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 U.S. IS BANKRUPT

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Abracadabra
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PostSubject: U.S. IS BANKRUPT   Fri 13 Aug 2010, 7:07 am

Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills.

What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy.

Last month, the International Monetary Fund released its annual review of U.S. economic policy and the IMF has effectively pronounced the U.S. bankrupt.

The IMF says to close 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. How do you like the hope and change now???cursing censored

What the IMF is really saying the U.S. needs to run a huge surplus now and for many years to come to pay for the spending that is scheduled.

Is the IMF bonkers? No. It has done its homework. So has the Congressional Budget Office whose Long-Term Budget Outlook, released in June, shows an even larger problem.


http://www.bloomberg.com/news/2010-08-11/u-s-is-bankrupt-and-we-don-t-even-know-commentary-by-laurence-kotlikoff.html



Hope and change voters....do not forget to after you enjoy a  with obama Kool-Aid....sweetened with NutraHope!

Many people (that I know) are alive only because it’s illegal to shoot them.

Ronald Reagen said it best.......The trouble with our liberal friends is not that they are ignorant, but that they know so much that isn’t so.

"You can ignore reality, but not the consequences of ignoring reality." Ayn Rand

The truly educated never graduate !

When the Going Gets Tough, the Tough Get Going. The Smart Left a Long Time Ago.

I have always said I don't care what you do or with whom you do it, but don't demand that I think that it is normal or that it is OK!!!!

Only two things are infinite, the universe and human stupidity!
how rude

Defining....Abracadabra … cursing censored
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U.S. IS BANKRUPT

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