face debt

Face Debt Facts

.........Nowadays, you hear a lot of talk about paying down the national debt. Alan Greenspan is recommending we do it before considering tax breaks. Clinton and many others claim that they can give both tax breaks and reduce the national debt at the same time. Everyone seems to recognize that it's a problem we do not want to pass on to our children and grandchildren, but few are willing to face the facts.
.........The first fact is that the bulk of the expected "surplus" money planned for either tax breaks or paying down the debt comes from trust fund excesses. It comes from things like Social Security and Medicare extra taxes. While it's cute that the thieves who, for years, have been taking this extra money are now talking about possibly giving a little of it back to you—do you really want any of your retirement money going towards debt reduction? Do you really want money you thought was paying for better health care and better retirement going towards the repayment of a huge debt the Washington borrowholics have run up? I don't think so.

What's the alternative?
.........We are currently paying more than $365 billion a year in interest on this debt, more than $1 billion or one thousand million per day. Fortunately for the government, not all of that interest is paid in cash. Last year, simply handing the trust funds more special obligation nonmarketable Treasury bonds, more paper, paid $113 billion of this interest. Your representatives put it on your children's credit card.
.........Any realistic attempt to pay down the national debt would need to make the entire interest payment in cash. This means that a big chunk of Congress' discretionary spending allowance would be gone. No more theft and no more notes telling beneficiaries that they must repay their own money. Do you think that the thieves have the guts for this? I don't.

It gets worse
.........You can go to any bank, any mortgage lender, or even the Internet where they have rate calculators on mortgages. You, yourself, can verify the different ways of paying off $5.6 trillion in debt at various interest rates and over varying years. While you may need to drop 6 zeros to get the figures into calculators, you can add them back at the end. It will tell you how realistic your federal government is being when they try to make you believe that substantially reducing the national debt can be accomplished in a short period of time. Get ready for a shock.
.........If you chose a repayment plan for 30 years at a modest 5 percent interest rate (last year, trusts were paid 6.9 percent), it would take almost $400 billion per year in payments. That's 30 years folks, thirty years of paying $400 billion in real money from the general fund taxes, or as much as we paid for the entire S&L bailout of the eighties, and paying it every year.
.........The government could get by with payments of about $350 billion per year if this were extended to a 50 year plan at the same low interest rate of 5 percent. That's less than we're paying now in interest alone but in this case all of the payments would have to be made in real cash, none of it by the nonmarketable bond scam. As a result, such payments amount to over $100 billion more than what the government is now paying in real money.

What it means
.........In the last twenty years, your government has run up a debt that's almost beyond belief and certainly beyond simple solutions. Yet, the people who brought this plague upon our nation are trying to find an easy way out without biting the bullet. They don't want to face facts.
.........To realistically reduce the national debt would require an austerity program that would absolutely prohibit the current government's plans for global expansion, world banking and international police actions. Believe me, they would rather steal the money from you. You don't seem to mind.

.........Nowadays, you hear a lot of talk about paying down the national debt. Alan Greenspan is recommending we do it before considering tax breaks. Clinton and many others claim that they can give both tax breaks and reduce the national debt at the same time. Everyone seems to recognize that it's a problem we do not want to pass on to our children and grandchildren, but few are willing to face the facts.
.........The first fact is that the bulk of the expected "surplus" money planned for either tax breaks or paying down the debt comes from trust fund excesses. It comes from things like Social Security and Medicare extra taxes. While it's cute that the thieves who, for years, have been taking this extra money are now talking about possibly giving a little of it back to you—do you really want any of your retirement money going towards debt reduction? Do you really want money you thought was paying for better health care and better retirement going towards the repayment of a huge debt the Washington borrowholics have run up? I don't think so.

What's the alternative?
.........We are currently paying more than $365 billion a year in interest on this debt, more than $1 billion or one thousand million per day. Fortunately for the government, not all of that interest is paid in cash. Last year, simply handing the trust funds more special obligation nonmarketable Treasury bonds, more paper, paid $113 billion of this interest. Your representatives put it on your children's credit card.
.........Any realistic attempt to pay down the national debt would need to make the entire interest payment in cash. This means that a big chunk of Congress' discretionary spending allowance would be gone. No more theft and no more notes telling beneficiaries that they must repay their own money. Do you think that the thieves have the guts for this? I don't.

It gets worse
.........You can go to any bank, any mortgage lender, or even the Internet where they have rate calculators on mortgages. You, yourself, can verify the different ways of paying off $5.6 trillion in debt at various interest rates and over varying years. While you may need to drop 6 zeros to get the figures into calculators, you can add them back at the end. It will tell you how realistic your federal government is being when they try to make you believe that substantially reducing the national debt can be accomplished in a short period of time. Get ready for a shock.
.........If you chose a repayment plan for 30 years at a modest 5 percent interest rate (last year, trusts were paid 6.9 percent), it would take almost $400 billion per year in payments. That's 30 years folks, thirty years of paying $400 billion in real money from the general fund taxes, or as much as we paid for the entire S&L bailout of the eighties, and paying it every year.
.........The government could get by with payments of about $350 billion per year if this were extended to a 50 year plan at the same low interest rate of 5 percent. That's less than we're paying now in interest alone but in this case all of the payments would have to be made in real cash, none of it by the nonmarketable bond scam. As a result, such payments amount to over $100 billion more than what the government is now paying in real money.

What it means
.........In the last twenty years, your government has run up a debt that's almost beyond belief and certainly beyond simple solutions. Yet, the people who brought this plague upon our nation are trying to find an easy way out without biting the bullet. They don't want to face facts.
.........To realistically reduce the national debt would require an austerity program that would absolutely prohibit the current government's plans for global expansion, world banking and international police actions. Believe me, they would rather steal the money from you. You don't seem to mind.