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7.4 TRILLION in the hole!!

page: 1

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posted on Oct, 25 2004 @ 11:50 PM

Every working American is acquainted with the principle of balancing his or her checkbook. You have income. You have expenses. If your expenses are larger than your income, you either cut expenses or you start getting nasty letters from your bank and your creditors about bounced checks. Maybe you end up in court. Maybe you go to jail.

Unfortunately, we—the people—are the federal government's "bank" ... and right now, we don't have any way to bounce the rubber checks that Congress writes and the president signs.

Deficit spending is no different in principle for the government than it is for you or me. It happens when government spends more money than it takes in.

When that happens, the people must inevitably take it on the chin sooner or later. Either the government raises taxes, or it inflates the currency, reducing the spending power of the money we've earned—to pay off the debt it has amassed.


posted on Oct, 26 2004 @ 12:05 AM
Keep in mind that in real dollars it is not as bad as in the mid-80's, Gloom and doom was spoken of then also.

But today we have a 11+ Trillion Dollar economy. So to relate this to yourself,

you make 50k a year, so you are 26k in debt,

We have a wealth of near 45+ Trillion....
So you make 50k are worth 350K but are in debt 26k

See these figures also leave out one thing, of the 26k your in debt, 18k+ you owe to yourself...........

No is it as bad as you thought? Its bad as the interest you pay takes a greater portion of your income, but your are paying yourself the interest. At least 75% anyway...

Go here for more info:

TAXES : Do the Rich and Businesses Pay their Fair Share?

NEWS: 2004 US Deficit Reaches Record $413 Billion


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