The total liabilities of the United States government, including future social security and medicare payments that the U.S. government is already committed to pay out, now exceed 65 TRILLION dollars which is more than the entire GDP of the whole world.
According to the 2008 Financial Report of the United States Government, which is an official United States government report, the U.S. actually had a budget deficit of 5.1 trillion dollars in 2008.
So why did the Congressional Budget Office report that the federal budget deficit was only 455 billion dollars (which is certainly a total disaster) in 2008?
The difference lies in accounting. The CBO's figures are based on cash accounting, while the 2008 Financial Report of the United States Government is based on GAAP accounting. GAAP accounting is what is used by all the major firms on Wall Street and it is regarded as a much more accurate reflection of financial reality.
So why is there such a big difference?
Well, what the Congressional Budget Office does is some really bad accounting. When you pay social security taxes, the federal government takes that money and instead of putting it away to pay your social security benefits in the future, it takes that money and spends it however it wants.
So what about the future social security and medicare benefits that the government owes you?
There is no money there for those payments.
The government is using that money right now to make the budget look better.
That's right, you have been conned.
More Here..
Not all of us have been conned. Conned = tricked. Many of us plainly see what is happening but are powerless to stop it.
ReplyDeleteWonder what my mafia gang does and gets away freely?
ReplyDeleteSweet.
ReplyDeleteThis is all going to have a very, very happy ending.
Oh come on! This is great opportunity for the U.S. What we need only do now is liquidate the ENTIRE worlds GDP to pay off our debts so we can be debt free.
ReplyDeleteOf course after that point the entire world will be naked and living in caves but we could start over.
Great idea eh!
Ok, now back to watching football.
We have corrupt killers running our banks and society. It sucks. Oh well, there is always Brittany Spears new sex tape ...
ReplyDeletehttp://video.google.com/videoplay?docid=6896241524650223886#
The fact that they have been spending social security taxes isn't exactly news. It's been the worlds largest Ponzi scheme for years. We're just all the suckers that got in (were born) too late.
ReplyDeleteIt makes you wonder why the american people allow the government to do what they do to us. We are bullied. We work and the government looks at our paycheck and decides that they wil take this for that and that for this. Not only is that an invasion of our privacy but that is thuggery. What if we said "no we aren't to pay anymore taxes." There are more of us then them. We give them money, so that they can have weapons to use against us, if we ever decide to rebel against them bullying us. So why do we let these lazy, arrogant, wormy punks control everything and dictate how we should spend our money. They have been distributing the wealth every since they started taxing us and most of it goes in the politicians pockets. There are more of us then them we could really stop these worms if we wanted to.
ReplyDeleteI meant to say "no we aren't going to pay anymore taxes."
ReplyDeleteMost of these worms would take off running and screaming if they were to meet up with a feed up american in a dark alley alone.
ReplyDeleteI would be more leary of a not so feed up (hungry) american in a dark alley. Keep it up Rose.
ReplyDeleteRose ... yes if all Americans refused to pay Federal Income Tax that backs up the Federal Reserve SYstem's federal reserve notes (US Dollar) then we might start getting our freedom back.
ReplyDeleteRoss Perot said years ago that we pay 35-45% of our income in various taxes ... do we honestly think the Founding Americans would have put up with that high of taxes.
In Canada we already pay over 50% of our income in various taxes, and it continues to rise. I've often wondered at what point do people become inspired to revolt. 60%? 80%? of income. At present I can only assume that, even at over 50% taxation, most working people still have enough disposable income to facilitate an acceptable lifestyle. Perhaps when taxes rise to the extent that only basic survival is possible, no matter how hard or long you work, at that point people will react. Do we still have it too good?
ReplyDelete9:10 you have it all wrong. We don't have it good, the only good thing about all of this is the credit. We have lots of it, to offset the taxes. This is the governments objective. Keep rates low, tax the hell out of us and GIVE US CREDIT TO USE. That way we can use the credit and get to work to make the minimum payments. Total control.
ReplyDeleteMost people focus on federal tax rates. We pay, just off the top of my head, federal, social security, medicare, state, local, property, sales, gas, phone, cell phone, satelite, everywhere you turn there are fees & taxes. It's well past the point of being ridiculous.
ReplyDeleteI'm so damn poor, I get $2-3K back every year. Not much to be happy about... my 2009 earnings were less than $10K and I'm a pretty skilled guy.
ReplyDeleteFor the rest of you "rich" people, just don't file, don't pay. There is not a Federal Prison big enough to hold everyone.
Damn poor?
ReplyDeleteGuess what my mafia gang does?
if you had a mafia gang they would have killed you by now for admitting it, MORON
ReplyDelete