Time To DOUBLE Taxes??
As we now KNOW....tax receipts to government is evaporating. And government spending and consumption is 50% of GDP.....without government spending, we have a very small GDP. You know Medicaid, Social Security, Defense, Food Stamps, Unemployment and general spend drives our economy.
The problem now is without tax receipts coming in government can't spend.....and American NEEDS government to spend to maintain our economy. Since incomes are evaporating and barely covering debt service....evidenced by Fastenel's release this morning demonstrating large revenues declines....
Fastenal sales Q3 sales fall 21.7% to $489 million
...is it time we start taxing assets and savings???? Right now, government is spending about $2 Trillion more than it is bringing in....and if September's decline in tax receipts is any evidence of the effects of zombulation.....it is likely the deficit is going to explode.
You see....Zombulation policies mathematically strip an economy of its revenues until revenues are practically nothing. You simply can't bail out the banks, cut off credit and raise interest rates to the private sector that is massively leveraged, and not expect massive defaults and revenue evaporation to BOTH government and the consumer....80-90% of GDP.
No we know BOTH are occuring, defaults and revenue implosion. Unless we restructure.....conditions will get much worse. In the mean time, government must raise more taxes or the dollar will simply become a worthless piece of paper due to deficit spending exceeding the GDP of most of the largest industrial nations in the world.
We see it threatening with exploding gold prices and rising oil prices despite lower usage.
What do you think....should government tax everyone's savings account 50% of value....about $2 Trillion dollars....so our largest consumer can keep spending another year?
Fools...sometimes living in the real world can be a bit taxing........welcome to reality.