Here are some notions on the “fiscal-cliff.”
We all know we are rapidly going broke. Taxing the rich 5 percent won’t do it. You could take all of the money away from rich people and it wouldn’t balance the budget.
This leaves three alternatives: 1. Increase taxes on just about everybody; 2. reduce spending big-time; 3. Go broke by continuing to print money with no backing, as we are presently doing, and let inflation make it easier to pay off the debt with money that is worth less and less.
Of the three, it seems that the most probable is number three, because it doesn’t take the passing of unpopular new laws — just keep “kicking-the-can” down the road.
Hyper-inflation would be a god-send for people who owe money, and those with physical assets like trucks, gold, and real estate. It would be a disaster for those on a “fixed-income,” those with savings accounts, bonds, and those to whom money is owed.
When the dust clears, all of our physical assets and real property will still be here. We, then, can start over. Perhaps we will have to scrap many of our existing privileges and entitlements. It will also take a lot of fortitude to want to be an employer.
Chuck Hagberg
Crosby
Comments (3)
Add commentChuck , Head for your bunker - Remember Mayan Prediction !
How did this looming fiscal fiasco ever sneak up on us like that ?
Hows that saying go about " repeating the past " and the resulting likely outcome going forward !
How many distractions does it actually take to " create" such a horrible crisis ?
***** Hint : " Its the economy stupid "
John Boehner (R) OH is not doing anything until the vote on Jan 3rd 2013 to see who is the Speaker of the House going forward.
My bet is Eric Cantor (R ) VA , he seems to have more in common with Casino man Sheldon Adelson , who recently doubled down ( 300 million US Dollars) to promote the republicon" concept" .
You know 9 % tax rates for the job creators.....
Boehner will be voted out as speaker.
He is too short at 5'6" to look strong next to the president. He can't stand up tall enough to impress the egoes in the House.
Eric Cantor will win. He is 6'2" and will look like a strong spokesperson.
Cut Defense Spending
When conservatives talk about spending cuts they are talking about those programs that affect the poor and middle class. We still have troops guarding Japan, Germany and Italy and troops in Okinawa. Come on...this is low hanging fruit. And we are buying very expensive programs that are not needed, like the F35 program. The GOP presidential nominee actually wanted to increase the Defense budget by $2,000,000,000, 000.00 and cut taxes!!! This is absolutely nuts.
Boehner and the GOP never mention the Defense budget. They only go after Social Security, Medicare and Medicaid. Cut Defense, Corporate subsidies, Agricultural subsidies and our Mars mission first, and get Corporations to contribute to our country.
Country First has to become a priority, not a campaign slogan.