More credit given where and when due: Hussein Obama is the greatest tax collector in the history of America, probably the world. Through last month Obama has raised $20,197,437,000,000 during his two terms in office.
That sum is, theoretically, more than enough to pay of the government’s (on-books) debt. That would leave nothing with which to operate the government. Horror!
Of course the debt was half of what it is now when Obama first took office. Had the government operated at Constitutional levels, there would have been plenty and to spare to completely pay off the debt before now.
This also means that Obama raises enough money each year via real taxation to run the federal leviathan at 2000 levels without any debt at all. Didn’t they get by in 2000? Why can’t they make do with that kind of spending now. Ron Paul officially raised that question back when there was still time to elect him president. That idea did not sit well with the criminals at the Federal Reserve.
To wit, Yellen is still sitting on interest rates at the zero bound after 93 months for one simple reason. Even in the context of an economic recovery that is now allegedly so complete that we are actually on the cusp of full employment, according to Vice-Chairman Stanley Fischer, she is deathly fearful of a hissy fit on Wall Street, as was foreshadowed by last Friday’s sharp sell-off.
Opined the Donald:
“She’s obviously political and she is doing what [President Barack] Obama wants her to do,” Trump said in an interview on CNBC. Trump predicted that the market is going to “go way down” as soon as interest rates go up.
“I believe it is a false market because money is essentially free,” Trump said.
He got that right but needs to take it a step further. At the same time that the Fed continues placating Wall Street gamblers with an unending stint of free carry trade funding that has self-evidently not generated real breadwinners jobs or higher real incomes in Flyover America, savers and retirees continue to be pounded.
In fact, our unelected monetary politburo is causing upwards of $300 billion per year to be transferred from savers to the banks and the financial system owing to its senseless pursuit of 2.00% inflation via pegging the money market interest rate on the zero-bound.
All Donald has to do to get my endorsement is to call for the abolition of the Fed. Well, that and promise to drive the banksters into the sea. He won’t, of course. The game will go on a little while longer.
Somewhere on Google.
There are no plans to pay off the debt. It is in fact un-payoff-able by design. One day all that red ink will have to be repudiated or written off. We might as well look at that reality now. I say cancel the debt – cancel all debts. And make debt illegal. Make issuing usurious debt a capital felony. There oughta be a law!
Otherwise, by 2024, Trump will hold the tax collection record while presiding over a $40-50 Trillion (on-books) debt. These are dubious records – like the highest score on the golf course.
That’s what I’m Yellin’ bout.