Collapse

The bankruptcy of the United States is now certain – It’s one of those numbers that’s so unbelievable you have to actually think about it for a while… Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that’s not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then ask yourself, how in the world can the Treasury borrow $3.5 trillion in only one year? That’s an amount equal to nearly 30% of our entire GDP. And we’re the world’s biggest economy. Where will the money come from?

65% tax rates coming – As soon as next year – should the government move up the expiration of the Bush tax cuts, as I very much expect them to – the top tax bracket will go to 39%. On top of that, the current healthcare legislation will add a 5.4% surcharge. Then, add in the Democrats’ proposed 5% war tax. Okay, so straight up we’re talking 49%.

Then there’s a near doubling of capital gains taxes, from 15% to as high as 28%. And, of course, the return of the estate tax.

Survivors must dig graves for their dead – HOCKINGPORT, Ohio — Jesse Hayes’ family, already overcome by grief after he died in a house fire last month, quickly had to come to grips with another unthinkable reality.With no money for a funeral, they would have to bury him themselves. And so the day before Hayes’ graveside service Oct. 15, his cousin and a handful of volunteers gathered with their shovels at Stewart Cemetery, a quiet spot in the woods not far from the Ohio River in southern Ohio.

Wave of Debt Payments Facing US Government – The problem, many analysts say, is that record government deficits have arrived just as the long-feared explosion begins in spending on benefits under Medicare and Social Security. The nation’s oldest baby boomers are approaching 65, setting off what experts have warned for years will be a fiscal nightmare for the government.