In a sane world, Congress would have looked at Tim  Geithner’s  record of tax indiscretions and respectfully informed President Obama that he would have to find another treasury [...]]]> In sane world, President Obama would not have put forward Tim Geithner’s name for Treasury Secretary once it was discovered he had failed to pay all his taxes.

In a sane world, Congress would have looked at Tim  Geithner’s  record of tax indiscretions and respectfully informed President Obama that he would have to find another treasury secretary.

In a sane world, Tim  Geithner  would realize that if even he can run afoul of the IRS, would have pressed upon President Obama to reform tax regulations so that job creators could spend more time creating jobs and less time figuring out their tax liabilities.

In a sane world, our treasury secretary would not have allowed his President to borrow trillions of dollars and squander trillions more.  A responsible treasury secretary would not have boasted that the US would not lose its AAA rating and advocate vigorously for the very policies that lead to the downgrade.

Tim  Geithner’s  team has tried to pressure our bond rating agencies.  Had a private sector business tried to do this it would have been illegal and subject to sanction.  After Geithner successfully secured a “debt and spending now, phantom cuts tomorrow” deal for his president, America’s credit was predictably downgraded.  Tim  Geithner could have used his influence to convince Obama to yield to responsible spending cuts, but chose to champion a borrow and spend course.

Once the scope of Secretary Geithner’s failure began to take shape, he allowed his team to begin questioning the value and competence of the rating agency – an agency private sector businesses are required by law to use, potentially casting a pall over ALL bond markets.  The thundering irresponsibility and thoughtless disregard for the law beggars the imagination.  Hoist by their own petard, the Obama administration once again blames others for the results of their own incompetence.

We have an incompetent president with an incompetent cabinet.  These men and women fundamentally misunderstand the role of the Federal Government in the economy and are utterly unacquainted with how men and women create jobs, pay their bills and care for their families.  Wealthy, arrogant and out of touch, Tim  Geithner’s  staggering failure is President Obama’s staggering failure.  We can defeat President Obama in November of 2012, but Tim  Geithner needs to resign or be fired today.

(St. Louis) – August 5, 2011 – Friday night Standard and Poor’s reduced America’s credit rating from AAA to AA+ with a negative outlook.

From the S&P report:

The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see [...]]]> Immediate Release

(St. Louis) – August 5, 2011 – Friday night Standard and Poor’s reduced America’s credit rating from AAA to AA+ with a negative outlook.

From the S&P report:

The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

While I expect our opponents in President Obama’s party to derive all the wrong lessons from this embarrassment, the brutal reality is that the much ballyhooed “victory” of the debt deal did not convince this bond ratings agency that we had begun to master our spending problem.

Washington spends too much money regulating and manipulating the lives of Americans.  It spends too much money rewarding friends and sending the bill to the rest of us.  It spends all it can get its hands on and then puts the rest on a charge card.  The reckoning is on its way, and congress did nothing more than what it always does – spend money today, promise cuts tomorrow.  For decades this has been the case, and the President’s party’s intractable desire for more spending destroyed an opportunity to take appropriate action.

Now, millions of beleaguered Americans will see their earnings further eroded as financial institutions are forced to raise interest rates for loans tied to rates paid by the Federal Government, among other consequences.  As President Obama celebrates his birthday with Hollywood millionaires, we are all watching our great nation fall gravely ill, hollowed out financially by an administration and congress that cares more about paying off its political allies than good stewardship of the people’s purse.

For more information, please email rush@edmartinforcongress.com or call (314) 256-1776.

For more information about Martin’s background and the campaign, visit EdMartinforCongress.com, or follow him on Facebook and Twitter @Ed4USCongress. Contact the campaign office at 314-256-1776.

Legislation to allow President Obama to continue to borrow against the future ability of our children and grandchildren to pay taxes may be such a Pyrrhic victory.  Is guaranteed new debt today [...]]]>

King Pyrrhus, after defeating the Romans, is said to have declared “one more such victory and we shall be undone.”

Legislation to allow President Obama to continue to borrow against the future ability of our children and grandchildren to pay taxes may be such a Pyrrhic victory.  Is guaranteed new debt today with one-tenth the amount of cuts tomorrow a victory for fiscal discipline?  Is leaving Obamacare in place fiscally responsible?  What have we won when the prize is looming tax increases in eighteen months?

Conservatives have already been called terrorists by our vice president – it is not the respect of the other side we have won.  They get to keep spending and we get to hope for spending cuts and pray that tax increases do not happen.

It is a sad, disturbing state of affairs when this embarrassment of a deal is rationally called a victory. I would have voted  “no.” I think the immediate consequences that might befall the economy are less than those consequences of continuing on even with the thin patina of responsibility this bill affords.

The solution is not to shoot our own.  This is a clash of philosophies decades in the making.  Will we become wards of a Federal Government that is demonstrably incompetent at almost everything it does, or will we be free under a limited Federalist system.  Two thirds of the Federal Government, it’s entire salaried bureaucracy, the mainstream media, the academy and a staggering number of Americans are arrayed against those of us who believe our path cannot be sustained, nor is it moral.

The answer is electing more real conservatives to the House and Senate, and to have a real conservative in the White House.  So long as Harry Reid is the Senate Majority Leader and Barack Obama is President, this unsightly legislation is what will have to pass as a victory.

The current debate over debt limits, deficits and spending cuts are important, but we cannot lose sight of the fact that the budget that will be agreed upon is only binding until the next budget is passed. Though Senators and Representatives speak loftily about trillions cut over ten years, the fact remains that Congress [...]]]>

The current debate over debt limits, deficits and spending cuts are important, but we cannot lose sight of the fact that the budget that will be agreed upon is only binding until the next budget is passed. Though Senators and Representatives speak loftily about trillions cut over ten years, the fact remains that Congress cannot bind its future hands. The next fiscal year is a clean slate, and once the heat is off it is back to mortgaging our children’s future to pay off well-connected interests.

Almost every state in the union has a balanced budget requirement in their constitution. Some are weak, some are strong, some are easily gamed by legislators, but they are there to protect the fiscal health of the state.

Only the constitution of a state can bind a future state legislature to fiscal responsibility. Only the constitution of the United States can bind future Congresses to the will of the States, a fact made all the more critical since the Federal government can print money whereas the States cannot.

Neither party has had the stomach to balance the nation’s books save for one short period in the 1990s. The latest spell of runaway spending has terrified the nation and roiled the people who see their children born with obligations in the hundreds of thousands of dollars.

Yes, we must stop spending more than we receive, but I have no faith that we will see fiscal discipline over the long haul without a balanced budget amendment. It is a shame that our political class must have such a sword dangled over their heads, but 70 years of profligate spending and half-hearted attempts at restraint have proven utterly that it is desperately needed.

Every family has two debt limits.  One is how much a family is willing to get into debt.  The [...]]]> Every family in Missouri has to manage their resources.  Among their resources are debt.  Mortgage, credit cards, lines of credit – all of these are borrowing from their future income to make a purchase or investment today.

Every family has two debt limits.  One is how much a family is willing to get into debt.  The other is how much debt creditors are willing to lend.  The former is based on the family’s decisions about their lifestyle and projected income, the latter is calculated by creditors based on payment and income history.  The first limit is soft, the second is very hard.

A family without a good first limit is destined to hit the second.  A family approaching their self-regulated debt limit is going to make changes and cuts in their spending on their own accord and to their own preference.  A family who hits the second is going to have cuts imposed upon them, because they have simply have no money.

A nation who has no real self-imposed debt limit will eventually hit the second debt limit.  This has happened in American history.  Once, Congress refused to increase the amount of interest America was willing to pay on treasury bonds.  Bond buyers decided to put their money in more profitable investments and not enough bonds were sold.  At that time, the alternatives were increase the interest to be paid or do without the money.

Of course, Congress increased the interest and took the money.

Another option to a nation unable to raise money by selling debt is to print money.  This has been a disaster every time it has been done.  Photos of children playing with stacks of money in postwar Germany illustrate the worthlessness of money printed by a nation that debauches their currency.  Working families in this situation have their savings ruined and their economic future wrecked.  It can take generations to recover.

I fear this is what we are facing.  We are borrowing over 40% of the money the Federal government is spending.  Eventually, nobody will be dumb enough to lend us money.  To meet the enormous obligations the law says we must will be to print it.  If Uncle Sam is legally obligated to pay you 500 dollars, it could give you 500 dollars that could not cover the cost of a tank of gas and be square with the law.

America does not have a borrowing problem – so far people will still buy our bonds.  We do not have a revenue problem – the Feds siphon a disturbing percentage of our Gross National Product already.  We have a spending problem, and the only cure for this is to stop spending more than you take in.

There are many ways to curb spending, eliminating waste, fraud and abuse is one way.  Removing inherent inefficiencies of centrally planned programs are another.  Simply shutting down failed zones of the Federal system – entire cabinet departments even – are yet another.

Ultimately, though, there is no choice – spending will be cut.  There is no way the current trend can continue, we will stop spending.  We can do it now, intelligently and with forethought, or it can be done for us when the house of financial cards fall apart and the Feds have no option beyond printing million dollar notes so the grocer can make change from the billion dollar notes.  It’s up to us to decide.

Click Here to Register!

Since President Obama took office, gas prices have nearly doubled. The administration refuses to develop American [...]]]> Americans for Prosperity Foundation is stopping in O’Fallon on our Running On Empty Tour to give you a chance to send President Obama your gas bill and tell him to stop this runaway increase in gas prices.

Click Here to Register!

Map to 3005 Highway K

View Larger Map

Like Robin Carnahan did as a Senate candidate, Senator Claire McCaskill is trying to recast herself as a fiscal conservative in the waning days of the most despised congress in [...]]]>

McCaskill and Senate Spending Bill

Like Robin Carnahan did as a Senate candidate, Senator Claire McCaskill is trying to recast herself as a fiscal conservative in the waning days of the most despised congress in 30 years.

83% of Americans disapprove of congress today, and that figure is overwhelming enough that even a tax and spend liberal like McCaskill is willing to buck her majority leader and feign disapproval for the 1900 page omnibus spending bill.  This bill is laden with pork, is crammed full of the same sort of spending repudiated in November’s election.

McCaskill’s Fox News denouncement of this expensive, expansive bill won’t fool many of us.  Liberals always act as if history began that morning.  This irresponsible omnibus spending bill mimics the last one.  A fiscally responsible Senator would have objected to that bill as well.  The reality is that McCaskill has a lengthy record of supporting massive new spending, supported TARP, the failed stimulus, cap and trade and Obamacare.  All of these measures serve to heap enormous burdens on our economy – just as the increase in taxes she supports will.

Liberal Senator McCaskill should vote against allowing Harry Reid to ram a spending bill through that simply continues last congress’ irresponsible spending into next year, but Missourians should not fall for the last minute conversion.

See Also: Senate Omnibus Bill: Nearly 2,000 Pages of Runaway Spending and Pork

Obamacare Unconstitutional

U.S. District Judge Henry Hudson in the Eastern District of Virginia has ruled that the individual mandate – and all aspects of Obamacare dependent on it – is unconstitutional.

The issue will undoubtedly end before the Supreme Court where Obama has succeeded in appointing two justices with a very poor understanding of how the constitution is meant to work.  Lower courts have been perfectly OK with Congress’ demand that a citizen minding their own business can be forced to buy something that they may not want, illustrating the need for both a president respectful of constitutional limits and a Senate that will refuse to allow such activists onto the bench.

The omnibus spending bill has a billion or more dollars set aside to advance this unconstitutional monstrosity.  Our Senators and Representatives need to oppose funding the implementation of Obamacare before we dig ourselves in any deeper.  Congress created this mess – it is up to congress to clean it up.

See Also: What if Obama’s healthcare law required every American to buy a gun? How’d you feel about that?

In the News

I was flattered to learn that Hotline ran a story about my future plans to run for office, indicating that I am eyeing the Senate.  Candidly, my plans for the moment are to stay warm, celebrate the advent of the Savior, keep an eye on Congress and look forward to seeing you January 2nd (see below).

Open House Jan 2nd

We would like to invite you to an Open House January 2nd, 2010.  We’ll be gathering between 3 and 6 p.m. at Two Hearts Banquet Center, 4532 Lindbergh Blvd, St. Louis MO 63127 (Lindbergh and Gravois).  Join us and enjoy some fabulous sweets and treats provided by McArthur’s Bakery.

Thanks for reading.  I look forward to seeing you soon
Ed

Ed,

This is my major gripe..Republicans who claim fiscal conservatism. voted against the stimulus,..but still earmark funds, and lobby for constituents to get stimulus funds.

Hey, I will vote and donate $$$ to a candidate, incumbent who, votes for reduced spending, AND [...]]]> The following comment was posted in another blog page. I thought it deserved a full-throated response.

Ed,

This is my major gripe..Republicans who claim fiscal conservatism. voted against the stimulus,..but still earmark funds, and lobby for constituents to get stimulus funds.

Hey, I will vote and donate $$$ to a candidate, incumbent who, votes for reduced spending, AND does not earmark, doe not lobby for government spending for his district!!

I worked as a contractor at two Federal Agencies..IT IS MY DEEPLY HELD BELIEF: you can eliminate 40.0% of the Federal Civilian Work Force…and the work would get done.  The feather bedding is that pervasive!!!!

So where are you on this????

Believe me, when I write the check for my taxes I fume about the pork-barrel spending in which both parties indulge. It’s common for pols to invoke “the children” for this policy or that, but my children right this minute will owe at least $40,000 – and this is just the debt that the Federal government has on the books.  Unfunded liabilities are a looming concern that dwarfs even this figure.

I will not support the earmark system that Congress has been engaged in.  It is secretive, not transparent and too often wasteful.   I do not believe in robbing Peter’s kids and grandkids to pay for Congressman Paul’s memorial rock garden and recycling center. This is is a terrible crime.

A caveat – the private sector does not have the capacity to fund certain types of projects, like dams, levies and bridges.  I would much rather these infrastructure projects be managed and funded by the states and I think we need to move in that direction.  However I will be less hostile to projects that have an effect on a broad swath of America’s citizens, not a payoff to a local group of supporters.

As to public sector employees – I don’t know about the percentage you cite, but I know that there are many good, entrepreneurial people working in the public sector who would be far more productive in the public sector.  The private sector has to trim labor costs but during this recession the only industry reliably gaining jobs and raising pay is State and Federal government.  Many of my friends and colleagues are starting businesses or finding new career paths after being laid off in across-the-board layoffs.  They will survive and thrive because they are Americans and that’s what we do.  I see no reason why public servants should be exempt from this economic reality.

I am going to need the vigorous support of fiscally responsible men in women like you in the days ahead.  I will not be buying the support of politically active groups with earmarks nor am I promising to.   My opponent does and will, an egregious example being the $90 million in subsidies his brother is slated to get for his wind farm.

That’s a lot of scratch.  Politically connected folks need only peel a few layers of bills off that fat, taxpayer-funded wad of cash to bankroll a politician.  Those who are used to the free-flowing milk and honey from the taxpayer are going to scream and whine like the world is ending.  The moment I lay my hand on that spigot the press will stick a camera in their face and they will lament that I am against sunshine and rainbows.  We’ll have to gut-check ourselves daily and not waver from the task of saving our financial future.  I’m up for the challenge, but I’ll need your continued support.

Thank you for the excellent question.

P.S. For the record, I am for sunshine and rainbows.