HI,
Economics this week is about financial economics and the current problems facing our nation and facing Europe.
A friend who's a top financial analyst sent his take on the current AMERICAN FINANCIAL SITUATION. You may have other figures but these are his:
"I have done a good deal of study on true debt of USA and have concluded it is at least $80 Trillion (more than five times GDP of USA) using best set of numbers with detail back-up (460slide PowerPoint printed report). It was also the lead article in the February 1st Business Week on Mary Meeker's work on USA Inc. Her details come to $79.6 Trillion, but when carried up to top balance sheet it becomes only $44.3 Trillion. This was done by leaving out Medicaid........The report is good and shows a great many facts about just how unsustainable our debts are now. Once you put into the balance sheet the Medicaid number it becomes $79.6 Trillion ......and most likely be a little higher with true Obamacare costs. I expect this will get into the Congressional discussion at some point and they will stop talking about only $15 Trillion of bonded debts."
THINK OF THAT $80 TRILLION DOLLARS AND FIVE TIMES GDP OF THE USA. Remember GDP--that's our current earning power!!!! WE'RE NOT JUST IN DEBT--WE'RE IN THE KIND OF DEBT THAT CANCELLED HOME OWNER'S MORTGAGES INTO FORECLOSURE. That IS JUST TOTAL GOVERNMENT IRRESPONSIBILITY!! AND THE BLAME REACHES BOTH SIDES OF THE FENCE--DEMOCRAT AND REPUBLICAN.
What we're talking about here is simple. The USA MAY HAVE TO GO ON A FINANCIAL DIET pretty DAMN QUICK much like Greece AND Italy in order to avoid "CHINESE" FORECLOSURE. HOW DID WE GET IN THIS POSITION??????? LOTS OF BAD CHOICES AND BIG SPENDING!!!!!!!!!
Do you realize that FEDERAL EMPLOYMENT TOTALS ARE 21 MILLION (GIVE OR TAKE A FEW)FEDERAL GOVERNMENT EMPLOYEES AVERAGE SALARIES ANYWHERE FROM $150,000 to $350,000 annually for clerk type jobs. These FEDERAL GOVERNMENT WORKERS COMPRISE MORE THAN 16% of the electorate. Do you realize that we pay $180,000 for life of US Presidents (this I think considering the job is justifiable); the salaries of house/senate members, $$174,000 House speakers, $223,500. majority/minority leaders $193,400. AND WE'RE GETTING A LOUSY RETURN ON THE INVESTMENT through INCOMPETENCY!!!!!!!!!
We hear a lot about the cost of the military. It's not the men laying down their lives--they average $38,000. a year AND NOT FOR LIFE. HOW ABOUT THAT DRATTED SOCIAL SECURITY. THE AVERAGE INCOME FOR SENIORS IS ABOUT $12,000 A YEAR FOR LIFE but seniors paid into a fund that was supposed to grow through investment for their future. That went out the window when the government reneged and used the money for other problems. Frankly most seniors don't get that much money.
ALL OF THIS IS JUST THE TIP OF THE ICEBERG. this blogger COULD GO ON AND ON CITING THE RIDICULOUS DEBTS that our Government has incurred; the ridiculous amounts loaned to ALL COUNTRIES THAT VOTE AGAINST US IN THE UNITED NATIONS where biting the hand that feeds you seems to create a MAJOR SWELLING OF PRIDE; the ludicrous growth of a CENTRAL GOVERNMENT that exceeds all the expectations and needs of the citizens of this country; the MILITARY SPENDING ON HELPING COUNTRIES CORRECT THEIR MASSIVE POLITICAL MISTAKES. ON AND ON AD INFINITUM!!!!!!!!
So, what happens now??????? Well, this blogger would not suggest you COUNT YOUR CHICKENS BEFORE THEY HATCH. With government spending out of control even if they RESCIND THE HEALTH CARE BILL, don't look for a lot of government help. THEY CAN'T HELP OUR COUNTRY!!!!!!!!!!!SO HOW CAN THEY HELP YOU AS AN INDIVIDUAL CITIZEN.
WHAT ABOUT THOSE MILLIONAIRES WHO WENT TO WASHINGTON BEGGING.....TAX ME.......TAX ME.....TAX ME!!!!!!!!!WHY?????????? SO YOU CAN BE TAXED MORE, OF COURSE. THINK ABOUT IT!!!!! You realize that MR. MULTI-MILLIONAIRE could simply sit DOWN AT HIS DESK, dash off a CHECK for ten MILLION OR SO and send it to the GOVERNMENT. Then he could call his ACCOUNTANTS and TELL THEM NOT TO TAKE ALL THOSE DEDUCTIONS OFF HIS TAX RETURN OR HIS COMPANY'S TAX RETURN AND PAY A HUMONGOUS SUM IN TAXES. HE DOESN'T NEED TO DEMAND ANYTHING. SO WHAT'S THE DEAL???????
HEY, THAT'S EASY!!!!!!!! SO WHY THE DRAMA????? Well, the millionaires that went to Washington believe that Socialism will make them zillionaires and that maybe the rest of the millionaires on the tax rolls won't contribute to their relief fund!!!!! So, taxation is the way to go. EQUAL TAXATION FOR ALL INCLUDING THAT BIG, FAT MIDDLE CLASS THAT THEY'D LIKE TO RID THEMSELVES OF AND HAVE A LARGER, POORER NETWORK THAT WILL GO ALONG WITH ANYTHING so as NOT TO STARVE!!!!!!!!!!
Okay, THAT'S A GUESS BUT ONE BASED ON THE BEHAVIOR PATTERNS OF THE CURRENT CROP OF SOCIALIST MILLIONAIRES, WHO, BY THE WAY, MADE THEIR MONEY ON YOUR WILLINGNESS TO SUPPORT THEIR BUSINESS OR SHOW BIZ TALENT!!!!!!!! THANK YOU, THANK YOU VERY MUCH!!!!!!!!! THEY'RE LIKE THE UNITED NATIONS....BITE THE HAND THAT FEEDS it !!!!!
We need to elect a set of CONGRESSMEN, BOTH HOUSE AND SENATE, who understand that there are some HARD CHOICES TO BE MADE. YES, WE NEED ANOTHER PRESIDENT BUT EVEN MORE WE NEED ....THE CONGRESS THAT WILL DICTATE TO THE PRESIDENT A DIETARY BUDGET, ONE THAT SHAVES AWAY AT THE NATIONAL DEBT AND DOESN'T INCUR MORE. A Congress that realizes that we are up to our EYEBALLS IN DEEP DO DO AND SINKING FAST!!!!!!!!!!
There's no doubt in this blogger's mind that there will be tax increases; poor investment return, and little zest in the economy for a period of some years. Just an educated guess. The question is, are the average citizens the only belt-tightening element or is the Government going on a diet that not only tightens the belt but TAKES A LOT OF POUNDS OFF THE ASS END OF GOVERNMENT???????? THAT COULD SHORTEN THE PAIN!!!
IT'S REALLY YOUR CHOICE IN 2012. Don't listen to all the BS about getting rid of Congress. That's A ONE WAY TICKET TO SOCIALISM OR DICTATORSHIP. We need to retain a CONGRESS but send them to WASHINGTON WITH STRICT ORDERS. GET THE BUDGET DIET DONE, GET IT RIGHT, (give up the Pork as well as the fat) AND IF YOU DON'T UNDERSTAND HOW TO DO IT--FIND SOMEONE WHO DOES AND LEARN FROM THEM. DO NOT PASS BILLS THAT YOU DON'T UNDERSTAND!!!!!!!!!!! MOST OF THE CONGRESS DID not EVEN READ THE HEALTH CARE BILL BEFORE PASSING IT IN 2010!!!!!!! HOW DARE THEY??????????? If we'd wanted DUM DUMS IN OFFICE, WE'D HAVE GONE OURSELVES.
VOTERS NEED TO DO THEIR HOMEWORK!!!!!!!! Who cares what he/she look like if they can do the job. WE DON'T NEED ROCK STARS OR ROCK HEADS!!!!!! Another old saying: Pretty is as pretty does. So if you choose A PRETTY/HANDSOME CANDIDATE-make damn sure he/she has got the GOODS TO DO THE JOB!!!that's what counts.
We made a good start in 2010!!!!!!!! Let's hit the polls and make Congress a respected, apt, and intelligent group WHO DICTATES TO THE PRESIDENT not the other way around. LET THEM SET A FISCAL EXAMPLE FOR THE REST OF THE WORLD. One that is sensible, prudent and SAVES AMERICA for its citizens!!!!
CHEERS, CONNIE
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