Currently our debt is more than $14 trillion heading to $15 trillion by October 2011. If nothing changes as a result of the 2012 election, by President Obama's own budget projections, our debt will be $25 trillion (that's 25,000 billion dollars) by October 2017 when President Obama's last budget ends. Even using the Congressional Republicans' most ambitious budget cuts of $100 billion below tax revenue (something that cannot get thru the current Congress), it will take us more than 250 years to pay down our debt. That's a debt we will have placed on more than 25 generations of our children; 25 generations of children who will be forced to live at a lower standard of living than their parents. By 2020 we will be paying $1 trillion in interest alone mostly to foreign countries. How much of our children's potential will we squander with annual $1 trillion interest payments?
What needs to happen:
1. Spending by all levels of government (federal, state, local) must be curtailed with laws that prohibit our representatives from spending more than 10% less than tax revenues (even then we are talking about hundreds of years to pay off our debt).
2. The structure of our entitlement programs must be modified for future generations to provide them some security in retirement based on more personal and less government responsibility.
3. Our tax policy must be fundamentally changed. All taxes on income must be stopped - not only is it a disincentive for working, but it is amoral. Currently there are $111 million federal income taxpayers in the U.S. while the total number of individuals living in the United States is in excess of $330 million. Or stated another way, 1/3 of the U.S. population are paying for all the benefits of everyone living in this country -- not only for themselves but for the 2/3s of the U.S. population who pay no income taxes. It is mathematically impossible for this 1/3 of taxpayers to pay for 100% of government without economically bankrupting the private sector and individuals in this country. An equitable tax policy can only be achieved thru stopping all income taxes and going to a progressive consumption tax where 100% of the U.S. population pays in a proportional manner for 100% of our government.
Tea Party Members should adopt the following three campaign stickers for 2012 (to show what our Congress actually represents).
Screw the Kids!.....Tax,Tax,Tax-Spend,Spend,Spend!.....Vote SociRepubliCrat!