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What ARE we entitled to?

8/14/2012

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There has been much talk lately about entitlements. Most of the talk seems to center around the cost of Social Security, Medicare and Medicaid. These are called entitlements; because the recipients are entitled to the cash. After all, recipients of Social Security and Medicare have paid into the system for most (if not all) of their working lives. Lately, we've heard that Healthcare, Collective bargaining, and a college education are also universal entitlements. It's time to look at what we really ARE entitled to from our federal government.

We are entitled to a clear separation of powers on the federal level. (Article 2 Section 2)

We are entitled to the separation of powers between the federal and state governments. (Amendment 10)

We are entitled to have the laws that affect us created by legislators elected by ñ and thus answerable to ñ the people. (Article 1 Section 1)

We are entitled to see our tax money spent in ways that we approve; for the benefit of ALL citizens. (Article 1 Section 8)

We are entitled to a common defense from foreign invasion and domestic violence (that the states cannot control). (Article 4 Section 4)

We are entitled to judges who are bound by the supreme law of the land. (Article 6)

We are entitled to vote, no matter who we are. (Amendment 19, 24, & 26)

You will notice that I didn't touch on any of the rights guaranteed (but not granted) by the constitution. These are rights, not entitlements. The difference? Rights are something you're born with. But you can be forgiven if you thought rights and entitlements are the same thing; according to Webster's 9th Collegiate dictionary, they became synonyms in 1944.

It's sad, really; the noble concepts of Life, Liberty and the pursuit of Happiness can now safely be lumped together with a monthly check from the government. Money taken from others to be redistributed to those more deserving of it.  

Tim Fullerton

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China’s Holdings of U.S. Securities: Implications for the U.S. Economy

12/27/2011

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Warnings from the Congressional Research Service Report: Sept 26, 2011
>U.S. reliance on foreign savings is not sustainable and may undermine U.S. economic interests over time.
>Turning away from the dollar as the world's reserve currency causing a sudden and large depreciation in the value of the dollar, as the supply of dollars on the foreign exchange market increased, and a sudden and large increase in U.S. interest rates.
>Should Washington continue turning a blind eye to its runaway debt addiction, its already tarnished credibility will lose more luster, which might eventually detonate the debt bomb and jeopardize the well-being of hundreds of millions of families within and beyond the U.S. Borders.

Excerpts from
The Congressional Research Service Report

China’s Holdings of U.S. Securities: Implications for the U.S. Economy

The complete report can be found here. http://www.fas.org/sgp/crs/row/RL34314.pdf

Growing Bilateral Tensions over the U.S. Public Debt

Since the beginning of the global financial crisis in 2008, U.S. government officials have increasingly sought to offer assurances to Chinese officials regarding the safety of China’s holdings of U.S. government debt securities and to encourage China to continue to purchase U.S. securities. For example, during her first visit to China on February 21, 2009, Secretary of State Hillary Rodham Clinton was quoted as saying that she appreciated “greatly the Chinese government's continuing confidence in the United States Treasuries,” and she urged the government to continue to buy U.S. debt.26 However on March 13, 2009, Chinese Premier Wen Jiabao at a news conference stated: “We’ve lent a huge amount of capital to the United States, and of course we’re concerned about the security of our assets. And to speak truthfully, I am a little bit worried. I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets."27 On March 24, 2009, the governor of the People’s Bank of China, Zhou Xiaochuan, published a paper calling for replacing the U.S. dollar as the international reserve currency with a new global system controlled by the IMF.28

The recent contentious U.S. debate over raising the debt ceiling and over how to address long- term U.S. debt issues, along with the downgrade of the long-term sovereign credit rating of the United States from AAA to AA + by Standard and Poor’s in August 2011, appear to have intensified China’s concerns over its U.S. debt holdings.29 Several government-controlled Chinese newspapers issued sharp criticism of U.S. economic policies (as well as the U.S. political system). For example:

• A July 28, 2011, Xinhua News Agency (Xinhua) editorial stated: “With its debt approximating its annual economic output, it is time for Washington to revisit the time-tested common sense that one should live within one's means.”

• An August 3, 2011, a Xinhua editorial stated: “Should Washington continue turning a blind eye to its runaway debt addiction, its already tarnished credibility will lose more luster, which might eventually detonate the debt bomb and jeopardize the well-being of hundreds of millions of families within and beyond the U.S. borders.”

• A Xinhua August 6, 2011, editorial said: “The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone. International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country.”

• A Xinhua editorial on August 8, 2011, stated: “The days when the debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing appeared to be numbered as its triple A-credit rating was slashed by Standard & Poor's (S&P) for the first time on Friday. China, the largest creditor of the world's sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets.”

Some analysts contend that China’s main concern is not a possible U.S. default on its debt, but rather U.S. monetary policies that have been utilized by the Federal Reserve in recent years to stimulate the economy, namely the purchases of U.S. Treasury securities, agency debt, and agency mortgage-backed securities. Such measures, often referred to as “quantitative easing” (QE), have led the Federal reserve to purchase over $2 trillion in U.S. securities since March 2009 in an effort to lower long-term interest rates.32 An August 25, 2011, editorial in China Daily stated that

“China is not worried that Standard & Poor's has downgraded the U.S. credit rating from AAA to AA+. Rather it is concerned about the Fed announcing QE3. If the U.S. administration chooses to make the irresponsible choice of devaluating the dollar further, China would not only stop buying U.S. debt, but also gradually decrease its holdings, which would certainly not be in the interests of the U.S.”

Chinese officials have expressed concerns that actions by the Federal Reserve to boost the U.S. money supply will undermine the value of China’s holdings of U.S. dollar assets, either by causing the dollar to depreciate against other major currencies or by significantly increasing U.S. Inflation.

Some Chinese analysts have argued that the debt problems in Europe and the United States will decrease their demand for Chinese products, and that a depreciating dollar will lower the value of Chinese dollar assets. Thus, they argue, China will need to accelerate its economic reforms in order to boost domestic consumption (including increased imports), lower its dependency on exporting for economic growth, and slow or reduce China’s FX reserves and holdings of U.S. securities. If China consumed more and saved less, it would have less capital to invest overseas, including in the United States. Thus, if the United States did not reduce its dependence on foreign savings for its investment needs (and borrowing for deficit spending), and China reduced its U.S. investments, the United States would need to obtain investment from other countries, and the overall U.S. current account balance would likely remain relatively unchanged but U.S. interest rates would be expected to rise.

A potentially serious short-term problem would emerge if China decided to suddenly reduce their liquid U.S. financial assets significantly. The effect could be compounded if this action triggered a more general financial reaction (or panic), in which all foreigners responded by reducing their holdings of U.S. assets. The initial effect could be a sudden and large depreciation in the value of the dollar, as the supply of dollars on the foreign exchange market increased, and a sudden and large increase in U.S. interest rates, as an important funding source for investment and the budget deficit was withdrawn from the financial markets.

Many analysts argue that heavy U.S. reliance on foreign savings is not sustainable and may undermine U.S. economic interests over time.

Posted By:  Stephen McElr
2 Comments

Heath Frazier from Tax Day 2010

6/29/2010

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Picture
For the next few days, I will be posting summaries of the speeches for our Tax Day Tea Party.

The first speech is by Heath Frazier. If you don’t who Heath is, that is because he is an ordinary American, trying to provide for his family. I met Heath as I was starting to plan our first Tea Party. He also wanted to plan a Tea Party in Clarksburg, WV, so we joined forces. He has spoken at each of Tea Parties and will be speaking at the Independence Day Tea Party on July 5, 2010.

Heath offers encouragement listing some of the Tea Party victories. He points out, “It has taken the progressives in this country to organize in local communities for decades. Its only taken the Tea Party patriots about 12 months.”

Heath goes on to say that despite these victories we to continue to fight against expansions of government and the reckless spending of tax payer money. How do we do this? By electing people who abide by the Constitution instead of people who make their decisions according to back room deals and buyout. Heath says, “We need heroes not cowards. We need patriots not socialists.” We need to find candidates who stand for what we believe is good for our nation. They should be people who will stand for things such as, state’s rights, small businesses, and decreased government involvement in our lives. When find these candidates we need to do everything we can to get them elected.

Why is Heath involved in the Tea Party? So he can tell his 2 year old son that he did something to protect his son’s liberty. Why are you involved in the Tea Party? What are you doing to secure liberty for future generations?


By Laura Kennedy

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More Bailouts?

4/22/2010

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The Restoring American Financial Stability Act of 2010, Senate Bill 3217, scheduled to hit  the Senate floor this Friday, April 23. This bill is Senator Chris Dodd’s solution to the “too big to Fail problem.” It will create bailouts forever by creating a new $50 Billion fund that will be used for restructuring companies that would close due to bankruptcy. We do not need more bailouts. Contact Senators Byrd and Rockefeller today and ask them to oppose Senate Bill 3217.

Senator Byrd

Telephone:  (202) 224-3954

Fax:  (202) 228-0002

 

Senator Rockefeller

Telephone:  (202) 224-3954

Fax:  (202) 228-0002

 

Please, join us in front of Senator Rockefeller’s Fairmont office Monday, April 26 at NOON. Bring your signs and enthusiasm. We want Sen. Rockefeller to know bailouts hurt, freedom works!

 

The office is located at:

118 Adams Street
Suite 301
Fairmont, WV


 

The following good articles about this bill:

http://blog.heritage.org/2010/03/26/morning-bell-dodd-bill-creates-permanent-tarp-and-you-can-quote-that/

http://blog.heritage.org/2010/04/13/how-to-create-bailouts-forever/

http://www.redstate.com/jimbo51/2010/04/18/hidden-danger-in-dodd-financial-reform-bill/


By: Laura Kennedy
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Health Care Reform

9/4/2009

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President Obama will deliver a message concerning health care reform next Wednesday, a day after Congress resumes session. We must keep the conversation flowing. People need to know what this kind of reform will do to the finances of future generations.  The non-partisan Congressional Budget Office says the current House plan would increase the deficit by $239 billion over 10 years. The deficit is the amount added to the debt each year. When we already owe over $11,000,000,000,000 (not including unfunded mandates), why would we institute a program that would increase our spending by so much? Why would ask our children to pay for our responsibility?

This is not the federal government’s job. James Madison would not be able to point out a power in the Constitution that gives Congress this power, as evident by his statement, “I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.”  We can do a more effective job of helping the poor individually and through private charities than the federal government, as long as the federal government preserves an environment that fosters economic freedom.

We should be able to purchase insurance across state lines, buy group insurance for groups other than employers, and get the same tax treatment regardless of how we purchase our insurance.

Both of our senators and Congressman Mollohan have voiced support for this government takeover of health care. Please keep contacting them and keep the conversation flowing with your family and friends.
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What does the Bible say about the debt from the health care bill?

9/4/2009

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The non-partisan Congressional Budget Office says the current House plan would increase the deficit by $239 billion over 10 years. The deficit is the amount added to the debt each year. We, as a country are already over $11,000,000,000,000 in debt.  That does not include unfunded liabilities. The national debt is out of control.  People are talking about a moral imperative to provided health care, but is it true and what does the Bible say about all this debt?

The Bible certainly speaks against debt. Romans 31:8 says “Owenoman anything, but to love one another: for he that loveth another hath fulfilled the law.”

Furthermore, we will not be able to pay off this debt. We will leave an inheritance of debt for our children and grandchildren. I do not think this is the kind of inheritance mentioned in Proverbs 13:22, which says, “A good [man] leaveth an inheritance to his children's children.” We should leave an inheritance of prosperity for our children.

 We should also leave an inheritance of freedom. God wants His people to be free. We are a Christian nation and God has many people in this country He wants to protect from oppression. “Who the Son has set free is free indeed.” As long as we are a nation of borrowers we cannot be completely free. Proverbs 22:7 says, “The rich ruleth over the poor, and the borrower is servant to the lender.”

What about the rich poor dynamic? In a free market system everyone has a chance to be rich, instead of everyone being equally poor. In a society where people are free to be rich, God will bring money to those who do His will, which includes helping the poor.

The Bible does talk about giving to the poor. However, I do not remember Jesus saying, “Caesar, give others people’s money that you collected through taxes to the poor.” God’s people are charged with the responsibility of caring for the poor. We should not push this responsibility off onto the government. We could give to charities that provide medical care or help people pay medical bills. We could start a fund at church to help with medical expenses. We can help a neighbor who needs surgery. We should not ask the government to take care of the poor and force our children and taxpaying citizens to foot the bill.
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Politicians are Accountable to the People

6/24/2009

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I met a couple from California yesterday. The husband said, “Our state is broke and I just want to know where our tax dollars are going.” It seemed to be difficult for him say that his state is broke. He said that their taxes have been raised and teachers have been losing their jobs. He wants know why his state government is making the choices they are making with his money. I met another man from California who told me that Californians are not as the rest of the country pictures. He said that their state government does not reflect the values of the citizens.

In the rest of the country, we feel the same way. We see taxes go up, and sometimes taxes go up and we do not realize it because the way politicians raise the taxes. We see that our country is in debt. We see that other countries are losing faith in the dollar. We wonder where are our tax dollars are going. We have seen the bailouts, and we wonder, “Why is our government making these choices with our money?” We look at our politicians and know that their decisions do not reflect our values of freedom and responsibility.

Our country was founded to be a country in which the values of the people were reflected by the government. It is a country in which the people hold the politicians accountable. On July 4, we will stand up and say, “Enough already.” We want our politicians to know where we stand and that we going to hold them accountable. If they do not listen to the people, they will find out what it is like to be unemployed.

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There is Always Something We Can Do

6/16/2009

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It is wonderful to be in the greatest nation in the world. I am thankful to have been born in the United States of America. However, with the government takeover of the banking and car industries, with czars that are accountable to no one except the president, with a tax system that stifles opportunity, and with a mountain of debt that we will be passing on to our children’s children, the future of the country looks bleak. In this situation, we could find ourselves asking, “Why me?” We could find ourselves saying, “All hope is lost.” We can choose to say, “There is something I can do!” We can choose to say, “I was born for such a time as this, so I will stand up and take my nation back!”

This is still the land of the free and the home of the brave.   We still have the freedom to speak out and let our beliefs be heard. We still have the freedom to choose our leaders. We still have the freedom to say, “We’ve had enough!”  The well being our children hangs in the balance. If we want our children to enjoy the freedom we have enjoyed, we must speak out. If we want our children to enjoy the freedom for which so many people have fought and died, we must speak out. Are we brave enough to take a stand for the future this nation? I think we are.

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Happy Mother's Day

5/9/2009

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Happy Mother’s Day! I admire everyone woman who has taken up the yoke of motherhood.  A friend of recently posted on Facebook, “According to Fox News, stay-at-home-moms would make nearly $123,000 a year if they were paid for all their hard work. Now to figure out how to start getting those paychecks.” That is great, but I chose to sacrifice my paycheck to stay home with my children. Some women work hard in the workplace, then come home and work hard at there. We do not run a debt that we cannot pay off because I stay home with my children. We do not live off the fruits of someone else’s labor. I work hard in the home so my husband can work hard in the workplace, and we make sacrifices. We make hard decisions on what to spend money on and what to sacrifice. I ask our politicians to do the same. There is a guide that should help. It is called the Constitution of the United States of America. Read Article 1 Section 8 of the Constitution to find out the powers of congress and for what taxes may be collected.

"Section 8 - Powers of Congress

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

To establish Post Offices and Post Roads;

To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;

To constitute Tribunals inferior to the supreme Court;

To define and punish Piracies and Felonies committed on the high Seas, and Offenses against the Law of Nations;

To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water;

To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;

To provide and maintain a Navy;

To make Rules for the Government and Regulation of the land and naval Forces;

To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;

To provide for organizing, arming, and disciplining the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;

To exercise exclusive Legislation in all Cases whatsoever, over such District (not exceeding ten Miles square) as may, by Cession of particular States, and the acceptance of Congress, become the Seat of the Government of the United States, and to exercise like Authority over all Places purchased by the Consent of the Legislature of the State in which the Same shall be, for the Erection of Forts, Magazines, Arsenals, dock-Yards, and other needful Buildings; And

To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof."

As a concerned mother, I ask everyone to keep a watchful eye on our nation. Our children are depending on us. When making the tough decisions of where to spend our money, we need to hold the congress accountable. On what is the money going to be spent, and where in the constitution does it say our money can be taken to pay for these expenditures? Do we have the money to spend or is it going to increase the national debt? To all the mothers, thank you for your hard work. Thank you for raising responsible citizens. Thank you for keeping an eye on the family budget. Thank you, Americans, for watching the nation’s budget.

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Disease that Could Plague Generations

5/4/2009

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Last week we were all watching the “swine flu.” Of course, we watched. We do not want a deadly disease to afflict us or our children, but there is a deadly disease that is afflicting our country, debt. We must remain vigilant concerning this disease that could affect countless people over multiple generations. This week congress passed a budget of $3.4 trillion with $1.2 trillion in deficit spending.  Deficit spending is added to our national debt. We need to not just cut our deficit spending we need to completely eliminate it. How can we continue to spend more money than we make and ever have the hope of getting out of debt? If we never get out of debt, our children will pay for our reckless spending.  Let’s start by not adding expenses like bailing out failing companies. Chrysler was considered “too big to fail.” Last week, while we were all watching the swine flu it was announced that Chrysler went into bankruptcy. We bailed Chrysler out and the company still failed. I have learned from experienced parents that if you continually bail your children out they will continue to fail. This has got to stop we must let some companies fail so we can all learn how to succeed. Let’s keep a watchful eye on our government and make sure we do not miss what is happing in Washington by being blinded by fear.

Find out how your Representative voted on the budget.

http://clerk.house.gov/evs/2009/roll216.xml

Find out how your Senators voted on the budget.

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=1&vote=00173#position

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