“That foremost among the transcendent values is the individual’s use of his God-given free will, whence derives his right to be free from the restrictions of arbitrary force;
That liberty is indivisible, and that political freedom cannot long exist without economic freedom;
That the purpose of government is to protect those freedoms through the preservation of internal order, the provision of national defense, and the administration of justice;
That when government ventures beyond these rightful functions, it accumulates power, which tends to diminish order and liberty;
That the Constitution of the United States is the best arrangement yet devised for empowering government to fulfill its proper role, while restraining it from the concentration and abuse of power;
That the genius of the Constitution—the division of powers—is summed up in the clause that reserves primacy to the several states, or to the people, in those spheres not specifically delegated to the Federal government;
That the market economy, allocating resources by the free play of supply and demand, is the single economic system compatible with the requirements of personal freedom and constitutional government, and that it is at the same time the most productive supplier of human needs;
That when government interferes with the work of the market economy, it tends to reduce the moral and physical strength of the nation; that when it takes from one man to bestow on another, it diminishes the incentive of the first, the integrity of the second, and the moral autonomy of both;
That we will be free only so long as the national sovereignty of the United States is secure; that history shows periods of freedom are rare, and can exist only when free citizens concertedly defend their rights against all enemies;
That the forces of international Communism are, at present, the greatest single threat to these liberties.”
GAO-22-105376 Published: May 05, 2022. Publicly Released: May 05, 2022 – Excerpts:
The federal government faces an unsustainable fiscal future. If policies don’t change, debt will continue to grow faster than the economy. This year’s review of the nation’s fiscal health found:
Large annual budget deficits drive debt growth, as the government borrows money to finance spending that exceeds revenue
Medicare and Social Security costs drive spending increases, especially as the population continues to get older
Interest costs are projected to grow and could increase even faster if interest rates rise more than expected
Difficult policy decisions are needed to address the growing debt and change the government’s fiscal path.
What GAO Found
The federal government faces an unsustainable fiscal future. At the end of fiscal year 2021, debt held by the public was about 100 percent of gross domestic product (GDP), a 33 percent increase from fiscal year 2019. Projections from the Office of Management and Budget and the Department of the Treasury, the Congressional Budget Office, and GAO all show that current fiscal policy is unsustainable over the long term. Debt held by the public is projected to reach its historical high of 106 percent of GDP within 10 years and continue to grow at an increasing pace. This ratio could reach 217 percent of GDP by 2050, absent any change in fiscal policy.
Debt Held by the Public Projected to Grow Faster Than GDP
The underlying conditions driving this unsustainable fiscal outlook existed well before the COVID-19 pandemic and continue to pose serious challenges if not addressed.
Federal Budget Deficit in Fiscal Year 2021 was Second Largest in History
The fiscal year 2021 federal budget deficit of $2.8 trillion was the second largest in history, after the fiscal year 2020 deficit of $3.1 trillion. These historically large deficits were due primarily to economic disruptions caused by the COVID-19 pandemic—which decreased revenues in fiscal year 2020—and the additional spending by the federal government in response to the pandemic. Federal debt held by the public grew by about $5.5 trillion during fiscal years 2020 and 2021, reaching $22.3 trillion at the end of fiscal year 2021.
Increasingly Large Deficits Drive Unsustainable Debt Levels
In GAO’s simulation, starting in 2024, debt held by the public grows faster than GDP in every year. In most years, debt held by the public grows more than twice as fast as the economy, in real terms. The growing debt is a consequence of borrowing to finance increasingly large annual budget deficits. The total budget deficit is composed of two parts:
The primary deficit: the gap between non-interest (program) spending and revenue and
Spending on net interest: primarily the cost to service the debt.
Primary Deficit and Total Budget Deficit, Actual and Projected
In GAO’s simulation, increasing primary deficits are driving spending and revenue trends.
Spending: Medicare, other federal health care programs, and Social Security are requiring an increasingly large share of federal resources. Under GAO’s simulation, spending for both major federal health care programs and Social Security would account for 85 percent of projected revenue in 2050, up from 63 percent in 2019.
Revenue: Average annual revenue as a share of GDP was lower over the last 20 years than in prior decades. From 2000 to 2021, revenue averaged 16.8 percent of GDP annually, compared to annual average of 17.9 percent of GDP between 1980 and 2000.
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Note – There is ‘no political will’ among either Washington Democrats or Washington Republicans to effect any meaningful changes to address the GAO’s dire fiscal forecast for the U.S..
Their non-action is both shameful and dangerous.
Main Street Republicans, however, do have a plan – one that re-targets Federal Reserve monetary policy to create enormous fiscal benefits and long-term financial viability for the United States.
This Plan will generate $583 billion budget surpluses, conservatively, each of the first five years of activation (2023-2027); reduce / eliminate America’s $3.2 trillion in state and local debt; and provided for a massive reduction in the $16.15 trillion of Household Debt carried by America’s families.
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
They need to develop specific policies and programs in time for the 2024 presidential election.
By Joseph Epstein
The Wall Street Journal, Aug. 30, 2022 – Excerpts:
“… Democrats seem always on the political offensive; with their general principles, the Republicans on the defensive, seeing it as their chief task to block costly Democratic bills and other attempts at radical change….
…What the Republicans had going for them in the midterms was opposition to inflation, the obvious madness (and sadness) of our open southern border, the crime openly rampant in big-city streets, the wobbly foreign policy of an American president who in this realm and others seems well over his head.
However worthy of attack these things are, they leave the Republicans in the respectable but limited position of loyal opposition. What, apart from this opposition, does the party stand for that American voters can get behind in the passionate way that wins elections?
The lack of positive policies or programs leaves Republicans open to the old argument that the party stands for little more than the defense of rich and the maintenance of the status quo. In this scheme—or, as we say nowadays, narrative—the Democrats stand for progress, they are the party of the people, holding the torch of social justice high, while the Republicans stand for regress, the continual enrichment of the 1%, a deep insensitivity to injustice and suffering.
If Republicans were to promote policies and programs formed from their principles, it would have the not-trivial benefit of putting give-and-take back at the heart of the two-party system. A politics that encouraged the parties to argue over rivaling ideas would invite the intelligent participation of a great number of Americans.
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What our Washington Republicans have not done is “promote policies and programs” that are forged from their defining principles and core beliefs, programs what will (1) Get the federal budget back under control, (2) Reduce government control over the daily affairs of citizens, (3) Formalize a long-term robust economic growth plan, and (4) Restore financial security for American families.
Main Street Republicans, the very hard-working, tax-paying, God-fearing U.S. citizens, who comprise the back-bone of America, have just such a formal plan.
The Leviticus 25 Plan will (1) Generate $583 billion budget surpluses, (2) Reduce government control over the daily affairs of citizens, (3) Reign in out-of-control entitlement spending, (4) Provide massive debt elimination and newfound financial security for millions of American families, (5) Revitalize a citizen-centered health care system, (6) Promote economic liberty and free market dynamics for the U.S. economy, (7) Provide long-term strength and stability for the U.S. Dollar and steer America clear of a freedom-robbing Fed-based Central Bank Digital Currency (CBDC).
The Leviticus 25 Plan – An Economic Acceleration Plan for America
