It will be the end of the world as we know it if the federal government does not reform its fiscal ways, according to the Congressional Budget Office’s recent Long-Term Budget Outlook. The results from this year’s report, particularly the extended alternative fiscal scenario, are even worse than last year’s. The alternative fiscal scenario projects non-interest expenditures to reach 26.1% of GDP in 2037. This surpasses last year’s gloomy outlook in which CBO projected expenditures to reach 25.0% of GDP in 2035. Historically, non-interest expenditures have averaged about 19%. Alarmingly, CBO projects debt held by the public, which excludes trust fund debt like Social Security, will be 199% of GDP in 2037, up from 69% in 2011.
Chaffetz: To Avert Disaster, Washington Must Tackle Fiscal Reform
Jun 10, 2012 | 818 views | 1 
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| 5 | | It will be the end of the world as we know it if the federal government does not reform its fiscal ways, according to the Congressional Budget Office’s recent Long-Term Budget Outlook. The results from this year’s report, particularly the extended alternative fiscal scenario, are even worse than last year’s. The alternative fiscal scenario projects non-interest expenditures to reach 26.1% of GDP in 2037. This surpasses last year’s gloomy outlook in which CBO projected expenditures to reach 25.0% of GDP in 2035. Historically, non-interest expenditures have averaged about 19%. Alarmingly, CBO projects debt held by the public, which excludes trust fund debt like Social Security, will be 199% of GDP in 2037, up from 69% in 2011.
today's headlines
Local Headlines
Jun 20, 2013 | 1735 views | 0 | 7 | |
| 7 | | Salt Lake Tribune
Editorial: Money talks: Scientific evidence for fund limits
6 million tons of Moab tailings removed, 10 million to go
Utah lawmakers frown on allowing recall elections
House GOP OKs Swallow investigation on way to possible impeachment
Protesters say Swallow must go, public trust is shot
Senate shoots down Mike Lee's border security amendment
Lawmaker pushes registry to protect unwed dads' rights
New Utah school grades will proceed with slight tweaks
Utah's federal land, roads fights a 'wild goose chase'?
Peg McEntee: House GOP takes good first step down Swallow path
Nevada judge won't halt federal lawsuit against Jeremy Johnson
Prisons officials deny Swallow accuser faced retaliation
Becker vetoes City Council's $8 million tax hike
Deseret News
Dan Liljenquist: Three ways to restore trust in Utah A.G.'s office
Attorney General John Swallow tells House leaders 'my side of the story'
Lawmakers discuss possible tweaks to controversial school grading law
Legislative panel mulls national putative father registry
Former West Valley City Mayor Brent Anderson dies
Protesters at Capitol want Attorney General John Swallow out
House GOP stops short of starting impeachment proceedings against Swallow, votes for investigation
Salt Lake City Mayor Becker vetoes property tax increase; City Council considers override
Senators challenging White House on religious expression in military
Nevada ruling in Johnson case could bring Swallow deposition
Other
Heidi Toth: John Swallow and the public trust (Daily Herald)
House Republicans reconvening to investigate Swallow (Daily Herald)
Poll: Most Utahns want impeachment process to begin (Standard-Examiner)
Utah lawmakers vote to launch investigation of attorney general (Standard-Examiner)
John Swallow: The legal trail to impeachment (Standard-Examiner)
Obama anti-nuclear pitch in Germany draws fire from Utah Rep. Rob Bishop (Standard-Examiner)
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National Headlines
Jun 19, 2013 | 13091 views | 0 | 20 | |
| 20 | | Will Obamacare Hurt Jobs? It's Already Happening, Poll Finds (CNBC)
Irish parliamentarians spar over 'war criminal' Obama's summit visit (The Hill)
Fed decides to keeps its foot on the gas (The Hill)
TWA Flight 800 gets another look 17 years later (CBS News)
Google, responding to Edward Snowden’s leaks, challenges gag order on NSA (Washington Post)
FBI director acknowledges domestic drone use (CBS News)
Sen. Lisa Murkowski comes out in favor of gay marriage (Washington Times)
Obama challenges Russia to agree to deeper nuclear weapon cuts (Reuters)
Obamacare exchanges are behind schedule, report finds (CNNMoney)
Sen. Jeff Chiesa gets pulled by all sides on immigration (USA Today)
Local Business Headlines
Jun 19, 2013 | 20970 views | 0 | 29 | |
| 29 | | Power Pot aims to light up electronics on a dark night (Daily Herald)
Salt Lake-Utah county line a wellspring of economic vitality (Salt Lake Tribune)
Salt Lake equities analyst bought first house at age 10 (Salt Lake Tribune)
Housing confidence up among builders, but is it a fluke? (Deseret News)
Utah Technology Council touts STEM education for Utah’s economic future (Deseret News)
As sales slow, Utah’s Skullcandy retrenches (Salt Lake Tribune)
Simmons to lead Utah Sports Commission board (Salt Lake Tribune)
utah tweets
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The 2-4-8 Tax Blend is a better way to tax because it adds: a VAT ($10 trillion base) and net wealth tax ($53 trillion base); to the income tax ($13 trillion base). The Bowles-Simpson Commission was not permitted to consider these tax bases and congress apparently does not think the economy is important enough to even study the options. The tax blend is simple, efficient and so fair that it does not give a partisan advantage to either Democrats or Republicans. It is balanced to help everyone prosper and to pay more taxes only as they do.
For Business: 8% corporate rate and 4% VAT - (“tax perfection” with no downside)
For Individuals: 8% individual rate and 2% net wealth - [excluding $15,000 savings and all retirement funds]
It produces $500 billion more in revenue [about 18.5% of GDP] with no need for payroll, estate, and capital gains taxes or deferral of foreign income. This simple tax code creates an economic ecosystem of sustainable growth and investment freedom. With no (Democratic) government stimulus or (Republican) tax expenditures, a typical family would save or spend $640 more per month, business would add jobs to meet the increased demand and owners would reap handsome profit by keeping 92% of income.
After six months of writing over 200 blogs and comments; no person has identified a legal, logical or economic flaw outlining why the 2-4-8 Tax Blend would not produce sustainable economic recovery. If anyone can demonstrate why this tax reform will not work I will take down my web at www.TaxNetWealth.com. Please note that I do not consider making it too easy to tax or fears of runaway congressional spending as valid objections to any tax plan.
Eugene Patrick Devany, JD, MPA