[CTRL] Fwd: America is bankrupt by $18trillion

Fri, 28 Feb 2003 11:00:47 -0800

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-Caveat Lector-

 

 

 

What Does $18 Trillion Mean to You?

While the analysis may be unfamiliar to many Americans,

the meaning of the results is straightforward. Total household

wealth in the United States was $40.2 trillion in 2002.

The combined Social Security and Medicare shortfall is

nearly $18 trillion. This means that the federal government

would have to confiscate almost half of all household

wealth to have the resources necessary to close both

these programs’ future financing gaps.

Of course, it is not necessary to pre-fund promised Social

Security and Medicare benefits immediately. In theory,

the Congress could enact a 7.1 percent permanent increase

in the payroll tax to close the combined shortfalls

over time. This would mean a permanent payroll tax

increase to a rate of 22.4 percent, amounting to about

$3,000 in additional taxes every year for an average

family. A tax increase of this magnitude is unthinkable.

It would devastate the economy, job growth, and family

finances, but it does serve to indicate the magnitude of

the problem we would be leaving to future generations if

we fail to act.

 

 

http://w3.access.gpo.gov/usbudget/fy2004/pdf/budget/danger.pdf

 

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<A HREF="">www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply.

Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="">Archives of [EMAIL PROTECTED]</A>

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