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Wednesday, May 16, 2012

Economic Education

Two weeks AFTER the election the following has been set up to happen:

(first this wasn't a Red or Blue thing - both sides are responsible for this mess; Obama however should have headed this off)

• America will "run out" of borrowing power - kind of like maxing out ALL your credit cards and using up all their cash advances too

• Debt ceiling will HAVE to be raised

• 1 JAN 2013: Tax cuts expire and EVERYONE will get massive tax increases (known as the "payroll tax holiday")

• 1 JAM 2013: Tax on dividends and interest goes UP (if you have a life insurance policy that sends you a dividend check you get to keep less - if you have a bank account that pays interest the tax you pay on that interest will go up too, including that on any accounts you have in your MINOR children's names)

• 1 JAN 2013: Tax rates go up across the board - everyone gets thrown into a new tax bracket

• 1 JAN 2013: $1.2 TRILLION will be sequestered - spending taken out of healthcare & military

So making a new deal between congress and the White House will help right?

Well since the last "deal" was reached spending DEBT went up $1.09 TRILLION

That's an average of $3.7 BILLION a day

Under Obama's reign term in office the Nation Debt has grown more then $5 TRILLION

So the new budget {must suppress giggle here since we haven't had a national budget in the 3 years he's been president} will control it right?

The GROSS National Debt in FY2013 is expected to go over $25 TRILLION

That's better, right?

Right now he total US debt is greater than Her output - the first time since World War 2! (and we are supposed to be in Peacetime now)

if all the spending cuts take effect that need to happen it will take out nearly 1/5 of the money from the economy

This will ruin the economy - depression like you wouldn't believe

So how does this compare to Bush?

• Bush added $4.89 Trillion in 8 years

• Obama added $5.05 Trillion in 3 Years + 3 months

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