today? Barry has decreed that “small differences” should not sink this bill. Oh, I don’t think “small differences” are the problem, Kool. Debate continues tomorrow, with the sideshow of Tom Daschle’s furious chip-collecting drama, in his fight for confirmation to socialize medicine in the U.S.A.
Bring the popcorn, and be ready for some high drama and serious scare tactics. Many GOP Senators feel like the whole mess needs to be started over from scratch. The phone calls and emails are helping. Now is the time to contact your representatives. If you already have, do it again.
Nations all over the globe are burning money just like us, and are, predictably, failing. Look around, lawmakers. Is this what we want to foment? Riots are spreading in Russia, China and all over Europe. Iceland’s beyond help. So here’s a tip, America. Better get those taxes done fast…before the Feds start handing out some NEW kinds of I.O.U.’s. They may even color them green like the ones we use now.
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February 3rd, 2009 at 2:16 pm
Are all these governors stupid? Have they never heard of the ‘national debt’? Where do they think this “money” will come from? This worthless fiat currency will have to be borrowed by CON-gress from the “FED.” They will create more debt to reward state legislatures for incompetence and they want you, me, our children and grand children to hand over every penny we make to fund this lunacy. It will turn into nothing more than another massive “income” tax hike through the back door.
But, are the states really broke?
At least ten years ago, a man named Walter Burien began exposing something called a CAFR: Comprehensive Annual Financial Report. Walter managed to get on a SF radio show hosted by my friend, Geoff Metcalf. It was a real eye opener. Try as we all did, not one newspaper in the State of California would expose the truth of how the taxpayers were being fleeced. Nor would 99% of the radio stations statewide. I guess they all love being flogged every April 15th to reward the thieves in the state house.
I’ve written about this issue before and perhaps now, with the states crying poor, the citizens of the 50 states will do what I did years ago: I went to the Comptroller’s Office in downtown Sacramento and got a copy of the CAFR. Oh, they didn’t want to give it to me, but I whipped out my press credentials and after some muss and fuss, I obtained a copy. I am not an accountant so a lot of that tome was foreign to me. However, thanks to Walter and Gerald Klatt, even someone like me can understand this complicated shell game:
What is the Comprehensive Annual Financial Report (CAFR)?
By Gerald R. Klatt
“Each year all State and local governments prepare a financial report on assets, liabilities, revenues and expenditures in more or less a standardized format that must conform to the Government Accounting Standards Board (GASB) accounting and financial reporting standards. This financial report is called the Comprehensive Annual Financial Report (CAFR, pronounced “cay-fer”). Most people have heard of the budget, which is the document that plans and authorizes the spending of money. The CAFR describes what actually was spent and the status of assets and liabilities at the end of the fiscal year.”
February 3rd, 2009 at 2:20 pm
http://www.newswithviews.com/Devvy/kidd432.htm
What is the Comprehensive Annual Financial Report (CAFR)?
By Gerald R. Klatt
“Each year all State and local governments prepare a financial report on assets, liabilities, revenues and expenditures in more or less a standardized format that must conform to the Government Accounting Standards Board (GASB) accounting and financial reporting standards. This financial report is called the Comprehensive Annual Financial Report (CAFR, pronounced “cay-fer”). Most people have heard of the budget, which is the document that plans and authorizes the spending of money. The CAFR describes what actually was spent and the status of assets and liabilities at the end of the fiscal year.”