Fiscal Responsibility

Monday, January 7, 2013

We all knew that Congress wasn't going to do anything significant with regard to fiscal responsibility. At least for the last 50 years, our Congress has feathered their own nest, destroyed the Social Security System, and essentially, distorted the tax system, and in general, been fiscally malfeasant. 

In this day of high tech, we should have an efficient, fair, flat, simple, and broad based tax system, where everyone has some skin in the game. Instead, we have members of Congress that have shifted the burden of taxes to half the working people, and the other half pay none. And a lot of them that don't pay any federal taxes actually get money back (think of it as a modified Welfare System). When I was in the Navy, I paid taxes, and I made less than minimum wage. Social Security taxes just go into the general fund, and it makes me wonder why we have money designated for it.

My suggestion would be to take a small percentage of revenues and build up a new Social Security Retirement Fund, maybe like the Federal Employees Retirement System, and once it is adequately funded (maybe to 140 or 150 percent of expected liability), shift current retirees to it, then it would not need additional input. No Congress would get access to it, and guess what, a reduction of about 12.5 or 13 percent in peoples tax burden.

Question:  If you treated your own finances like Congress treats tax revenue, do you think you might be headed toward bankruptcy?

Also, the biggest counterfeiter in history, Ben Bernancke, is printing 60 billion a month to buy our own Treasury Bonds, called Quantitative Easing. 

Brian Foley

The Peasants Want Our City Back - And Response (2)

Re: Roy Exum: We Want Our City Back  When local government makes decisions that defy common logic, it frustrates we the peasants that do not have a meaningful voice in how our money is spent.  Roy Exum articulated to the very core of how we the peasants are marginalized by local government, completely ignored.  I am amazed at how regular ... (click for more)

Roy Exum: We Want Our City Back

Late Saturday morning, there was a driving rain as I took my khakis to be hemmed by Bruce Baird, who owns a wonderful menswear store on Broad Street, and it was glaringly obvious that what the crazies among us have done with a looney bike-lane scheme is ridiculous. There are concrete barriers, reducing Broad Street to two lanes of traffic, which I believe will impede downtown businesses ... (click for more)

Baylor Student, 16, Dies After Cardiac Incident At Pool

A 16-year-old Baylor School student died after a cardiac incident at a pool on Monday afternoon. Sumner Smith died in the incident on campus. The student was taken by ambulance to Erlanger. Baylor's Barbara Kennedy said it happened during a routine swim practice. He was found unresponsive in the pool. Counselors were being provided on the Baylor campus on Tuesday. ... (click for more)

Bradley County Commission Decides Not To Provide Animal Pickup Service

Bradley County Commissioners on Monday finally put animal control to rest. It was not easy and it was not without confusion, but in the end, the county will not provide animal pickup service. Confusion began when commissioners were asked to approve the agenda, which included two options for animal control pick up. Item “D” provided for the SPCA of Bradley County to pick ... (click for more)

Lady 'Canes Beat Bradley, Set Up Showdown With Ooltewah

CLEVELAND, Tenn. – East Hamilton and Bradley Central had played four times before their District 5-3A volleyball tournament opener on Monday. The two teams split the series. Monday’s match was clearly more important than the previous four, since the winner advanced in the district tourney and the loser went home. The No. 4 seed Lady Hurricanes (21-15) rallied impressively ... (click for more)

UTC Women's Basketball Team Ranked No. 22 In Preseason Poll

The University of Tennessee at Chattanooga women’s basketball team is receiving preseason recognition with a No. 22 ranking in the Athlon Sports 2015-16 Preseason Top 25.   2015 Southern Conference and Tennessee Sports Writers’ Association Coach of the Year Jim Foster returns nine players from the 2015 Southern Conference championship team including four starters. Senior ... (click for more)