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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Archie Meeties who wrote (130684)	4/26/2010 1:38:33 PM
From: Bearcatbob	1 Recommendation Read Replies (2) \| Respond to of 206183

OT: In jousting with some friends I learned a bit about the debt. There are two parts. First is the public debt and the second is the "inter agency debt". For now all we would have to do is stiff the US population - read SS reform - to radically reduce the total. I think about 40% of the debt is "inter agency". Stiffing our own would happen long before a default. The only question is what event causes the issue to be addressed. For now - any of us who are well off - are looking at something like $6500 each per year in added taxes to close a trillion dollar debt. Ok guys - get ready. FWIW Here Is How I Figured It: For simplicity purposes let us assume we need a trillion dollars in added revenue per year and that there are no more new net entitlements. If there are 300 million of us we need $3330 per person. Next let us assume 100 million of the 300 million give nothing. That means we need $5000 per person. Our national income distribution is illustrated at the link below. en.wikipedia.org A couple of real quick assumptions. Assume we get 20% of the money from the top 1.5% or $200 million. That means we need another $800 million from say 200 million people or $4000. Then we draw a linear line and say $100 at the bottom and say $8000 from the top of the group. So, the first person above the start of taking pays $100 and the last person before the cut pays $8000. That would imply people making around $100k would have to pay an additional say $6500 each or for a married family $13,000. Now - that is a staggering amount. Faced with that the voters would say no to much of the federal spending and the big spenders in Washington. It would also be a shock as this group has been promised a free ride - a promise they might remember. youtube.com It does not matter if it comes from a VAT or income tax. It has to come from somewhere. Yes gang - we will need to divy up another ~ $6.5k each. Bob