Image courtesy of Nick Webb under CC BY 2.0.
Last year, fiscal 2002, the Bush administration came close to setting a record for the greatest deficit ever, an increase to the national debt of $421 billion. But this year, fiscal 2003, that’s going to look like child’s play. The borrowholics are completely out of control.
Still without a budget, we are more than six weeks into the new fiscal year and already the national debt has gone up $95.8 billion. That’s more than two billion a day, weekends included. At this rate, we could end up with a debt increase of $830 billion this year.
If we invade Iraq, it could mean an increase of more than a trillion, “One of these days Alice, to the moon.”
Between November first and the fifteenth, the debt increased $41.5 billion. And in this same fifteen days $50.2 billion was borrowed honestly from investors—the “Public Debt” side of the national debt.
That means the entitlement side of the debt, the Enron style side where the government hides debt taxpayers must still pay off, the dishonest side deliberately mislabeled “Intragovernmental Holdings,” went down $8.7 billion. Entitlements like Airports & Airways or Unemployment drew down on their balance of bogus bonds and the American taxpayer was double-billed for taxes employers or passengers already paid once before. And we paid interest too.
The full blown scam is happening right now, right before your eyes, not sometime in the distant future when the baby-boomer scare story may or may not come true. In the last two weeks, your dishonest government took $8.7 billion away from education, defense, or some other item for which you paid income taxes, and they did it just to cover their butts for money stolen and spent elsewhere in the past.
Either that or they borrowed the money from investors at home and abroad just to cover their crime. They don’t care how far they put your kids in debt as long as they are not found out. They’ll even start wars to cover it up, to distract you. They’ve got plenty of weapons of mass distraction.
Just to show you how phony, fraudulent, and criminal this is, where do you suppose the money would have come from if there had been no trust fund? If there never was an Airport & Airways trust fund or Unemployment trust fund? Why, lo and behold, it would have come from exactly the same place. It would have come out of the Treasury’s general fund of current taxpayer dollars or borrowed money. Think about it.
But why should you listen to me? Unlike Katie Couric, Neil Cavuto, Wolf Blitzer, and the rest of your trusted news sources, no one is paying me $14 million a year to keep my mouth shut on this subject
“Published originally at EtherZone.com : republication allowed with this notice and hyperlink intact.”