Porter Stansberry notes today, “…â€¦ 61% of all the marketable Treasury debt held by the public will mature within four years . Thus, over the next four years, the U.S. Treasury must either repay or refinance more than $1 trillion in existing debt each year â€“ not to mention additional deficit spending of at least $1.5 trillion. For us to avoid a default, the U.S. Treasury may have to borrow or refinance as much as $10 trillion in the next four years. That would double the amount of U.S. Treasury bonds currently trading in the world’s markets.”
This fight in Washington D.C. should not about the debt ceiling, but the amount of debt we are running up! My war cry to both parties is, â€œYou Get No More!â€
My friend TF Stern points this out:
Everyone knows Amy Winehouse died!!! Does anyone know Justin Allen 23, Brett Linley 29, Matthew Weikert 29, Justus Bartett 27, Dave Santos 21, Jesse Reed 26, Matthew Johnson 21, Zachary Fisher 24, Brandon King 23, Christopher Goeke 23, & Sheldon Tate 27? All are Marines that gave their lives this week for you. There is no media for them, not even a mention of their names. Honor THEM by posting this. I did, will you?
I got to thinking about the class envy that Obama and the Democrats espouse almost daily. They say let’s raise taxes on the rich. They are not paying their fair share. So I got to thinking, “Why not tax it all away from all those rich people, Never mind that right now the richest 10% pay 97% of all the taxes.
As of 2010 the assets of American households total somewhere near $55 Trillion. In 2004, it was found that the top 10% owned or controlled 87% of the financial assets in the country or about $48 trillion. Suppose we take it all away from them.
Over the next ten years the U.S. will spend at least $3.5 Trillion a year or $35 trillion and will spend more money than it’s taking in of $1.5 trillion per year or $15 trillion in ten years tacked on to the total debt now of $14.3 Trillion. So in ten years we will owe somewhere around $30 trillion. So if we tax it all away from those rich people, their wealth would pay for 30 years of deficits. Oops! I forgot if we take it all away from them, they would stop paying taxes. And if we took all their houses and cars and boats and high-priced planes and jewelry (part of the assets) how would we convert it to cash to pay our bills? I mean, who would buy it? The rich couldn’t. We’ve taken all their money. So I figure at best, if we took everything away from the rich, in ten years at most, we’d back to where we were when Columbus hit the new world.
Oh, BTW, if we took all the rich’s assets, who’s going to run their businesses. They certainly wouldn’t, not unless we forced them to run those businesses. We could force the surgeon to operate on your sick child. We could force Intel to build new iPhones and iPads. We could force airline pilots to fly us from Portland to Mazatlan. Of course, since most politicians in Congress are millionaires, they would exempt themselves. And since much of our assets is in our retirement plans, kiss those babies goodbye!
Here’s my bottom line: leave your f’ing hands off their dough, because the pols will never have enough money to spend. Next they will want all the rest from the 90% of us. Is this what you want? Why not just stand up on your two feet and shout, “You Get No More!”
I posted a lot about Sen. Kerry when he was running for president. I contributed to the Swift Boat Vets so they could teach you the real facts about Sen. Kerry’s war record. The proudest moment was retelling the story of the Vietnam Vet who greeted Sen. Kerry when he visited the Vietnam Veterans Memorial wall:
Ted Sampley, a former Green Beret who served two full tours in Vietnam, spotted Kerry and his Secret service detail at about 9:00 a.m. Monday morning at the Wall. Sampley walked up to Kerry, extended his hand and said, “Senator, I am Ted Sampley, the head of Vietnam Veterans Against John Kerry, and I am here to escort you away from the Wall because you do not belong here.”
Now the man who stood up at the Democratic convention and supported Kerry for President has been stripped of his silver star. “Wade Sanders is now in Federal prison, serving a 37-month sentence for possessing child pornography.” Apparently the two actions are unrelated!
The American Thinker has the story.
The NYT reports “Wu, 56, has won seven terms. In 2004, he won despite acknowledging a decades-old college incident in which he tried to force a former girlfriend to have sex. Voters said they disliked an opponent’s attempt to use that against Wu as part of a political campaign.”
My blood is boiling!Â I’ve posted many, many times about Honduras and how the people backed the constitution against President Zelaya and how the Obama regime sided with Hugo Chavez and all the other statists.Â You can read them all here: Honduras.
Now the Organization of American States (OAS) released its report earlier this month about the threat to liberty in Honduras and here’s the gist:
…the report is a solid indictment of the former president as the provocateur of the crisis and a corrupt head of state. Given the intense international pressure to produce something that would save face for Zelaya backers, this can mean only one thing: The evidence against him was overwhelming.
That leaves Obama, Sen. Kerry and all the others sucking muddy pond water. What an injustice for the Hondurans. Their financial support was taken away along with their visas to come to the U.S., all because our government sided with the socialists and statists. How many days of this regime are left, 469 days? It will be good riddance!
Near Barstow is Pisgah Crater “… a young volcanic cinder cone which last erupted about 2,000 years ago. Pisgah Volcano is readily visible as you drive east of Barstow on Interstate 40, but it no longer looks like a volcano due to artificial and natural erosion. It appears to have just erupted.
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