Image courtesy of Gage Skidmore under CC BY-SA 2.0.
We don’t need a spacecraft for the next trip to the moon. We can build a staircase out of the national debt.
We hit the seven trillion dollar mark on the last day of the calendar year for 2003, the first quarter of the government’s fiscal 2004, a full $606 billion over the same day one year ago—a new record for the world’s greatest debtor nation.
If someone had set aside $9,575,000 a day from the time of Christ, the beginning of the Gregorian calendar, we would have been able to pay off America’s national debt on the same day—happy new year.
Or we could have given $50,725 to every working American—the people who pay taxes and are currently responsible for paying off this debt. No wonder Bush wants to bring more people into this country. Any good rancher wants to increase his herd.
Take heart, there’s a good side.
We could erase almost $3 trillion or 42 percent of this debt with the stroke of a delete key in the U.S. Treasury and it wouldn’t hurt anyone but the Beltway Bandits. All we have to do is force politicians to be honest.
The entire Intragovernmental Holdings side of the national debt is fraudulent and set up only to double bill us plus interest for taxes already paid but stolen by the government under the pretext of borrowing.
We are already being double taxed for some of these smaller accounts like the fraudulent Unemployment trust fund. Soon Social Security with almost $1.5 trillion in bogus bonds and 21 percent of the national debt will really sock it to us.
When the International Monetary Fund (IMF), a very definite part of the New World Odor, starts to warn Bush of creating an unstable world economy with his fiscal irresponsibility you can be certain we are coming to the point where no one will risk loaning us more money. We are already selling less than half of the securities put up for auction.
Don’t fall into the trap of thinking that this has anything whatsoever to do with the Bush administration’s current promise to cut the deficit in half in the next three to five years. Even if they stopped running deficits altogether, the compounding interest is enough to take us to the moon.
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