The government could raise taxes 100% on those making $66,000 and up and still not cover the unfunded obligations, that is something that we have to understand!
...The hard thing to understand is that the economic collapse does not only effect the United States alone but also the world economy as a whole. There are different ways that people think that we can start climbing out of this from raising taxes to creating the mechanisms for inflation to increase. All of these things sadly are going to occur regardless under the current path that we seem to be going down. We hear so much about raising the taxes on the upper percent, but what so many fail to understand is that we are obligated to around $7 Trillion dollars a year on average just to cover our obligations from pensions to Medicare and Social Security and that is just going up as the baby boomer generation hits full stride in retiring. Raising taxes is not the only way to get out of this problem long term, we have to reduce our obligation to these liabilities and reduce the coverage over all in the end. It will not happen today because no one in politics has the guts to do so because they are all too worried about getting reelected, but at some point economics catches up to politics and we are on the verge of crossing the Rubicon now and in the near future.
On raising taxes we have all heard that even if you increased the rates on the top 2% you will only be able to fund the running of our federal government for an estimated 19 days, so let’s be honest about this and understand that everyone really need so calledskin in the game and that includes those in the middle and lower income levels. That is truly the political football right now that no one honestly wants to take on. Either way it is coming that taxes in one form or another are going to increase on theses income levels as well, so, people, it is time to stop playing the class warfare game, all that does is further divide people. The government could raise taxes 100% on those making $66,000 and up and still not cover the unfunded obligations, that is something that we have to understand!
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