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| Joined: | Mon Nov 21st, 2005 |
| Location: | California USA |
| Posts: | 6399 |
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Now, if we were to include the costs of bailing out Bear Stearns, Fannie Mae and Freddie Mac, and including the “off-the-balance sheet” costs of the Iraq and Afghanistan wars (invasions) estimated by Noble economics laureate Joseph Stiglitz at $3-5 trillion (probably should be revised to $4-6 trillion now), it would give me a worse headache. So, can we agree that the ultimate tax obligation of your family figure is humongous? Just to give you a little sense of the scale, though, the present $9.5 trillion National Debt works out to be $38,000 per person (based on 250,000 Americans who can be expected to pay taxes). Therefore, for your 6-member family unit, your obligation for the current National Debt is $228,000 (and growing each and every day), and until the day that the Chinese, Japanese, Saudis, other OPEC countries, including the sovereign wealth funds of those countries, come to the U.S. and demand hard assets (i.e., buildings, highways, bridges, companies, airports, planes, aircraft carriers, etc.) and have us sign off on being willing colonies to each of these creditors, your family is on the hook for a monstrous amount. (But, do not forget that corporations, the wealthy and the super wealthy should not be expected to pay their fair share – this is America, don’t you understand?)