Steal Your Children's Future
It is ironic that it is illegal to open accounts in your children's' names and go into debt. It is identity theft and you can do jail time.
In contrast, you can steal much more from your children by simply electing politicians who will continue to run up the national debt. Currently, our national debt is just shy of $40,000.00 per person. A family of four owes $160,000.
So how are we dealing with our debt? The same way that we got into our current mess. This coming year the federal budget will be $3.83 Trillion. That works our to just shy of $12,500.00 per person, or $50,000.00 for a family of four. (The medium household income in the U.S. for 2007-2008 was $51,233).
So what will we do when the interest we pay on the federal debt exceeds the total revenues collected by the federal government (an event that could happen relatively soon if interest rates spike)? Simple, we will borrow more and pass the debt onto our children. We will have bankrupted the wealthiest nation on earth. We should be so proud.
In contrast, you can steal much more from your children by simply electing politicians who will continue to run up the national debt. Currently, our national debt is just shy of $40,000.00 per person. A family of four owes $160,000.
So how are we dealing with our debt? The same way that we got into our current mess. This coming year the federal budget will be $3.83 Trillion. That works our to just shy of $12,500.00 per person, or $50,000.00 for a family of four. (The medium household income in the U.S. for 2007-2008 was $51,233).
So what will we do when the interest we pay on the federal debt exceeds the total revenues collected by the federal government (an event that could happen relatively soon if interest rates spike)? Simple, we will borrow more and pass the debt onto our children. We will have bankrupted the wealthiest nation on earth. We should be so proud.
I've always wondered why voters and politicians talk about tax "cuts." There's no such thing as a tax "cut" except when there's a surplus. There's only a tax shift to our children.
We gotta get into the mindset that once we've decided how much we want government to spend, well, that's the amount we need government to tax.
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I agree and as soon as people start actually paying for everything the government is doing, they will come to the conclusion that the government could function on less money. That is part of my problem with Obama's pledge of keeping taxes the same or giving a tax cut to 95% of tax payers. You now have 95% of tax payers who have no reason to care what the government spends. While you can keep adding taxes to the top 5%, eventually that well runs dry. The top 5% either give up or move to a jurisdiction with more reasonable taxes.
Furthermore, history has shown over and over that taxes creep down. You may not be paying the tax today, but eventually you will. A prime example is the Alternative Minimum Tax. It was put in place to make sure that the very wealthy aren't able to avoid taxes. Now it is hitting many middle class families. The only way to control government spending is to have everyone pay in so that every tax increase hits everyone.
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