Posts Tagged ‘debt’
…presidential debate, the national debt has risen $236,991,525,500.74. That’s happened in 22 days, people. What do you think will happen if Queen Hillary wins?
An Alabama church is paying off the payday loans of 48 people, church members and not, totaling $41,000. Senior Pastor Van Moody is requiring those whose loans are paid to undergo financial counseling and attend financial workshops so they don’t get in the same fix again.
This is not only a fine example of Christian charity, but also one of smart charity, because it will help these people avoid the misery of hopeless debt. Public education should begin teaching basic budgeting and finance in junior high school. Of course, public education doesn’t teach anything very useful any more, so this is probably just a dead horse to beat on. The lesson here is that you not only help people, you help them avoid the bad choices which landed them in trouble. This is a lesson the government and progressives never, ever learn.
The Puerto Rico unit of Walmart has filed suit against the commonwealth’s government, seeking to overturn the new tax increase to 6.5% from 2% on goods imported from offshore affiliates to local companies with gross revenues of more than $2.75 billion. The complaint claims that the additional levy raised the estimated cumulative income tax “to an astonishing and unsustainable 91.5% of its net income.”
Under current law, Puerto Rico can not declare bankruptcy, even though it is technically bankrupt. Congress seems unable to enact the necessary legislation, so it falls to the Supreme Court to slice through the Gordian knot and enable a bankruptcy with debt restructuring.
Greece has voted NO in the referendum, the EURO has fallen sharply, and everyone is running around with their hair on fire. Am I supposed to be surprised that the Euro-zone is a failure? Should I be astonished that the Greek government, which doesn’t go after tax scofflaws, and pays exorbitant pensions, is broke?
Well, I am not. Finer economic minds than mine predicted this from the beginning, and we are all surprised only by how long it took. The only reason the USA isn’t technically broke is that it continues to print money, which has lost 95% of its value in the past fifty years. When Hillary Clinton and Bernie Sanders and the rest of the Democrats call for more taxes on the rich and corporations, they never admit that if the government took the value of every asset owed by the “rich”, it still would not be enough to pay off our debt.
If you don’t want to be Greece in twenty years, or Venezuela, you’d better vote in people who can accomplish simple math, have balls and a backbone, and have principles stiffer than pudding.
The Congressional Budget Office is warning, yet again, that His Oneness and the Democrats are spending us into fiscal oblivion. Are the American people listening? Do they care? Do they have even a glimmer of understanding?
The only way in which the USA can default on its debt is if His Oneness orders that the debt service not be paid. As John Hinderaker points out, less than 10% of the federal government’s revenue is required for this Since the government is legally obligated to pay its debts, such an order would be an impeachable offense.
The MSM and the Democrats are lying to you. Spread the word, along with the fact that Democrats not only want to bust the spending caps of sequester, but want to spend an additional trillion.
UPDATE: Here’s another good piece by Jon Hall on the deliberate misleading of the public by His Oneness, Democrats and most of the media.