I'm keeping President Obama's executive order regarding transparency and open government in mind as I watch the spinning, red numbers grow larger and larger here.
Each one of us--rich, poor, child, adult, man, woman, minority, majority, Democrat, Republican, left-wing radical, right-wing extremist--as of this moment own $38,187 of the national debt. Then there's $191,845 per citizen of unfunded federal liability. Tack on more than $24,000 per each man, woman and child of private debt, and each of us should subtract more than $254,000 from our net worth. If you're like me and most ordinary, working Americans President Obama is fixing stuff for, you're a couple of hundred thousand in the hole. And the hole's going deeper, perhaps clear through to China.
That's change we can believe in even before adding $1 trillion--most likely many trillions more using the sordid history of federal cost estimation failures as a guide--Obamacare is estimated to cost. If the Obama Administration truly wanted to fix stuff, it would mandate every American to pass a written economics exam before he or she walks into a polling place.
Buying groceries, gasoline, shelter, prescription drugs, and clothing with dollars that are worth less is the most cruel tax of all. This growing burden results from our exploding national debt. Inflation is this disguised, disgusting tax everyone who spends dollars pays. It has the greatest impact on the people President Obama claims to care about the most, the working poor.
2 comments:
I liked the great new idea to give us out tax refunds in savings bonds as an option. For starters. That tax refund is MY money. If I could afford to save it I would be already. People need their tax refunds just to get by, getting a little back that was taken to support programs they had no say in.
If I DO have any extra, I will be buying tangible things I can trade or sell, things that I know will go up in value, NOT bonds written on a "bank" that is nearly bankrupt.
Brigid, you have described the reason why gold is nearly $1,000 per troy oz. When no one buys the bonds, they'll ban private ownership of gold. So your idea to roll dollars into tangibles is good sense, not paranoia.
Look at getting a plot of real estate away from densely populated areas with food production, shelter and security in mind. I've enjoyed your articles about food storage and other ways to survive hard times.
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