Thursday, September 10, 2009

National Debt – Deep Crap

With the PresBO and the Congressional Dem's focused on passing a huge new entitlement program, I thought it would be a good time to and look at the countries financial stability. You know how it works, you run a household so you have half a clue. You have money in the bank in a checking account on which you draw when you make purchases, like buying your own insurance policy. You have a job that puts raw bucks into that account, money that is left after your Government takes its share. You also have a credit card on which you make non-cash purchases. Usually these credit cards have a limit, an end point that when you reach triggers all sorts of ugly things. A kind of an alarm or warning flags that go up. Agencies that extend credit gauge your credit worthiness on many factors, chief among them is you ability to make payments. Money In = Money Out. Simple. Works in most households across this once great country.

Not so with our government. Go here, check this it is the National Debt Clock:

You can see just how much money if flying out of the Treasury. Look at it closely, each citizen is on the hook for more than $38,000 bucks in debt from the current budget. $38,000 Dollars.

Look also at the second line, it shows US Spending Calendar Year To Date (CYTD) and then just across form it on the other side in green is the total Tax Revenue that is used to pay for this spending. It is less than half of its companion on the other side of the ledger. Yep, we are spending at twice the pace the government is able to generate revenue. Look also at the total US Gross Domestic Product number. This is significant because if you collected EVERY Penney of money generated by the US Economy (not just Tax money, I am talking EVERY singe Penny) it is still see than the total US National Debt.

And that is nothing.

Page down and look at the US Unfunded Liabilities and you will see that we have planned to spend almost $60 trillion dollars into Medicare/Medicaid, Social Security and Prescription Drugs (Medicare Plan 'D'). A whooping $192,000 dollars per citizen. $192,027 dollars!!

And the smacked AssHats in Congress and the PresBO want to go deeper into this with this huge government health care program. What are they smoking there in DC? Do they know how deep this crap is?

And compute this, how many of you out there actually pay taxes? What is it, only 52% of the population actually makes enough money to be considered Tax Generators. That is where they get the money for all this; it comes from the few of us citizens and business that actually pay taxes. So those numbers, that $38,000 and $192,000 dollar figure, well they go way up when you adjust in the population actually paying taxes. It goes way up. Like up to your Ass deep!!

Deep crap indeed.

BT: Jimmy T sends.


Buck said...

What is it, only 52% of the population actually makes enough money to be considered Tax Generators.

Yanno what p!sses me off? I draw Social Security and two pensions, one gub'mint (USAF) and one private. I pay withholding taxes on all three... and yet I STILL had to write the IRS a check for $1,400.00 last year. What the HELL am I doing wrong?

JimmyT said...

Buck, "What a Country"!! We are migrating slowly towards that steep cliff with periolus rocks at the bottom.
My only tax advice for you is to operate a 'consualting' business and start taking deducdtions, how do you think Trump and Turner go to where they are, they gamed the system.

BT: Jimmy T sends.