Plunder and Deceit (21 page)

ALSO BY MARK R. LEVIN

The Liberty Amendments

Ameritopia

Liberty and Tyranny

Rescuing Sprite

Men in Black

1. Plunder and Deceit

1
. Francis Bacon,
Of Empire
(New York: Penguin Group, Reprinted from the Essays, edited and introduced by John Pitcher, Penguin Classics, 1985). p. 3.

2
. Mark R. Levin,
Liberty and Tyranny
(New York: Simon & Schuster, 2009), pp. 3–4.

3
. Edmund Burke,
Reflections on the Revolution in France
(London: Seeley, 1872), p. 93.

4
. Edmund Burke, appearing in
James Fenimore Cooper: New Historical and Literary Contexts
, W. M. Verhoeven, ed. (Atlanta: Cooper, 1993), p. 56.

5
. Charles de Montesquieu,
The Spirit of the Laws
, Anne M. Cohler, Basia C. Miller, and Harold S. Stone, eds. (Cambridge, U.K.: Cambridge University Press, 2009), Part 1, Book 3, Chapter 3.

6
. Patrick O'Connor, “Poll Finds Widespread Economic Anxiety,”
Wall Street Journal
, August 6, 2014, A4.

7
. James Madison,
The Federalist No. 51
(New York: Signet Classics, 2003), p. 319.

8
. Mark R. Levin,
Ameritopia
(New York: Simon & Schuster, 2013), p. 7.

9
. Alexis de Tocqueville,
Democracy in America
, vol. 2 (New York: Knopf Everyman's Edition, 1994), p. 319.

10
. Pew Research Center, “Millennials in Adulthood,” March 7, 2014,
http://www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/
.

11
. Mark R. Levin,
Liberty and Tyranny
(New York: Simon & Schuster, 2009), pp. 9–10.

12
. Eric Hoffer,
The True Believer
(New York: Harper & Row, 1951), p. 69.

13
. Bruce Thornton, “Is Leftist School Indoctrination Unstoppable?”
Frontpage Magazine
, February 27, 2013,
http://www.frontpagemag.com/2013/bruce-thornton/is-leftist-school-indoctrination-unstoppable/print/
.

14
. Karl Marx,
The Communist Manifesto
(London: Soho, 2010), p. 19.

15
. Id.

16
. Pew Research Center, “Millennials in Adulthood,” March 7, 2014,
http://www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/
.

17
. Federal Reserve Bank of New York, “Student Loan Debt by Age Group,” March 29, 2013,
http://www.newyorkfed.org/studentloandebt/
.

18
. Bureau of Labor Statistics, “Employment status of the civilian population by sex and age,” March 6, 2015,
http://www.bls.gov/news.release/empsit.t01.htm
.

19
. Jaison R. Abel and Richard Deitz, “Are the Job Prospects of Recent College Graduates Improving?” Liberty Street Economics, September 4, 2014,
http://libertystreeteconomics.newyorkfed.org/2014/09/are-the-job-prospects-of-recent-college-graduates-improving.html#.VRWervm3SlK
.

20
. Pew Research Center, “The Rising Cost of Not Going to College,” February 11, 2014,
http://www.pewsocialtrends.org/2014/02/11/the-rising-cost-of-not-going-to-college/
.

21
. Pew Research Center, “In Post-Recession Era, Young Adults Drive Continuing Rise in Multi-Generational Living,” July 17, 2014,
http://www.pewsocialtrends.org/2014/07/17/in-post-recession-era-young-adults-drive-continuing-rise-in-multi-generational-living/
.

22
. Congressional Budget Office, “The 2014 Long-Term Budget Outlook,” July, 2014,
https://www.cbo.gov/sites/default/files/45471-Long-TermBudgetOutlook_7-29.pdf
.

23
. “Thomas Jefferson to John Wayles Eppes, 11 September 1813,” Founders Online, National Archives,
http://founders.archives.gov/documents/Jefferson/03-06-02-0388
(last update: 2015-03-20). Source:
The Papers of Thomas Jefferson, Retirement Series
, vol. 6, 11 March to 27 November 1813, J. Jefferson Looney, ed. (Princeton, N.J.: Princeton University Press, 2009), pp. 490–99.

24
. “Thomas Jefferson to Samuel Kercheval, 12 July 1816,” Online Library of Liberty,
http://oll.libertyfund.org/titles/808
. Source:
The Works of Thomas Jefferson
, vol. XII, Paul Leicester Ford, ed. (New York and London: G.P. Putnam's Sons, 1904–5).

2. On the Debt

1
. Walter Williams, “A Minority View: Spending and Morality,” George Mason University, July 9, 2014,
http://econfaculty.gmu.edu/wew/articles/14/SpendingAndMorality.htm
.

2
. Walter Williams, “A Minority View: Spending and Morality,” George Mason University, July 9, 2014,
http://econfaculty.gmu.edu/wew/articles/14/SpendingAndMorality.htm
.

3
. Thomas Sowell, “A Taxing Experience: Cut the National Debt By Reducing Spending,”
Capitalism Magazine
, November 25, 2004,
http://capitalismmagazine.com/2004/11/a-taxing-experience-cut-the-national-debt-by-reducing-spending/
.

4
. “The Debt to the Penny and Who Holds It,” Treasury Direct,
http://www.treasurydirect.gov/NP/debt/current
.

5
. Calculated using the U.S. Census Bureau's estimate of U.S. population as of July 1, 2014. Table 1. Annual Estimates of the Resident Population for the United States, Regions, States, and Puerto Rico: April 1, 2010, to July 1, 2014, available at
http://www.census.gov/popest/data/national/totals/2014/index.html
.

6
. Kimberly Amadeo, “U.S. Debt by President: By Dollar and Percent: Why the Winner is . . . Barack Obama,” January 26, 2015,
http://useconomy.about.com/od/usdebtanddeficit/p/US-Debt-by-President.htm
(last visited April 12, 2015).

7
. Christopher J. Conover, “ ‘Not One Dime': Health Care Law Projected to Add $6.2 Trillion to U.S. Deficit,” American Enterprise Institute, March 14, 2013,
http://www.aei.org/publication/not-one-dime-health-care-law-projected-to-add-6-2-trillion-to-u-s-deficit/
; Brian M. Riedl, “Why Government Spending Does Not Stimulate Economic Growth: Answering the Critics,” The Heritage Foundation Backgrounder #2354, January 5, 2010,
http://www.heritage.org/research/reports/2010/01/why-government-spending-does-not-stimulate-economic-growth-answering-the-critics
.

8
. C. Eugene Steuerle, “Paying a Price for Decisions of Yesteryear,” Urban Institute, August 12, 2007,
http://www.urban.org/retirement_policy/url.cfm?ID=901106
.

9
. “The 2014 Long-Term Budget Outlook,” Congressional Budget Office, July 2014, p. 1,
https://www.cbo.gov/sites/default/files/45471-Long-TermBudgetOutlook_7-29.pdf
.

10
. Id.

11
. “Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–): 1789–2019,” Office of Management and Budget,
http://www.whitehouse.gov/omb/budget/Historicals
.

12
. Id.

13
. “List of Large Caps,”
www.onlineinvestor.com/large_caps
(last visited January 3, 2015).

14
. Id., pp. 8–9.

15
. Id., p. 1.

16
. Id.

17
. Id.

18
. Kasia Klimasinska and Jeanna Smialck, “Obama's Sweet Spot May Sour as Deficit Seen Wider in 2016,” Bloomberg, October 14, 2014,
http://www.bloomberg.com/news/2014-10-14/obama-s-sweet-spot-may-sour-as-deficit-seen-wider-in-2016.html
.

19
. CBO Report, p. 14.

20
. Peter Morici, “Misguided Government Policies Are Stifling Economic Growth,” Money News, April 3, 2014,
http://www.moneynews.com/Peter-Morici/growth-labor-jobs-economic/2014/04/03/id/563432/
.

21
. “Table 1.2—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–) AS PERCENTAGES OF GDP: 1930–2019,” Office of Management and Budget,
http://www.whitehouse.gov/omb/budget/Historicals
.

22
. Id.

23
. Id.

24
. Id.

25
. “The 2014 Long-Term Budget Outlook,” Congressional Budget Office, July 2014, p. 3,
https://www.cbo.gov/sites/default/files/45471-Long-TermBudgetOutlook_7-29.pdf
.

26
. Id., p. 6.

27
. Id., p. 3.

28
. Id., p. 15.

29
. James D. Agresti, “National Debt Facts,” April 26, 2011, updated December 3, 2014,
www.Justfacts.com/nationaldebt.asp#quantifying
(last visited January 3, 2015) (chart calculated using Table 3.16: “Government Current Expenditures by Function.” U.S. Department of Commerce, Bureau of Economic Analysis,
http://www.bea.gov/iTable/iTable.cfm
, and Report: “Fiscal Year 2014 Historical Tables: Budget of the U.S. Government,” White House Office of Management and Budget,
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/hist.pdf
.

30
. Id.

31
. “A Summary of the 2014 Annual Reports,” Social Security Administration, July 2014,
http://www.ssa.gov/oact/trsum/
.

32
. “The 2014 Long-Term Budget Outlook,” Congressional Budget Office, July 2014, p. 47,
https://www.cbo.gov/sites/default/files/45471-Long-TermBudgetOutlook_7-29.pdf
.

33
. Id.

34
. Id., p. 20.

35
. Id.

36
. Id.

37
. Id., p. 42.

38
. Id.

39
. Id., p. 44.

40
. Charles S. Clark, “Comptroller warns government debt is unsustainable.” Government Executive, February 12, 2013,
http://www.govexec.com/oversight/2013/02/comptroller-warns-government-debt-unsustainable/61260/
.

41
. Id.

42
. GAO-14-319R—Financial Audit, General Accounting Office, February 27, 2014, p. 1.

43
. Laurence J. Kotlikoff, “America's Fiscal Insolvency and Its Generational Consequences,” Testimony to the Senate Budget Committee, February 25, 2015,
http://www.budget.senate.gov/republican//files/16/77/39/f167739/public/index.cfm?a=Files.Serve&File_id=5e791473-386f-4149-8db0-00e50fdcdbf8,
p. 2.

44
. Id., pp. 3–4.

45
. Id., p. 5.

46
. Id., p. 6.

47
. Id., p. 9.

48
. Meg Handley, “How the National Debt Affects You,”
U.S. News & World Report
, March 31, 2011,
www.money.usnews.com/money/personal-finance/articles/2011/03/31/how-the-national-debt-affects-you
; J. D. Foster, “The Many Real Dangers of Soaring National Debt,” Heritage Foundation, Backgrounder #2814, June 18, 2013,
www.heritage.org/research/reports/2013/06/the-many-real-dangers-of-soaring-national-debt
.

49
. “The 2014 Long-Term Budget Outlook,” Congressional Budget Office, July 2014, p. 13,
https://www.cbo.gov/sites/default/files/45471-Long-TermBudgetOutlook_7-29.pdf
.

50
. Id.

51
. Id.

52
. Id., pp. 13–14.

53
. “Why is Fiscal Responsibility Important?” The Concord Coalition,
www.concordcoalition.org/print/issues/primers/why-fiscal-resonsibility-important
(quoting Edward M. Gramlich, Federal Reserve Board governor, June 2004).

54
. Id.

55
. Laurence J. Kotlikoff, “America's Fiscal Insolvency and Its Generational Consequences,” Testimony to the Senate Budget Committee, February 25, 2015,
http://www.budget.senate.gov/republican//files/16/77/39/f167739/public/index.cfm?a=Files.Serve&File_id=5e791473-386f-4149-8db0-00e50fdcdbf8,
p. 9.

56
. Josh Zumbrun, “Younger Generation Faces a Savings Deficit,”
Wall Street Journal
, November 9, 2014,
http://www.wsj.com/articles/savings-turn-negative-for-younger-generation-1415572405
.

57
. Id.

58
. “Ultimate Guide to Retirement,” CNN Money,
http://money.cnn.com/retirement/guide/basics_basics.moneymag/index7.htm
(last visited January 5, 2015).

59
. Josh Zumbrun, “Younger Generation Faces a Savings Deficit,”
Wall Street Journal
, November 9, 2014,
http://www.wsj.com/articles/savings-turn-negative-for-younger-generation-1415572405
.

60
. Blake Ellis, “40 million Americans now have student loan debt,” CNN Money, September 10, 2014,
http://money.cnn.com/2014/09/10/pf/college/student-loans/
.

61
. Id.

62
. Id.

63
. Diana ElBoghdady, “Student debt may hurt housing recovery by hampering first time buyers,”
Washington Post
, February 17, 2014,
http://www.washingtonpost.com/business/economy/student-debt-may-hurt-housing-recovery-by-hampering-first-time-buyers/2014/02/17/d90c7c1e-94bf-11e3-83b9-1f024193bb84_story.html
.

64
. Gary R. Maltola, “The Financial Capability of Young Adults—A Generational View,” FINRA Investor Education Foundation, March 2014, p. 7.