July 8, 2011
Earlier this month, Rep. Chaka Fattah, a Pennsylvania Democrat, floated the idea of imposing a tax of 1% on every transaction to pay down the national debt. The pencil-necked geeks in the district of criminals took one look at this and scoffed. It would need to be closer to 5-6%, they argued, in order to pay down even a small part of an astronomical debt.
Of course, the debt is so far out in the stratosphere that no reasonable amount of taxation – or unreasonable, for that matter – would even approach paying it down.
Since the United States dumped the gold standard and went to worthless fiat currency in 1971, the national debt has skyrocketed to more than $14 trillion dollars. It is now greater than our yearly GDP thanks to the current economic depression.
However, when added together with the unfunded liabilities from Medicare and Social Security, the national debt is well over a $100 trillion, a number almost inconceivable.
Now Congress wants you to be a patriotic citizen and volunteer to pay down the debt.
H.R. 2411, entitled “Reduce America’s Debt Now Act of 2011” and introduced on July 6, would “provide for an employee election on Form W-4 to have amounts deducted and withheld from wages to be used to reduce the public debt.” The legislation was referred to the Committee on Ways and Means.
You have to love career politicians. They say the debt piled up for wars and sweetheart deals for mega-corporations is “public” and you have to pay it back to the bondholders.
It’s not your debt and you don’t owe a red cent to the bankers.
Last month Ron Paul, practically the only sane politician in Washington D.C., said the only way to deal with the national debt would be to default on “obligations” to the Federal Reserve and the bankers.
So long as the current crop remains in Congress, however, this is not likely to happen. They will muddle along and take instructions from the Federal Reserve and the bankers until the United States ends up like Greece.
Also, there is no guarantee — if this legislation passes and citizens actually contribute to it – that the politicians will use it to pay down the debt.
Since Johnson and the “Great Society” of unabashed spending, politicians have moved money from Social Security into the general fund government uses to pay for things like wars and socialism for transnational corporations.
If you trust these guys, you may also be interested in a bridge I have for sale on the dark side of the moon.