A Ponzi Scheme Deluxe
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Last updated 8/19/2010 at Noon
Did you know that 142 million Americans paid absolutely no income tax this past year?
That’s right. Forty-seven percent of all taxpayers ended up owing a big fat zero. Zero, as in nothing, zilch, goose egg, Sweet Fanny Adams.
How did they manage to pull off this miracle?
They did it because the tax codes and generous benefits Obama has provided the middle class and lower income citizens.
Now I took exception when I read the previous paragraph. Being retired, I consider myself a fairly middle class, not even upper middle, and yet I paid a few thousand in taxes this past year.
Be that as it may, it is obvious why the government is cutting lower income earners and hiking the upper earners. President Obama has made no bones about taxing the upper class until it hurts.
According to CNN, nonpaying status used to be a sign of poverty, but Congress and the president changed the laws enough that much of the middle class is becoming part of the pool of nonpayers.
Now the income level at which a family of four will owe no taxes tops $51,000. Oh, you’ll pay in during the year, but you’ll get it all back.
This isn’t just a tax matter. It is much larger. If you can’t see what’s happening, I’ll tell you. The present administration is using taxes as a social policy in an effort to draw more voters into their devious web of the socialized existence our leader envisions for us.
Now, hold on, don’t shout me down right now. Follow me here. Those who pay no taxes do get money back because of various credits. They look, according to CNN, not at April 15 as the dreaded tax day, but the payoff day. They have put nothing in the game, so they don’t give a hoot what the government does as long as it pays off.
What is the difference in that and various entitlements?
Now I’m not including S.S. because we pay into it. I’m talking about the social welfare that has become so monstrously inefficient and hopelessly bureaucratic that it wastes billions of dollars annually.
And where does that money come from? Not just the fifty-three percent like me who pay taxes.
You remember old Bernie Madoff and his unbelievable Ponzi scheme. He used money from clients to pay off other clients. Worked great until it blew up.
And the schemes always do!
The government is doing essentially the same thing.
They money it gets from its taxpayers obviously does not cover the expenses of running the country. That’s why we have a deficit.
To get the money to cover the deficit, the government sells Treasury Bonds that they pay for by simply printing up more money. If it weren’t so serious, I’d laugh at the idea of those presses up in Washington running day and night until the bearings burn out printing 696 million bucks a day.
Here it is very simply. Say they write a thousand dollar check, then next day print two thousand to cover it, then the next day three thousand, and so on and so on.
Right now, they’ve printed thirteen trillion plus with no collateral. According to Bob Livingston, right now debt is paying for debt.
If you aren’t worried by now, you should be.
Obama and his party are perpetuating this outrage. They’re counting on tax cuts for the lower incomes, amnesty for illegals, ignoring terrorists, and increased welfare to built a voting base for their agenda.
IBD quotes a poll that says 51 percent want the Bush tax cuts made permanent. Just 28 percent do not. Republicans by more than four to one and independents by two to one want them permanent. Democrats, by 40 to 38 percent, do not.
The president has his vacations, golf, dinners, concerts; his wife exotic vacations to Spain; Nancy Pelosi spends 600 thousand dollars a year just to fly back and forth from California to Washington.
And hey, the Republicans are just as uncaring.
We can solve the problem. All we have to do is watch those we put in. If they are not prudent with our money, then vote them out.
Sure, it’ll cause us a little extra work, but I’m not any too anxious to spend twenty bucks for a bottle of soda water, are you?
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