The Atlantis Report
Feb 9, 2022
For the first time on the 1st February 2022, America’s gross national debt passed over $30 trillion, an apocalyptic fiscal milestone that highlights the fragile nature of the country’s long-term economic health as it grapples with ascending prices and the prospect of higher interest rates.
Wow, $30 trillion! Who could’ve seen this coming? And who is going to pay it back in taxes, debt, and inflation? Hint: they aren’t rich and they aren’t poor. It is the middle class.
IF every person in the United States paid an equal part of the national debt it would cost each person about $86,000. How would that go over?
$30 trillion in debt with manufacturing now controlled almost entirely by our greatest 21st century rival, and a level of political corruption that makes this almost impossible to slow, let alone stop. Meanwhile 500 families own a majority of the country’s assets, which are held offshore. The future is bright indeed.
If we don’t have the supply side working IE taxes we will indeed have a deficit. Think of the billions that were made during this pandemic .
Maybe we need to raise taxes on the U.S. billionaires whose wealth went up 70% during the pandemic. It does feel like high time our tax policy stops doing the exact opposite of what common sense, economic data, and compassion would dictate.
But how can we raise taxes on U.S. billionaires when they bought Congress a long time ago?
$30Trillion is a million dollars a day for over 82,000 years. Such a figure could never be repaid.
And Biden now wants to increase the deficit by giving Democrats trillions of dollars in additional welfare benefits through Build Back Better.
No problem. Biden will inflate us out of anything.
If we use federal funding to put money in the pockets of the working class, it is spent on essentials; and that fuels economic growth and growth in tax revenue. If we spend federal money by giving tax cuts to the rich — as the GOP did in 2017 — it barely moves the needle. The rich simply hoard the money, or spend it on bubbles that do next to nothing to promote a healthy economy or grow tax revenues.
Both sides of the aisle are culpable for seeding this $30Trillion debt…. Republicans and Democrats for massive corporate tax relief. A needless and wasteful Middle East war, only enriching the defense contractors. Failure of corporations and government to stem the migration of middle class jobs to the Far East. Corporations eyeing higher profits with minimal investment in offshoring manufacturing and not willing to invest in modernizing their manufacturing plants in the USA. All these have contributed to a higher national debt.
How is this not a central concern for the younger generations who will inevitably foot this bill? Are we so utterly distracted and financially illiterate that we can’t see the brick wall we’re barreling toward?
The top 10 Americans own nearly one trillion dollars in wealth and the rest of us owe 30 trillion!
It would be interesting to know how much each person in the United States would have to pay to pay off the national debt. This would include every man, woman and child. This would tell us what we are doing to our children and their future.
If you look up the National Debt Clock, you’ll see that we’re currently at $90,000 per citizen, or $239,000 per taxpayer. And the clock keeps on rolling …
$136 Trillion is the net household private wealth of the USA To put a number on it. That is more than $30 Trillion. That wealth number increased about $20 Trillion in the past 12 months of the report period to 30 September. The top 1% holds about $43 Trillion, the top 10% holds about $95 Trillion. Most of us, 90% and up, pay ‘wealth’ tax on our principal asset, our house, in our mortgage payment or our rent. Most of us pay *most* of that tax on *somebody else’s* asset — the bank’s or the landlord’s.
How much of this increased debt is due to tax breaks for the very wealthy 1% that will not go away when breaks for ordinary Americans do?
And they were telling us not to worry about debt because: “Interest rates are much lower than they were in the past, and all indications are that they’ll stay low for years to come” (thereby keeping the cost of servicing the debt low).
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