It is estimated 59% of the 308.7 million Americans in this country get at least one federal benefit, according to the Census Bureau, based on 2009 data. An estimated 46.5 million get Social Security; 42.6 million get Medicare; 42.4 million get Medicaid; 36.1 million get food stamps; 12.4 million get housing subsidies; and 3.2 million get Veterans' benefits.
We are in BIG trouble here. Look at these quotes (in italics) from the article.
That is a tough feeding trough to take away from voters.
Politicians won't want to touch this during this re-election cycle.
Somehow the DNA of our country is changing. Wealth creation is coming from DC, not from America’s entrepreneurs.
What will the business do? How will they survive?
In short, Americans have the government, not private enterprise, to thank for their wealth growth.
This is what some want. No work, just "free money" from the .gov
...if indeed more households have the government to thank for their wealth, does that mean those households are more inclined to re-elect politicians who are pushing for more government handouts?
I believe the answer here will be YES.
Friday, April 22, 2011
Debt Ceiling or Debt Escalator
Well, soon the gov will need to act or not act on the Federal debt. We are currently, as I type this, at $14.25 Trillion with a debt limit (ceiling) of $14.3 Trillion. What does that mean? Well it means that the CONgress critters will need to decide on what to do. Spend more or seriously cut back. Now really, do you think that the Washington politicians can put a stop to their spending binge? I don't. They have not been able to in the past and they cannot now. Their reason will be that they cannot limit the debt or we will default on the debt or our economy will collapse. I hate to tell them, but our economy is collapsing, just slowly. We will see QE 3 probably by July, even though QE 1 and QE 2 have done nothing.
Remember the blog where I described debt and deficit? Well we are seeing both parties offering up plans to reduce our deficit by $4-5 Trillion over the next 10 years. Gosh, to most sheeple that sounds pretty good. I mean, we have a $14 trillion debt and we have a chance to reduce it by $4-5 Trillion, sounds good doesn't it? The problem is that they are talking about reducing the DEFICIT not the DEBT!!!! We currently have a predicted deficit for this year of about $1.65 Trillion. Let us look closer. $4-5 Trillion over 10 years means $400-500 Billion per year. If you keep running the same deficit as we are expected to have this year, which will likely climb, we would then subtract $500 Billion from $1.6 Trillion. This would still leave us a deficit of $1.1 Trillion! So over the next 10 years that our fabulous politicians are reducing our deficit we will be adding another $11 Trillion to our debt. By 2021 we could see a debt of $25 Trillion.
In 2010 we paid $413 Billion just in interest. Just since October 2010 until now we have paid $215 Billion in interest. At this pace we will pay $430 Billion in 2011. This is just interest payments. What do you think we will have to pay in 10 years if we have a debt of $25 Trillion? Some say the interest payments on the debt at $25 Trillion will be $1 Trillion!!
What is the solution? Well the politicians are saying we need to raise taxes on the rich. Again, that sounds good to the sheeple. I mean, the rich can afford it, right? Well, if I'm not mistaken it is usually "the rich" that start businesses, employ people and buy goods that keep other businesses in business.
Look at this Wall Street Journal article.
The Internal Revenue Service's income tax statistics for 2008, the latest year for which data are available. The top 1% of taxpayers—those with salaries, dividends and capital gains roughly above about $380,000—paid 38% of taxes. But assume that tax policy confiscated all the taxable income of all the "millionaires and billionaires" Mr. Obama singled out. That yields merely about $938 billion, which is sand on the beach amid the $4 trillion White House budget, a $1.65 trillion deficit, and spending at 25% as a share of the economy, a post-World War II record.
Say we take it up to the top 10%, or everyone with income over $114,000, including joint filers. That's five times Mr. Obama's 2% promise. The IRS data are broken down at $100,000, yet taxing all income above that level throws up only $3.4 trillion.
The Obama administration's spending request contains $2.627 trillion in receipts and $3.729 trillion in outlays for 2012.[6] The Republican plan contains $2.533 trillion in revenues and $3.529 trillion in outlays. Neither keeps us from adding debt.
This shows me that we cannot tax our way out of this mess. We have to make some serious cuts in spending. THIS WILL BE PAINFUL FOR ALL OF US!!! But it need to be done. Our government needs to spend what they take in. They need to stop discretionary spending, reduce social handouts, revise Medicare and Medicaid and repeal Obama Care. It won't be easy, but the pain will be worse if we put it off.
People I have been telling you to prepare for some time. Well, time is running out, get to it.
Remember the blog where I described debt and deficit? Well we are seeing both parties offering up plans to reduce our deficit by $4-5 Trillion over the next 10 years. Gosh, to most sheeple that sounds pretty good. I mean, we have a $14 trillion debt and we have a chance to reduce it by $4-5 Trillion, sounds good doesn't it? The problem is that they are talking about reducing the DEFICIT not the DEBT!!!! We currently have a predicted deficit for this year of about $1.65 Trillion. Let us look closer. $4-5 Trillion over 10 years means $400-500 Billion per year. If you keep running the same deficit as we are expected to have this year, which will likely climb, we would then subtract $500 Billion from $1.6 Trillion. This would still leave us a deficit of $1.1 Trillion! So over the next 10 years that our fabulous politicians are reducing our deficit we will be adding another $11 Trillion to our debt. By 2021 we could see a debt of $25 Trillion.
In 2010 we paid $413 Billion just in interest. Just since October 2010 until now we have paid $215 Billion in interest. At this pace we will pay $430 Billion in 2011. This is just interest payments. What do you think we will have to pay in 10 years if we have a debt of $25 Trillion? Some say the interest payments on the debt at $25 Trillion will be $1 Trillion!!
What is the solution? Well the politicians are saying we need to raise taxes on the rich. Again, that sounds good to the sheeple. I mean, the rich can afford it, right? Well, if I'm not mistaken it is usually "the rich" that start businesses, employ people and buy goods that keep other businesses in business.
Look at this Wall Street Journal article.
The Internal Revenue Service's income tax statistics for 2008, the latest year for which data are available. The top 1% of taxpayers—those with salaries, dividends and capital gains roughly above about $380,000—paid 38% of taxes. But assume that tax policy confiscated all the taxable income of all the "millionaires and billionaires" Mr. Obama singled out. That yields merely about $938 billion, which is sand on the beach amid the $4 trillion White House budget, a $1.65 trillion deficit, and spending at 25% as a share of the economy, a post-World War II record.
Say we take it up to the top 10%, or everyone with income over $114,000, including joint filers. That's five times Mr. Obama's 2% promise. The IRS data are broken down at $100,000, yet taxing all income above that level throws up only $3.4 trillion.
The Obama administration's spending request contains $2.627 trillion in receipts and $3.729 trillion in outlays for 2012.[6] The Republican plan contains $2.533 trillion in revenues and $3.529 trillion in outlays. Neither keeps us from adding debt.
This shows me that we cannot tax our way out of this mess. We have to make some serious cuts in spending. THIS WILL BE PAINFUL FOR ALL OF US!!! But it need to be done. Our government needs to spend what they take in. They need to stop discretionary spending, reduce social handouts, revise Medicare and Medicaid and repeal Obama Care. It won't be easy, but the pain will be worse if we put it off.
People I have been telling you to prepare for some time. Well, time is running out, get to it.
Sunday, April 17, 2011
What Is Food Worth?
My last post spoke about what silver is worth...to you, but now I ask "what is food worth to you"?
You cannot eat silver, but silver can buy you food, if someone wants to sell it. But food is needed to live, silver is not.
Here are 20 Signs That A Horrific Global Food Crisis Is Coming. I'll list a couple, but you really need to read this article.
#13 According to the World Bank, the global price of food has risen 36% over the past 12 months.
#14 The commodity price of wheat has approximately doubled since last summer.
#15 The commodity price of corn has also about doubled since last summer.
#16 The commodity price of soybeans is up about 50% since last June.
#17 The commodity price of orange juice has doubled since 2009.
And if you don't belive them, read this.
Buy-one-get-one when you can and put one away for hard times, if it comes.
You cannot eat silver, but silver can buy you food, if someone wants to sell it. But food is needed to live, silver is not.
Here are 20 Signs That A Horrific Global Food Crisis Is Coming. I'll list a couple, but you really need to read this article.
#13 According to the World Bank, the global price of food has risen 36% over the past 12 months.
#14 The commodity price of wheat has approximately doubled since last summer.
#15 The commodity price of corn has also about doubled since last summer.
#16 The commodity price of soybeans is up about 50% since last June.
#17 The commodity price of orange juice has doubled since 2009.
And if you don't belive them, read this.
Buy-one-get-one when you can and put one away for hard times, if it comes.
What Is Silver Worth?
We all have read about how JP Morgan is manipulationg the Silver market, how the silver to gold ratio historiclly has been 16:1 and it is now 35:1, but moving closer to the historic mark and how silver is going to be worth more than gold because it it is limited and running low due to all the industrial uses. But again I ask you, how much is silver worth? Some might say that it is like anything else, it is worth only what someone will pay for it. That is true, but silver will always be wanted by someone, so it is different from, say a knife or a lawnmower. Silver has been and always will be wanted by somebody, that is why they call it a precious metal.
I look at it this way. If you have a dollar bill from 1962, it is worth today the same....$1.00. If you have 4 quarters from 1962, they are worth today over $31.00. If you have ten dimes from the same year, they are worth today the same as the four quarters, over $31.00.
I would say to you, how much do you think silver is worth....to you? That might be the better question. I will tell you, I own silver and plan on getting more.
I look at it this way. If you have a dollar bill from 1962, it is worth today the same....$1.00. If you have 4 quarters from 1962, they are worth today over $31.00. If you have ten dimes from the same year, they are worth today the same as the four quarters, over $31.00.
I would say to you, how much do you think silver is worth....to you? That might be the better question. I will tell you, I own silver and plan on getting more.
Sunday, April 3, 2011
Your Taxes To Be Doubled?
They will double if our leader(s) listens to the IMF.
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.
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.
Maybe I'm Giving Up Beef?
We feed chicken manure to cattle because it's cheap; and because we produce far too much of it to properly dispose of as fertilizer.
Now that is one thing that I could/should have never read!
Now that is one thing that I could/should have never read!
Doctors Leaving The Profession
ObamaCare Nightmare....
and you aren't worried about America?
Well, if it is all that great, why is Obama allowing more than 1000 companies to exempt out of the new and wonderful ObamaCare.
and you aren't worried about America?
Well, if it is all that great, why is Obama allowing more than 1000 companies to exempt out of the new and wonderful ObamaCare.
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