Democratic Congressman Gerry Connolly (D-VA) Not Too Bright
By: Les Carpenter III
Rational Nation USA
This past Wednesday Democratic Representative Gerry Connolly demonstrated the absurdity of the progressive party's thought process with respect to budgets and fiscal matters. Federal Reserve Chairman Ben Bernadine showed just how easily it can be to disarm such progressives in the following video.
Connolly is essentially saying Republicans don't have open minds because they favor deficit reduction but want to keep revenue issues (taxes) off the table. This has been the Republican mantra for the last ten years, even when the Republicans controlled congress and the deficits rose steadily. Yesterday's post here at Rational Nation USA covered why we have experienced growing deficits and the Republicans , as well as Democrats responsibility for them.
The Exchange between The Fed Chair and Connolly:
Connolly ought to have researched the facts a bit more before coming at Bernanke. The federal budget for the fiscal year 2010 is in excess of 3.8 trillion dollars. So it should be fairly obvious even to the non economists in congress that congress would not need to eliminate 50 percent of the ledger sheet in order to close our 1.3 trillion dollar deficit. Eliminating only a third (1.25 trillion) would do the trick.
FY2010 budget of 3.8 trillion is 1.1 trillion more than the last budget from a Republican Congress. Therefore if we merely returned to budget outlays of the FY2007 budget we would take a huge chuck out of our deficits... Simply by eliminating all the non essential spending increases inserted into the budget process after (Obama) and his progressive minions took charge of congress.
The national budget has grown from 2 trillion dollars to almost 4 trillion dollars in just ten years, almost doubling our expenditures. During this same period inflation was under control and virtually non existent.These facts clearly show that the primary cause for our deficits is not because the American taxpayer and businesses aren't feeding the Bloated government in Washington enough money. Rather we have huge deficits because Washington pols (on both sides of the aisle) can't stop spending money where it is not needed and for programs that produce little value, ie: ROI of taxpayers dollars. Representative Connolly is the perfect face to represent the problem.
For an insightful commentary on progressive economic thinking, and the fallacy thereof visit Allied Liberty News.
Controlling deficits is a function of controlling spending. IE: living within your means. Eliminating wasteful spending, scrubbing ineffective and useless programs, rethinking national priorities are all part of the equation. In this era I am beginning to believe it is highly unlikely it will happen.
Via: Memeorandum
Rational Nation USA
This past Wednesday Democratic Representative Gerry Connolly demonstrated the absurdity of the progressive party's thought process with respect to budgets and fiscal matters. Federal Reserve Chairman Ben Bernadine showed just how easily it can be to disarm such progressives in the following video.
Connolly is essentially saying Republicans don't have open minds because they favor deficit reduction but want to keep revenue issues (taxes) off the table. This has been the Republican mantra for the last ten years, even when the Republicans controlled congress and the deficits rose steadily. Yesterday's post here at Rational Nation USA covered why we have experienced growing deficits and the Republicans , as well as Democrats responsibility for them.
The Exchange between The Fed Chair and Connolly:
CONNOLLY: I’m telling you, they don’t have an open mind. They have publicly expressed that they do not favor — you know, they’re all for deficit reduction as long as anything having to do with revenue is off the table. Can we get to serious deficit reduction — change that trajectory you talked about — if we eliminate half of the ledger sheet?
BERNANKE: Well, theoretically you could if you cut enough, but it would be very difficult to do that.
CONNOLLY: Is there enough spending to be cut?
BERNANKE: Of course! I mean … [laughs]
CONNOLLY: National defense, homeland security?
BERNANKE: That’s your judgment, that’s the Congress’ judgment. That’s not my judgment.
CONNOLLY: Ah. Um … it must be nice to be an economist.
Connolly ought to have researched the facts a bit more before coming at Bernanke. The federal budget for the fiscal year 2010 is in excess of 3.8 trillion dollars. So it should be fairly obvious even to the non economists in congress that congress would not need to eliminate 50 percent of the ledger sheet in order to close our 1.3 trillion dollar deficit. Eliminating only a third (1.25 trillion) would do the trick.
FY2010 budget of 3.8 trillion is 1.1 trillion more than the last budget from a Republican Congress. Therefore if we merely returned to budget outlays of the FY2007 budget we would take a huge chuck out of our deficits... Simply by eliminating all the non essential spending increases inserted into the budget process after (Obama) and his progressive minions took charge of congress.
The national budget has grown from 2 trillion dollars to almost 4 trillion dollars in just ten years, almost doubling our expenditures. During this same period inflation was under control and virtually non existent.These facts clearly show that the primary cause for our deficits is not because the American taxpayer and businesses aren't feeding the Bloated government in Washington enough money. Rather we have huge deficits because Washington pols (on both sides of the aisle) can't stop spending money where it is not needed and for programs that produce little value, ie: ROI of taxpayers dollars. Representative Connolly is the perfect face to represent the problem.
For an insightful commentary on progressive economic thinking, and the fallacy thereof visit Allied Liberty News.
Controlling deficits is a function of controlling spending. IE: living within your means. Eliminating wasteful spending, scrubbing ineffective and useless programs, rethinking national priorities are all part of the equation. In this era I am beginning to believe it is highly unlikely it will happen.
Via: Memeorandum
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