- The Washington Times - Saturday, May 6, 2006

If turnabout were really fair play, we might be reading the following: Standing before a banner stating, “Those Who Live in Glasshouses Shouldn’t Throw Stones,” the president of the U.S. Chamber of Commerce today called a news conference, joined by the top officers of all U.S. oil companies, demanding that a “Waffling-on-the-Deficit Tax” be applied immediately to the pay of all senators, representatives, the president, and the members of the administration.

The tax would be in response to the outrage felt throughout the nation, following April 17. As the Chamber president said, “Americans today are unfairly being asked to empty their wallets to the IRS,” while Washington fritters away our hard-earned money on bridges and railroads to nowhere, unconscious of the price poor Americans are having to pay through excessive taxation.

Others noted these “earmarks” should be considered as taxable income to the respective senators and representatives, in that they are indirect compensation paid out of our taxes in order to keep them in their jobs.

One oil executive added, “While our senators, members of the House, and the president are popping champagne and celebrating their record losses, American families are popping antacids under the strain of trying to pay their bills with dollars that have constantly-decreasing purchasing power.” Another added, “And the administration wants the Chinese to raise the value of their yuan, so everything we buy will cost more. Meanwhile Congress causes inflation by running enormous deficits that the Fed has to cover by printing more money.”

As part of this demand, the oil executives called on Congress to immediately produce all its financial statements for the last 50 years (during 45 of which they have had “on-budget” deficits, totaling $5 trillion), and to turn them over to a special prosecutor, who is to recast the records so they tell the truth for the first time. These executives noted that the last two Treasury secretaries have said publicly that any corporate officer who kept his books the way the U.S. government does would be in jail, so apparently someone needs to go to jail, possibly starting with a responsible secretary of the Treasury himself.

They demand that the accounting either be sanitized or that the responsible federal officials all be indicted. Further, all these officials must hereafter personally sign off as to the truthfulness of all federal financial statements, at the risk of their personal fortunes being used to cover the unrevealed multibillion-dollar deficits. One major fear that needs to be addressed, said one oil executive, is “loss manipulation.”

Central to the accounting demands is that the Social Security fund no longer be raided for billions and trillions of dollars to cover Congress’ “obscene” deficits, and that Congress’ own actual “on-budget” deficits be revealed for what they are: For example, $1.43 of spending per $1 of income tax revenue in 2003 and $1.42 per $1 in 2004.

The proposed Waffling-on-Deficits tax would, for example, if it had been in effect in 2003, cut all federal executive salaries and staffs 43 percent until the deficits were eliminated. Special additional penalties are envisioned for top congressional committee members, and for the president, unless he starts using his defunct veto power.

The meeting was interrupted by the announcement Tony Snow had held an emergency White House briefing, reiterating President Bush’s proposed savings from eliminating 141 federal programs within a year. The ensuing raucous laughter provided a break in the grim recitation of the federal government’s multiple financial debacles.

The press conference also demanded the special prosecutor have the federal accounting hereafter include the more-than-$12 trillion unbooked liability of Social Security’s dishonestly labeled “trust fund” and the similar more-than-$60 trillion unbooked bills of Medicare. Several speakers noted the booking of this unrevealed inability of Congress to pay its bills would show the federal corporation to have negative net worth, under normal accounting, putting most national debt into default.

Another speaker also raged that, “If the phony claims of ‘deficit reduction’ aren’t a wake-up call, then what is?” He noted that, even in 2009, when the supposed deficit reduction is to be accomplished, the annual on-budget deficits will still be around a half trillion a year, and will have been $3 trillion in the six years, 2004-2009. “This is why the nation has to have a special prosecutor to flush out the truth about how irresponsible these politicians have been,” he summarized.

Outside the building where the press conference was held, taxpayers paraded around, dressed in only wooden barrels, from which the bottoms and tops had been removed. Speaking of the government’s accounting cover-up, one protester said, “We have finally had it with both the outrageous salaries of these politicians and the outrageous deficits they are causing. They need to start feeling the pain the same way that we do.” Others chimed in that most senators are millionaires, and that “Washington gasbags are producing most of the hot air that is causing global warming.” One radio announcer in the crowd ranted about what he called “lossiteering.”

Republican leaders waved as their chauffeurs drove them by the protest in the hydrogen-powered and hybrid cars that they had rented or borrowed for the day.

This excessive taxation, coupled with outrageous spending and continuing obscene deficits appears to finally be triggering a massive backlash against “Big Politicians.” Typical comments after the press conference were that until now politicians have always been successful in pointing the finger at others enough that they kept the spotlight and the press attention off their own perpetual self-satisfied hypocrisy.


Author, “Saving Social Security (from Congress)”

Katy, Texas.

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