miami_thomas
VIP Member
- Jan 20, 2011
- 1,019
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The unfunded local and state entitlements are standing at 4.4 trillion dollars. The State and Local Pension Crisis (Add these to the unfunded liabilities of the Federal Gov't)
The Federal Debt and unfunded Federal entitlements is now over 120 trillion dollars.
Americans Now Owe $189,000 Each in National Debt and Unfunded Entitlements
The question is not if things will come crashing down but rather when. Look at this simple fact:
Revenues: 2,331,335,000,000
Federal Spending: 3,598,400,000,000
Deficit -1,267,065,000,000
We only bring in 64% of the money we need. Meaning we need to increase our revenue or cut our spending by 46%. That means we would almost have to double every single tax just to make ends meet. That does not even include local and state tax. When do you think things will hit the fan? By the way, we will have to raise the debt ceiling again before the election. Go figure.
Before it is suggested, if we were to tax every person making over 250,000 dollars a year at 100% it would only bring in an additional 1.4 trillion. Sure that would be enough to cover the deficit for a little while but eventually they would be broke or would have left the country so it would not help for more than a few days.
Last that is just the deficit now it will just be getting much, much worse because we have not funded Pensions, Social Security or Medicare for the future. See above unfunded liabilities. When do you think it will come crashing down? I say as soon as Europe gets it act together. Even with all the problems Europe is having the dollar is still weak against the Euro. Just think if they get out of their mess what the dollar will do.
The Federal Debt and unfunded Federal entitlements is now over 120 trillion dollars.
Americans Now Owe $189,000 Each in National Debt and Unfunded Entitlements
The question is not if things will come crashing down but rather when. Look at this simple fact:
Revenues: 2,331,335,000,000
Federal Spending: 3,598,400,000,000
Deficit -1,267,065,000,000
We only bring in 64% of the money we need. Meaning we need to increase our revenue or cut our spending by 46%. That means we would almost have to double every single tax just to make ends meet. That does not even include local and state tax. When do you think things will hit the fan? By the way, we will have to raise the debt ceiling again before the election. Go figure.
Before it is suggested, if we were to tax every person making over 250,000 dollars a year at 100% it would only bring in an additional 1.4 trillion. Sure that would be enough to cover the deficit for a little while but eventually they would be broke or would have left the country so it would not help for more than a few days.
Last that is just the deficit now it will just be getting much, much worse because we have not funded Pensions, Social Security or Medicare for the future. See above unfunded liabilities. When do you think it will come crashing down? I say as soon as Europe gets it act together. Even with all the problems Europe is having the dollar is still weak against the Euro. Just think if they get out of their mess what the dollar will do.
