32 Years Of Kicking The Can Down The Road
100% of what is collected is absorbed solely by interest on the Federal Debt … all individual income tax revenues are gone before one nickel is spent on the services taxpayers expect from government._The Grace Commission 1984
The Private Sector Survey on Cost Control (PSSCC), commonly referred to as The Grace Commission, was an investigation requested by United States President Ronald Reagan, authorized in executive order 12369 on June 30, 1982. The focus of it was waste and inefficiency in the US Federal government. Its head, businessman J. Peter Grace,[1] asked the members of that commission to “be bold” and “work like tireless bloodhounds. Don’t leave any stone unturned in your search to root out inefficiency.”
The Grace Commission Report[3] was presented to Congress in January 1984. The report claimed that if its recommendations were followed, $424 billion could be saved in three years, rising to $1.9 trillion per year by the year 2000. It estimated that the national debt, without these reforms, would rise to $13 trillion by the year 2000, while with the reforms they projected it would rise to only $2.5 trillion.[4] Congress ignored the commission’s report. The debt reached $5.8 trillion in the year 2000.[5][6] The national debt reached 13 trillion after the subprime mortgage-collateralized debt obligation crisis in 2008.
2 thoughts on “32 Years Of Kicking The Can Down The Road”
I KNEW IT !
I knew there were commissions or studies when the debt spending first started, that projected that the debts would get to extremes; and I do believe if you read that report that said it would be many trillion in less than 20 years; you would say that is extreme.
but that is exactly what happened and all along the way, elected officials of all stripes did nothing. you can put both houses of congress and the president on a plane and ship them to the ISIS HQ and start over as far as I’m concerned and the new crop will know where they are headed if they do not fix the mess.
The politicians refuse to do the right thing and actually spend less because to do so would piss off the useless drones and the people living off that largess and those people vote.