Still upset that Hillary Clinton is not in jail for international money laundering, violation of elections laws, and violation of government secrecy laws? Don't worry, be happy!
Still worried that the Democrats will take control of the House of Representatives in the November elections? Don't worry, be happy!
Still worried that the Republicans will keep control of the Senate in the November elections? Don't worry, be happy!
Why should you not worry and be happy? Because in about 5-6 years, 10 years at the latest, all of your present day political and government worries will not be no bigger than a nit on a gnat's rear end.
Your worries will pale in comparison to the huge government debt hole that the American political class has dug for us over the past few decades:
- A recent study from the Congressional Budget Office estimates that the unfunded budget liabilities just of Medicare and Social Security over the next 30 years is currently $82 TRILLION. This is NOT how much the Federal government will pay out over the next thirty years, this is the amount of SHORTFALL they will not have available to pay and fulfill the government's promised obligations.
- A recent study by ALEC (American Legislative Exchange Council) indicates that state governments across the country have unfunded pension and other unfunded liabilities exceeding $6 TRILLION.
- And of course, the plain old Federal government national debt is now over $21 TRILLION and growing larger and larger as you read this.
- If you had spent a million dollars a day since the day Christ was born, you would still not have spent a TRILLION dollars. Amazing, a million dollars a DAY! And we have 109 of those TRILLIONS to pay off.
- Given there are about 327 million people living in the country today, if we divide the $109 TRILLION debt by the population we see that the debt load per citizen, men, women, and children, is $333,000 per person. In other words, to pay off the debt in theory, every citizen would have to write a check for $333,000 to accomplish this feat.
- Given there are about 126 million households in the country today, if we divide the $109 TRILLION by the number of households we see that the debt load per household is $865,000.
- If we decided today as a nation that we wanted to pay off this debt in say twenty years, then taxes would have to go up $5.2 TRILLION a year.
- Given that the Federal government collected about $3.44 TRILLION in taxes in the most recent fiscal year, a record high, to pay off the debt in twenty years the Federal government tax burden on U.S. taxpayers would have to up over 150% for each of the next twenty years.
- And all of this assumes that the Federal government debt will not go higher, an impossibility, and state government unfunded liabilities will not go higher, another impossibility.
- Thus, all of the above calculations represent a best case, they are surely likely to go higher.
- And it could get much worse: if socialists like Bernie Sanders get their way and force the country onto a single payer health care system, the most stupid idea in the whole of creation, that will likely add Federal debt in excess of $32 TRILLION in the first ten years, adding another $3.2 TRILLION a year to the Federal budget.
- Thus, this additional $3.2 TRILLION a year and the additional $5.2 TRILLION calculated above comes to an incremental ANNUAL $8.4 TRILLION increase a year in Federal taxes, which would more than triple the current annual Federal tax load.
- This incremental ANNUAL $8.4 TRILLION that would now be paid to the Federal government is $8.4 TRILLION that cannot be spent to grow the economy or give Americans the freedom to do what they want with their hard earned wages since Federal taxes hikes would decimate their essential and discretionary income streams.
- Since the current annual U.S. economy is about $19.4 TRILLION, taking $8.4 TRILLION out of that economy and giving it to the Federal government to pay down debt would immediately shrink the economy by about 42%.
- As the economy shrinks, tax streams would shrink, resulting in more debt and still higher tax rates and the fiscal death spiral is now in place.
- First, park your Trump Derangement Syndrome in the garage, Trump had very little to do with this. Starting with the Johnson Presidency back in the 1960s, when Johnson and the 1960s Washington political class unlocked and raided the Social Security lockbox and skimmed off excess Social Security wealth for their own current use, just about every Republican and Democrat who came through Congress and the White House did nothing to fix the raiding and growing debt. This problem is over fifty years old, Trump has been in office less than two years.
- Also, please to not bring up the favored liberal solution to every problem, tax the rich more. That is an inane idea, I have done the math. For example, rather than raise the tax rate on Jeff Bezos' income, the richest American, let's assume you could somehow liquidate his ENTIRE wealth and apply it to the debt. In that hypothetical and impossible case, you would be able to pay off less than .13% of the $109 TRILLION debt. Not happy stopping at Bezos? Let's liquidate the wealth of the ten richest Americans. Then could then pay off .61%, far less than one percent of the debt. Thus, increased taxing of the income of the rich is stupid if even confiscating their entire wealth is a tiny blip relative to the debt.
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