Old Mother Hubbard found nothing to cut, “The cupboard is bare,” she pronounced.
Pelosi was trying to make the case that the federal government is fat free and there’s nothing that can be cut in the $3.5 trillion federal budget — a budget that’s expanded in inflation-adjusted dollars by 40 percent since 2002. What is “important” for us to “understand,” according to Pelosi, is that we’ll find nothing, not even a dime, on the federal shelves when it comes to waste, abuse, inefficiency and fraud — even though profligate federal spending has racked up $17.2 trillion in federal debt, a total equal to the GDP, the nation’s total annual output, and current federal spending is adding $2 billion a day in additional red ink.
The $17.2 trillion in federal debt comes out to $150,000 per household — or $300,000 per household for the roughly half of U.S. households that pay federal income taxes. Regarding future red ink, the Congressional Budget Office estimates that the federal government will need to borrow 16 cents for every dollar it spends in 2014, even with the additional tax increases enacted in 2013, and it projects that annual federal deficits will sharply rise to trillion-dollar levels by 2020.
Still, when it comes to reducing deficits and stemming the flow of red ink, we “cannot have any more cuts just for the sake of cuts,” stated Pelosi. “Right now you’re taking trophies.”
There’s an annual $72 million food-service loss on taxpayer- supported Amtrak trains, including $498,000 for free wine and cheese parties for sleeper-car passengers, plus a $124,955 NASA grant for the development of a 3-D space pizza, and $17.5 million in tax deductions for brothels in Nevada for promotional “free passes” and work-related cosmetic surgery augmentations. The National Science Foundation paid $398,990 to study links between political identification and cognitive abilities. There’s also $5 million from the State Department to Custom Crystal for new wine glasses with specifications that the glassware be “free of imperfections” and sold in “high-end retail department stores” such as Neiman Marcus, be stylishly emblazoned with the Department of State seal and have “a sharp high-pitched resonant sound when tapped with a metal object.
Plus there’s $1.9 million for lifestyle coaching for Senate staffers and $384,989 to Yale to study oddities in duck genitalia, $300,000 per year for oil portraits of high-level federal bureaucrats, $500 per gallon payments for diesel fuel in Afghanistan, $19 million to see if global warming will produce scrawnier cows, and $566,000 from the post office to futurist Faith Popcorn (no joke) to find out what’s coming next.
Pelosi wants a Windfall Tax on Retirement Income. In other words tax what you have made by investing towards your retirement. She wants this on all stock market profits (401k and Mutual funds) all to help the 12 million illegals and other unemployed minorities. “We need to work toward the goal of equalizing income (MARX??) in our country and at the same time limiting the amount the rich can invest. How these new tax dollars would be spent, “we need to raise the standard of living of our poor, unemployed and minorities”.
Sources—pittsburg tribune, Ralph reiland,