Monday, June 07, 2010

Sweet milestone

If America were to apply to join the European Union, we wouldn't qualify. Under the EU charter, We would not be allowed to run a perpetual debt in excess of a certain percentage of our GDP. This by the way, is what has caused Greece such problems within the EU.

This year, for the first time, our national debt will exceed the total Domestic Gross National Product. Yes, you read that right, our debt of $13 Trillion will exceed the amount of money that every company, man, woman, and child will earn in the year. That means, our debt is more than 100% of our earnings. Far greater than would be permitted if we were in the European Union. Far greater than should be even considered by Washington's Elected Elites.

For those of us in the real world, we live by budgets. We decide what we must spend, and then what we'd like to spend. We have to make tough choices, choices that for some reason are foreign to our elected representatives. The idea of simply not spending more money than you have is laughed at by our elected representatives.

If we mention that they're spending more money than we'll ever be able to pay back, they decide that we can pay more in taxes. Ladies and Gentlemen, have you ever considered just walking into the office of your employer, your boss, and telling him that you simply need him or her, to pay you more money? You would get laughed out of the office, if you weren't fired for being a lunatic. Yet, our employees, our Elected Representatives, and those whom we pay with out taxes, demand that every single year. They need more money from us, the employers, and they'll punish us if we don't pay it.

So we're passing this sweet milestone, the next step is a debt super cycle, in which rampant inflation is the answer to the extreme debt. Yes, the next step in the plan the Government is inflicting on us is rampant inflation. Buckle up friends, it's going to be a bumpy ride.

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