National
Debt - The Ticking Clock| National
Debt - The Ticking Clock |
03/17/10
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December 18, 2006
This debt is divided into two parts – Public Debt and Intragovernmental Holdings (IH). They are both deceptions. What the government calls Public Debt is made up of honestly contracted securities representing loans from investors, including foreign countries. The deception here is that they would like you to believe that this is the only portion for which the taxpaying public is responsible. It isn’t true. You’re responsible for all of the nation's debt. The IH side implies the impossibility that a not-for-profit organization completely dependent on tax receipts can somehow handle this debt by itself. In truth, there are currently 141 black hole debit accounts deceptively labeled as “trust funds” that hold nothing but “special” nonmarketable non-negotiable bonds. These bonds are worthless to you and me, but they are demands on the U.S. Treasury and will be cashed-in for real taxpayer money (Read it: From the Horse’s Mouth). The only way government can take care of this fraudulent side is to delete it.
The two Social Security black hole accounts, Federal Old Age & Survivors Insurance plus the Federal Disability Insurance trusts, currently account for 54 percent of IH debt. These two Social Security trusts, that we normally refer to as one “trust,” currently stand at more than $2 trillion and are 24 percent of the total national debt.
You got this debt by giving the federal government more money in payroll taxes than was necessary. Every American worker provided the Beltway Bandits with a surplus they took, spent wherever they chose, and then, under the pretense of having “borrowed” or “invested” this booty, dumped “special” bonds in bogus trusts. Since these bonds can be redeemed only by taxpayers, this is double taxation plain and simple, with interest added.
What are you going to do about this? Are you just going to sit there and let this go on and on, year after year, listening to lie after lie from the same thieves that just increased your debt in this area by $172.8 billion last year, fiscal 2006 that closed at the end of September? Let’s play a game: Supposing all of the crooks in the District of Corruption have been jailed in Guantanamo for their scam and now you are in charge. What will you do? The cash from excessive payroll taxes is still rolling into government coffers. Are you going to steal it and risk joining the crooks in Gitmo? Or are you going to do something constructive about it? If you choose to be a good guy, you will quickly come to the conclusion that you have only two honest and decent choices – (1) cut payroll taxes or (2) put the surplus money in a real investment trust fund managed by the Social Security Administration headquartered in Baltimore, Maryland, the government insurance company that has been managing the supplemental retirement system with less than one percent of its revenue and has done so without missing a beat for years, an insurance company that also sets the standards for most private sector insurance companies.
Cutting payroll taxes would mean there’s nothing for the Beltway Bandits to steal. In the event of an imbalance or shortfall in receipts, we would be in exactly the same position we’re in now anyway. Cash to meet obligations to the currently retired and disabled would have to be taken out of the Treasury’s general fund of income taxes on hand or money borrowed (a future tax). If the shortfall persists, it would require payroll taxes be raised appropriately. You can also forget the bull about “baby boomers” since they number only between seven to eight million and are easy for the Social Security actuaries and statisticians to adjust for. Remember, the spinmiesters never said the boomers were births “above” normal. (See: Boomer Myth) If the pirates had done what they promised in 1983, and put surpluses in a real trust fund similar to their own 1987 Thrift Savings Plan, we would today be sitting on much more than $2 trillion in real money instead of debt. It’s not too late to do it now for future generations. Your choice. The sad part of all this is directly related to how Asian countries like China and Japan have us by the economic shorthairs. To assume they don't recognize how the U.S. Government has been defrauding its own people and to continually support the arrogance of American businesses that claim these Asian countries "need us" is pure folly. China, with a population almost five times our size and a savings rate of more than fifty percent, added with "emerging markets" like India with 1.2 billion consumers as well as the fact that China itself is a 1.4 billion emerging market, while Americans are in hock up to their eyeballs with a dollar falling in value worldwide, practically puts us out of the economic game. Even sadder is the fact that our elected officials do not have the guts and integrity to raise taxes in order to support their policies and programs but will instead resort to fraud and deception as outlined above. And it may be too late to take corrective action. Related articles: Thomas
Paine.com article "China
Has U.S. by the Purse" 12/12/2006 (Editor's Note: If government ever got a sniff of "integrity," their first action would be to stop the theft, not steal even more. There are no legitimate "policies and programs" that can begin to justify any theft, much less more of it. Our only real hope is for the dollar to collapse completely. At that point, government will not be able to steal our productivity quite so easily! Then we will have a chance to reclaim our birthright of liberty and justice for all.)
Send a message to your elected representatives. Click here to start. Be sure to send a copy to Ed Henry.
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