Who did it? Etc The MESS the US Is In

If you do not know who did it...Rip Van Winkle ...the GOV"T DID all of us actually!

Washington DC's reckless, feckless spending spree of the past several years and unwillingness to confront the mountains of debt coming soon from unreformed federal entitlement programs threaten the economic and social future of the generation currently between the ages of 5 and 30. Tea Party people are right. Older people will die off, esp when Death Panels kick in, leaving "Youth" holding the debt bag.

The 115 million Americans in this Debt-Paying Generation will experience enormous adverse effects from having to pay down the greatest debt in world history. Indeed, those of you in the Debt-Paying Generation could end your working lives as the least improved generation (in U.S. history) relative to the one that preceded you. You will marry later, have fewer children, poorer health, and lower incomes because you must pay the trillions in debt from excessive spending today and from the tsunami of debt coming from unfunded liabilities in Medicare, Social Security, and Medicaid. (1)

What are some milestones or millstones about our collective necks?
A) Huge spending increases between 2004 and 2008, ballooning over the last six months of George W. Bush’s administration when Congress bailed out Wall Street AIG, Goldman Sachs, GE, and others at a cost of $896 billion.
B) President Barack Obama and the Democratic majority in Congress hosed and micturated away many more billions, first by taking over the auto industries, authorizing $100 billion for bailing out GM and Chrysler.
C) Followup included two economic stimulus programs amounting to $1.1 trillion.
D) To chagrin of and against the general public, Obamacare with a 10-year cost of $987 billion of amounting to a takeover of 1/6th of US economy was passed...still unrepealed as of Feb 2011.

This imprudent spending is creating debt like never before seen in U.S. history. As a U.S. citizen, if you expect to live and work in this country, this is your problem debt to be repaid, and you will have to pay higher taxes for this problem. If you are in the Debt-Paying Generation being aged 5 to 30, you will confront that as changes in your life and income.
Thus, President Obama has piled up a lot of debt and the Democrat-controlled Congress approved it all, producing this crisis and anyone under 30 will be the “Debt-Paying Generation” whether they are aware or not.

In January of 2009, the total debt was $7.5 trillion debt owed by Americans and people around the world in U.S. Treasury notes, not owed by one agency of government to another agency of government, but what Americans owe ourselves, and the Chinese who bought these IOUs and thus owed has to be repaid.

With increases in interest and NOTHING paid on the principal, this debt is due to double in just the next 10 years rising from $7.5 trillion to $15 trillion. Compared to the size of the U.S. economy, sovereign debt will rise upward from about 53 percent of the size of gross domestic product (GDP) to a whopping 90 percent of GDP.

Predicted is a major crisis from Baby Boomers retiring as only about 35 percent of the Baby Boomers are fully prepared for retirement due to stocks and other investments souring. This is part and parcel of the moral consequences of the debt. Unfunded balooning liabilities for Social Security, Medicare, and Medicaid will require the U.S. government to borrow trillions and trillions more.
Looking at $7.5 trillion in public debt going to $15 trillion and an economy that is roughly $15 trillion would provide the socialist enough debt to overwhelm the economy to destroy the US as we know it....their dream fulfilled after decades of scheming.
So how does the national debt compare to those "FIX" attempts of FDR during the Great Depression?
The debt incurred during that Great Depression of the 1930s was rapid but temporary. We were able to pay that down.
During World War II the US reached the highest debt percentage when fighting Tojo, Hitler, and Mussolini which came to 109 percent of GDP. That was the most debt the US had ever piled up. Nowadays we’re projected as reaching 180.6 percent in 2035 with ALL of the taxes raised being applied to the interest and NOTHING applied to reducing the debt which will grow from ballooning mandatory benefits like Obamacare, Medicare, and other entitlements.

OK. So what, pray tell, can we look for as solutions?
Ohio has sued Fitch, Standard & Poor’s, and Moody’s Investor Services over pension fund and other losses. This may provide Ohio with some much needed funding. Other states MAY pile on. Why sue Fitch, Standard & Poor’s, and Moody’s Investor Services? As the three major debt-rating agencies in the entire world, they are being blamed for judgements made on their authority.(2)
The US keeps wasting money on International Monetary Fund while Ukraine messes up its economic reforms, the IMF stops lending money, Ukraine repents, the IMF relents. On July 3, 2009 the agreed to a $2.2 billion, three-year loan which prevented a default on Ukraine's $10 billion foreign debt. (3)
Later on October 1,2009, a shoe thrower took aim at IMF Director Dominique Strauss-Kahn at Bilgi University, in Istanbul, Turkey. (4)

There are at least four solutions which may all or in combination reduce the debt.
Liberals advocate that weraise taxes to pay the debt, namely increasing taxes on the rich. Calling this spade,"fairness", President Obama has called for increasing taxes on individuals making more than $200,000 by allowing the tax rate on each additional dollar of earnings to rise from the 35 percent to 39.5 since these are “rich” workers. Not only that but "the rich" will pay higher taxes on dividends and capital gains advance when these float up to pre-2003 levels. In states like Oregon, due to existing conditions, business owners will pay about half of every $1000in federal taxes. (5) Studies in 2007 reveal that the upper 50% of wage earners paid some 97% of the taxes while the lower half paid about 2.7% which floated up to 2.89% for 2008. The chart says gradual increases since 1999 up from 96%! (6) This is neither fair nor prudent as it only makes "the rich" take evasive action by getting paid otherwise, causing LOSS of taxes. For instance, yacht taxes were dodged by Senator John F*ing Kerry on his 76-foot yacht by his tying up in Rhode Island instead of Massachusettes, while Congressman Russ Carnahan dodged taxes by leaving his 42-footer unregestered for years! (7) Besides making money on global warming fraud, Al Gore and his buddies at General Electric are getting rich from the congressionally mandated demand for their new "curly fry" mercury-filled Chinese-made light bulbs. Gore has a 100-foot houseboat that docks at the Hurricane Marina in Smithville, Tennessee which does not sell the bio-diesel fuel that the builder Austin of Sparta, Tennessee says the craft runs on.(8)

(1) http://www.heritage.org/Research/Reports/2010/09/Will-Growing-Government-Debt-Undermine-the-American-Dream
(2) http://www.americanbankingnews.com/2009/11/20/ohio-sues-moodys-standard-poors-and-fitch-over-fund-losses/
(3) http://www.highbeam.com/doc/1G1-21000927.html

(4)http://edition.cnn.com/2009/WORLD/europe/10/01/turkey.imf.shoe.thrower/index.html#cnnSTCText
(5) http://economictrends.blogspot.com/2010/02/increasing-taxes-on-rich-is-neither.html
(6) http://www.ntu.org/tax-basics/who-pays-income-taxes.html

(7) http://edmartinforcongress.com/2640/call-on-carnahan-to-pay-yacht-taxes/
(8)
http://pajamasmedia.com/blog/gore-hits-the-waves-with-a-massive-new-houseboat/