print“But you’re getting a tax cut under Obama,” screeched the cerebrally and ethically challenged CNN attack dog, Susan Roesgen. She was shouting at an informed, ticked-off taxpayer at the nationwide tea parties. Which is why reporters, retarded ones especially, should never editorialize.
Writes former US accountant and comptroller general, David M. Walker:
Total federal debt almost doubled during President George W. Bush’s administration and, as much as we needed some stimulus spending to boost the economy, the nonpartisan Congressional Budget Office now estimates total debt levels could almost double again over the next eight years based on the budget recently outlined by President Obama.
Regardless of what politicians tell you, any additional accumulations of debt are, absent dramatic reductions in the size and role of government, basically deferred tax increases. Remember the old saw? “You can pay me now or you can pay me later, with interest.” …
the federal government accumulated $56.4 trillion in total liabilities and unfunded promises for Medicare and Social Security as of September 30, 2008. The numbers used to calculate this figure come directly from the audited financial statements of the U.S. government.
If $56.4 trillion in financial commitments is too big a number to digest, think of it as $483,000 per American household, or $184,000 for every man, woman and child in the country.
Even broken down, the numbers can be tough to swallow. Yes, you’ve paid your taxes, but you still bear a significant share of the government’s own financial burden. …
So as you file your tax returns this year, bear in mind that no matter how much you’re paying now, you’ll pay much more in the future because of Washington’s failure to get its finances in order…
It only makes sense for someone to incur a debt (business, person, or gov’t) if there is an investment being made that will pay off the eventual debt plus interest and make a profit. Can anyone point out something productive being done by the government?
The likely result of doubling the debt in 8 years of Bush II and 4 years of Obama is a ruinous inflation. But then we can ride the high speed rail into bankruptcy court? Or do we hock the F-22’s the the Chinese?
I’m curious….is Jeneane Garofalo a board certified psychologist or psychiatrist? She certainly sounded like she is at least a phd (pile it higher and deeper) in psychology.
Wait, she is an actress and a comedian, who has trouble acting or being funny. She appears to be the racist.
Keith Olberman seems to have a good “handle” on the term tea bagging. Makes one wonder……
There are so many levels at which one can begin to critique the stimulus and bailout packages. If you’re family is in $10k of debt, why, unless you understood nothing about money and creating wealth, would you be ecstatic about receiving a credit card in the mail with a $15k limit.
The way out of debt is to produce. Production begets production begets wealth. None of which the government has the means to do. Fiat money and credit extension are not economic viability.