Huffington Post 18 April 2011: “The estimated cost to the government of that portion of the tax deal, $42 billion this fiscal year, exceeds the stated $38 billion value of the savings from the federal budget cuts lawmakers approved last week.”
So basically, the tax deal resulted in the rich robbing the poor – and the nation as a whole.
The nation is robbed because more people will be sick – lacking medical care – and therefore be unable to work, or have net earnings(income) that is subject to taxation. More people will be deprived of education, and therefore will not be able to compete inn the global marketplace – thus damaging trade and our “balance of payments” … resulting in a net outflow of capital … again reducing the tax base to a point where the deficit will, despite budget reductions, grow at an extraordinary rate.
WATCH THE INVESTMENTS!
The rich are not all fools. The ones who have made their wealth grow (as opposed to inheriting what they spend & spending what they inherited) shall move their wealth offshore. Outsourcing will grow significantly – with, on balance, the bulk of the product produced being directed to other economies … thereby circumventing American taxation.
Is it premature to announce the death of America? Are we now only suited to be mercenaries fighting wars in third world nations?
Even that cannot last. We have a negative population growth and are anti-immigration, thus anti-anything that will increase the future manpower of this nation. The Jihadists of the world need only wait thirty years … there will be nobody to resist their takeover.
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