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Debt Deal: Shame on you Pennsylvania

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I am stealing this excerpt from Larry Greenley 8/5/2011. Larry has done an excellent job of cutting through all the confusion and summarizing the federal budget problem. See my reference link for the full article which includes a breakdown of votes from across the nation and a video clip from Ron Paul’s floor speech.

Congratulations to Michael Doyle and Patrick Toomey for being the sole voice in opposition to this legislation from each Pennsylvania house. The excerpt follows:

In exchange for congressional authorization for an increase in the debt ceiling of an amount between $2.1 and $2.4 trillion (in a two-step process), congressional leaders promise to cut approximately $2.5 trillion in spending over the next ten years.

So, even though our annual federal deficits have been averaging over $1 trillion per year for a few years now, which would lead us to expect an increase of over $10 trillion in our national debt over the next ten years, the much ballyhooed debt deal will only shave $2.5 trillion off the over $10 trillion expected increase.

The basic problem is that we’re experiencing an increase in the national debt in the area of $2.5 trillion every two years, but the debt deal only provides a reduction of spending of $2.5 trillion over the next ten years.

However, there is an even bigger problem. The unfunded liabilities for Social Security, Medicare, and Medicaid are variously estimated at $60-$100 trillion dollars or more. So the official, current national debt figure of $14 trillion dollars is a gross underestimation of our federal debt problem.

Everyone knows that by early 2013 we’ll be back in the same situation as we were before the debt deal of 2011. That is, we’ll be knocking on the debt ceiling again.

Larry Greenley “Who Voted to Perpetuate Trillion Dollar Deficits?”

Pennsylvania House
Aye PA-1 Brady, Robert [D]
Aye PA-2 Fattah, Chaka [D]
Aye PA-3 Kelly, Mike [R]
Aye PA-4 Altmire, Jason [D]
Aye PA-5 Thompson, Glenn [R]
Aye PA-6 Gerlach, Jim [R]
Aye PA-7 Meehan, Patrick [R]
Aye PA-8 Fitzpatrick, Michael [R]
Aye PA-9 Shuster, William [R]
Aye PA-10 Marino, Thomas [R]
Aye PA-11 Barletta, Lou [R]
Aye PA-12 Critz, Mark [D]
Aye PA-13 Schwartz, Allyson [D]
No PA-14 Doyle, Michael [D]
Aye PA-15 Dent, Charles [R]
Aye PA-16 Pitts, Joseph [R]
Aye PA-17 Holden, Tim [D]
Aye PA-18 Murphy, Tim [R]
Aye PA-19 Platts, Todd [R]
Pennsylvania Senate
Yea PA Casey, Robert [D]     
Nay PA Toomey, Patrick [R]

Reference: http://www.jbs.org/news/who-voted-to-perpetuate-trillion-dollar-deficits
Reference: Report: U.S. Spends 60 Percent Of Debt-Ceiling Increase In One Day

Written by federalexpression

August 6, 2011 at 2:00 am

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