Just read this in a financial newsletter titled:
"This New Trend Will Crush the Housing Market"
The national debt clock has the debt today at $13.455 trillion — or $43,532.97 per man, woman and child (not worker or taxpayer, mind you).
The debt is expected to rise to 100% of GDP in 2012. This doesn’t include the off balance sheet stuff like the $5 trillion of Freddie Mac and Fannie Mae debt that we all own. But no one wants to talk about that, so I’m not going to bring it up.
The only way to pay off this debt is to raise taxes or destroy the currency through inflation.
In the long run, you want to be out of U.S. debt and the U.S. dollar.
Absolutely, things are worse than what is being reported. Recovery can only come from the creation of private sector jobs, not growing government and entittlements. Working people buy goods and services, including homes and inspections.
Can you imagine if all of the other countries in the world cashed in the U.S. bonds that they own all at once?
I have a source that claims that is what just happened in Sept. of 2008, when there was an emergency monitary contribution to the Fed Reserve in the form of “stimulus” money. He says there was a run on the Fed Reserve bank. May be where the last stimulus monies have went since then, because none of us Americans have seen it. Our current president is clueless as to what is really happening, or is doing it on purpose. The collapse of the savings and loans was just a smoke screen. IMO.
That $43,532.97 doesn’t apply to me because a few years ago when it was about $33,000 per man, woman, and child, I sent my check in to the government to pay off my share. LOL
Then we need to start doing that in the USA… RICH PEOPLE SUCK…
If some one makes more then $ 75,000 a year they need to pay more in taxes… A lot more… We have way to many RICH people in this country…
Best
Ron
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I know their are those that feel that way but when I have worked for someone at a hourly rate I ways glad to know that they where pretty well off, this made it much easier to make a good pay check. You will NEVER get rich working for a POOR man.
Rich people need to pay their fair share. Even Warren Buffet says his secretary pays more taxes then him.
The fact is rich people are getting richer and poor people are getting poorer. When the economy was going the best, the rich people was paying a lot more and the deficit was considerably lower. Now the rich people pay less, the defict is higher and the economy sucks. So much for Reaganomics.
