Quote:
Originally Posted by TracyCoxx
I'm losing count. What is our deficit at now? About 3 or 4 Trillion? At what point does the rest of the world realize all these IOUs we're giving them is worthless? What value do they get out of it? We're not producing nearly enough to ever pay it back. Not before, and certainly not now. They're basically donating all kinds of products to us. Someone tell me why?
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Well, in terms of money spent, here's the AP headline that just went out across the wires.
The lead paragraph tells you all you need to now about how economically fucked we are...
OBAMA SENDING FIRST BUDGET TO CONGRESS
February 26, 2009
WASHINGTON - President Barack Obama is sending Congress a $3 trillion-plus budget, a spending blueprint that will project astronomical deficits that reflect the cost of getting the country out of a deep recession and a severe financial crisis.
Oh, and Tracy -- to answer your point about worthless IOU's, I saw someone on TV the other day who had actually run the numbers -- and you'd better brace yourself. To pay for all of Obama's plans to date, in other words to cover all of the money he's
already committed us to, right now the income tax rate on every single person working in America...regardless of their income level...would have to be raised to 95%. Oh yeah, and you'd have to do that till at least 2013.
These morons in Washington have crossed a line of spending insanity in ways that it's nearly impossible to tabulate anymore. Seriously, think about that -- the only way to pay for Obama's plan and to actually dig ourselves back out of this bigger deficit hole would be for every single one of us to give the government NINETY FIVE PERCENT of our income. For the next SEVERAL YEARS.
I'm sure you could live on only 5% of your salary, right? But hey, look on the bright side. At least there will be a high speed train connecting Disneyland and Las Vegas. Not that you'll have any money to visit either place or even be able to buy a ticket to ride the train -- but at least it will be built!