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They Will Never Pay Off This Government Debt

By on June 8, 2010 in Big Brother, Economics 1

From an article by Vin Suprynowicz:

If I invoke the phrase “Greek debt crisis,” do your eyelids start to grow heavy?

Do you somehow find it difficult to summon up a fresh wave of outrage if someone mentions that when Barack Obama’s National Commission on Fiscal Responsibility and Reform (better known as the Democratic Tax-Hike Justification Front) convened for its second monthly meeting last week, Congress was already 41 days past its April 15 deadline for passing a budget resolution – scared to death to admit, in an election year and the third year of the Second Great Depression, just how much new debt and spending they intend to crank up?

If these topics fired the American imagination, the most popular prime-time television shows would feature teams of CPAs wiping sweat from their brows as they raced to figure out a tricky tax return on their desktop calculators. “Go, PriceWaterhouseCoopers, go!”

So let’s try to avoid a page full of decimals and percent signs. Pardon my ballpark figures.

Go watch the federal debt clock. It shows the federal government – your congresscritter and mine – have promised to pay the folks who bought U.S. bonds $13 trillion which they don’t have. Your personal share – the amount your congresscritter and mine promised to squeeze out of you to pay off those IOUs, if you’re a taxpayer – is about $117,000. Make that $180,000 when all government debt is included.

Total United States unfunded liabilities? I believe that says $108 trillion.

With average family income at about $62,000, can you ever pay that off?

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No Liberty with Negative Equity

By on December 5, 2009 in Big Government, Economics, Liberty 5

negative-equityIndividual liberty cannot exist in a country where un-funded obligations, plus its current debt, surpass the total value of all private assets. This is an immutable law of nature and is the condition that exists today in our country.

Approximately 12 trillion debt (source U.S treasury), 14 trillion Social Security obligation, 18 trillion (Rx Drugs) and 73 trillion Medicare Liability (source Federal reserve) = 118 trillion. All current U.S. private assets combined = 74 trillion. Simply stated, “Debt Kills Liberty”.

This sobering choice is clear, we must stop the federal governments extra constitutional spending, borrowing and printing of money or forfeit the American Revolution and individual liberty.

If that statement seems an exaggeration, consider the possibility of California’s state government failing. Decades of abusive taxes, spending and regulation could make California the General Motors of States. Is it possible for the Federal Government to take a state into receivership? Can you hear the argument now “California is too big to fail”? How safe is Maryland? Can we tell the Federal Government to cease and desist commandeering our legislative and regulatory processes if we are “on the take” (9% current budget subsidized by stimulus Source U.S. treasury).

If state tax revenue drops 10% in 2010, due to our current economic slowdown, we have an approximate 20% structural deficit in 2010-2011. Fellow Patriots insist now, State government spending must be cut and substantially. This will free us from dependence on Federal subsidies and give us solid footing for nullification legislation to stop future extra-constitutional spending. Our state can reestablish solvency and has precedent to nullify current and proposed extra constitutional Federal legislation.

More insidious than state governments failing is willful devaluation of our currency. The treasury has printed 3-4 times the dollars in circulation in the last handful of years. This gives the federal government unprecedented leverage to buy liberty from citizens in exchange for promised security. It is our duty to rebuild the levy between centralized tyranny and individual liberty.

I urge fellow patriots to commit to personal responsibility/ self-reliance and end our dependency on the failure of centralized authority.

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