Category Archive 'Federal Debt'

18 Sep 2019

America When My Family First Arrived Versus Today

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Clifford A. Brown, at Ricochet:

Collecting Taxes

About $6.23 [$147 in 2016 dollars]: The amount of state and local government taxes collected per person in 1880.

About $4,951: The amount of state and local government taxes collected per person in 2016.

Note that these are not federal tax dollars, but the real growth in the scope of state and local government. In part, federal taxes could not be compared across the same interval as “per person” because the federal income tax was not ratified until 1913. This points to all of us, collectively, voting over and over again for more and more government at every level, in contradiction to the basic assumptions expressed by both sides of the debate back in 1787-1789. We may truly get the government for which we vote!

RTWT

Add the roughly 40% of your income you pay to the Federal Government if you are even moderately successful in life. And don’t forget to add in your own currently $67,000 share in the Federal Debt.

15 May 2014

What Happen When America Goes Bankrupt?

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US-going-bankrupt

Tyler Durden passes along Simon Black, who notes: “We’re already there.”

Last week in the Land of the Free, I heard a radio campaign ad for a local political candidate while in Texas.

In the ad, he was talking about the debt and excessive government spending. And then he said something along the lines of, “We need to get this under control before America goes bankrupt.”

‘Buddy,’ I remember thinking, ‘America isn’t going bankrupt. It already IS bankrupt.’

Just so that we don’t mince words, my dictionary defines ‘bankrupt’ as “any insolvent debtor,” i.e. a debtor whose liabilities exceeds assets.

That’s the US government, by its own admission.

As we’ve discussed before, the US Government Accountability Office (GAO) publishes financial statements each year in which they list all official government assets and liabilities.

The liabilities far exceed the assets. Big time. And the hole is getting deeper each year.

At this point the government’s net worth is roughly NEGATIVE $17 trillion, about 110% of GDP. That’s textbook insolvency.

The only reason the US government is still able to service its debts is because they are borrowing money just to pay interest… and because the Federal Reserve keeps printing money to buy up US debt.

These are hardly sustainable fiscal strategies.

10 Mar 2009

Let ‘Em Pay

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Paul Kengor thinks today’s youth deserves it for supporting Obama.

There’s a collective outcry from conservatives bemoaning the “generational debt” that President Obama is in the process of placing upon this country, particularly its youth. They’re right, of course. But why complain?

It seems only fitting to me that the voters responsible for electing Obama ought to be saddled with the consequences. Let ‘em pay.


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