What is like putting a band-aid on a broken arm because you think your foot hurts?
The whole federal government has it's priority's all screwed up... both party's.
There is no doubt that Bush and congress over spent money we didn't have on his watch just look at things he started and left for the next guy. Bush started the tarp bailouts(total and utter failure) auto bailouts(the Treasury Department recently revised its loss estimate for the Government Motors bailout from $14.33 billion to $23.6 billion.) Plenty of others from earlier like Bush's prescription drug plan to his aid for Africa all with money we did not have to begin with. But, every president lately is out spending the one before does that make any sense?
Plenty of blame to go around. No use crying over spilled milk the Bush years are OVER... three years ago!!!
We ARE in the President Obama Years Now!!! For THREE years now. How are the President Obama years stacking up???
During President Obama's first two years in office, with a democrat controlled white house, senate and house of representatives... the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.
During fiscal year 2011, the U.S. government spent 3.7 trillion dollars but it only brought in 2.4 trillion dollars. HYPOTHETICAL: Ok, you can liquidate and take 100% of the total worth of the top 10% of americans and apply that to the 2011 debt that would make 2011 even or so... give or take. Now the top 10% are penniless. Ok, now what about the debt from 2009 and 2010? Not to even mention the whole debt and don't forget those unfunded liabilities.Who do you tax next for the rest of the national debt let alone the day to day operations of the federal government?
With the total worth of the top 10% of americans being 1.2-1.5 trillion give or take and two wars being somewhere around 1 trillion apiece give or take... all three are just a drop in the bucket in the bigger scheme of things.
If Bill Gates gave every penny of his fortune to the U.S. government, it would only cover the U.S. 2011 budget deficit for less than 15 days.
According to Professor Laurence J. Kotlikoff, the U.S. is facing a "fiscal gap" of over 200 trillion dollars in the future. The following is a brief excerpt from a recent article that he did for CNN...
"The government's total indebtedness – its fiscal gap – now stands at $211 trillion, by my arithmetic. The fiscal gap is the difference, measured in present value, between all projected future spending obligations – including our huge defense expenditures and massive entitlement programs, as well as making interest and principal payments on the official debt – and all projected future taxes."
In fact, Barack Obama says that we need to raise the debt limit by another 1.2 trillion dollars.
You can't blame it all on any one group of tax payer they all have their place... blame it all on the federal government they are ones who set up the taxing and spending in this country! They are the slimy bastards who set up the whole tax code which just has been one huge stupid joke after the next ever since the progressive tax was introduced a flat tax or http://en.wikipedia.org/wiki/Laffer_curve is much fairer. That way everyone is paying the same percentage no matter income hence... ending this class warfare. The country is 15+ trillion in debt plus in what now exceeds 117 TRILLION dollars of future unfunded liabilities(total unfunded liabilities of the United States government, including future social security and medicare payments that the U.S. government is already committed to pay out and even more if you throw in things like welfare, unemployment, disability or food stamps etc.) which happens to be much more than the entire GDP of the whole world.
Thomas Jefferson said that if he could add one more amendment to the U.S. Constitution it would be a ban on all government borrowing...
"I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing."
Where would we be today if we had listened to Thomas Jefferson?
Instead of listening to the warnings of our founding fathers, now we are in debt hell..."
"A staggering 48.5% of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent."
"We are almost at the point where more than half our population receives some kind of government handout, whether welfare, Social Security, unemployment, disability or food stamps". That in turn means with over 50% of American citizens(not including illegal aliens also getting unjustified benefits from sanctuary city's) on the government dole and will of course vote for politicians that will continue these costly and hugely wasteful government programs. <With that being so, everyone better get their "house in order" because it is truly all down/up hill(depending on how you look at it.)from here... what happens when no one will loan money to the United states anymore?? We are already borrowing 45-50 cents of every dollar to pay off past debts lets see... borrowing money to pay the interest of already borrowed money. How can that possibly work for the good of anyone in this county? http://www.usdebtclock.org/ No two ways about it... we are so screwed!
A few illustrations of what 1 trillion dollars looks like and how far it will go.
Now what 114.5 Trillion Dollars trillion looks like
Edited by rustic - February/04/2012 at 12:20