Posted on 08/17/2013 9:07:10 AM PDT by whitedog57
We know that the employment situation in the US is terrible with 70% of jobs created since January 2009 being low-paying, part-time jobs.
And median household income keeps declining.
20130816_mainstreetmisery
After reading James Hamilton’s horrifying paper on the size of off-balance sheet liabilities for America, I thought I would put together the following table to you could see the household share of government debt, entitlements and The Federal Reserve Balance Sheet.
householdshare
There are 115,310,000 households in America.
Government spending in the U.S. as of Q2 2013 was a little over $5.8 trillion. That equates to $50,328.68 per household.
The median household income was reported in February at $51,404. So, median household income is almost equal to government spending (98%). So, governments spend almost dollar-per-dollar of median household income.
SNAP (food stamps) is given to 20% of American households.
The liabilities for mortgage giants Fannie Mae and Freddie Mac amount to $4.9 trillion, according to economist James Hamilton. That equates to $42,494.15 per household.
Total off balance sheet liabilities (Social Security, Medicare, FDIC, Fannie and Freddie) amount to $70 trillion. The household share of this staggering liability is $607,059.23.
IN ADDITION to off-balance sheet liabilities for the government, they have borrowed $16,738,484,642,517 {(or $16.7 trillion) to date. Household share of Federal government borrowing? $145,160.74!
The Federal Reserve has grown their balance sheet to $3,603,348,000,000 (or $3.6 trillion). Now, while taxpayers are liable for losses on The Fed Balance Sheet, it is doubtful that all $3.6 trillion will be lost. Still, the household share of The Fed’s Balance Sheet is $31,249.22.
Bear in mind that almost 50% of Americans pay no income taxes. You do the math. It is too appalling to think about.
So, if we combine the household’s share of off-balance sheet liabilities and public debt, we get $752,219.97. Per household!
What’s in your safe?
ei0003858
Government out of control!
So...
If I pony up this number,
Can I officially and forever go off balance sheet with the USSA?
Completely free of all coercive regulation?
Cease forever to pay any taxes?
It would be worth it!
Short answer is no. BigGovernment must bleed you dry. Then when you die, take as much of your estate as possible. The American Dream is over, done and has had forks stuck in it. The idea of ownership of anything is passe. The incentive to work has been abolished. We are free comrades!!
Oh yrs...
Only citizens can vote or hold public office.
Not relevant to this article, but pertinent to the question. This morning's local paper had an article about a local man who ordered a gun safe from a major national manufacturer. When it arrived, he found the safe to be full of bales of marijuana. He called the sheriff to say that his safe was full of things he hadn't ordered.
The safe had been made by prison labor in Mexico and imported into the US, then shipped to him.
Better be sure what's in your safe.
If our world brings back the concepts of "Debtor's Prison" and indentured servitude, we, the people, are in serious trouble.
We won't enjoy the consequences we've earned by following this path we're nearing the end of.
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