Jubilee Prosperity

The CNBC article concluded with the message that taxes will have to be raised and spending cut, something Congress, Courts and Presidents avoided for generations.

A weak economy is hardly the time to raise taxes and cut benefits.

Perhaps that is why Bernanke, Geithner, Greenspan, Paulson and their media enablers promoted 5% real GDP growth, top notch Treasury credit ratings and green shoots without a double dip.

As Harry Dent and others imply, the real economic destroyer may be demographics, combined with upside down entitlements and destroyed retirement savings.

Just in case Baby Boomers do not get the message, Tom The Greatest Generation Brokaw will have a special gravel voice report called Boomer$ out on March 4, 6, 7 and 8.

So what is really the only practical solution?

(Other than a bioweapon plague, chemical or nuclear attack wiping out Senior Citizens through air, food or water, or sent to emergency government Containment Camps for safety while the self-anointed elite retreat underground or offshore in their UN Biosphere Reserves?

First, government bailout earmark pork stim programs and deficits doubling trillion$ at a legislative whack must go on holiday.

While President Obama called saving only $25 billion a year a spending freeze, this is just 3% of the additional $9 Trillion in additional deficits expected over the next decade.

Second, it is quite clear we need an electoral revolution this Fall to face fiscal reality and force Congress, the Courts and Executive Branch to do their Constitutional jobs.

Third, part of doing the right thing for God and Country must be the uniform Constitutional 1% Emergency Transparent Total Transaction Tax replacing all other unproductive special interest taxes.

One not widely reported detail is that government income tax revenues fell -34% last April 2009 to $266 Billion, hardly enough to run Amtrak, let alone a country in deep deficit. And now Congress and the current administration propose to raise 35% taxes to 39% and higher.

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This entry was posted on Monday, February 8th, 2010 at 6:32 pm and is filed under Financial Planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.