Supposedly America cannot file for bankruptcy. Nothing in the constitution would allow the biggest enterprise in the world to quasi-reorganize its debt and pay down long term debt with an infusion of capital. And cut fixed overhead to go forward with positive cash flow. If so, the first target for a hair cut would be government payroll of $1.9 trillion per year including an accrual for pensions and health care benefits. That's 40% overhead heaped on small businesses not the taxpayers. The taxpayers barely pay enough to pay the interest on debt of $30 trillion ($90 trillion including State and Local debt, a $1 million per family, with $3 trillion interest paid annually) and unrecorded obligations for Medicare, Medicaid, Social Security totaling $158 trillion per the debt clock. www.usdebtclock.org.
Our current and past administrations since World War II have contributed the highest payroll on record, in the world, record spending deficits and $1 trillion per year in imbalance of trade losses to put us in this dead-end insolvent position. Most Americans never heard of the debt clock or the www.openthebooks.com websites. Have you, as a discriminating taxpayer, heard of the debt clock or open the books to see what the government agencies are spending and why most of it is generating insurmountable debt and deficits. Federal Income taxes only generate $3.6 trillion per year, State property and sales taxes another $3 trillion each or a total of $10 trillion per year to pay for budget outlays of $6 trillion Federal and $4 trillion State and local interest on foreign debt totaling $7 trillion of $600 billion and trade imbalance payments of $1 trillion and Medicare/Medicaid $1.2 trillion and Social Security of $1.1 trillion and Federal pensions $304 billion ($6 trillion unfunded) and Defense $725 billion and income security $1.7 trillion and farm subsidies $264 billion creating negative cash flow of $7 trillion dollars per year.
Who are the highest paid Federal bureaucrats? Of the top 100 only two aren't employed by the VHA (Fauci and Garal of NIH). The top five are all VHA and NIH employees, Dr. Garal $464,000, Dr. Fauci $434,000, Dr. Gibbons $422, Dr. Kim $420000, Dr. Sonel $414,000, and add another $400,000 per year to fund their pensions (80% of three highest annual wage) and retirement health care. That's $2.5 million in annual payroll and another $1 million in benefits or an average of a half million per year. This is higher than the President and most CEOs in the private sector. All of the 100 bureaucrats have been in government their whole careers costing the VHA and NIH budgets upwards to $200 billion per year. This is only two agencies of 115 Federal agencies and another redundant State agencies 24 times 50 States or 1,200 state agencies costing approximately a billion per year or a total of redundancy costs (waste) of $1.2 trillion per year.
Since, I'm a CPA by trade, these numbers have bankruptcy written all over them. On top of this Americans have $23 trillion in personal debt and $18 trillion in mortgage debt and $1.7 in student loans, and $1.1 in credit card debt of a total of $44 trillion ($1.5 million plus $1 million for government debt per family or $2 million per citizen) and growing with inflation and value of the dollar falling under the current administration. Am I over reacting or what? No, I believe that our current leaders at every government level, aren't accountable for their failures in finance and economics. There is a day of reckoning when there is accrued interest to pay to China, Japan, South Korea, Russia, India, Canada, Mexico, Saudi Arabia and America has exceeded its debt ceiling of $40 trillion (now $22 trillion with debt of $31 trillion). Will government shut down and the dominos start to fall? I hope not but hope has no bearing on demand for payment. Only BK stops the foreclosure clock.
