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Re: OT: WSJ article on the future of the US dollar and other currencies

If you completely cut all military spending, and completely cut all social security, it would create a budget surplus of around $100B, based on 2010 numbers. Playing with tax percentages and trimming programs is not going to cut it, not by a long shot.

Since the era of Bill Clinton, total US debt has tripled, up to the current $14 trillion+ level. In FY 2010, the US paid almost $200 billion dollars in interest on the debt alone.

The 2010 deficit was around $1.3 trillion dollars. Taxing personal (non-corporate) persons at 100% of their income would not cover that amount. Also keep in mind that almost 50% of all US households pay no income tax, and that at this point 44 million Americans are receiving food stamps.

Centsational, 3/6/2011
CCRS member since: 5/8/2008
Posts: 733


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[this post has been deleted by its author] (3/3/2011)
 Re: OT: WSJ article on the future of the US dollar and other currencies (LS7, 3/3/2011)
  [this post has been deleted by its author] (3/3/2011)
   Re: OT: WSJ article on the future of the US dollar and other currencies (Centsational, 3/5/2011)
    [this post has been deleted by its author] (3/5/2011)
     Re: OT: WSJ article on the future of the US dollar and other currencies (Centsational, 3/6/2011)
      [this post has been deleted by its author] (3/6/2011)
      [this post has been deleted by its author] (3/6/2011)

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