Kathleen Gehr, President, called the meeting to order at 11:35 AM.
Katherine Hegemann, Secretary, read the minutes from the July meeting. Changes were made. Revised minutes were approved.
Kathleen Gehr:
- Discussed with the leader of the Republican women, again, about the possibility of joint discussions.
- She proposed that we consider working with the Republican women on a project to provide assistance for heating costs for the elderly in Johnson County.
Kathleen Gehr lead the discussion.
Discussion: The Federal Deficit
- The difference between the National Deficit and National Debt: Debt is the total amount owed. Deficit is the difference between how much the federal government spends and how much it collects in one year.
- What is the debt ceiling and how much is it?: The debt ceiling is the federal government’s credit limit. As of January 28, 2010, the debt ceiling was set at $14.3 trillion.
- What is driving up the debt?: A graphic was presented showing that the major drivers of the debt are ownership of debt by foreign countries from trade imbalances, the wars in Iraq and Afghanistan, defense spending, and tax cuts. At present, we are only paying the interest on the debt not paying down the debt itself.
- What are the national and personal consequences of a high federal deficit?: A partial list includes higher taxes, higher interest rates, fewer jobs, erosion of personal life savings, and less family security.
Assignments for the continued discussion:
- Social Security and Future Implications for the Federal Deficit: Katherine Hegemann
- Federal and State Financial Reform: Helen McQueen
- Green Jobs and the Green Bill: Louise Hamm
- Taxes: unassigned for now
The meeting was adjourned at 12:30 PM.
The members joined together for a light lunch and conversation. The group left at 1:30 PM.
Next Meeting: September 8 @ 11:30 AM
Submitted: Katherine Hegemann
Date: August 18, 2010
