We’re Broke. Now What? — Emerging Corruption

We’re Broke. Now What? — Emerging Corruption: "“Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills.” So said Laurence Kotlikoff, a professor of economics at Boston University, in a commentary on Bloomberg.com, August 10.

His solution was to “radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess.” Unmentioned is the fact that it has taken since 1913 when the income tax was introduced to reach this point.

Social security and Medicare are “social justice” programs which, like Fannie Mae and Freddie Mac, were created to protect people against themselves, encouraging dependency on the federal government instead of expecting personal responsibility. They have managed to drain the national treasury.

Social justice is one of those terms like “progressive” designed to hide the implementation of programs that can literally be found in the Communist Manifesto along with the abolition of property rights and other nasty “solutions” to the fact that life is not fair.

I recommend you get a subscription to The Heartland Institute’s Budget & Tax News monthly publication because it is one of the best ways I know to gain a quick insight to the real state of the economy. The August edition has some revealing headlines.

“Report Fuels Effort to Double Michigan’s Gas Tax”
“Proposed Washington State Income Tax Not Deductible, Attorney General Says”
“Oregon Raises Taxes, But Budget Situation Worsens”
“Illinois Lawmakers OK Budget Billions Out of Balance”
“Is the Pensions Bill Just a Bailout?”
“North Carolina Doubles Tax Reviews of Large Families”