- We are going over the fiscal cliff on News Years Eve. You better put on a parachute. The Bush tax cuts are going to expire and your taxes are going UP. Now they can fund more government spending. Get more people on the government dole, more votes, more power in government. Money talks.
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- What do we know about this cliff we are about to jump over?
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- The last 4 years the federal government has spent $1,000,000,000,000 more than it collected in revenue ( taxes ). $1 trillion each year for 4 years.
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- The national debt has grown to $16,000,000,000,000. A debt that we have to pay back. it represents over $50,000 for every man, woman, and child in this country. Per taxpayer the total debt including unfunded liabilities is $400,000 per taxpayer. Good luck with that.
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- $16 trillion is more than our entire Gross National Product in 2012. The GNP is the sum total of all goods and services produced each year.
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- On April 30 the debt limit was raised from $15.184 trillion to $16,394 trillion. And, we are about to exceed that limit in a month or two. We are still spending more that we make. We need to borrow more money or cut spending. Raising the debt limit allows the government to borrow more and spend more.
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- The whole discussion is on raising tax rates which will fund the government for 8 weeks, or raising the debt limit so we can borrow more money, congressmen and the President are looking at their navels. The real debt is $48 trillion in unfunded social security and medicare.
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- Social security spent $45 billion more than it collected in payroll taxes in 2011. Next year the gap will be $66 billion. Then $95 billion in 2020. then$318.7 billion in 2030. In order to remain solvent we need a 25% cut in social security benefits. Good luck with that.
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- The Senate and President have not passed a budget since 2009. The President’s budget proposal has not received one vote in either house. He is not even trying.
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- Federal spending is equivalent to 2/3rds of the average household income. The average tax collected per household was $20,293. The government overspent that amount by $9,398 per household.
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- Obamacare will spend another $1.7 trillion in the next 10 years, $170 billion per year. It represents a 15% growth in federal health program spending.
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- The top 5 spending programs for the federal budget, that we do not have are:
-------------------- (1) social security
-------------------- (2) national defense
------------------- (3) medicare
------------------- (4) medicad and CHIP
-------------------- (5) Interest on the $16 trillion in debt.
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- Today 128,800,000 Americans depend on government aid for rent, prescription drugs, and higher education. This does not include social security or unemployment, or food stamps. 40% of Americans are government dependents.
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- Is there any hope? Will the parachutes pop before we hit the pavement?
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- Now you know the fiscal cliff you are jumping off, Happy New Year!
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RSVP, please reply with a number to rate this review: #1- learned something new. #2 - Didn’t read it. #3- very interesting. #4- Send another review #___ from the index. #5- Keep em coming. #6- I forwarded copies to some friends. #7- Don‘t send me these anymore! #8- I am forwarding you some questions? Index is available with email and with requested reviews at http://jdetrick.blogspot.com/ Please send feedback, corrections, or recommended improvements to: jamesdetrick@comcast.net. ---- “Jim Detrick” -- www.facebook.com, -- www.twitter.com, -- 707-536-3272 Thursday, December 27, 2012
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