Friday, May 07, 2010
We Know Who You Are
This scares me. I hope our world never comes to this, because it would be no fun at all. Let's not let things go this far, OK? It seems like all I and my husband do is pay taxes, and we are late on our property taxes, too. Right now the IRS is getting all of my money, then I will start on state taxes... but I am really going to get an ulcer because I am constantly worried about my taxes.
I don't need to be scared any more, folks.
Plus, I understand that the various governments are out of money, but the only real way to stimulate the economy in any meaningful, long lasting way, is to cut taxes. Raising taxes will only make things worse.
My personal opinion on the state of the economy is that we are headed for times that are going to be far worse than anything we have seen so far. My family is acting accordingly and we are preparing for the worst. I know they don't say this in the news, but if anything they taught me in all those economics courses was correct, we are going to experience inflation like you have never seen - and a corresponding crash in the dollar. Meaning your dollars will buy far less than they used to.
What happens after that is anybody's guess. I can't remember there ever being so much hostility amongst Americans as there is today. I really wonder what is going to happen when times start really getting tough.
P.S. Bush had as much to do with the current deficit as Obama does. We are not going to get anywhere unless we face facts and not just accuse the other side. The looming Social Security collapse should have been dealt with back in the 1990s - then we would have had more time to adjust. That is what Germany did. As it happens, every bit of surplus that has been collected via the Social Security system has been spent. There is no trust fund with actual money in it. It is full of IOUs. Our congress spent all the money - they thought they had at least until 2016 - but they don't. We are now paying out more in SS benefits than we are collecting in SS taxes.
That means that the balance will have to be borrowed or it will cut into all the other spending the federal government does.
This is my right-back-at you flippant comment:
"The Problem With Socialism Is That You Eventually Run Out Of Other People's Money"
This sort of thing isn't helping my anxiety level, either.
Posted by Retro Housewife at 20:00