Originally published January 7 2004
Ready for a permanent 60% increase in federal taxes? U.S. government spending is out of control...
by Mike Adams, the Health Ranger, NaturalNews Editor
If this news doesn't floor you, you're not reading with your eyes open:
federal spending has placed the United States so far in debt that just
breaking even (funding all the programs the government has promised the
public) would require an "immediate and permanent" federal tax increase
of 60%! This comes from none other than the International Monetary Fund
(IMF) which is rightfully concerned about the U.S. debt and its ability
to cause chaos in world financial markets. Put in perspective, the
global financial community is calling the U.S. "out of control" on its
fiscal policy. It's bankruptcy at a national scale for starters, and
possibly on a global scale if the international house of cards comes
tumbling down with the U.S. dollar (which has dropped sharply over the
last two years).
As I've stated before, spending at the national
level only reflects spending at the household level: American families,
too, are increasingly needing to restructure their debt and declare
bankruptcy. Credit card debt has gone through the roof, and although
Washington can't borrow from credit cards, they have certainly borrowed
plenty from Social Security.
The total gap? A $47 trillion
shortfall, says this article.
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