Your Share Of The Debt Is A Lot Of Money
Sep 15, 2015 Political
Despite the fact that the federal government took in a record amount of tax revenue during the first eleven months of the year it still managed to spend more than that and ran a 529 BILLION dollar deficit. That is correct, 529 BILLION more dollars were added to the US debt.
The amount of taxes collected amounts to a little more than 19 Thousand dollars per worker (which is an average since many workers don’t even make that amount of money and nearly half of wage earners don’t pay federal taxes).
The government cannot seem to control itself when it comes to spending money so we continue our death spiral or should I say debt spiral?
Right now the federal debt held by the public is around $107,000 per household. Yes ladies and gentlemen, your household is on the hook for a tenth of a million dollars.
This is because the federal government is way too big and it is out of control. There are politicians who have been in office for decades and they only know how to spend YOUR money. They are not good at budgeting and they have countless unnecessary programs that suck the life out of our economy. Government is so big that it has scores of programs that duplicate what others do and there is little to no oversight.
It is a huge mess. One day the federal government is going to come to collect that money and when it does things will be ugly.
We need to get back to what our Founders envisioned. We need a small federal government that lives within the confines of the Constitution. We need states to be sovereign once agin and clear of federal interference.
I fear it is too late and the once great US is but a generation or two away from extinction.
Don’t worry though, there will be plenty of Syrian refugees here to take over. They are used to living in the stone age…
Cave canem!
Never surrender, never submit.
Tags: Congress, debt, deficit, lies, tax revenue
Government: Record Take Still Spends More
Jul 14, 2015 Political
The out of control government took in a record 2.45 TRILLION dollars in tax revenue through June of this year which equals $16,451 for each person fortunate enough to have a job. Of course, they did not pay this much because taxes come from various places but it is still a staggering amount of money.
Despite taking in this record amount the government is still running a deficit of 313.4 BILLION dollars.
The spending machine that is government will never be satisfied. It will always spend more than it gets in. Raising taxes did nothing to solve the debt problem because even though government pilfered more money from people it still spent more than it had.
The reality here is that many folks on the bottom end of the scale (the lower 47%) will get refunds of virtually all of the federal income taxes paid in. The top 53% will foot the bill for the balance.
The debt clock continues to tick up and each of us owes tens of thousands of dollars to settle the debt.
It is unsustainable and we will eventually collapse under the weight of the debt.
Of course since Barack Obama has given Iran the green light on nuclear weapon production we might not have to worry about debt for long.
The debt will be wiped out with a lot of mankind when World War III starts up.
So those are the choices. Die under the crushing debt or die in a nuclear war.
Well, at least we have Obamacare to take care of our injuries.
Wait, add one more choice to the ways to die…
Cave canem!
Never surrender, never submit.
Tags: debt, iran deal, records, tax revenue
Tax Revenues Way Down
Aug 4, 2009 Political
Tax revenues are the lowest they have been since the Great Depression. In other words, the Obama recession and failed stimulus have resulted in a shortage of cash to the government in the form of tax receipts. Not that it matters much because they keep spending what we don’t have, but now we will be even further in debt.
The article from Yahoo news goes into great detail about the shortage and what it means. The two things that I want you to take away from it are contained in these quotes:
Social Security tax receipts are down less than a percentage point from last year, but in May the government had been projecting a slight increase. At the time, the government’s best estimate was that Social Security would start to pay out more money than it receives in taxes in 2016, and that the fund would be depleted in 2037 unless changes are enacted.
Some experts think the sour economy has made those numbers outdated.
“You could easily move that number up three or four years, then you’re talking about 2013, and that’s not very far off,” said Kent Smetters, associate professor of insurance and risk management at the University of Pennsylvania.
The government’s projections included best- and worst-case scenarios. Under the worst, Social Security would start to pay out more money than it received in taxes in 2013, and the fund would be depleted in 2029.
~snip~
Medicare tax receipts are also down less than a percentage point for the year, pretty close to government projections. Medicare started paying out more money than it received last year.
Social Security and Medicare are two government run programs and they are not in good shape. The worst case scenario is that SS will pay out more than it takes in by 2013 (2016 in the best case) and they claim the fund will be depleted some number of years later.
Here is a newsflash, the Social Security fund is already depleted. Each month the excess money taken in is turned over to the government in exchange for a government bond. Then Congress spends that money on other things. Instead of saving it, the government spends it. Since we don’t have any money just lying around, Social Security is broke. The government cannot afford to make good on the bonds because it spent all of the money. This is part of the 11 trillion in debt that is not reported when they discuss our financial obligations.
Keep this in mind as they talk about health care and “savings” because they will spend any excess money from any health care program as well. I believe that Social Security should be privatized and people can manage their own retirement and pass the money on to their heirs. However, the government runs the program so that is not currently an option. If I had been running this program the money would have been invested or saved so that it would be there when the bills come due. Congress does not think like that because most of them have no business sense.
These are the people who want to run your health care.
Speaking of which, Medicare is a government run health care program. It is now paying out more than it takes in. I am sure that government will soon raise the Medicare tax we all pay (including on those who make under 250k a year). That is assuming that Medicare is around for much longer. If the Democrats pass their health care plan then Medicare will go away and the elderly will be vulnerable.
When they started this program it was not supposed to cost this much money. They were supposed to collect the money and be responsible for making sure the program was solvent. Through years of fraud, waste and abuse, the program has gone broke. They were not able to run a health care program for a portion of the population (the elderly) but they want to run a health care system for the entire country.
If they cannot keep SS or Medicare solvent, what makes anyone think they can keep government run health care solvent? What do you suppose will happen once the health care program runs out of money?
They will ration care and the elderly are going to be on the wrong end of the stick. A 24 year old IV drug user with AIDS will get costly treatment while an active 70 year old will be getting counseled on end of life decisions.
It is troubling to see tax revenues down but the most troubling part of the story is the proof that government cannot run social programs efficiently. The story clearly demonstrates why we should not have government involved in something as complicated as our health care system.
The government cannot run a model train, SS and Medicare are a challenge they are failing to meet and if they run the entire health care system it will mean the collapse of this once great country.
The elderly will pay the biggest price.
Speak up senior citizens.
[tip]If you enjoy what you read consider signing up to receive email notification of new posts. There are several options in the sidebar and I am sure you can find one that suits you. If you prefer, consider adding this site to your favorite feed reader. If you receive emails and wish to stop them follow the instructions included in the email.[/tip]
Tags: great depression, health care, social security, tax revenue