3/09/11: Sen. Rand Paul on balancing the budget
Sen. Rand Paul discusses our nation’s debt crisis and the need for a balanced budget on the Senate floor.
Sen. Rand Paul discusses our nation’s debt crisis and the need for a balanced budget on the Senate floor.
@UBSCARED and what was the Federal Spending levels between 2000 + 2010 dipshit? Its a spending problem not a taxation. The money we earn with our blood, sweat, and tears does not belong to the federal government to redistribute as they please to those who did not earn it! If you feel so charitable why dont you put aside 75% of your income to support the welfare state and let the rest of us that work for a living keep ours.
@UBSCARED So does a ponzi scheme cease to be a ponzi scheme upon investors becoming aware of the fraud?
@mercedesred It’s not a ponzie scheme because in a ponzi scheme investors mistakenly think they are getting a return on their capital when they are merely getting another person’s investment. In social security the beneficiaries know they are not getting a return on their investment. They know their FICA tax was used to pay benefits to others and they know that their current benefits are paid by other tax payers. Describing it as a ponzi scheme is a lie. You’re a liar.
@metallifreak100 The state of the economy is taken into consideration by GDP. GDP is 47% larger. Even if unemployment was 25%, GDP is 47% larger yet income tax revenue is 10% lower. If the economy was operating closer to full capacity we’d have a larger GDP and more tax revenue. That goes without saying. But you might have a number like GDP Is 50% larger and tax revenue is the same. There would still be a huge imbalance between revenue growth and gdp growth. IT’s tax cuts that created this.
Washington DC is not worthy to wipe the dust off Ron & Rand Pau’ls shoes
SS is a great big ponsi scheme. The only difference is ,,you had/have no choice whether you want it or not,,this socialist government just takes it and give you a little of it back in dribbles,,not enough to live on. Get rid of it starting with those that are young and just beginning to work,,if there ever is jobs for them! Get rid of welfare, They never paid a penny for their “entitlements” .
@UBSCARED there is less revenue because there are no jobs!!!
@xaviqaz Income tax revenue in 2000 = 1.3 trillion dollars. GDP in 2000 = 9.8 trillion
Income tax revenue in 2010 = 1.1 trillion dollars. GDP in 2010 = 14.5 trillion.
You dunce. The deficit is due to countless tax cuts.
@stoffasuave You stupid jack ass. We collected 16 billion in tobacco tax revenue in 2008. If people were smoking dope like Marlboro we still wouldn’t collect enough to make a dent in the deficit. Perhaps if the entire country got stoned 3 x a day we could collect 10 billion in tax revenue.
Rand Paul is right–we need to take action immediately as to the future of our great nation’s destiny. This approach could be implemented and would serve our citizens better by generating tax revenue for a plant that provides medical relief to a great many who find it helpful for their ailments.
Finally, people are going to use the plant regardless of its legality. We might as well accept this reality and run the country with good business mind and harvest on tax revenues that would absolutel
spending on the nation’s prison system, as well as on the over-arching and exorbitant budget that the DEA has called for.
Time has proven that the current prohibition of the plant has not curbed use. In fact, statistics show usage has actually risen since prohibition–especially in recent years with the multitude of state endorsed legalization for medicinal purposes.
California, for example: if mimicked in all states, their $100 medical marijuana license fee alone would generate a plethora
@mtngoat49 I meant 1500 billion dollars the govt wants to BORROW from China and then SPEND this year and much much more. Since what they confiscate from your hard-earned paycheck isn’t enough to pay for their NANNY STATE, they have to BORROW the rest from China. 1500 billion dollars. It is completely out of control.
Rand Paul is a motherlode of common sense. What a breath of fresh air in the putrid DC cesspool. Why are such simple facts articulated by Senator Paul so hard for people to understand? Cuts of 6 billion (democrats) and 60 billion (republicans) are microscopic compared to the 1500 billion the fed plans to spend this year. Where is all that money coming from? We’re broke folks. When China finally kicks the U.S. debt habit, we will find out what “bankrupt” means.
We need to consider the legalization of marijuana for tax purposes. I do not use the plant personally, but advocate its “use” to get our fine country out of debt. I’m not saying it’s a cure all, but it would definitely off set federal debt.
The only branches of government that would be affected would be local governments who currently “tax” the users who are caught with fines and jail penalties.
This is an approach that could also allow for budget cutbacks in spending on the nation’s prison
Cut all unconstitutional fed departments. Make income tax simple and cut the irs. Stop invadiing other countries and reworking their political ideologies. Reform entitilements by cutting ALL to non-citizens!!! Go back to the scandal 25 or so yrs ago that federal gvmt buy hammers for hugely inflated prices. Gvmt MUST buy American made!!
Budget deficits 2009 + 2010 = $2.9 trillion = Germany GDP (PPP)
Budget deficit february 2011 = $222.5 billion = Germany + Italy budget deficits in 2010
But some still call Paul insane
If you don’t agree with his thoughts you are hard of hearing, or you don’t speak english. I will vote for him for my president
This guy is one of the few, that actually makes sense.I give him a lot of credit in that aspect, but it may be falling on deaf ears with this governing body.Its common sense you can’t get out of a whole by digging it deeper, and the deeper we dig eventually you wind up in China.I’m just a concerned hard working middle class citizen worried where we are going.
Impose high tariffs on those who left for greener pastures, such as the great AMERICAN jean company LEVIS who went to China and so many more.Perhaps that would be an incentive to come back and be loyal to your country, before there isn’t a country to come back to.
BRING BACK THE JOBS AND YOU BRING BACK THE MONEY. IT’S A REAL SHAME when big gov’t is telling me to cut back, tighten my belt and do with out.While they fly all over the world on my tax dollars and still get their pay increases and bonuses.Time to practice what you preach! REMEMBER when we were one of the biggest exporters of goods and you could take pride in MADE IN USA.No one headed the warning buy American, now you can’t even if you want to.
I think the politicians are finally coming to the same conclusion many of us citizens knew long ago, the money well is running out. Big gov’t can no longer just tax the people to get more money, because there is none to be had. Big business sold this country down the drain, by letting greed and bottom line rule.When a vast majority of large companies leave the country, it cripples your work force and your economy.The days of a small town built around a factory are gone, and so are the jobs.
@Ljenkins9000 I don’t care about how its distributed among the people, rich/poor is irrelevant. The income tax flies in the face of the property rights guaranteed by the 5th amendment.
It destroys any sense of privacy.
Quotes like “In reality the top 10% (which pays 60% of the taxes) actually has 60% of the wealth” have absolutely nothing to do with why the income tax is evil. That is just Marxist class warfare nonsense, the ruling class is just trying to divide its subjects, both rich & poor
They are already keeping the money, I would like to see a little more self sacrifice from them,maybe a paycut or skip a vacation or 10. If the government left our social security alone in the first place there wouldn’t be a problem, they had to dip into our cookie jar and give the money to themselves or illegal immigrants to the point where we will be 90+ years old before us good hard working Americans can even get a fraction of what WE paid in. Keep on plugging Dr.Paul you have my vote!!!!!!
@hailholyghost Income tax is nowhere near as big a deal as people make it out to be. In reality the top 10% (which pays 60% of the taxes) actually has 60% of the wealth. They’re actually paying what they would overall under a flat tax system.
However, the upper middle class does pay a lot more while the top couple percent pays a lot less (tax write offs and other loop holes). The bottom 50% which pays 3% of taxes only has 3% of the wealth. It’s still fucked up, but not quite what people think.
Excellent speech Dr. Paul! Keep up your good work.