What could be worse than having $4.00 per gallon gas, soaring foreclosures, bank failures, spikes in natural gas and electric bills, food inflation a stagnant economy, property and state tax increases and massive debt? Perhaps the title give the answer away, but yes it is high taxes!
Last night on Glenn Beck I was "floored" when I discovered an irresponsible plan to continue the taxing and plundering of Americans. Our local taxes already created concern for those on fixed incomes, but the federal taxes are not yet upon us. As it stands the Bush tax cuts are set to expire soon, and if Congress or the President fail to address these new charges to the already economically decimated public we will see even more aggressive public looting of the average Americans bank accounts.
According to a Quote From Hat tip – Attack Machine, "By historical standards, federal revenues relative to GDP, at 18.8% last year, are high. In the past 25 years, this level was only exceeded during the five years from 1996 to 2000. Still, we stand on the verge of a very large tax increase, one that will occur unless the next Congress and president agree to rescind it. Letting the Bush tax cuts expire will drive the personal income tax burden up by 25% – to its highest point relative to GDP in history."
These new burdens are being met by even more radical methods of enforcement, the IRS is planning an all out offensive against what it labels "tax defiers" A tax defier, according to a Justice Department statement, is someone who “seeks to deny and defy the fundamental validity of the tax laws.” Click HERE to see this article.
One would think that with all this economic hardship on the table, it would be a "wake up call" to our leaders in Washington. Unfortunately, even with advanced knowledge and strong public criticism our leaders have feverishly and irresponsibly spent America into debt, with this quarters trade deficit even larger than anytime before. Our leaders and especially the Federal reserve system has abused our monetary system through excessive runaway inflation, twisted true and accurate economic figures to void paying true and accurate COLA'S (Cost of Living Adjustments)to retirees and entitlement holders, and over promised and under delivered on our nations health care needs.
Secretary Paulson of the Treasury expressed grave concern over entitlement funding, as did Americas former Chief accountant Walker at the GAO. The message is being loudly reverberated through all levels of Government and still there is no fiscally responsible plan to pull us out of the current recession. Some economists, including former Labor Secretary Robert Reiche indicated that under the current economic conditions there is "a 20% chance" of our recession, becoming a depression. Click HERE for this story.
It is not too unbelievably hard to understand how it is that we got into such an economic crisis. This problem began as a result of poor economic policy dating back to Woodrow Wilson who created the Federal Reserve, to Roosevelt outlawing large public gold ownership, to ultimately former Pres. Nixon abolishing the gold standard.
This left America with a monetary system that was out of public control and wide open for abuse. Thanks to our past and present leaders capitulating to the "robber baron bankers" our nations unending and relentless printing and spending addiction, in tandem with countless wars and a 9.5 trillion in debt is now forcing us to "pay the piper."
And "paying the piper" is not only Americas problem, it is a global problem as U.S. consumers spoiled the world with our insatiable desire for cheap foreign goods. Countries producing these goods have built their entire economies based on U.S. consumption and American retailers have become too dependent on manufacturing overseas.
Should Americans stop consuming these cheap products, the backlash of unemployment in China may lead to wars revolutions or overthrows of governments. This makes the U.S. power exuberance of the global financial woes even more grave.
Today, it is becoming increasingly clear that America cannot and will not ever be able to repay the national debt, and that sustained pressure is mounting by foreign economies to implement an alternate currency that the U.S. has no control of. The global consensus is moving toward an ideal that America's comeuppance will be the loss of its currency and ultimately dependence on Non U.S. Central banks to keep order and balance in the global economy.
America appears to be given one last chance to "get its act together" should our nation fail, than America is at risk of coming under the economic monetary control of a foreign central bank. Tough decisions lie ahead, and our leaders are being faced with their "greatest moment of truth."
Video explains the current decline of our FIAT monetary system and its resulting expansion of poverty and economic woes.
U.S. Poverty Map.