|
Positions and Views on Other Issues where Information is Available: |
|
|
| Fiscal Policy |
Positions and Views |
| Fiscal Policy, a General Statement |
Tanner: As a candidate for the U.S. Senate, I'm often invited to address various constituent forums on the issues of our day. And although debating with incumbents of renown can be a heady experience, I've noticed that regardless of the promises being made, politicians never address the impact (of planned legislation) to growing U.S. budget deficits and our huge national debt.
I don't mean to bore you with the details, but according to the government's General Accounting Office, total U. S. fiscal exposure from unfunded entitlements alone exceeds $46-trillion, and our interest payments on the national debt now comprise our fourth largest budget expenditure.
Now I admit that calling for fiscal restraint is unpopular, especially considering: the reconstruction efforts on the Gulf Coast, our two-front war, and the onset of "baby boomer" retirements. But frankly, if we cannot do a better job at belt tightening, our foreign creditors will do it for us.
No longer bound by the gold standard (since 1971), the U.S. dollar is a fiat currency that has no intrinsic value, other than the good faith and credit of America. But of late, with our public and private indebtedness now J-curving, it's U.S. creditworthiness that's being called into question.
Even anticipating currency weakness implies an economy in turmoil, characterized by: the decline of a national manufacturing base, growing asset bubbles, rising loan defaults, and serious balance-of-trade deficits. Does this list of symptoms remind you of any economy in particular?
At this time the U.S. economy is analogous to the "bumblebee", which according to scientists, shouldn't be able to stay air borne, based on its weight to wingspan ratio. So what's keeping us aloft? Consumer spending spurred by home-equity credit sustains 70% of our economic altitude.
Unfortunately, with new housing sales slowing and existing inventory rising, lower housing values coupled with second mortgages - will soon lead to negative equity f [Response was truncated to maximum response length of 2000 characters.]
Source: Submitted by Roy Tanner Date: 10/16/2006 |
| Federal Budget and Debt |
Tanner: No Response |
| Presidential Line-item Veto Power |
Tanner: No Response |
| Deficit Spending |
Tanner: No Response |
| Spending Limits |
Tanner: No Response |
| Entitlements |
Tanner: No Response |
| Balanced Budget Constitutional Amendment |
Tanner: No Response |
| Foreign Creditors |
Tanner: No Response |
| Pay-As-You-Go (PAYGO) Rule for Tax Cuts or New Spending |
Tanner: No Response |