Lincoln Way Town Hall
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Transcript of Lincoln Way Town Hall
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8/9/2019 Lincoln Way Town Hall
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America in Crisis
Debt is $12.8 Trillion
Obama projects endless risingdebt
Unheard of levels of governmentemployment
All government pension costs
out of control
Litigation out of control
Education and health care costs
out of control
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America in CrisisThis is what debt of
$12.8 Trillion looks like:
$12,800,000,000,000.00
America, in 234 years, has neverowed so much to so many
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America in Crisis - Agenda
Bit of History
Wealth creation Economic burdens
Debt
What can we do?
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N
orman J. Kost Who am I?
Father, soon to be Grandfather, Business
man and Amateur Golfer MBA, CPA with one hole in one
40+ years in finance, economics,accounting and business strategy
Retired; owner of software company
Fiscal conservative Essayist: www.thefundamentals.us
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Fiscal Conservative Live within your means
Spend others money as yourwould spend your own
Repay debts
Save for rainy day
Meet your needs and prioritizeyour wants
Help others who have needs
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History Lesson(15 years of history)
1773 Boston Tea Party
1774 First Continental Congress
1775 Shot heard round the world
1776 Declaration of Independence
1777 Articles of Confederation
1783 British surrender 1786 Shays rebellion
1788 USConstitution adopted
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History Lesson earlier17 years of history
1756-1763 Seven Years War
1756 British Debt 75 Million
1763 British Debt 800 Million
1764-1767 Sugar Act, StampAct and Townshend Acts
1770 Boston Massacre
1773 Boston Tea Party
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It is incumbent on everygeneration to pay its
own debts as it goes.
A principle which ifacted on would saveone-half the wars of theworld.
TJefferson
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Wealth Creation Four basic ways to create
wealth:
Grow/harvest from earth
Extract from earth
Manufacture from grow/extract
Labor to do above Competition improvements
Economic Growth = Jobs
Jobs = Economic Growth
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Wealth Creation - Burden
Too many non workers
Protection of special interestsvia anti competition rules/laws
Taxes/Litigation
Trade restrictions
Debt
Bad Leadership
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Workers/N
onWorkers Total US Population: 310,000,000
Total US Workforce: 150,000,000(citizens between 17 and 65)
18% are un(under)employed: 27,000,000
Government employees 22,000,000
Wealth creation employment 101,000,000
All others being supported 209,000,000
Economic Burden
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Causes = Special Interests
Civil rights
Womens rights
Consumer rights
Environment
Disabled rights
Employment Housing rights
Education rights
Voting rights
Farmers rights
Welfare rights
Pension rights
Health care
Veterans rights
Union rights Animal rights
Gay rights
Immigrant rights
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Special Interests raise
cost of everything
SEIU
AFSCME
AFL-CIO
NEA
AFT
NTEU Postal Workers
Trial Lawyers
Medical lawsuits
Pharmaceutical
Farmers union
Oil companies
Bailouts Banking
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Attorneys per capita
USA 265Brazil 326New Zealand 391Spain 395Italy 488
United Kingdom 401Germany 593France 1,403
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Who Pays the Taxes?
1979
Taxes
Top 5%: 30%
Top 40%: 77%
Social securityTop 5%: 8%
Top 40%: 63%
2006
Taxes
Top 5%: 45%
Top 40%: 86%
Social securityTop 5%: 14%
Top 40%: 68%
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The Debt Burden
Today the US owes $12.8 Trillion
$8.3 Trillion to public/foreigners
$4.5 Trillion to other govt agencies,principally Social Security Fund
$12.8 projected to be $20.0 by 2020
Lets take a look at this debt
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National Debt at end of:
Ford $ .065 Trillion
Carter .930 Trillion
Reagan 2,684 Trillion
Bush I 4,177 Trillion
Clinton 5,662 Trillion
Bush II 10,700 Trillion
And now:
Obama 12,800 Trillion
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National Debt per capita
Ford $ 2,997
Carter 4,094
Reagan 10,979
Bush I 16,379
Clinton 20,067
Bush II 35,153
Obama 40,101
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National Debt per employee
Total debt today $12.8 Trillion
Total employees 101,000,000
Debt per employee is calculated
$12,800,000,000,000/101,000,000 =
$126,733 per employee!
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Exports per capita
Netherlands $23,400
Germany 14,500
South Korea 7,200
France 7,100
Italy 6,400
Britain 5,800
Japan 4,100
United States 3,200
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What is the real answer?
Good leadership
Live within our means
Good leadership
Repay debt
Sacrifice and frugality
Good leadership
Insist on objectives and results
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www.thefundamentals.us Deficits = Debt = Destruction Remedies:
Sacrifice and Frugality Bankruptcy for insolvent entities 5 + 10 + 15 = -5% debt repayment Constitutional amendments
Balance budget Term limits Restrictions on federal/state mandates
Require 2/3rds congress/states for proposal;and, 3/4ths of states for ratificationContact us: [email protected]
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www.thefundamentals.us
Our proposals:
5+10+15 = -5% debt repayment
Balanced budget and sunset law
Loser pays; limit on damages
Term limits on congress
Measurable objectives on all laws Limits on federal mandates
No interstate taxation
No federal sales tax or VAT
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What can I do?
Attend meetings and rallies
Challenge the status quo
Vote against tax increases
Display bumper stickers, yardsigns
Write a few checks to providesome funding to these efforts
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I want to do more
Study issues, read and learn
Contact your elected officials
Write letters and insist thatcandidates take measurablesteps to stop spending andrepay debt (see listing at
www.thefundamentals.us ) Support groups which specialize
in fiscal responsibility/lower
government spending
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Still more.
Become active in your localpolitical groups - city or county
board of trustees, school board,park districts, political party
Volunteer to participate on
committees and specialadvisory boards
Campaign for good politicians
Run for office
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I predict futurehappiness forAmericans if they canprevent the governmentfrom wasting the laborsof the people under thepretense of taking care
of them.
TJefferson