Here’s some frightening honesty, courtesy of the US Congress

Sinking-dollar-debtSovereign Man – by Simon Black

A member of my staff caught an obscure resolution that was introduced in the US House of Representatives last week—Resolution no. 41.

The fact that there was essentially no coverage of this Resolution really shows how the mainstream media is completely turning a blind eye to the true fiscal situation of the United States of America.  

The entire point of the resolution is to say that the federal government is broke.

It can’t pay its own bills, and therefore is shouldn’t be responsible to pay anyone else’s either.

It doesn’t’ take a rocket scientists to figure out what a bankrupt government will do—just like any thief, they’ll go after easy targets first.

The easiest target of all is future generations.

They’re going to run up the debt as high as they can, which essentially means pulling future tax revenues into today. It’s the easiest tax of all, because unborn children do not vote.

The estate tax is another one to watch out for—because, like unborn children,dead people don’t vote either.

We had a great podcast yesterday about retirement savings, where there’s an easy $5 trillion treasure chest for them to raid.

And, of course, there’s the greatest tax of all, the inflation tax, which decreases the standard of living for most of the population as the cost of living rises much faster than incomes.

This Resolution is a pretty scary dose of honesty. But again, what’s even more concerning is that it was just ignored and has objectively a zero percent chance of passing.

I do encourage you to check it out though—even the government is admitting it’s finished.

I’ll quote from the Resolution now without comment and wish you a very pleasant weekend:

Whereas the Federal Government is operating at an annual deficit and is increasing its outstanding debt every year;

Whereas the Federal Government, as of January 2015, is carrying more than $18.0 trillion in debt, of which $13.0 trillion is owed to the public and $5.08 trillion is owed to Social Security and other trust funds;

Whereas foreign governments, individuals, and corporations as of October 2014 own 47 percent of Federal debt held by the public;

Whereas Social Security’s unfunded liabilities in 2014 are $10.6 trillion over 75 years and $24.9 trillion over the infinite horizon;

Whereas the Federal debt held by the public is expected to increase by more than $7 trillion from 2014 to 2024 according to the Congressional Budget Office;

Whereas more than 16 percent of the entire Federal budget goes directly to States and local governments;

Whereas more than 22 percent of total State and local government general revenue comes from the Federal Government according to Census Bureau’s latest Annual Survey of State and Local Government Finance;

Whereas several State and local pension plans are expected to fully exhaust their funds within ten years.

2 thoughts on “Here’s some frightening honesty, courtesy of the US Congress

  1. The Federal Government is a complete and utter fraud being run against all citizens of the world
    It consists of two or three mafias looting and gutting resources using the US Military and Americans credit card to do so
    At some point they have to be stopped and brought up on charged of theft and murder and most of all treason
    They and I mean every member of upper echelon and all Congress should have all their criminally gained wealth confiscated and then they should face a firing squad
    Governing should go to the state while a new Federal structure put in place
    All debts incurred by them and charged to tax payers null and void

  2. Lets get the governors from our states to D.C. and proclaim a constitutional convention with the aim of reigning in federal expenditures, if it isn’t about security of our nation from foreign or domestic threats and dosent deal with interstate commmerece or grievances against other states then it dosent need to be handled through them. Congress has granted themselves so much power to rule over states and individuals it ain’t funny, and in so doing it has to collect money to pay for all the extra projects they have come up with, Social Security, countless grants, pay off money to other countries for being friendly, free anything to the poor, it wasnt suppose to be this way.

Join the Conversation

Your email address will not be published. Required fields are marked *