NATIONAL DEBT – how much do you owe?

February 16, 2010


President Obama announced his 2011 Budget which is $3.834 trillion dollars with a projected deficit of $1.267 trillion or 8.3 percent of gross domestic product (GDP).   As of Feb. 7, our total national debt was $12,348,804,540,946.54 or $12.35 trillion which is larger than the economies of China, the United Kingdom and Australia combined, says Don C. Brunell, President of the Association of Washington Businesses. 

The national debt is growing with the spending spree in Washington, D.C.  According to the Congressional Budget Office and the Office of Management and Budget: 

  • Our national debt will grow an additional $9 trillion over the next decade, to more than $20 trillion.
  • During that time, the United States will accumulate $2.5 billion in new debt each and every day.
  • That’s $1.72 million per minute, for the next ten years. 

According to the Department of the Treasury: 

  • Foreign holders of our national debt are owed a combined total of about $3.3 trillion.
  • The top 10 countries and entities holding U.S. debt are: China, Japan, the United Kingdom, Oil Exporters, Caribbean Banking Centers, Brazil, Russia, Luxembourg, Hong Kong and Taiwan.
  • Our debt to China is approximately $776.4 billion, having grown more than $240 billion in the last year; that is more than $10,000 in debt for the average American working family — just to China.
  • The estimated population of the United States is 307,795,997 so each citizen’s share of this debt is $40,146.02. 

The National Debt has continued to increase and that is before Congress tacks on trillions for health care, cap and trade, new federal stimulus programs, and other yet to be identified spending programs, says Brunell. 

Part of the way President Obama plans to pay for his new round of spending is to eliminate the 2001 and 2003 Bush tax cuts families making more than $250,000 per year which impacts a ton of family-owned, small businesses which are the backbone of our economy and nation, says Brunell. 

Source: Don C. Brunell, “The National Debt: Do You Know How Much You Now Owe?” Olympia Business Watch/Association of Washington Businesses, February 7, 2010. 

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Healthcare update 11

January 30, 2010

Health Policy Update: The Battle [Behind Closed Doors] Continues. You may have noticed that White House officials have started talking a lot about banking reform and economic recovery. There’s a reason for that: the unpopularity of government-run health care.

Don’t Be Fooled! NCPA President Dr. John Goodman was exactly right in his recent Health Alert when he wrote, “Democrats will not try to go into the fall election empty-handed.” On Capitol Hill, health care negotiations continue unabated. Consider the following:

  • Fact #1: The Senate Doesn’t Have to Vote Again on Health Care. The Senate approved government-run health in its now-infamous Christmas Eve vote. The only thing preventing government-run health care is the Pelosi-led House of Representatives.
  • Fact #2: House Moderates Want Safety. Voter ire has moderate House Democrats fearful. While at the moment they want to stop talking about health care, at some point House moderates will have to decide whether to pass legislation and defend it before the voters or abandon it and apologize for the colossal waste of time. Pelosi will make the case to House moderates that the safest course is to show strength, not contrition.
  • Fact #3: House Liberals Want Change. Months of delay have liberal House Democrats feeling betrayed. Despite Senate foot-dragging, they know that they’re closer than ever before to realizing the dream of government-run health care. Pelosi will make the case to House liberals that the wisest course is to cut a deal with the Senate.
  • Fact #4: The Senate Can Pass a Clean-Up Measure with 51 Votes. Senate Majority leader Harry Reid holds an ace up his sleeve: a reconciliation vote. If the House passes the Senate version of government-run health care, the Senate could subsequently pass separate, modifying legislation with only 51 votes. All it takes for that plan to work is Pelosi convincing House moderates that it’s safe and House liberals that it’s wise.

LET’S FINISH THE FIGHT! We’ve come along way together in the last eight months and for the first time we’ve got a fighting chance to stop government-run health care. We didn’t start this fight, but now it’s time for us to finish it. Here’s how:

  • The First Punch: Contact the Stupak Supporters. Sixty-four House Democrats supported the Stupak (abortion) amendment – legislation that doesn’t exist in the Senate version and is unlikely to make it through on reconciliation. As such, these House members might vote against government-run health care if convinced.
  • The Shot to the Body: Write the Disloyal Opposition. Sixteen House Democrats opposed the overall bill but voted for it on partisan lines. They’re ripe for well-placed letters, phone calls, emails and member visits.
  • The Knock-Out Blow: Collar the Blue Dogs. Eleven House Democrats are self-described moderates. While they supported the bill during Round 1, Round 15 is getting close-and they may be ready for a change we can believe in.

Do you like Sweet and Sour Shrimp?

December 22, 2009

According to the last Rasmussen poll, 55% of Americans oppose the healthcare bill that is being considered in the Senate and 41% support it. Yet, the Democrats are chugging along ignoring the will of the American people.

The current healthcare bill in the Senate is giving most Americans a “sour” taste in their mouths. But for a few number of Americans this healthcare bill is satisfying their sweet-tooth craving at the expense of the majority of Americans. The “sour” taste is coming from the increase taxes, lower healthcare quality, pay now get later scheme, long-term price tag, and the payoffs/bribes to get the votes of certain Democratic Senators.

Who are those few Americans who got a “sweet” deal out of this?

  • Sen. Ben Nelson – D and Nebraska, population 1.78 million, will get $100 million plus an exemption from paying for Medicaid cost forever and ever, amen.
  • Sen. Mary Landrieu – D and Louisiana, population 4.41 million, will get $300 million to offset the Medicaid cost
  • Massachusetts, population 6.5million, $1.5 billion in Medicaid money
  • Sen. Bernie Sanders – D and Vermont, population 0.62 million, will get $10 to $14 billion
  • Sen. Chris Dodd – D and Connecticut, population 3.5 million, will get $100 million
  • Big Pharma got a deal from Obama      
    • White House agreed to oppose any congressional efforts to use the government’s leverage to bargain for lower drug prices or import drugs from Canada — and also agreed not to pursue Medicare rebates or shift some drugs from Medicare Part B to Medicare Part D, which would cost Big Pharma billions in reduced reimbursements.

 Holy cow! The second least populated state will get BILLIONS!!! That’s $16,129 to $22, 580 per Vermont resident. I am sure the millions of Americans who are unemployed would love to get that kind of money invested in creating jobs instead of paying off politicians for their votes. 

All in all 24 million Americans in those states mentioned above will get the “sweet” taste in their mouths while the remaining 280 million will get the “sour” part. 

What are the parts of this healthcare bill that gives the 280 million Americans a “sour” taste in their mouths?

  • Insurance mandates that will raise premiums by 30% (no wonder the insurance stocks skyrocketed)
  • Employers will have to pay 3x more to insure their employer (just like in California)
  • One levy would take $15 billion from sick patients with high out-of-pocket medical expenses, including elderly and low-income patients. (I wonder if that is where the $10-14 billion that Vermont will get come from??)
  • health savings account or flexible spending arrangement, there are taxes specific to those health plans, plus a third tax that would apply to all “consumer-directed” plans. (Kiss you HAS goodbye!)
  • Another levy would tax medical devices, and another would tax prescription drugs; those two taxes would increase health insurance premiums by about 1 percent, according to the nonpartisan Congressional Budget Office.
  • $149 billion tax on those with high health insurance premiums; yet many face high premiums simply because they have expensive medical needs, making this yet another tax on the sick.
  • $43 billion in cuts to nursing care and therapy for homebound Medicare beneficiaries
  • health care coverage will be limited to what the government bureaucrats decide
  • for low-income women will no longer screen women below age 50.
  • government’s budgetary concerns, not patient’s health, is the determining factor for quality and access to health care
  • overcharge young individuals’ rates to cost-subsidize older individuals’ rates and if you don’t pay it, there’d be a fine of about now is 2.5 percent of your income
  • trillions of dollars in hidden tax increases (Yup. HIDDEN TAXES that will hit you like a freight train from behind.) 

SO, after all Obama’s promises of hope and change, transparency in government, fiscal responsibility, and political remaking of how government operates, after one year of Obama, it is business as usual. Just like how they have been doing it. This time in grander scale of  screwing hard working Americans. 

The Most Transparent Administration Ever. 

The Most Ethical Congress Ever.

What a joke!!!