Who Will Own America??????
News Item: Treasury Secretary John W. Snow said yesterday that the United States could be unable to pay its bills in early 2006 unless Congress raises the government’s borrowing authority, which is now capped at $8.18 trillion.
The outstanding public debt as of Dec. 30, 2005 is: $8,189,815,996,275.07
This continues to climb at an average rate of $2.83 billion per day. Each citizen’s share of this debt right now is $27,472.12. This is the increasing legacy we leave our children and grand-children.
Tax cuts of the Bush administration, which he and the Republicans in Congress are pushing to make “permanent,” will fuel more of this humongous deficit beginning in 2006 when two additional tax cuts will kick in, allowing people who earn upward of $200,000 a year to claim a larger write-off for a spouse, their children and other expenses, like mortgage interest on a vacation home. These write-offs were enacted in 2001 with an effective start date of 2006. These tax breaks will cost $27 billion over the short term, exploding to $146 billion from 2010 through 2019. Most of the benefits will belong to taxpayers who make more than $1 million a year.
The tax cuts of 2001, along with those of 2002 and 2003, have busted the budget. Of course the pre-emptive, phony war in Iraq has not helped, nor has the size of government which has ballooned under Bush and his administration. And if the tax cuts are made permanent the annual deficit is projected to reach $530 billion by 2015. And this is to say nothing of the cost and effect on our payments to cover our huge, growing imbalance of trade with other governments. With all the financing from and interest payments to foreign countries the question arises, who will own America?
The outstanding public debt as of Dec. 30, 2005 is: $8,189,815,996,275.07
This continues to climb at an average rate of $2.83 billion per day. Each citizen’s share of this debt right now is $27,472.12. This is the increasing legacy we leave our children and grand-children.
Tax cuts of the Bush administration, which he and the Republicans in Congress are pushing to make “permanent,” will fuel more of this humongous deficit beginning in 2006 when two additional tax cuts will kick in, allowing people who earn upward of $200,000 a year to claim a larger write-off for a spouse, their children and other expenses, like mortgage interest on a vacation home. These write-offs were enacted in 2001 with an effective start date of 2006. These tax breaks will cost $27 billion over the short term, exploding to $146 billion from 2010 through 2019. Most of the benefits will belong to taxpayers who make more than $1 million a year.
The tax cuts of 2001, along with those of 2002 and 2003, have busted the budget. Of course the pre-emptive, phony war in Iraq has not helped, nor has the size of government which has ballooned under Bush and his administration. And if the tax cuts are made permanent the annual deficit is projected to reach $530 billion by 2015. And this is to say nothing of the cost and effect on our payments to cover our huge, growing imbalance of trade with other governments. With all the financing from and interest payments to foreign countries the question arises, who will own America?
posted by Sam Schoolsky | 8:52 AM
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