Monday, March 29, 2010

U.S. Taxpayers Get Hosed Again At a Rate of Fifty Extra Bucks Per Day

Dorothy is doing her very best to educate you people. Please listen up!

By Dorothy Littrell

I wonder how many U.S. citizens realize that their share of the national debt is going up $50.00 plus PER DAY at the present rate of interest - That is $50.00 plus PER DAY for EVERY person in the U.S. Of course, that is based on the U.S. Budget Office calculations which have never been right for the majority of the 50 years I have been trying to make sense out of them...

And, of course, fewer than 50% of Americans are paying for the over 50% of Americans who are not paying for their share.

The current rate of interest will continue to go higher and higher of necessity because we have just increased our debt load by $billions for just the Obama Healthcare package - And this is assuming that the rest of the world will continue to buy our Treasury notes which I won't touch. It is evident that no one in Washington D.C., especially Congress and our President, has taken Accounting 101 because they seem to have no clue about the effect of compounded interest rates:
The Gartman Letter March 29, 2009
I'm doing my very best to educate you people.

Please listen up!



Toni said...

I think we should seize everyones bank accounts, and pay the entire debt off, right now.

Problem solved, and it is fiscally responsible.

That would wake up the electorate, for sure.

Curmudgeon said...

I'm probably going to regret this, but I thought it might be refreshing to have a break in the unending postings of economic gloom that WCF has been home to of late.

AP reporting today "The Treasury Department said Monday it will begin selling the stake it owns in Citigroup, which could result in a profit of more than $7.5 billion."
And that the expectation now is that the "Treasury Department stands to pocket a hefty profit." [Citibank has already paid back the money it was loaned.]

AP elsewhere reported that about 69% of all the bank loans have already been repaid, and [not counting anticipated profits from the sale of Citibank shares], the Treasury has already made over $16 billion from interest and dividends from the bail out plan.

And lest I be accused of partisanship in posting this, I'll remind everyone that the bank bailout happened under Bush. The bailout was the right thing to have done under the circumstances, and far from The People squandering billions they'd never see again, as was alleged at the time, it now seems the bailout not only prevented a banking collapse, but will in the end put billions of dollars into the Treasury.

I'll also note, good Yellow Dog Democrat that I am, that the market today gained another 45 points [the DJIA]. And that it's up about 200 points since the health care bill --- routinely denounced by some as The End of Western Civilization As We Know It, and The Last Nail In The Coffin of the American Economy, etc. --- was signed by President Obama.

Just sayin'....

ozboy said...


It ain't nothin that a good healthy dose of run away inflation won't cure.

DR. OPPOSITE said...

John Galt says to Flee America

If you can leave the United States, I would suggest you GET OUT NOW!

googlegirl said...

It's too late to leave the U.S. and take all your money with you:

Tax horror: White House secretly passes currency controls

Changing Times said...

If you think it is bad now, wait until the "Phantom" 500 Billion in Medicare savings that is supposed to happen with the new health care bill does not ever materialize. That amount will be added to the national debt and we are off to the races. Add that to the 38 Trillion in unfunded medicare costs since 1965, and you have a time coming in this country when the take home pay will be less than half what is earned. Someone is going to have to pay for the Social
Security deficit, Medicare deficit, Post office deficit, Amtrak deficit, student loan deficit, etc. etc.

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