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America's coming financial catastrophe: ...Washington won't discipline itself unless we demand it
WND ^ | November 28, 2012 | Joseph Farah

Posted on 11/29/2012 4:01:20 AM PST by Perseverando

Do you want to understand the magnitude and imminence of America’s financial calamity?

I’ve written hundreds of thousands of words about it over the years, but an accountant, Hal Mason, has prepared a five-and-a-half-minute YouTube video that does a pretty good job of bringing it all home simply and starkly.

I advise every American to take a few minutes to view it if you want to understand why Washington is plunging off the fiscal cliff, even while the Democratic and Republican establishment talk about averting it.

All one really needs to do is view the 2013 budget from a high level. Don’t worry about the details. Just take a peek from 30,000 feet to see the crisis.

The budget is 3.8 trillion.

Projected revenues are $2.5 trillion.

That leaves a $1.3 trillion deficit.

The deficit will be borrowed – on top of more than $16 trillion in existing debt.

It’s a fait accompli unless Americans awaken to this scam and stop it. We’re no more than weeks away from action by Congress – including the Republican House – to raise the debt limit again to permit this insanity to continue.

Take a look at the projections for spending and borrowing in the years to come. There is no end to it. The budget just keeps on growing, sustained by endless borrowing. In a few years, we’re headed to debt exceeding 26 trillion.

Republicans say they’re against it. And they have the power to stop it. But they keep on raising the debt limit, which simply postpones the day of reckoning and the kind of catastrophe we see in Greece, where the people are burning down banks with citizens inside.

As Mason points out, the projected revenues next year

(Excerpt) Read more at wnd.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Government
KEYWORDS: deficit; economy; fiscalcliff; nationaldebt

1 posted on 11/29/2012 4:01:34 AM PST by Perseverando
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To: Perseverando

and why does this bring a vision of bawney fwank and sadomasochism with a dominatrix to mind, oh wait he wouldn’t get any joy out of that. with big ears.


2 posted on 11/29/2012 4:04:13 AM PST by HiTech RedNeck (How long before all this "fairness" kills everybody, even the poor it was supposed to help???)
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To: Perseverando

Who’s we, Paleface?

Obama’s not interested in making sense; he’s only interested in what his constituents have to say, and let’s face it - his constituents say, “Tax the sh*t out of Whitey and give it all to us!”

Don’t even try to make sense out of Obama’s actions, because sense is utterly irrelevant.


3 posted on 11/29/2012 4:08:33 AM PST by Jack Hammer
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To: Perseverando

———Do you want to understand the magnitude and imminence ——

Perhaps not both, totally........ but

Politicians can’t act. They can only react.

The calamity must occur before it can be remedied.

The disaster of Obama has not been realized


4 posted on 11/29/2012 4:17:59 AM PST by bert ((K.E. N.P. N.C. +12 .....The fairest Deduction to be reduced is the Standard Deduction)
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To: Perseverando

But it’s the holidays, plus NFL..... The rulers will do whatever they want over the next month and nobody will notice. They’ll just bitch later about evil Republicans and Jewish banksters. Seriously.

Try suggesting to a “conservative” that they boycott selectively, tell them not to shop at Christmas. I’ve been told on this site that postings I’ve made suggesting the IRS or Post Office be crippled with simple actions are wrong because they will cost more money and constitute “waste, fraud & abuse”. The NYT is a target for action, they are on the edge, a boycott of their top sponsers could tumble them.

Some think if they just sign another meaningless petition it matters. Or they want to skew results of dumb media polls. That is all the action they can muster. Until the TV stops working people will just ride the slow decline down and do nothing but carp.


5 posted on 11/29/2012 4:29:52 AM PST by wrencher
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To: Perseverando

“We’ve got to demand it.”

Amen, conservatives, even on this site, DEMAND IT!!
...
...as long as the spending being reduced is someone else’s welfare. But mention the welfare programs for today’s older people (Social Security and Medicare), even here, and they’ll scream their heads off when anyone wants to “touch it” (i.e., means test).

Yes, cutting spending is JUST FINE, as long as it’s someone else’s spending. And don’t give me that line about it being your money that you paid into - that money is long-gone, it’s my kids’ money we’re talking about now - you guys (and the generations prior) voted in governments to spend the money as it came in - it’s ALL GONE, plus $16T.

Bottom-line - I’m all for raising taxes on the MIDDLE CLASS, and lower classes - since there is NO WAY that even conservatives will tolerate spending cuts in their welfare programs - and the money is in those classes (i.e., not enough ‘rich’ to go around).

So we might as well suck it up and start paying for them real-time, or there will not even be a country left to live in (i.e., Argentina anyone?). My suggestions are as follows:
1) Let the Bush Tax Cuts expire, all of them.
2) Increase the gasoline tax by $2.00 per gallon (for starters)
3) Initiate a Value-Added Tax of 10% (national sales tax)
4) End most of the loopholes in the federal income tax system, particularly the one that actually encourages debt (i.e., the mortgage interest deduction - I still can’t believe that we have that)

Doing all of the above will pretty much give the government what it needs to provide its goodies both to the poor and to the older conservatives on this site. As for encouraging even more spending - that is a risk, but the best way to stop that is to simply elect conservatives that won’t start new programs.


6 posted on 11/29/2012 4:32:28 AM PST by BobL (You can live each day only once. You can waste a few, but don't waste too many.)
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To: Perseverando

We demand... they ignore.

LLS


7 posted on 11/29/2012 4:35:59 AM PST by LibLieSlayer (WOLVERINES!)
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To: Jack Hammer
“Tax the sh*t out of Whitey and give it all to us!”

That's exactly what he meant during the campaign when he used the word "Revenge".

8 posted on 11/29/2012 4:38:46 AM PST by radioone
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To: Perseverando
Washington won't discipline itself unless we demand it

"Washington" is simply the perfected reflection of what "we" demand.

The current end of days fiscal and monetary disaster is not happening AGAINST what "we" want, it is happening BECAUSE of what "we" want.

Democracy is the root of the problem.

9 posted on 11/29/2012 4:48:12 AM PST by Jim Noble (Diseases desperate grown are by desperate appliance relieved or not at all.)
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To: Perseverando

“Washington won’t discipline itself unless we demand it”

I’ll continue to believe what Palin said which is that if Washington doesn’t get its finances in order, someone else will do it for us.

Citizens as a whole haven’t demanded discipline.


10 posted on 11/29/2012 5:10:33 AM PST by cymbeline
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To: Perseverando

You can scream about numbers all you want and it will make no difference. The fact is nothing will change unless there are no alternatives. If there is any way to kick the can down the road they will do it even if they know it is futile. Human nature is that there is no painful change while alternatives exist. The system has to collapse before it can be fixed.


11 posted on 11/29/2012 5:25:26 AM PST by Brooklyn Attitude (Obama being re-elected is the political equivalent of OJ being found not guilty.)
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To: Jack Hammer

Answer: We will ALL go down with the ship. I’m convinced at this point the problem won’t get solved until the System collapses from its own weight. Its clear that the Dems are doing all they can to grab more power by handing out MORE goodies to newly minted clients. And its working. And, frankly, it might keep working for quite a while. Interest rates are near zero, so that drives the interest on debt lower. Real people/banks/countries don’t even have to buy our debt anymore—the Federal Reserve can (with $$ printed out of thin air). If we have an oil boom in the USA, that might delay the inevitable.

Even so, we are well past the tipping point (which was probably 2008). When the System does go bust, it will be absolute chaos to rival the fall of the Roman Empire. Politicians will do whatever they can to delay that day of reckoning.


12 posted on 11/29/2012 5:27:45 AM PST by rbg81
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To: Perseverando

Bookmark.


13 posted on 11/29/2012 8:40:30 AM PST by OldPossum
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