www.federalbudget.com
In FY04 the U S Government spent $322 Billion of your money on interest payments* to the holders of the National Debt. Compare that to NASA at $15 Billion, Education at $61 Billion, and Department of Transportation at $56 Billion.
Your money is spent through Appropriations Bills passed by Congress and s igned by the President. The Government does not have any money, it takes your money from you an d spends that!
"National Debt" --- Suppose you want to spend more money this month than your income. The amount you borr owed (and now owe) is called your debt. If next month you don't have enough money to cover your spending (another deficit), you must borrow some more, and you'll still have to p ay the interest on the loan. If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan i s bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don't have any money left over for anything else. Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress's appropriation s The total borrowed is nearly $7,800,000,000,000 and growing. Even whe n government officials claim to have a surplus, they still spend more th an they get in.
think Coca-Cola gets the money to pay its taxes, Exxon gets its m oney to pay the Exxon Valdez fines, Denny's gets the money to pay its Ju stice Department fines, or even Microsoft gets the money to defend itsel f? It all ultimately can come from only one place, and that's from indiv iduals." "For society as a whole, nothing comes as a 'right' to which we are 'enti tled'. The only way anyone can have a right to something that has to be produced is to force someon e else to produce it... The more things are provided as rights, the less the recipients have to work and the more the providers have to carry th e load." "A politician cannot spend one dime on any spending project without first taking that dime from the person who earned it. So, when a politician v otes for a spending bill he is saying that he believes the government sh ould spend that particular dollar rather than the individual who worked for it." "There is no such thing as government money - only taxpayer money."
Social Security is not part of the Federal Budget general fund. It is a s eparate account and has its own source of income. Social Security paymen ts do not go into the general fund, they go in the Social Security trust fund, and should NOT be counted as general revenue. The trust fund is s upposed to be used to pay future benefits. Currently, there is more coming into Social Security than is being paid o ut to beneficiaries. What's left over is routinely being spent as if it were general budget revenue. Government agencies using that money promis e to pay it back (IOUs). All of the money in the Social Security Trust F und has been spent! So Social Security is just a very large tax collection tool.
But some c itizens own a portion of the national debt, in the form of savings bonds and other government bonds. So some of the interest payment goes to the m You may be one of them. Income Redistribution: Government takes money that you earned from you, a nd gives it to someone else. This happens when the tax money you are for ced to give to the government is given to others for their use. Then, how do you give a tax break to lower scale wage earners that don't pay much income tax? You have to take it from th e higher scale wage earners and give it to the lower scale wage earners.
more The bottom line: The National Debt Awareness Center advocates reduction o f the National Debt and replacement of income tax with a national retail sales tax.
Click here for more information about the National Debt Awareness Cam paign. The author of this web site is Gene Simmons, Founder, National Debt Aware ness Campaign (NDAC). You are authorized to copy and freely distribute t he bar chart and the information provided in this web site;
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