Deficit Proposals by Nat. Taxpayers Union and USPIRG (PDF)

Ethical MarketsBeyond GDP

TWO VIEWS ON CUTTING US FEDERAL DEFICITS : the Draft from the President’s Deficit Commission v.  The National Taxpayers Union and US PIRG.  A good place to start the needed national debate!

The President’s Draft finds $100 billion to cut from Defense Budgets v. NTU-USPIRG’s  $ 115 billion of cuts ( eliminating un-needed weapons ).  Both would cut subsidies to big agriculture and ethanol and other wasteful subsidies, earmarks, etc.   Lots of good reading in both reports.

Neither can dig deeper into our underlying assumptions about MONEY (i.e. money is not wealth, but an information system which tracks real wealth: human capital and environmental assets ).  The current  way money  is created by private banks as debt and by the Fed , all at interest, instead of as in the US Constitution , as we, Cong. Members Ron Paul and Dennis Kucinich , as well as the American Monetary Institute’s Reform Bill all advocate ( at www.EthicalMarkets.com on our Reforming Global Finance page ).

The President’s Draft admits the US will owe bond markets $1 TRILLION of interest payments, accepting the current system of private money-creation (see also lawyer Ellen Brown’s www.webofdebt.com).

The President’s Draft includes some erroneous assumptions re. the way the US calculates inflation, saying it is overstated, and recommending the Chain-Weighted method advocated by conservative economists, so as to reduce Social Security payments ( see my critiques at www.Calvert-Henderson.com of the Consumer Price Index and the Core Index (which already excludes food
and energy prices!) and those of economist John Williams at www.shadowstats.com.   – Hazel Henderson, Editor