Thursday, October 6, 2011
America's biggest national security threat is debt. - Adm. Mike Mullen
This material was gleaned from the Anonymous news website. - The Legendary
The U.S. government is smothering us in IOUs.
Washington is putting you, me, and every other U.S. citizen $4.1 billion deeper into debt every day. That’s one and a half trillion in new debt every year, on top of our $14.5 trillion existing national debt. Which – by the way – is the biggest debt in the history of the world.
Let’s put that into perspective. That $14.5 trillion is about as big as our entire economy. To pay it off, Washington would have to confiscate nearly every dollar of income made in the U.S. this year. And that’s not just personal income: It’s corporate income too.
And it’s getting worse. With more than 10% added to the debt every year, just paying interest on the debt will soon become impossible. That’s when things are going to get nasty...
Your income taxes will go up, and tax credits your family relies on will disappear
Medicare, Social Security, and other entitlements will be cut... even axed completely
And financial markets will fall into chaos with government intervention the new norm
There will be no more sacred cows. But even these drastic measures won’t save us...
After Washington takes us taxpayers for every dime we have and even some we don’t, they’ll have no choice but to default on payments...
Posted by The Legendary at 5:53 AM