Once people realize what the new bail out of the elite class truly means to them, they will not be please. If you are reading this, you are a them. I know this much money is really hard to wrap the noggin around, so let me help you then actually offer a solution even a Republican can love, because heck, they supported such a financial vehicle before.
Now. $7 trillion dollars is a lot of scratch. A LOT. It is about exactly half of what you produce for the entire year times the number of your fellow citizens. Imagine half of what you produce, your friends and family produce, and even the bastards on Wall street produce, all gathered in one spot. That's roughly $7 trillion dollars, or half our Real Gross Domestic Product of the $14,497.7 for 2008.
Got that? We just gave the elite here half of the country's wealth for 2008.
Why? Because the rest of the world has learned a very powerful lesson:
Do not lend America money.
So instead of borrowing unheard of amounts from Japan, China and other sources around the world to back our phony consumption economy, the elite have turned to the cash cow of their last resort. Us!
We are the new China! So what does that mean, in everyday terms? Meet me below the fold.
Tax Freedom Day is always celebrated around my house. It is a day I finally can say I am working truly for myself, capitalizing on my future, instead of paying into the collective pot of the government.
Currently, this magical mystical day is May 5. See, I live in New York City, we pay A LOT in taxes, so I have to toil for 125 days to pay off Uncle Sam and all his crazy misadventures. This I could live with.
To see how many days you need to work to be have been liberated, see here:
http://money.cnn.com/...
Now, what gets my goat, is that Paulson and the jokers on Capital Hill, have just booked my means of production from June 1 to December 31 to pay off the gambling debts of the ruling elite. In case you are wondering, you are now booked from June to December 31 as well, because they just gave have the GDP to the wealth class because China was not sending checks anymore.
So in New York City, I basically have from May 5 to June 1 to fund my rock and roll lifestyle. Sure I will be getting a check from June till Christmas, but that money is being spent right now by Paulson on his friends. That money has to come from somewhere, it's just not invented. Unless we are ready to start talking fiat currency in respect to the US Dollar, and I doubt anyone wants to go there.
So weeee! 26 days of tax liberation! Yippee! Of course, this just a backdoor tax, which I don't think most people realize yet either. We will have to pay into this pot. And let's see:
Current days to pay off taxes:
124
Added days to fund the ruling elite:
184 (half a year)
That's 48.39% increase in taxes! Freaking awesome! And for this new tax rate that would make Olso and Geneva blush, do we even get to see what we bought?
Of course not, which brings me to my final point:
Individual Bail Out Accounts
Yeah, you read that right. See, I knew this was coming down the pipe, which is why I was very vocal against the private social security accounts. Imagine if we had done that, all that capital would have been transferred to the ruling elite as well. But the structure of the individual social security accounts can be used for something good, not evil.
For example, today you bought a $1,000 share block of preferred Citigroup stocks. You did, you just know about it yet, because every American just bought a $1,000 share block, even the babies.
Now, we set up like an IRA for all the parts of all these businesses that have been in epic fail, and bundle into one easy to read statement for each American to read so we know how our return on investment is going. Besides opening up transparentcy, it also will open a second avenue of savings for a nation whose savings rate is in the negatives.
Of course one cannot cash out this IRA, because there is a damn good chance these corporations will never ever pay back the government, not matter how many ponies they say are on the way. But say a citizen reaches retirement age, they should be able to cash out their portion of the bail out their own individual bail out account into the open market.
If those who are redistributing the wealth from bottom up say this is bad idea because the retires would never see the money, then one would have to ask:
Then why are we doing this in the first place?
So enjoy comrades, the government, a Republican lead government mind you, has now got us on a tax rate of the national production that not even the most hardcore of communist countries could have ever dreamed of.
In Soviet America, the dollar saves you.