The only exception is the military, which has never been audited and doesn't even produce books that are GAAP quality. I repeat, the DOD has never been audited and they produce such bad books and records, they currently can't be audited. So we don't even have a handle on the amount the military wastes. It's essentially a rogue agency spending money without any accountability.
Before we cut a dime from useful programs we should require the DoD to provide a GAAP accounting, and we can start cutting there.
Chemists Have Solutions .
Anti-Democracy advocate, Mixed government is the only good government
THE second point to be examined is, whether the [constitutional ]convention were authorized to frame and propose this mixed Constitution.
Both sides of the political divide are right. We do have a spending problem. But we also have a revenue problem. Those who only want to see one side of the equation are missing the big picture. We're not collecting enough in federal income taxes to meet all of our financial obligations, and even if we cut government spending to the bare bones it still wouldn't be enough. The Treasury does need to collect more revenue. Selling Treasuries has been a stop-gap measure, but it can't last for long. Sooner or later, we'll have to make a significant change to our economic policies to bring in more revenue while trimming federal expenditures. Otherwise, not even the public will be able to carry the debt. Will it mean some programs get sliced? Yes. Some departments get merged or terminated? That should be part of the plan, yes. Will it mean higher taxes? Yes, but you can't put that burden squarely on the wealth-class any more than you can continue expecting the middle-class to pay a higher ratio of their already dwindling net income that's already far and above what the wealth-class doesn't pay. Something's got to give!
I've never advocated for the "Robin Hood approach" to solving our debt and deficit problem - take from the rich to give to the poor. What I have said was that the wealth-class can afford to pay alittle bit more in taxes to pay down the debt and reduce the deficit - a 3.5-5% marginal tax rate increase won't kill them. Corporations could also afford to pay higher wages so that the bedrock of our economy can get going - consumption! Unless you put more disposable income into the hands of employees, our economy which is based on consumption and debt can't thrive. It's stalled right now because we have too much debt and not enough full-time employees paying into the Treasury. So, to make up for the lose the Treasury is using the only stop-gap measure it has in its treasure chest - the sell of short-term Treasuries.
"A fair exchange ain't no robbery." Tupac Shakur w/Digital Underground
Moody's is correct. Refusing to raise the debt limit does not guarantee a default. They are not one and the same.