I just read on a link from Drudge just how big this proposed $1.75T deficit really is. It's $11,000 per person, $25,000 per individual taxpayer (individuals per the IRS pay 75% to 80% of the tax revenue, not businesses), and what businesses pay gets passed directly onto consumers as higher prices. And somebody, and rightfully so, pointed out that the bottom 40% pay pennies in taxes, so that amount is more like $83,000 per REAL TAXPAYER. Outrageous, criminal, and worse!
Then add on that the bond market is CHOKING on all the Gubment auctions of debt and the Fed is clearly playing the role of buyer of last resort by printing money like there is tomorrow. (The are right, there is no tomorrow). When all is said in done the Gubment is either going to default or they are going to turn each and every one and our children and our children's children into Gubment serving indentured servants and slaves. Their goal seems obvious to me. Rack up the debt to the point where 100% of tax revenue go 100% to servicing the debt and there IS NO MORE MONEY, except for what they can borrow at increasingly higher interest rates. And we're all also going to get taxed BIG TIME another 10% plus every year in the form of inflation on EVERYTHING!!! |
