Bare with me a moment while I lay this out:
Rick Santelli is an on-air news editor for CNBC business news TV network.
This Wednesday Mr Santelli showed much emotion when commenting on increasing taxes on the “rich” to achieve “fairness” in America—a policy modeled by multi-billionaire, Warren Buffett, who complained that his secretary shouldn’t have to pay more taxes than himself.
Mr. Santelli’s passion oozes from the video:
The simple math presentation says it all. There is no amount of tax on the rich that will offset the US debt.
And, Americans are content to watch their TV newscasters talk about everything from race baiting George Zimmerman to glossing over Obama’s latest speech- no one in the media will or can confront Obama or his administration on this OBVIOUS MATH PROBLEM!
If America doesn’t correct its debt problem, we will become just like Greece, on the edge of the bankruptcy cliff. And, as America goes, so goes the entire world—the global financial system is based on the strength of the dollar. The dollar is the world’s reserve currency. If the dollar collapses due our government’s failure to finance its debt, the world economic system will look for another currency, perhaps a worldwide currency, handled by a worldwide organization, like the IMF….can you say, “One World Currency”?
But, there’s really nothing to worry about. Go about your business… go back to watching “Undercover Boss” or “Shark Tank”. After all, we are in good hands…aren’t we?
What if we paid off all the debt? Wouldn’t that be great? Not really. Too little debt can be bad for our country, too.
But, too much debt leads you into insolvency; when the monthly interest amount in dollars becomes higher and higher to the point that we can’t even pay the all the interest that month, let alone apply money towards the principle, we’re in trouble.
Are we there yet? No, not yet– but that’s the direction in which we are headed.
Can’t we print more money? QE3? Can’t we just go to our central bank and print more money?
How do you feel about even higher gasoline prices than right now? Higher food prices, too. When you provide more money in the system, by printing money or quantitative easing, you have the unwanted side effect of increasing inflation. How about paying more for cable or the internet?
Nah…there’s no problem. Really. Go back to watching your TV programs and surfing the net, enjoying your life…there absolutely nothing to worry about. Except that “those evil Republicans want to make the rich become richer”…now THAT’S a problem.