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America's Chapter 11
Batten down the hatches, mates; it’s almost over. According to a new report an economist at the Federal Reserve Bank of St. Louis, the U.S. government is bankrupt—or, at least, it will be soon. Battered by a growing budget deficit spurred by tax cuts we can’t afford and an unsustainable commitments to welfare and pension pay-outs, the authors say, the country is nearing insolvency.
So what to do? An article in The Telegraph recounts the report’s “terrifying” suggestions: “One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits.” Right… well, for those of you willing to go down with the ship, just stick tight and keep paying your share of the damage. I’ll call you from Tehran.
Posted by on 07/14/06 at 12:58 PM | E-mail | Print | Digg this | de.licio.us
Comments
And we can afford 400 billion to make paradise (once we get all the women raped and those who resist tortured into impotence) in Iraq? When those bastard soldiers (hard to enlist heroes now) return our women better get armed and hide out. Then it will be us that will be f***** literally or figuratively—if the bankruptcy of America doesn't occur first, in which case it will be us that will be f***** literally or figuratively..
Posted by: John Bland on 07/17/06 at 4:32 AM
Actually, Americas tax reciepts have grown a substantial amount since the 2003 tax cuts, and that is a fact. So please, stop it with the "tax cuts we cant afford" cliche. It is the out of control govt spending at home (medicare, S.S., welfare rolls, and all sorts of socialist "feel good" policies, and if course the military) that has sunk us into debt. Although, for the last year or so the govt has been operating on a budget surplus.
Posted by: Big D on 07/17/06 at 11:37 AM
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I'm just a few months shy of a long stay in Korea (no, I'm not Military). One of the things I'm looking forward to most is that not a single penny of the money I'll make will go to support the US Government. But, Tehran sounds nice, too :)
Posted by: Marty on 07/14/06 at 10:04 PM