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The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Posted on November 21, 2008. Filed under: Babies, Blogroll, Books, Communications, Economics, Education, Employment, Energy, Investments, Law, Life, Links, People, Politics, Quotations, Rants, Raves, Regulations, Resources, Security, Taxes, Video | Tags: Bailouts, bankruptcy, Chapter 11 Bankruptcy, David M. Walker, deficits, Fair Tax, Federal Government Spending, national debt, social security, taxation, United States is broke, Washington Fair |

 

I.O.U.S.A. Bonus Reel: A $53 Trillion Federal Financial Hole

 

Our Country is Broke – How You Can Fix It

 

I.O.U.S.A.: Byte-Sized – The 30 Minute Version

 

David Walker: Nobody is going to Bailout America

Why Wont The Bail Out Work? MUST SEE!

 

Neal Boortz Explain the FAIRTAX

 

CNN Glen Beck -Dirty Secrets and Real Truth about US Debt & Economy

 

Congress should forget about bailing out any business including the auto companies.

Congress should also forget about any new spending programs.

Why?

The United States is broke!

Both political parties are not leveling with the American people and are in deep denial about the nature and magnitude of the problem–the Federal government is in a financial hole–it is broke.

The Federal Government has been spending beyond the means of the American people to pay!

Time for a tax revolt and the implementation of The FairTax!

Save The Economy Now: The FairTax

Rescue the homeowner and you rescue the economy
When the federal government ends the destructive practice of withholding taxes from paychecks millions of Americans will see a huge boost in their take home pay–enough to save their homes and pay mortgage bills.

A $10 trillion dollar stimulus program funded with private investments
Economists say the FairTax will attract literally trillions of dollars into our economy from offshore. That means new jobs right here in America, higher wages and a stock market that goes up instead of down.

Bring Back the “Made in America” Label
The FairTax ends the retail price disadvantage American producers suffer under the income tax system. The income tax system adds up to 20% to the price of American products and that chases our manufacturing and service industries offshore. The FairTax gives American companies–and jobs–a fair chance.

Our economy works when wage earners prosper
The FairTax makes our economy works again and restores consumer confidence by putting more money in wage earners’ pockets. It attacks the problem at the base of the pyramid where average people live–not at the pinnacle. It ends the tax disincentives to upward mobility, savings, investment and capital formation.

http://www.fairtax.org/site/PageServer?pagename=economy 

 

GM Borders Bankruptcy

 

GM-VM – 3 Months to Bankruptcy

 

Chapter 11 Bankruptcy

 

Bankruptcy Questions : What Is Chapter 11 Bankruptcy?

 

 

Background Articles and Videos

 

US Government Immorality Will Lead to Bankruptcy

IOUSA * IOUSA Movie * IOUSA Movie Trailer * Patrick Creadon

 

(1 of 7) David M. Walker speaks to NACo conference attendees

 

(2 of 7) David M. Walker speaks to NACo conference attendees

 

(3 of 7) David M. Walker speaks to NACo conference attendees

 

(4 of 7) David M. Walker speaks to NACo conference attendees

 

(5 of 7) David M. Walker speaks to NACo conference attendees

 

(6 of 7) David M. Walker speaks to NACo conference attendees

 

(7 of 7) David M. Walker speaks to NACo conference attendees

 

America’s Financial Future (Part 1)

 

America’s Financial Future (Part 2)

 

/20/08 Lou Dobbs & David Walker on the Economy

 

First, Why We Need a Fair Tax

 

Second, Fair Tax Questions and Advantages

 

Fair Tax

“The FairTax is a proposed change to the federal tax laws of the United States that would replace all federal income taxes^[1] with a single national retail sales tax. The plan has been introduced into the United States Congress as the Fair Tax Act (H.R. 25/S. 1025). The tax would be levied once at the point of purchase on all new goods and services for personal consumption. The proposal also calls for a monthly payment to all family households of lawful U.S. residents as an advance rebate, or ‘prebate’, of tax on purchases up to the poverty level.^[2][3] The sales tax rate, as defined in the legislation, is 23 percent of the total payment including the tax ($23 of every $100 spent in total—calculated similar to income taxes). This would be equivalent to a 30 percent traditional U.S. sales tax ($23 on top of every $77 spent before taxes).^[4]

With the rebate taken into consideration, the FairTax would be progressive on consumption,^[3] but would also be regressive on income at higher income levels (as consumption falls as a percentage of income).^[5][6] Opponents argue this would accordingly decrease the tax burden on high income earners and increase it on the middle class.^[4][7] Supporters contend that the plan would decrease tax burdens by broadening the tax base, effectively taxing wealth, and increasing purchasing power.^[8][9] The plan’s supporters also argue that a consumption tax would have a positive effect on savings and investment, that it would ease tax compliance, and that the tax would result in increased economic growth, incentives for international business to locate in the U.S., and increased U.S. competitiveness in international trade.^[10][11][12] Opponents contend that a consumption tax of this size would be extremely difficult to collect, and would lead to pervasive tax evasion.^[5][4] They also argue that the proposed sales tax rate would raise less revenue than the current tax system, leading to an increased budget deficit.^[4][13]

In recent years, a tax reform movement has formed behind the FairTax proposal.^[14] Increased support was created after talk radio personality Neal Boortz and Georgia Congressman John Linder published The FairTax Book in 2005 and additional visibility was gained in the 2008 presidential campaign. A number of congressional committees have heard testimony on the bill; however, it has not moved from committee since its introduction in 1999 and has yet to have any effect on the tax system. The plan is expected to increase cost transparency for funding the federal government, and supporters believe it would have positive effects on civil liberties, the environment, and advantages with taxing illegal activity and illegal immigrants.^[10][15] There are concerns regarding the proposed repeal of the Sixteenth Amendment, removal of tax deduction incentives, transition effects on after-tax savings, effect to the income tax industry, incentives on credit use, and the loss of tax advantages to state and local bonds. …”

http://en.wikipedia.org/wiki/FairTax

 

United States public debt

“The United States total public debt, commonly called the national debt, or U.S. government debt, is the amount of money owed by the United States federal government to holders of U.S. debt instruments. Debt held by the public is all federal debt held by states, corporations, individuals, and foreign governments, but does not include intragovernmental debt obligations or debt held in the Social Security Trust Fund. Types of securities held by the public include, but are not limited to, Treasury Bills, Notes, Bonds, TIPS, United States Savings Bonds, and State and Local Government Series securities.^[1]

As of November 19, 2008, the total U.S. federal debt was $10.6 trillion.^[2], with about $37,316 per capita (that is, per U.S. resident). Of this amount, debt held by the public was roughly $6.3 trillion.^[3] Adding unfunded Medicaid, Social Security, Medicare, veterans’ pensions, and similar obligations, this figure rises to a total of $59.1 trillion, or $516,348 per household.^[4] In 2007, the public debt was 36.9 percent of GDP ^[5], with a total debt of 65.5 percent of GDP.^[6] The CIA ranked the total percentage as 27th in the world.^[7]

Public debt is the amount owed by the government to its creditors, whether they are nationals or foreigners. External debt is the debt of all sectors of the economy (public and private), owed to foreigners. In the U.S., foreign ownership of the public debt is a significant part of the nation’s external debt. The Bureau of the Public Debt, a division of the United States Department of the Treasury, calculates the amount of money owed by the national government on a daily basis.^{[8][9][10][11]}

The total debt has increased over $500 billion each year since FY 2003, considering both budgeted and non-budgeted spending.^[12] The annual US budget deficit declined from $318 billion in 2005 to $162 billion in 2007,^[13] but increased to $455 billion in 2008.^[14]Since FY 2002, the deficit reported by the media has been significantly less than the annual change in the debt, which surpassed $1 trillion for the first time in FY 2008.^[15]

The Government Accountability Office (GAO), Office of Management and Budget (OMB) and the U.S. Treasury Department have warned that debt levels will increase dramatically relative to historical levels, due primarily to mandatory expenditures for programs such as Medicare, Medicaid, Social Security and interest. Mandatory expenditures are projected to exceed federal tax revenues sometime between 2030 and 2040 if reforms are not undertaken. Further, benefits under entitlement programs will exceed government income by over $40 trillion over the next 75 years.^[16] The severity of the measures necessary to address this challenge increases the longer such changes are delayed. These organizations have stated that the government’s current fiscal path is “unsustainable.”^[17]

…”

http://en.wikipedia.org/wiki/United_States_public_debt

 

GOP bailout stooge to Cavuto: “It’s not your money”

Fox: Cavuto Cong Joe Knollenberg its not your money

 

“Where Does the Money Go?” National Debt – Bill Moyers

 

Related Posts On Pronk Palisades

 

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

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