S.3628 –Disclose Act
July 26th 2010 20:18
“Sometimes truth is stranger than fiction” (Mark Twain). We have all heard that quote how about changing that to sometimes truth is comical than fiction. Why do I say that well today July 26, 2010 the senate is considering S.3628 –Disclose Act sounds harmless and the bill is sponsored by Senator Charles Schumer (D, NY)?
Title one is entitled Regulation of Certain Political Spending. That is why I said truth is more comical than fiction. Congress regulating spending is that an oxymoron or what as we watch the debt clock rising.
Now just suppose month after month, after month, after month, after month (get the picture) you spend more money than your income. You are personally running at a deficit so you borrow money or you start use your credit cards (because congress just enacted a bill that cuts down on your interest oh but not the other cost factors the credit card companies have come up with to get your money) so now you are incurring debt. On all debt there is interest that you must pay if you do not believe me look at you home settlement papers. What you brought your home complied with the interest you are paying to that 15, 20 or 30 year mortgage. Makes your house three or four times more than what your bid was for and if you do not have enough to cover all of that than you look for a home equity loan or refinancing which means you are incurring more debt. See what spending beyond your means does? When you get to just paying the interest and never paying anything on the principle then you are probably looking at bankruptcy.
It is your money being spent, always remember that. Whenever they pass a bill or a budget the government takes your money it doesn’t have any money and it is not selling a product or a service so it is YOURS or it is money that they are borrowing and YOU have to pay it back. So for them to regulate spending I believe we need to watch this bill S3628 carefully. Remember the CBO and many economists are saying that the 2008 and 2009 Stimulus or bailout bills were deficit spending. Even President Obama on C-SPAN has had to omit we are out of money. “Expect to see enormous deficits in the foreseeable future, leading to much more debt; and interest payments on that debt will become the largest item in the federal budget. On C-SPAN, President Obama boldly told Americans: "We are out of money”” (gateway Pundit, 2009)
It is hard to believe, but every year since 1969, Congress has spent more money than it has taken in. So to compensate the Treasury Department borrows money to meet Congress's appropriations. So it is funny to be that they want to regulate any spending.
From a cursory overview of the bill it appears they are going back to see how they can limit spending when running for office. This would be amazing that they wouldn’t find the loopholes in that since, “The 2008 campaign was the costliest in history, with a record-shattering $5.3 billion in spending by candidates, political parties and interest groups on the congressional and presidential races”.(Cummings, 2008)
That sum marks a 27 percent increase over the $4.2 billion spent on the 2004 campaign, according to the Center for Responsive Politics, which compiled the figures.
The amount spent on the presidential race alone was $2.4 billion when all candidates and related expenses are included, the center found” (Cummings, 2009). Or do you remember this bill that again you and I are paying for… The country is in the middle of the worst economic downturn since the Great Depression, which isn't stopping rich donors and the government from spending $170 million, or more, on the inauguration of Barack Obama"(Mayorowitz, 2009).
Others over spending for campaigns are;
“Former eBay president and GOP gubernatorial candidate Meg Whitman has smashed California's campaign spending record and spent seven times as much as her main rivals since January 1st.
The billionaire's campaign spent nearly $27 million in the first 11 weeks of the year, according to a disclosure statement filed Monday, the Mercury News reports.
This money, coupled with the $19 million the campaign spent last year, accounts for a total of $46 million spent by Whitman's campaign thus far. $39 million of that money, about 85 percent, came from the personal fortune she has used to finance her own campaign” (Magloff, 2010).
“Gaining momentum as the general election approaches, Senator Barbara Boxer’s reelection campaign received $2 million in contributions during the latest fundraising period.
Boxer's campaign now has $9.6 million in the bank for her 2010 congressional campaign.” (Barbara Boxer’s web page)
“Republican Rick Scott's $22.6M smashes state campaign-spending record. Republican gubernatorial candidate Rick Scott has shattered Gov. Crist in campaign spending” (Orlando Sentinel , 2010)
So the outcome of what it is that the legislative branch of the government is trying to do will be seen but if you are like me, you cannot wait for the August recess because that will not be quiet so “TAXING”.
To read the bill and form your own opinion check out URL
http://thomas.loc.gov/cgi-bin/bdquery/z?d111
3628:
References:
Really Long Link
Really Long Link
Really Long Link
http://thomas.loc.gov/cgi-bin/bdquery/z?d1113628:
Really Long Link
Really Long Link
Really Long Link
Really Long Link
Title one is entitled Regulation of Certain Political Spending. That is why I said truth is more comical than fiction. Congress regulating spending is that an oxymoron or what as we watch the debt clock rising.
Now just suppose month after month, after month, after month, after month (get the picture) you spend more money than your income. You are personally running at a deficit so you borrow money or you start use your credit cards (because congress just enacted a bill that cuts down on your interest oh but not the other cost factors the credit card companies have come up with to get your money) so now you are incurring debt. On all debt there is interest that you must pay if you do not believe me look at you home settlement papers. What you brought your home complied with the interest you are paying to that 15, 20 or 30 year mortgage. Makes your house three or four times more than what your bid was for and if you do not have enough to cover all of that than you look for a home equity loan or refinancing which means you are incurring more debt. See what spending beyond your means does? When you get to just paying the interest and never paying anything on the principle then you are probably looking at bankruptcy.
From a cursory overview of the bill it appears they are going back to see how they can limit spending when running for office. This would be amazing that they wouldn’t find the loopholes in that since, “The 2008 campaign was the costliest in history, with a record-shattering $5.3 billion in spending by candidates, political parties and interest groups on the congressional and presidential races”.(Cummings, 2008)
That sum marks a 27 percent increase over the $4.2 billion spent on the 2004 campaign, according to the Center for Responsive Politics, which compiled the figures.
The amount spent on the presidential race alone was $2.4 billion when all candidates and related expenses are included, the center found” (Cummings, 2009). Or do you remember this bill that again you and I are paying for… The country is in the middle of the worst economic downturn since the Great Depression, which isn't stopping rich donors and the government from spending $170 million, or more, on the inauguration of Barack Obama"(Mayorowitz, 2009).
Others over spending for campaigns are;
“Former eBay president and GOP gubernatorial candidate Meg Whitman has smashed California's campaign spending record and spent seven times as much as her main rivals since January 1st.
The billionaire's campaign spent nearly $27 million in the first 11 weeks of the year, according to a disclosure statement filed Monday, the Mercury News reports.
This money, coupled with the $19 million the campaign spent last year, accounts for a total of $46 million spent by Whitman's campaign thus far. $39 million of that money, about 85 percent, came from the personal fortune she has used to finance her own campaign” (Magloff, 2010).
“Gaining momentum as the general election approaches, Senator Barbara Boxer’s reelection campaign received $2 million in contributions during the latest fundraising period.
Boxer's campaign now has $9.6 million in the bank for her 2010 congressional campaign.” (Barbara Boxer’s web page)
“Republican Rick Scott's $22.6M smashes state campaign-spending record. Republican gubernatorial candidate Rick Scott has shattered Gov. Crist in campaign spending” (Orlando Sentinel , 2010)
So the outcome of what it is that the legislative branch of the government is trying to do will be seen but if you are like me, you cannot wait for the August recess because that will not be quiet so “TAXING”.
To read the bill and form your own opinion check out URL
http://thomas.loc.gov/cgi-bin/bdquery/z?d111
3628:References:
Really Long Link
Really Long Link
Really Long Link
http://thomas.loc.gov/cgi-bin/bdquery/z?d111
3628:Really Long Link
Really Long Link
Really Long Link
Really Long Link
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