During Obama's tenure in the White House the federal government collected $20 trillion in taxes. Oughta be enough to pay for all our stuff, you say! Unh Unh! Not so fast pilgrim!
Over the same period the government spent $29 trillion. Where did it find the extra $9 trillion? We weren't taxed to fund that additional expenditure because the proletariat would have stormed the barricades surrounding the White House if taxes went up that much, roughly 44%. How would you behave if every regular purchase . . . milk, bread, etc. . . . went up 44%? Torches and pitchforks would be part of every taxpayer's arsenal.
What happened? Calm down. Easy answer. The federal debt went up by $9 trillion. It's the same method we all use when we spend more than we bring in, whatever "bring in" means. (see below) Your and my credit cards have limits. Not so the federal government when the trolls we elect get their heads together.
To put all that in perspective, it took 43 presidents 240 years to amass debt totaling $10 trillion. Conversely, it took just one president 7 years and a bit to almost double that amount. Obama amassed another $9 trillion all by himself!
High school math indicates each previous president put us in debt about $1 million for each year in office. Chump change, it turns out! Obama put us in debt about $1.2 trillion for each year in office. What a guy! Well, thinking more on that, he had help from a Republican Congress. Talk about getting stabbed in the back with a kitchen knife!
But wait a minute. Where'd all that the money go?
Listening to the presidential candidates promises to fix up the deplorable condition of the country's infrastructure, we can assume it didn't go into building roads and bridges. And we are constantly reminded the nation's military has been reduced to a level where it can't defeat a non-army like ISIS. (FYI: It is called a jihadist militant group . . . you know, kinda like the Crips and Bloods.) Keep looking.
Here's a hint.
Almost 93 million people fit enough to work, aren't. Many people claiming to be permanently disabled, aren't. They must be getting cash somewhere. In the latter case, when Social Security benefits run out, the place to go is SSDI because benefits never run out! No expiry date until the recipient expires. Wow! Who knew? Work? Whazzat? Are government benefits not quite enough to satisfy the hungry and downtrodden? It’s coming down to a "white cop shoots unarmed black perp" event and go get more of your stuff for free. By the way, how did all those hungry folks get so fat?
Now we know what Obama meant when he promised to "fundamentally transform America". . . aka "redistribute the wealth". He did it!
Whadda ya think the next president will do?
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The existing Congress has already arranged for the next 10 years. The cake has been baked in the oven known as tax law. Here's the recipe. You may want save it in your "here's where everything I can't find a logical place for" drawer.
Stir in ingredients of about $42 trillion from tax receipts (compare that to the first number shown above in this essay). Not enough . . . the cake won't rise! We can't eat flat cake! Gotta add debt of about another $8 trillion! Voila! $50 trillion is what is needed to satisfy a hungry, downtrodden populace.
One thing voters know for sure . . . Hillary loves this recipe! It won't be hidden in her drawer . . . it will be affixed to the frig with a magnet!
Listen up now. You paying attention here?
Bob was born in Toronto and began his financial career as a trader on the Toronto Stock Exchange. He relocated to California and became SVP and CFO of a $multi-billion diversified financial entity. He served on the board of many companies in Canada and US. An avid yachtsman, he owns a twin diesel ocean going vessel once featured in Architectural Digest magazine. He maintains a hockey web site. “slapshotreport.com” and currently resides in Sausalito, California.
During Obama's tenure in the White House the federal government collected $20 trillion in taxes. Oughta be enough to pay for all our stuff, you say! Unh Unh! Not so fast pilgrim!
Over the same period the government spent $29 trillion. Where did it find the extra $9 trillion? We weren't taxed to fund that additional expenditure because the proletariat would have stormed the barricades surrounding the White House if taxes went up that much, roughly 44%. How would you behave if every regular purchase . . . milk, bread, etc. . . . went up 44%? Torches and pitchforks would be part of every taxpayer's arsenal.
What happened? Calm down. Easy answer. The federal debt went up by $9 trillion. It's the same method we all use when we spend more than we bring in, whatever "bring in" means. (see below) Your and my credit cards have limits. Not so the federal government when the trolls we elect get their heads together.
