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Trillions Of Troubles Ahead
If the government stays on the course it’s been on for the past forty years without a radical change, the federal government will soon have a $10 trillion budget.
In other words, the federal budget deficit will be $1.4 trillion. Just to make the size more visible, that’s $1,400 billion.
Our colleague Rob Arnott, who always does terrific research, wrote in his recent report that “at all levels, federal, state, local and GSEs, the total public debt is now at 141% of GDP. That puts the United States in some elite company–only Japan, Lebanon and Zimbabwe are higher. That’s only the start. Add household debt (highest in the world at 99% of GDP) and corporate debt (highest in the world at 317% of GDP, not even counting off-balance-sheet swaps and derivatives) and our total debt is 557% of GDP. Less than three years ago our total indebtedness crossed 500% of GDP for the first time.”
Add the unfunded portion of entitlement programs and we're at 840% of GDP
Originally posted by Kargun
Easy solution. Move North!
Your political system is all but failed the people it was meant to protect.
I seriously can't believe the good people of the United States have not took back control of their government.
Everyone of those crooks who agreed to bail out wall street should not just loose their jobs but should be hung in the streets.
Originally posted by Gools
reply to post by SpeakerofTruth
1971 was a major tuning point.
Let’s use the power bill as the example:
The power company has access to the trust account, from which it draws, in order to have the capital to provide us power. At the end of the month, those at the power company send us a ‘statement of account’. What the top part is telling us, without actually stating, is, “We went to your asset trust account and withdrew $100 in order to provide you power; is that alright with you, Creditor? If so, please just evidence your acceptance of this by writing on this statement, ‘Accepted, the account number, the number of the bond backing the account, which only you would have, and your signature.’ As we have sent the cheque for you to endorse, which will bring your trust account balance back up to zero, please sign and endorse it and return it to us with the statement so that we can balance our books.” The story is the same for credit-card statements.
What they actually write is, “Be sure to return the voucher with your payment”, thereby misleading us to think that we are required to give them $100 worth of our labour, along with their cheque which offsets the liability, and nothing else. They are simply soliciting our agreement which our signature indicates. So, the voucher/cheque will balance not only their books but also the asset trust account. But somehow, we got roped into forking over our debt-notes (which they want as much as we do because we all use dollars to obtain what we need and want, yet have nothing to do with the account with the power company). These debt-notes have nothing to do with “paying our bills”; there is nothing to ‘pay’, nothing with which to ‘pay’, and the account cannot be ‘paid’ – it can only be offset with the cheque/voucher they sent us for our signature.
Now, our cash is in the public and ought not to be because the public doesn’t operate in cash; it operates via double-entry bookkeeping, ‘t-charts’ of asset and liability, because there is no ‘money’. Since all these debt-notes are out there as “the debt”, in the “public”, this means that we are the cause of the “public debt” which must be offset. But, what we are told is that the public debt must be “paid” and, of course, this is an impossibility because if we ‘pay’ ‘public debt’ with ‘debt’, all that occurs is that we double the debt. The only way out of this mess is for us to do whatever it takes to remove the debt-notes, aka ‘cash’, aka ‘the debt’ from the public. For a long time, we thought that we had to offset the public debt, but the public debt has not been caused by anything other than our having put cash where it not only doesn’t belong and cannot be used in any productive manner but also is creating havoc with the economy. Now that we know that we must get the debt out of the public, so that there is no more ‘public debt’, how do we recall the trillions of dollars of debt?
We call in the biggest, best, most-efficient debt collectors in the world: the IRS. If they can’t do it, no one can. So, by filing the correct forms with the IRS, we let them know how much of our cash/labour/debt-notes we have errantly put out there into the public. We are so sorry we made this ridiculous mistake, but, we took the word (“Be sure to return this voucher with your payment” – hmmm. I guess I have to send a cheque along with the voucher – BEEEP! Wrong-o!) of people at corporations, forgetting that corporations are “for-profit”, faceless, heartless, entities with no intent other than ‘economic growth’ and to control the planet through the use of our energy. Sure, we might encounter a friendly voice at the other end of the phone, but she has been as programmed as the rest of us in our thinking that we are obligated to “pay our bills”. Very few of us know that with every dollar we put into the public and neglect to claim it back, we are creating more and more problems for our fellow man, never mind for ourselves and our families.
Originally posted by Gools
This is the economic engine of the world?
Defenders of the Canadian way are predictable.
Without saying so, they always have the same refrain: we’re superior to the Americans.
Originally posted by tothetenthpower
I pay enough taxes thank you very much.
Actually, after some reasearch I realize that the guy making half of what I do pays more taxes.
Strange isn't it?