But I’ll have contracted Simian-Rectal Syndrome before that’ll happen
The MSM wouldn’t want to ruin the election year panderfest, after all
This is an excerpt from a letter written by the CBO to Rep. Paul Ryan (R-WI)
“Under current law, rising costs for health care and the aging of the population will cause federal spending on Medicare, Medicaid, and Social Security to rise substantially as a share of the economy. If tax revenues as a share of gross domestic product (GDP) remain at current levels, that additional spending will eventually cause future budget deficits to become unsustainable. To prevent those deficits from growing to levels that could impose substantial costs on the economy, the choices are limited: Revenues must rise as a share of GDP, projected spending must fall, or both.”
…..
“With no economic feedbacks taken into account and under an assumption that raising marginal tax rates was the only mechanism used to balance the budget, tax rates would have to more than double. The tax rate for the lowest tax bracket would have to be increased from 10 percent to 25 percent; the tax rate on incomes in the current 25 percent bracket would have to be increased to 63 percent; and the tax rate of the highest bracket would have to be raised from 35 percent to 88 percent. The top corporate income tax rate would also increase from 35 percent to 88 percent.
This is just to meet our current entitlement obligations.
Enjoy the entire twenty-one page pdf file of joy over the weekend and contemplate just how tasty dog food can be, since after losing an extra 38% of your paycheck, that’ll be all you’ll be able to afford.
And Obama was bitching about the price of arugula.
Ahhhh! I LOVE the smell of gunpowder in the morning, it smalls like CHANGE OF GOVERNMENT.
But, no worries, the Obama-Mahdi won’t do that, he’ll opt for “unsustainable deficit”.
This is really scary. It makes some of those survivalist scenarios seem plausible. I know a guy who’s planning on leaving the country by the time this blows up, and I’m starting to worry he might be right.
Leave the country to where? When the US economy goes in the dumper, the rest of the world goes in the dumper with it. At least in the US of A you can sit with your can of dogfood on your dark front porch, with your AK-47 across your lap, and be master of your domain out to the sidewalk.
Try that in England, or France.