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MSM : U.S. Is Bankrupt and We Don't Even Know

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posted on Aug, 10 2010 @ 09:38 PM
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Yes we know... well at least those of us who aren't sheeple.

U.S. Is Bankrupt and We Don't Even Know


Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills.

What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news.

But delve deeper, and you will find that the IMF has effectively pronounced the U.S. bankrupt. Section 6 of the July 2010 Selected Issues Paper says: “The U.S. fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” It adds that “closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 percent of U.S. GDP.”

To put 14 percent of gross domestic product in perspective, current federal revenue totals 14.9 percent of GDP. So the IMF is saying that closing the U.S. fiscal gap, from the revenue side, requires, roughly speaking, an immediate and permanent doubling of our personal-income, corporate and federal taxes as well as the payroll levy set down in the Federal Insurance Contribution Act.

Such a tax hike would leave the U.S. running a surplus equal to 5 percent of GDP this year, rather than a 9 percent deficit. So the IMF is really saying the U.S. needs to run a huge surplus now and for many years to come to pay for the spending that is scheduled. It’s also saying the longer the country waits to make tough fiscal adjustments, the more painful they will be.

Read the rest of the article...

But once that kind of talk end up on Bloomberg...you know the situation is dire.

Recovery my ***!




posted on Aug, 10 2010 @ 09:53 PM
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I sure hope they stop publishing stuff like that.


I kinda like the illusion, and appreciate that people keep believing it. (at least at the moment)



posted on Aug, 10 2010 @ 09:57 PM
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What we absolutely need to do, is nix the debt based currency. It's our central bank, debt based currency and taxing system that is the problem. As long as we have a debt based currency, we are always going to be in debt. Every dollar that is issued already comes with debt attached, so that means even the money we use to pay the debt, only adds more debt.

When you add this on top of the fact that income is going down and unemployment is rising, it's a nasty combination that only leads in one direction and that's the same direction as disaster. Sadly, there is nothing we can do to steer ourselves away from disaster, other than ending our debt based currency, central banking system and Keynesian system of economics.

--airspoon

[edit on 10-8-2010 by airspoon]



posted on Aug, 10 2010 @ 10:00 PM
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We didn't know?
Are you kidding me? People on this forum have been crying it out since the late 1970s!



posted on Aug, 10 2010 @ 10:10 PM
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People have been crying for a long time, yet the pentagon announces the elimination of a command, the the VA legislature is screaming. Every one wants cuts but not out of their piece of the pie.



posted on Aug, 10 2010 @ 10:20 PM
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reply to post by airspoon
 


Well said, I've always said I'd be happy paying "taxes" if I knew the money was actually giving back to me. The economy can never truly grow if everyone is always in debt.



posted on Aug, 10 2010 @ 10:54 PM
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reply to post by airspoon
 


After your post nothing more need be said. But MSM will NEVER address the real issue, nor will Congress, as witnessed by the defeat of HR-1207. Sooooo The FRB WINS !!!!!!!!! Pretty much, end of story.



posted on Aug, 10 2010 @ 11:03 PM
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posted on Aug, 10 2010 @ 11:15 PM
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Originally posted by Vitchilo


Such a tax hike would leave the U.S. running a surplus equal to 5 percent of GDP this year, rather than a 9 percent deficit. So the IMF is really saying the U.S. needs to run a huge surplus now and for many years to come to pay for the spending that is scheduled. It’s also saying the longer the country waits to make tough fiscal adjustments, the more painful they will be.

Read the rest of the article...

But once that kind of talk end up on Bloomberg...you know the situation is dire.

Recovery my ***!

The problem when it comes to taxes is that there is a threshold where if you raise taxes to much the tax revenue actually goes down, this happens for a variety of reasons. The main reason is that businesses have less capital to reinvest and that creates fewer jobs, which reduces the amount of people and businesses available to pay taxes. So basically we are dammed if we do and dammed if we don’t.
One of the only ways to repay this debt is through hyper inflation and the devaluing of our dollar.
Warren Buffett recently started to hedge his portfolio for inflation, if that means anything. Personally I think we are looking at a lot more deflation before we see any inflation.
Murfdog



posted on Aug, 10 2010 @ 11:20 PM
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The U.S carries all of this debt yet we manage to live to the next day to talk about it.

I am going to let you in on a little secret..."money" is faith-backed.

Guess what is also faith backed?

Debt.

This whole system is just based on faith that it will continue working.

When we stop believing is when we will go through a hard patch and change it into something we think will work.

Now, do not think I am all yippy for debt. I just think we as a society need to be more efficient in all ways possible.



posted on Aug, 10 2010 @ 11:23 PM
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Wallstreet OWNS congress...thats the problem.
Last night, i was watching a documentary from micheal moore..capitalism a love story. IN it, he shows footage when Ronald Reagen became prsident 1980. Next to him, giving a speech ontop the white house, the guy next to him( president i think of CHASE bank) tells him to hurry up) and ronald basically says ok. imagine that,...a CEO telling the president what to do!
in 2008 was it? ex CEO of i forget, AIG, one of the big banks, was made some kinda FED executive. Remember the $700 billion bailout? floods of phone calls rushed to congressmen to say NO. These turkeys, The AIG guy, they found a loop where they gave him the golden key to the federal reserve!!! so basically, what they did, wa pull a dunbar truck up to the back of the federal reserve, and took our $700 billion tax money anyways...all too greedily pay the big bankers.
see the problem? We didnt have a problem, till wall street got into congress. He also said/showed..was bright intelligent mathematicians are hired on wallstreet, to help conure of things like 'derivatives'. example... refinancing your home...the APR rate usually skyrockets, forcing you out of your newish home, so tyour home is contantly on the market. Its a weird mathmatic algebra looking formula not made to make sense..for those who are meddling into the truth*
corporate america is outsourcing more and more, destroying the middle class. back when they wanted to do the $700 billion bailout, they actually talked of using matial law!! imagine that! so they could keep steeling and run out the backdoor with all the silverware, and make us pay for it.
back in the 1950;s Moore was saying, his father worked at the GM plant as a mechanical person i belive. before being out of kindergarten he bought a house a new car every 3 years, affordable living ect ect. today, its like were being steam rolled over so they can keep going to the bank
wallstreet and de regualtion.
it is past time to kick out wallstreet form congress, tearing up and manipulating the constitution of us all...freedom and democracy..something apitlasim dosnt like....yuor freedom and right to live and be happy, without being dragged into a 3rd world ountry in the making



posted on Aug, 10 2010 @ 11:59 PM
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From the Article:

How can the fiscal gap be so enormous?

Simple. We have 78 million baby boomers who, when fully retired, will collect benefits from Social Security, Medicare, and Medicaid that, on average, exceed per-capita GDP. The annual costs of these entitlements will total about $4 trillion in today’s dollars. Yes, our economy will be bigger in 20 years, but not big enough to handle this size load year after year.

This is what happens when you run a massive Ponzi scheme for six decades straight, taking ever larger resources from the young and giving them to the old while promising the young their eventual turn at passing the generational buck.


The above problem explains 'tainted vaccines', flouride, 'the food that's killing you', Bill Gates (and Co) de-population ideals.
get rid of those aging unhealthy baby boomers (who recognise injustice when they see it) and most of the problem's solved.
The young ones that are almost totally indoctrinated (read sheeple), and they are pretty much controlling them.



posted on Aug, 11 2010 @ 12:13 AM
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Hahahaha.. It's like Indiana Jones, Once you step on the wrong spot the whole thing starts to fall away. Its definetly falling away. The ONLY way the government will fix this problem (and this is nasty) is
A) Borrow as much money as possible while they still can then,
B) Invest it ALL in WEAPONS MANUFACTURING, then
C) INVADE AND CONQUER

wow..i didn't realise what i was sayng for a second..that would lead to ww3 if the economy get bad enough...
But the A,B,C process is how all governments who weer going broke in the past fixed their economic probems.

The only way around that is to disband the entire government as it is, create a new one asking for extensions on current debt due to government restructuring, with promises of payment to come. All though any new gov. would be meet with as much distain as the previous unless it were a radically new enterprise....



posted on Aug, 11 2010 @ 09:24 AM
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Well some people may not know but we have been saying it for years here on ATS. The American economy collapsed in 2008 and has only been kept on live support by a massive injection of cash by the FED.

The end is near folks. Be prepared for the full economic collapse of America much like the former USSR in the 90s.

Even if we doubled everyones taxes we can never pay back the Federal governments debt.



posted on Aug, 11 2010 @ 09:30 AM
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reply to post by airspoon
 


Damn commies had it right all along.

Damn commies.

Need I mention the damn commies again?

Damn commies.

-m0r



posted on Aug, 11 2010 @ 09:36 AM
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Well it's a good thing money isn't real. Labor is though and that will continue regardless.

It would be nice to have a currency tied to labor though, wouldn't it. Keeping the two in sync..



posted on Aug, 11 2010 @ 09:41 AM
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reply to post by kyle43
 


I was interested to learn recently that in America in the 1950's the top rate of tax was 90%, apparently this produced a more egalitarian society, I wouldn't know I wasn't there.


In the 1950's, top marginal income tax rates were over 90%. With John Kennedy's tax cut, the top rate dropped to 70%. On an economic basis, the U. S. was a much more egalitarian society in those days. A classless society where plant managers and workers lived side by side was a very healthy climate to grow up in. At that time, merit, rather than unbridled wealth, seemed to be the measure of a man.. The top rates were also a tremendous brake on GREED, whcih is eating away at our Republic.


www.huffingtonpost.com...



posted on Aug, 11 2010 @ 10:01 AM
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Interesting that Congress is taking food out of the mouths of the poor to bailout state union members. We must be broke.

www.foxnews.com...

...Some Democrats are upset and advocacy groups are outraged over the raiding of the food-stamp cupboard to fund a state-aid bailout that some call a gift to teachers and government union workers.

House members convened Tuesday and passed the multibillion-dollar bailout bill for cash-strapped states that provides $10 billion to school districts to rehire laid-off teachers or ensure that more teachers won't be let go before the new school year begins, keeping more than 160,000 teachers on the job, the Obama administration says.

But the bill also requires that $12 billion be stripped from the Supplemental Nutrition Assistance Program, commonly known as food stamps, to help fund the new bill, prompting some Democrats to cringe at the notion of cutting back on one necessity to pay for another. The federal assistance program currently helps 41 million Americans....



posted on Aug, 11 2010 @ 10:38 AM
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reply to post by Dbriefed
 


This is a payoff to the teachers unions right before November elections. They wanted to give States this money to save all those teacher union jobs. They are taking money from people who truely need it to keep their families fed and giving it to their union cronies.

It's so obvious. This is basically buying votes in November to keep the Dems in power.



posted on Aug, 11 2010 @ 10:53 AM
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Hahaha what a load of codswallop!!!

O.k. so you say USA is Bankrupt... ask yourself this question.

If USA owes money you say it can't pay back... whom does it owe to exactly??

Now if you could come up with a list of whom the US owes money to, you then have to look at how much money is in fact owed to the US from other countries.

I would wager my house that the total owed to the USA is far more than the
Total owed by the USA.

Do you really want USA to start calling in its debts??

Korg.



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