Posted by: thebridegroomcomes | January 7, 2013

Down the Toilet?

Mort Zuckerman, Editor-in-Chief and Publisher of U.S. News & World Report offers concise insight:
Merely to avoid going deeper into debt, to cope with the speed at which compound interest is growing the real debt annually, we would have to collect $8 trillion in taxes each year, Cox and Archer point out. And here’s the nub of it: All individuals filing tax returns in the country with incomes over $66,198 have a total adjusted gross income of about $5.2 trillion. The total corporate taxable income (at its peak in 2006) amounted to $1.6 trillion. This means that we have a maximum of roughly $7 trillion available if the government confiscated the entire gross income of individuals and corporations—not nearly enough to cover the yearly growth of U.S. liabilities.
We are well into a debt death spiral. Prior debt is so large that there is nothing that can be done to break out of this spiral short of massive defaults. It should be noted for any optimists out there that the rate at which we are circling the toilet bowl accelerates with each new dollar of debt added.<a href=”http://www.economicnoise.com/2013/01/04/going-down-the-toilet/”>http://www.economicnoise.com/2013/01/04/going-down-the-toilet/</a>


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