Wednesday, April 15, 2009

Happy Tax Day!

Nearly 50% of Americans pay no federal income tax. The top 1% of earners generate 19% of the wealth yet pay 30% of the taxes. The U.S. corporate tax rate is 35% versus an average of 25% in Europe. All inconvenient truths to the current U.S. government, yet they are committed to doubling down on Federal spending to "rebuild the economy on solid rock." Say what? So you can never say I didn't warn you, I will say this as plainly as humanly possible: $1 trillion per year deficits can only be sustained by INFLATING THEM AWAY! The U.S. cannot default, it can only debase the currency, which may get rid of debt but also destroys your 401k, IRA, Social Security, or pension. The left's favorite economist, John Maynard Keynes warned of the end to free markets and capitalism by saying "Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose."

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