We all know that our debt, public, government and our unfunded liability's total close to/around 100 trillion dollars. Our inflated gdp was around 14 trillion i think, imagine how many years it would take to pay off our debt, if we ONLY spent ALL our gdp on paying off the debt And we had NO new debt added(7+ years folks).
But lets forget about that and focus on the good news so we can tell ourself everything is going to be alright.
This comes to us via the Hill
http://thehill.com/opinion/columnists/lanny-davis/107351-a-debt-free-america-yes-its-possible
One idea for raising taxes to pay down the debt is the bill introduced this February by Rep. Chaka Fattah (D-Pa.). His “Debt Free America Act” (H.R. 4646) would impose a 1 percent “transaction tax” on every financial transaction — whether paid by cash, credit card or any form of financial transfer, the only exception being transactions involving the purchase or sale of stock. Theoretically, everyone would pay one cent on the dollar for every such transaction in America every day — whether $3 million on a $300 million business acquisition, $300 on the purchase of a $30,000 car, or $5 on a $500 ATM withdrawal.
To reduce the impact of such a flat tax on the poor, Fattah’s bill provides for a 1 percent tax credit for couples earning $250,000 or less ($125,000 or less for individuals) and discretion by the Treasury Department to exempt certain transactions on which lower-income people disproportionately rely. Another idea would be to amend his bill to exempt all transactions below $500.
Ah, so that is how they are going to pay for all this borrowing they are doing. But wait, thats only part of the good news. The other part is the inflation that will take hold if a "recovery" ever does manage to rear it's disformed face.
So while most of my blog tells you the dangers of the collapse, this post will talk about the "good" news of a recovery, where inflation is running at 10-15%, where government services are less, but the taxes are higher.
Oh yes folks, the "good" news you are going to get with this recovery is plentiful. Imagine the happiness paying 50-80% of your income to federal/state/local/property/add the other 5000000 other taxes in here. Then imagine after paying those taxes, having LESS service from your government then you do now.
Imagine food prices rising because of taxes like the one posted above, or higher fuel taxes,etc.
The bottom line is thier is no "good" news folks, so understand that it is time to hope for the best, but prepare for the worst.
Another good read for you to look at is by Mr. long at this link....
EXTEND & PRETEND: Stage I Comes to an End!
http://home.comcast.net/~lcmgroupe/2010/Article-Extend_and_Pretend-Stage_I_Ends.htm
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