Archive | April, 2011

Bait-and-switch, and then bankrupt

Posted on 25 April 2011

Defeat the Debt’s executive director, Rick Berman, had an op-ed on bankrupt government programs in the Sunday, April 24th, edition of the Iowa Gazette.

When a company advertises a great product at an unbelievably low price, then tries to sell you a higher-priced alternative because they never had the product in the first place, we call it “bait-and-switch.” It’s fraud, and it’s illegal.

When the government proposes a law and sells it to the public with unrealistically low cost estimates — knowing full well that we the people will pick up the tab — we call it “business as usual.”

Read the whole thing here

Are Wealthy Americans Paying Enough in Taxes?

Posted on 22 April 2011

In an April 13th speech describing his plan to reduce the country’s then $14 trillion debt, President Obama singled out the wealthy as a large part of the solution.

“In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans,” said the President. “But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society.” The President later pointed to “millionaires and billionaires” again, and called for policies that would raise taxes on “the wealthiest 2 percent of Americans.”

So who is this wealthy 2 percent, and how much do they currently pay in taxes?

In 2008, the income cutoff to be in the top 2 percent was about $253,000. The top 2 percent of taxpayers provided 46 percent of all federal income taxes (see chart below). The bottom 50 percent of taxpayers—representing nearly 70 million tax returns—provided 3 percent of all federal income taxes.

For more, be sure to check out our national advertisement on “taxing our way out of debt.”


Pledge Commercial

Posted on 22 April 2011

“Ratings firm…cut its outlook on U.S. government debt…”

Posted on 18 April 2011

On April 18th, the ratings firm Standard & Poor’s (S&P) downgraded the outlook of U.S. government debt from “stable” to “negative.”

The ratings company believes the chances that the U.S.’s credit rating will be lowered within two years are around one-in-three. (…) S&P said Monday it sees a risk that policy makers might fail to agree on how to address budgetary challenges by 2013, leaving the U.S. fiscally weaker than other triple-A-rated countries.

Read the whole story here.

“Budget Rises as Most Important Problem…”

Posted on 18 April 2011

A Gallup survey released on April 13, 2011, shows that concerns about the federal budget and our country’s deficit are rising.

Currently, 17% say (the federal budget/budget deficit) is the most important problem facing the country, the highest Gallup has measured since it began asking the “most important problem” question on a monthly basis in 2001, and the highest in any Gallup poll since January 1996.

Read the whole story here.