N THE NATIONAL DEBT N Special note from your Field Agent: “I.O.U.S.A., the Movie”, nationally acclaimed 30 minute video the politicians on either side of the isle don’t want you to see! http://www.youtube.com/watch?v=O_TjBNjc9Bo http://www.cbsnews.com/video/watch/?id=2534935n&tag=related;photovideo We have all heard about the federal debt. But most of us haven't heard the truth! When politicians talk about reducing the deficit, they are not talking about the debt. Politicians driven by short-term election goals focus on short-term problems. For example, President Bush once told us the problem was shrinking, pointing to the annual federal budget deficit, which fell from a high of $413 billion in fiscal 2004 to about $163 billion in fiscal 2007.
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HOW IT EFFECTS YOU!
Life as we knew it will drastically change soon! Taxes will soar as our budget spins out of control, but there are things you can do to protect yourself. Sometime very soon, I urge you to contact me so I can show you how to better position yourself for what politicians on both sides of the isle know we have coming! Ken Bagnasco
Here is the new sequel called, "The Solution": http://www.iousathemovie.com
“U.S. Headed for Fiscal Crisis”, CBS 60 Minute video about our biggest disaster still coming!
“The Mortgage Meltdown”, CBS 60 Minute Video. If you thought it was over, wait till you see what is coming next!
www.cbsnews.com/video/watch/?id=4668112n&tag=related;photovideo
“Financial Weapons of Mass Destruction”, CBS 60 Minute Video. How Congress legalized a felony that destroyed Wall Street along with your money!
www.cbsnews.com/video/watch/?id=5274961n&tag=related;photovideo
Here's one solution the KofC offers!
Quotes and Articles:
"The federal government keeps two sets of books. The set the government doesn't talk about reports a more ominous financial picture." -USA Today, Dennis Cauchon
www.usatoday.com/money/2006-08-02-deficit-usat_x.htm
"As of September 30, 2009, each American's share of the $61.9 trillion national fiscal burden was over $200,000. And every year in which no down payments or reforms are made to these obligations and promises, the total grows by at least $2 trillion to $3 trillion - or $5,500 to $10,000 per person - on autopilot." -www.pgpf.org/about/nationaldebt
"The CBO reports that the national debt will explode to 62 percent of our economy by the end of this year." -Reuters
"Higher taxes are coming soon - and they will hurt. By some estimates, the tax burden on Americans could double before the end of this decade. The only quesiton is: What form will these new taxes take?" www.time.com/time/business/artifcle/0,8599,1969231,00.html
Additional Links:
Link to the "Debt Clock", you might not want to see this!
http.//www.usdebtclock.org
Truth in 2010. Dedicated to bringing you the truth behind politics.
http://truthin2010.org
The Tax Foundation, helping you to understand the upcoming tax changes.
http://taxfoundation.org
FACTS YOU SHOULD KNOW ABOUT:
Politicians will tell you that the federal debt is around $11 trillion. That sounds bad enough, but it gets even worse. Together with unfunded liabilities (all of the benefits that the government has promised to seniors, Baby Boomers, and other citizens), our nation is in the hole for nearly $62 trillion dollars!
Even worse, the Baby Boomers are just now starting to claim those benefits! That's more than $200,000 for every man, woman, and child in America, and it's growing every day.
It took the country from George Washington until Ronald Reagan approximately 200 years to reach the first $1 trillion in debt.
The debt, meanwhile, continues to skyrocket. All of the taxes you pay, including Social Security, are used for today's government services & benefits, not saved for the future.
According to the government's Office of Management and Budget, "there are no economic assets in the Social Security trust fund."
According to the Government Accountability Office, if spending on government retirement programs remains on its current course and revenues grow at their historical averages, interest on the debt could skyrocket from its current 9 percent to almost 30 percent of the budget by 2040.
Fed Chairman Ben Bernake has stated that the time to solve this problem was "ten years ago." Meanwhile, Congresstional Quarterly reports that a delay of even 10 years in solving this will double the required pain to solve it.
We are now considering making the nation's fiscal problems much worse by expanding entitlements and bail-outs. Fiscal 2009 will add more than a trillion dollars to the federal debt via defecit spending and as much as another five trillion in unfunded liabilities.