I will use this blog to do three things. One, provide a voice of opposition to the liberal controlled government. Two, to track their progress on promises they made to get elected (to see if they ever deliver.) Three, to vent, educate, and to work through my own frustration. Please read the ground rules if you wish to respond to this blog.
Thursday, December 18, 2008
Congress' Ponzi Scheme
Your government is talking about a $7.7 trillion economic stimulus package to save our economic system. We have 300 million people in the U.S. That is just about $25,000 for every man, woman, and child.
It is also about the average people pay in taxes each year.
So in essence, they are going to give away what we all paid last year in taxes.
But what happened to all the money they spent last year on all the big government services, all the entitlement programs and all the wages of all those federal employees?
Add in the fact that our government’s income is shrinking due to people NOT spending money.
So how are they going to pay for a $7.7 trillion stimulus plan? With your 2008 taxes. They will take all that money they bring in to stimulate the economy. Then the next year they will pay 2009 bills with future tax earnings.
Sound familiar? It should.
A guy named Madoff just got caught doing the same thing in a $50 billion dollar Ponzi scheme. He would get an investor and promise him interest, and then find another investor to cover the costs of paying interest to the first investor, and then find another investor to pay for the interest of the first two investors and so on and so on. He would pocket money as he went making millions.
Congress is doing the same thing. The outcome? Same as the Madoff Ponzi, almost everyone loses. Except, congress won’t convict itself. They made their millions, got re-elected, and screwed millions out of their life savings. We all lose.
The scheme that congress is cooking right now, will destroy our monetary system, cause a DEEP recession, if not a depression in early 2009. Get ready.