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



How To Be #ChattanoogaStrong

Chattanooga is my home; I was born here 35 years ago. Without a doubt, this has been one of the most challenging times in our city's history. The #ChattanoogaStrong hashtag will remain for quite some time, but it means so much more than 18 characters on social media. It represents the sorrow and mourning, as well as the resilience and compassion, of our exceptional community.  ... (click for more)

Roy Exum: Navy Denies Any Charges

UPDATE: A spokesman for the U.S. Navy on Sunday denied reports that disciplinary charges will be filed against Lt. Cmdr. Timothy White for discharging an unauthorized weapon on federal property.   According to a post of Facebook and other social media sites, a statement reads, “Stories of Navy personnel being charges with an offense are not true. There is still a long way ... (click for more)

Truck Driver Who Caused Wreck That Killed 6 People At Ooltewah Indicted On 13 Charges

The Chattanooga Police Department has issued a capias for the arrest of Benjamin Brewer, 39, concerning the multiple fatality traffic crash that occurred on I-75 North Bound on June 25. Brewer was indicted on Monday on 13 counts.  They are:  six counts for vehicular homicide by impairment, a B-felony; four counts for reckless aggravated assault, a D-felony; one count ... (click for more)

$40 Million Traffic Improvement Set To Connect Hamilton Place More Directly With I-75 And Ease Congestion On Shallowford Road

The city, state and CBL & Associates are cooperating on a $40 million plan to make the Hamilton Place section more accessible to Interstate 75. The upcoming project will provide a direct connection for southbound I-75 traffic with Hamilton Place Boulevard. The project will also provide a new connection for those on Hamilton Place Boulevard to enter I-75 northbound. ... (click for more)

NPSL Championship To Be Played In Chattanooga

The National Premier Soccer League’s National Championship will be held in Chattanooga, Tennessee, the league announced Monday.  The match will take place at Finley Stadium on Saturday, August 8th at 7:30 pm ET.     “We felt that having the match in Chattanooga was best for the league,” NPSL Chairman Joe Barone commented.  “It will provide us with the maximum ... (click for more)

Lookouts Roll Over Generals Sunday, 8-2

Jackson, Tenn. - The Lookouts took an 8-2 victory at The Ballpark at Jackson in the series opener. On the mound for the Lookouts on Sunday was left-hander Brett Lee looking for his second win of the year in the Southern League. He tossed the first six innings without allowing a run, scattering five hits and a walk with four strikeouts to end up with the win. Chattanooga took ... (click for more)