America Owes You (and Everybody Else) $64 Trillion!

Not enough of it.

Call it the cost of politics or the selling of our future.  Either way, it’s going to be expensive:

Each household owes an additional $55,000, thanks to the soaring spending by the federal government on retirement programs just in the past year.

All told, each household at the end of 2008 owed $546,668. That’s four times what American households owe for mortgages, car loans, credit cards and other debt.

Looking long term is where it really gets scary. Recently, we learned the U.S. had $101 trillion in retirement and health care obligations over the next 75 years. The only problem is, at current tax rates we’ll have only $53 trillion to pay for it all.

That leaves a gaping hole of $48 trillion.

It gets worse. The stimulus plans and bailouts pushed into the budget by President Obama and congressional Democrats will add $9 trillion to our national debt over the next 10 years alone.

Add to that an expected $1.1 trillion spent over the same time to fund a government takeover of our health care system — an estimate most health care experts, by the way, believe is laughably low — and you have the makings of an epic financial tragedy.

Total federal debt will soar from 41% of GDP to 82% in just 10 years — more debt than we rang up in 235 years of existence. And over the next half-century, Americans will owe $63 trillion — 4.5 times our current GDP of $14 trillion.

“We have a huge implicit mortgage on every household in America,” David Walker, former U.S. comptroller, told USA Today. “Except, unlike a real mortgage, it’s not backed up by a house.”

Taxpayers should be shaken, not stirred.

What we are seeing now is the result of decades of theft by politicians from both political parties.  Social Security income was used to make the debt look smaller and has all been spent (Al Gore’s “lockbox” was mocked but was a good idea) and now we have a president who will make matters worse with his social spending agenda.

To be sure, George W. Bush signed plenty of spending bills into law and, on a fiscal level, made himself into the anti-Conservstive.  Barack H. Obama signed the biggest spending bill ever ($787 billion)  into law while claiming it contained no pork.  Obama has shown no distaste for continuing the trend.  Don’t forget that the $787 billion “stimulus” bill created new funding for new programs we will all be paying for over many, many years.

To pay for all of this stuff Democrats are considering a ton of ways to take your hardearned money away:

The current administration already has proposed or is mulling as many as 10 new taxes — everything from a European-style VAT (a national sales tax) to intrusive new taxes on beer, fast food, cigarettes and other sinful indulgences, to cap and trade, which is nothing more than a federal tax on energy.

Inflation will soon be rearing its ugly head, China is considering how to either dump and/or stop buying dollars, and Standard & Poor might lower the U.S. AAA credit rating as debt skyrockets out of control and faith in repayment dips.

Pravda, former Soviet mouthpiece with the ironic name of “truth” got it right for once when they said:

It must be said, that like the breaking of a great dam, the American decent into Marxism is happening with breath taking speed, against the back drop of a passive, hapless sheeple, excuse me dear reader, I meant people.

True, the situation has been well prepared on and off for the past century, especially the past twenty years. The initial testing grounds was conducted upon our Holy Russia and a bloody test it was. But we Russians would not just roll over and give up our freedoms and our souls, no matter how much money Wall Street poured into the fists of the Marxists.

Those lessons were taken and used to properly prepare the American populace for the surrender of their freedoms and souls, to the whims of their elites and betters.

The final collapse has come with the election of Barack Obama. His speed in the past three months has been truly impressive. His spending and money printing has been a record setting, not just in America’s short history but in the world. If this keeps up for more then another year, and there is no sign that it will not, America at best will resemble the Wiemar Republic and at worst Zimbabwe.

All of this could have been different.  A lot of our money goes to the Middle East in the form of buying their oil when the U.S. has some of the largest reserves in the world of coal, natural gas, and oil but Democrats have put most of this off limits and instead deprive the country of energy independence, increased revenues from taxation, and control of our destiny.  Many Liberals say just cut consumption.  Great!  Why not raise the gasoline tax?  That is the best way to cut consumption.  Democrats will not do that because it is politically unpopular.

Not the kind of “change” you had in mind?  Don’t worry, there’s almost four years left in Obama’s term to experience, as the Nazi slogan went: “Kraft durch Freude” (Strength Through Joy).

We can’t wait.

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