THE FACTS & SOURCES: “Working Hard”

March 11, 2012

THE FACTS & SOURCES: “Working Hard”

If your family is like mine, you’ve had a tough three years. We’ve been working hard…

Sticking to a budget… making sacrifices so we don’t spend more than we make.

Living within our means.1
If we can do it – why can’t Washington?
You know, it’s been years since they’ve even passed a budget.2

But they’re still recklessly wasting our hard-earned tax dollars.3

We’ve tightened our belts. Washington should too.
Get the facts. Go to BankruptingAmerica.org.

To view this fact sheet as a .pdf, click here.

  1. Wall Street Journal. Real Time Economics. For Last Recovery, Savings as Important as Spending. March 1, 2012. “Another explanation to the weak spending trend is that households have not abandoned the New Frugality adopted–willingly or not–during the recession. The savings rate is hovering around the 5% mark for the past two years. That’s a bit down from 6%-plus during the panicky days of the recession, but a whole lot better than the 3.1% average of the decade before the downturn. More than five years after the recession’s start, households are still repairing their balance sheets. What is the optimum savings rate is debatable. What matters more to most consumers is to recoup all that was lost during the recession–and then some. After all, household wealth is still down $7.8 trillion from its peak. Households are improving finances by adding to their savings and until recently, paying down their debt. In the short run, the shift leaves less money for current spending. That’s what the U.S. economy is seeing now. …Longer run, though, saving more now will make the recovery more sustainable.”
  2. The last time Congress completed the budget process was on April 29, 2009. The House passed the conference report for the budget on April 29, 2009, by a vote of 233 – 193. The Senate passed the conference report for the budget on April 29, 2009, by a vote of 53 – 43.
  3. Wall Street Journal. Little Progress Notched in Federal Streamlining. February 28, 2012. “Washington has a long way to go to reduce the duplication among federal programs that ends up costing taxpayers billions of dollars a year, according to government reports to be released Tuesday. Examples of such overlap cited in one report from the Government Accountability Office are 53 programs to help entrepreneurs, 15 unmanned-aircraft programs and more than nine different agencies involved in protecting food and agriculture systems from disasters and terrorist attacks.”

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