Archive for the ‘National Debt’ Category

February was not kind to Obama and his administration. His spending continues to set records.

Debt

The CBO has projected that the government deficit for February 2012 will be $229 billion, making the FY2012 deficit already more than half a trillion dollars.  This is the highest monthly budget deficit in history.

  • Gas prices highest in history for this time of year.
  • Debt highest in history.
  • Lowest growth rate.
  • Regulations that are choking financial institutions, and small business.
  • Freedoms eroding.

What’s your Debt Burden?

The following tables are provided by the Tax Foundation with these assumptions.

Let’s start with the top 1% of taxpayers.

  • The top 1% makes $345,000 or more of adjusted gross income in a year.
  • The top 1% pay 37% of federal income taxes, so let’s assume they’ll pay 37% of the debt.
  • That means that each top filer in the top 1% is responsible for four million dollars of the debt.
  • And if we’re going to pay it off in 15 years, with no interest, then we would require $22,000 per month from those taxpayers after they have paid their current tax burden.
  • Does anyone think we can raise taxes by $22,000 a month on this group of taxpayers and have them survive that level of confiscation? Of course not. They would be wiped out.
  • The top 1%, if you combined all their assets it would be equivalent to $1.5 Trillion dollars. With a deficit now in excess of $15 Trillion, do you see how ludicrous this administration states they need to pay their fair share. You could wipe them out, not to mention their spending, their companies that employ individuals jobs. All for not even 10% of the total debt in this country?

Paying the debt is going to cost real money, and it’s going to have to come out of real pockets. Already the bottom 50% in this country only pay 1% of the tax burden.

Tax Burden

Tax Burden

Tax Burden

Where do we go from here? Is the United States the next Greece?

For the first time in American History we will surpass $15 Trillion in our National Debt today! That basically equals 100% of our Gross Domestic Product. In the book “This Time is Different” by Reinhart and Rogoff, once a country reaches 90% of GDP, buckle your seat belt, well we blew by that number.

Forget all the pundits who keep saying it will affect our children and grandchildren. No one is talking about how the debt is affecting all of us today. The debt was $10.626 trillion on the day Mr. Obama took office. We are in another depression like the 30’s, and he doesn’t have any solutions.

Here’s a video of what a Trillion Dollars looks like.

While this President states that America is a lazy country, and then goes off to play a round of golf in Hawaii. Where’s the sense of urgency in creating Jobs.

The Super Committee is a joke…another crisis deadline looms on November 23rd to come up with cuts the day before Thanksgiving. Wonder what the Pilgrims would think. If the Super Committee cannot agree, cuts will go into effect January 2013 after the elections. Exactly how do they define cuts again??? Oh…a 5% increase is baked into the budget every year, so if we only allow a 3% increase that’s considered a cut. That’s lunacy.

Tennessee Ernie Ford would be proud to hear his song being played.

Sixteen Tons of Debt…

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don’t you call me ’cause I can’t go
I owe my soul to the company store