There is an old saying, “no man is an island.” What affects my neighbor also affects me. If we take a look around the United States and Europe, we see one thing in common, the banks driving the nations into bankruptcy.
Whether its the United States, Cyprus, Spain,,, banks have made so many bad loans they have to be bailed out, and at the expense of the tax payer.
In the long run this spells out two things – the banks end up with property is made bad loans on and later repossessed, and then the tax payer is in debt to the banks for their bad loans.
Cyprus – We should all be concerned about bank bailouts, and we should especially be concerned about what is happening in Cyprus. Instead of taxing the organizations who can afford it, the government is going to take 10% from all savings accounts across the nation.
Saving to buy a home? Saving to put your kids through college? Well, 10% of your money just disappeared.
Federal Reserve hands out $16 trillion to banks – The first ever audit of the Federal Reserve revealed the Fed (which is not part of the federal government) has handed out $16 trillion to banks. Those loans are backed by the tax payer, which is you and I, and our children, and our grandchildren.
Whether it is Cyprus, the European Union or the United States, the governments continue to bail out the banks. Where is that money coming from? The tax payers.
In theory the banks are supposed to pay the loan back. But if the banks need a bail out, how are they supposed to pay the money back?
The simple answer is, the banks are not going to pay the money back. Which means the tax payers have to pay the government back the money by means of higher taxes.
Corporations avoid paying their share of taxes – you think corporations are going to pay their fair share of taxes? Nope.
General Electric – negative tax burden.
Dow Chemical – negative tax burden.
Verizon – negative tax burden.
Citigroup – negative tax burden.
Source – Payupnow financial data
Companies like facebook, exxon, google, and microsoft use loopholes to lower their tax burden, while nations like Cyprus take 10% out of all savings accounts across the nation to bail out the banks.
Sequester March 1 2013 – Reduction in spending on March 1, 2013 targeted the middle class. Did companies like exxon, facebook and google have to start paying their share of taxes? Where subsidies cut to major corporations? Was welfare cut to families of illegal immigrants? Was foreign aid cut?
You know what was cut? Financial aid to our veterans, tours of the white house were cut,,, among other things.
But somehow through all of the cuts the government found money to help other nations?
Do We See A Pattern Here?
Since the 1970s the standard of living in the United States has been on the decline. This is when our jobs started moving to China.
In the 2000s came increased home prices, combined with bad loans, flexible mortgage rates, interest only home loans, plus stagnated wages resulted in the housing crash of 2008.
The government told us the banks had to be bailed out. Anytime the government tells the people we “have” to do something, its usually a scare tactic.
They took away our jobs with free trade,
They took our financial future with bank bailouts,
The government has ran the nation into debt,
The people have been turned into nothing more then working class peasants,
An ever increasing number of people are on welfare,
Social Security disability is going broke,
How long can the government continue to give money to the banks and continue to export our jobs to low wage nations before something finally breaks?
Lets not fear monger
Since the 1990s I have been hearing all kinds of stories about how the United Nations was going to take over the United States, how the federal government was going to go house-to-house picking up guns,,, and none of it has ever come to pass.
I feel that we are facing a real physical problem with the nations financial future. How can the federal reserve continue to print money out of thin air? Sooner or later that debt has to be paid back.
The government cuts something like $80 billion in spending and people freak out. What about the other $16 trillion we owe? $80 something billion is nothing compared to what the American tax payer owes.
2013 – 2020
I feel that with the reelection of president Obama the next 4 years are going to be pretty rough. Regardless of who is elected president in 2016 and 2020, we are going to be in a world of trouble.
Regardless of who is elected president, free trade will not end, bailing out the banks will not end, and taxes will continue to go up.
How long can the middle class continue to support low income families along with tax breaks for major corporations? One day the middle class will be driven into poverty through taxation, inflation and stagnated wages.
Up until the 1970s and 1980s people could finish high school, enter the workforce, buy a home, buy a new car and raise a family off one income.
In the 1970s prices started to go up dramatically.
In the 1980s dozens of shipyards shutdown all over the nation. Between Bethlehem shipyard of Beaumont Texas, Livingston shipyard of Orange Texas, and American Bridge in Orange Texas, somewhere between 5,000 – 10,000 people lost their jobs. The lose of lose of those high paying jobs had a profound effect that almost lasted a generation.
What have those high paying, skilled jobs been replaced with? Low paying, low benefit, low skill retail jobs.
In 1979 a helper could make $15 – $17 straight out of high school.
Today, that same person makes minimum wage working at the local china mart.
No longer can a young man finish high school, go into the workforce and make good money. There are still good paying jobs out there, but they are regional, such as working on offshore drilling rigs.
Todays young people have to go to college, spend tens of thousands of dollars to get a degree, possibly go into massive debt, which forces them to forestall buying a home.
Its just a matter of time before jobs that require a college degree are flooded with applicants.
How are the next generations supposed to be able to buy a home, raise a family, afford the nicer things of life when they are paying off college debt for a decade?
Social Security Disability
There is another option, and that is to sign up for social security disability.
Why work when you can claim to be biopolar, get a doctor to sign off on it, then draw a check from the government?
Why worry about an education? Why worry about getting a job? Just get you some welfare and live happily ever after.
Going to hell by special delivery
The United States is going to hell via special delivery. Yep, we are going to hell, straight to hell, do not pass go and sure as hell do not collect $200.
Between corporate greed and the laziness of the welfare bums, we do not stand of chance of maintaining our position as a world leader. Screw it, lets just sit on our asses, let some low wage workers in China have our jobs, then lets sign up on social security disability.Our Shared Financial Future,