History Is About To Repeat Itself – It’s Not A Pretty Sight

December 1, 2012
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For the average American the numbers are staggering.  Too staggering to even begin to comprehend.  At the very most, we deal in thousands of dollars; our government deals in trillions.  (Billions are nestled in between, but we eclipsed that number long ago.)

I spent a couple of hours this morning researching the financial plight of the United States and finally had to settle on giving you the most basic numbers and appraisal I could possibly find.  It’s not a pretty sight.

According to our U. S. National Debt Clock, the population of the United States is rapidly approaching 315 million.  Of that total, only 115 million of us are taxpayers – approximately one-third.

On average, each of us hold assets totalling $277,686 – some own lots more, some lots less, but that’s the average.  And that average LOOKS really good.  But the next number will floor you.

The average unfunded liability per taxpayer is $1,059,920 – more than THREE times the average assets of the entire country!

Do you have an extra one million, fifty-nine thousand, nine-hundred and twenty dollars you aren’t using?  Me, neither.

Our government – both Democrats and Republicans alike – have been on a never-ending spending spree, especially over the past decade, and spent this country into oblivion.

The news headlines today are all about the “fiscal cliff”, scheduled for December 31st unless Congress and the President can wave a magic wand and resolve the issues of taxation vs spending cuts and avoid a “disaster”.

That “disaster” has already taken place, my friends.  The fiscal cliff is simply one very small example of the real problems our elected officials (and even ourselves!) refuse to address.

For another opinion, and even deeper in-depth analysis, check out this article by Robert Rohlfing writing for the Canada Free Press.

Here’s just a sample of what Mr. Rohlfing has to say:

“The course that we are on right now has been tried many times throughout history and each time it has failed.  You can look at how Weimar Germany attempted to print and inflate their way out of the morass it faced and how it led to totalitarianism, or you could look here at home how FDR tried to spend his way out of the problems he faced at the time.  Both examples did not work, they only delayed the inevitable as in the case of FDR in his second term he faced a second recession instead of recovery just as we are facing today.  They found out that spending did not help employment levels and left them further in debt as a result.

Many of the things started under that administration and later under LBJ has led us to the real cliff of $80 trillion dollars in unfunded liabilities.  Congressman Paul Ryan is on record if we do not address Medicare in an honest and constructive way in the next two years it will become unviable.  The same can be said about Social Security.  Governments own estimates already show that it becomes unviable before 2025, but will this government really address it and can the people really stomach the bitter pill that is coming? “

The man makes perfect sense.

Common sense dictates that we need more taxpayers, not higher taxes.  With just one-third of the population working we stand no chance whatsoever of averting disaster, even if the taxes are raised significantly on that one-third!

Jobs create paychecks and generate more revenue.  Jobs take people off the public teat and reduce the overwhelming obligation of the one-third to support the remaining two-thirds.  And it would help greatly to cut spending on non-discretionary expenditures.  A federal budget – for starters – would help greatly.

I hate to harp about bad news, but the mainstream media certainly won’t tell the truth, so it has to come from the new media, including your Independent Sentinel.

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