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|Subject: Re: Fiscal Cliff my @ss||Date: 11/10/2012 1:07 PM|
|Author: telegraph||Number: 46188 of 95691|
ha...Obama's already been campaigning...it wasn't 8 hours after the re - lection that it was all 'tax the rich' tax the rich....'tax the rich'....
Sorry...this is all going to have a bad ending.
Unless they get the spending under control......we're not only headed to the financial cliff but over it.
Likely, they'll just 'punt' and kick the ball down the field another couple yards into late next year and do absolutely nothing.
it will, of course, be even worse then.
With all the new ObamaKare taxes kicking in next year.....without exception.....
with all the massive costs coming with Obamakare in 2014....next year will be a recession you won't like.
Then the progressives will insist upon another trillion in porkulus for 'stimulus'....borrowing to spend your way to prosperity, which will just sink us even faster.
Obama does not understand the words 'spend less'.
He's got 4 years to borrow and binge......with no one to stop him other than the Chinese.
You realize that the US now 'buys' 70% of the bonds it sells since no one else wants them? That is QE? buying your own bonds to keep interest rates near zero.
We can't afford to pay interest on 16 trillion at 4% interest....you realize that would eat up 20% of the revenue coming it. Try it at 6%.
You remember 1982? Treasury notes sold for 15% interest- 30 year bonds!.......
Now try and figure out the interest on Obama's planned 20 trillion in debt at 15% interest. It's more than the entire tax take each year.
You see how this isn't going to end well, once inflation , which has been 'delayed' , rears it's ugly head and the Chinese say 'no' to loaning us more money.
Remember, we are already 'buying' (borrowing even more)70% of all the debt we issue. Stupidity at work, but, heck, it kept Obama in office....can't blame him for stupidity. Only people who understand there is no money fairy- they're the stupid ones.
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