Wednesday, 22 April 2009

Don't forget the Grace Commission

http://en.wikipedia.org/wiki/The_Grace_Commission


The Grace Commission Report was presented to Congress in January 1984. The Report claimed that if its recommendations were followed, $424 billion could be saved in three years, rising to $1.9 trillion per year by the year 2000. It estimated that the national debt, without these reforms, would rise to $13 trillion by the year 2000, while with the reforms they projected it would rise to only $2.5 trillion. In reality, the debt reached $5.8 trillion in 2000.

The Report said that one-third of all income taxes is consumed by waste and inefficiency in the Federal Government, and another one-third escapes collection due to the underground economy. "With two-thirds of everyone's personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government."

The Congress did not act on the recommendations.

But others are...
http://www.endthefed.us/

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