The enormous debt ceiling lie

Do you think you know how bad our debt really is?   Watch this entire video.   Sit down first. https://www.youtube.com/watch?v=yibVqwqMLHM …. it’s long, but it’s fact filled and ends with an utter knock-out punch to the lie you are being told about our debt.

“The actual liabilities of the federal government—including Social Security, Medicare, and federal employees’ future retirement benefits—already exceed $86.8 trillion, or 550% of GDP…”    

“According to the most recent tax data, all individuals filing tax returns in America and earning more than $66,193 per year have a total adjusted gross income of $5.1 trillion. In 2006, when corporate taxable income peaked before the recession, all corporations in the U.S. had total income for tax purposes of $1.6 trillion. That comes to $6.7 trillion available to tax from these individuals and corporations under existing tax laws.”

“In short, if the government confiscated the entire adjusted gross income of these American taxpayers, plus all of the corporate taxable income in the year before the recession, it wouldn’t be nearly enough to fund the over $8 trillion per year in the growth of U.S. liabilities.” ~ Mr. Chris Cox, a former chairman of the House Republican Policy Committee and the Securities and Exchange Commission, is president of Bingham Consulting LLC. Mr. Bill Archer, a former chairman of the House Ways & Means Committee, is a senior policy adviser at PricewaterhouseCoopers LLP.http

“Why $16 Trillion Only Hints at the True U.S. Debt: Hiding the government’s liabilities from the public makes it seem that we can tax our way out of mounting deficits. We can’t.”  

http://online.wsj.com/news/articles/SB10001424127887323353204578127374039087636

About budbromley

Life sciences executive, retired
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2 Responses to The enormous debt ceiling lie

  1. Doug Forsyth says:

    Thanks for posting Bud. I believe we are beyond the point of no-return. All that is left is to prepare ourselves as best we can for the crash when it comes and the protracted period of poverty and revolution that follows. The rot is endemic, wide and deep. Just today Chase bank put a large number of its customers on notice that come November 17 their accounts will essentially be frozen. (http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/). It would appear that there is massive money laundering going on through small business accounts as the rich and the rogues seek to move their cash elsewhere. The crooks and the informed know the end is near, the idiots on the street don’t.

    Doug Forsyth Publicist 0404172466 (M) +61 (02) 8970-2545 (P) publicist@live.com.au View my Linkedin profile

    Date: Wed, 16 Oct 2013 20:29:52 +0000 To: publicist@live.com.au

    Like

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