A Quote by Jim Costa
As a matter of fact, if you do not take into account, as Congressman Ross just stated, the Social Security surplus, our fiscal deficit, ladies and gentlemen, is over $700 billion today.
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Our fiat currency is under increasing stress with our large and growing trade deficits. We have a federal deficit that is calculated in the trillions when we take into account the net present value of the future Social Security and Medicaid obligations we are creating today.
We had a $10 billion budget deficit when we got here in January of 2003. We cut that budget deficit; we did not raise taxes; we came back in '05, and we had an $8 billion surplus. That's how fast it can happen.
When my husband was president, we went from a $300 billion deficit to a $200 billion surplus and we were actually on the path to eliminating the national debt. When President Obama came into office, he inherited the worst economic disaster since the Great Depression. He has cut the deficit by two-thirds.
There's one big difference between me and the others - I won't take every last dime of the surplus and spend it on tax cuts that mostly benefit the wealthy. I'll use the bulk of the surplus to secure Social Security far into the future to keep our promise to the greatest generation.
The administration's reckless plan doesn't do one thing to ensure the long term security of social security, rather it undermines our economy. We need a budget and a fiscal policy that reflects the values and interests of America and restores fiscal discipline.
Pennsylvania is facing challenging economic times, a multi-billion dollar budget deficit, and negative cash flow projections. My Budget Deficit and Fiscal Stabilization Task Force will get to work to determine the scope of the challenges facing Pennsylvania and begin to discuss how we can get Pennsylvania's fiscal house in order.
By requiring that any surplus in Social Security taxes be returned to the American people in personal savings accounts, the plan ensures that Social Security taxes will be used for Social Security.
U.S. capital formation, which has been pretty high in the '90s and very high in the late 1990s, is what is being financed by the savings of the rest of the world, generally poorer than ourselves, because our deficit on current account, chronic deficit, is their surplus, and they have been willingly bringing that to the American market.
First of all, the Social Security money belongs to Main Street, not to Wall Street. It needs to be said very clearly here that privatization is off the table... Social Security, as a matter of fact, is a better investment now than the stock market. There's a higher return. There's guaranteed cost-of-living increases. Privatization you have to worry about the value of your account.
Our practical choice is not between a tax-cut deficit and a budgetary surplus. It is between two kinds of deficits: a chronic deficit of inertia, as the unwanted result of inadequate revenues and a restricted economy; or a temporary deficit of transition, resulting from a tax cut designed to boost the economy, increase tax revenues, and achieve -- and I believe this can be done -- a budget surplus. The first type of deficit is a sign of waste and weakness; the second reflects an investment in the future.
It is perfectly right for a gentleman to say "ladies and gentlemen," but a lady should say, "gentlemen and ladies." You mention your friend's name before you do your own. I always feel like rebuking any woman who says, "ladies and gentlemen." It is a lack of good manners.
I'd like to name my kid a whole phrase. You know, something like Ladies and Gentlemen. That'll be a cool name for a kid. This is my son, Ladies and Gentlemen! Then, when he gets out of hand, I get to go, Ladies and Gentlemen, please!
Obama came in and gave $700 billion to the bankers off the top as opposed to giving $700 billion to the poor.
Just a few short years ago in the year 2000, the last full fiscal year of the Clinton administration, this country was running a surplus of $236 billion.
Ladies and gentlemen, a picture is not worth a thousand words. In fact, we found some pictures that are worth 500 billion words.
I lowered taxes in New York. I reduced the size of government in New York. I took a $2.4 billion deficit and turned it into a $3.2 billion surplus. And I reduced taxes over 23 times or 23 times.
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