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America’s Disappearing Wealth

Posted in H.L. News, Main Blog (All Posts) on August 30th, 2006 7:19 am by HL

Bush is borrowing money from China, to give his tax cuts to the rich. Money we will have to pay back. Meanwhile he is spending untold Billlions on a losing useless quagmire of a war, which he has already come out and said that no way we will be out of there as long as he is President. (Beyond January 20, 2009???) Of course we are in there to steal oil. We are pumping thousands of barrels of oil out of Iraq a day from unmetered wells. We don’t know how much but America is not seeing that oil. Bush keeps stealing we keep paying.

America’s Disappearing Wealth

OP Ed News.
Federal borrowing eventually results in a transfer of income from U.S. taxpayers to the investors who hold the Treasury bonds. As long as Americans own the bonds, the transfer is simply from one American to another. Bondholders may get richer, while taxpayers who don’t own bonds get poorer. But shuffling the income between the two groups doesn’t reduce America’s overall wealth.

Today, however, 43 percent of the United States’ publicly held debt of $4.8 trillion is held abroad, mainly by central banks in Japan, China, and Britain and by offshore hedge funds. That’s up from a 30 percent share in 2001, an extraordinary increase.

Indeed, during the Bush years, 73 percent of new government borrowing has been from abroad. Paying the interest on the foreign- owned portion of the debt will be a burden on future generations of Americans, draining their wallets, and siphoning off America’s wealth.

H.L.s Take:
Bush will not stop stealing from Americans like you and me until we have nothing and The Bush Crime Family and their minions have it all, at which point we will become their slaves. Its not like the people of this brain dead nation would ever fight back.

6 Responses to “America’s Disappearing Wealth”

  1. Buzz Says:

    Who is not already a slave to the almighty dollar?? Been that way since I have been working. Oh that was long before either Bush was in the White House.

  2. HL Says:

    Yes we all have to work for a living. The difference is that under Bush you have to work harder for less. So I guess you are ok with Bush borrowing money to give tax cuts to the ultra rich. Money that you, your family, and me, will be paying out of our paychecks (if we are lucky enough to have jobs) for years to come.

  3. Buzz Says:

    The difference is under Bush I bought a home and my income has gone up every year. Now I am not saying that Bush is responsible for that as I am the one doing the work to make the money.

    But with that being said I did not blame Clinton when I could not afford to do then what I am doing now.

    I wish tax would just be tax…….5,10,15,45% I don’t know. Just make sure that the rate is the same for all. That is what would make sense to me.

  4. Buck Says:

    I think Im sick to death of taxes. Even the much lower ones I am paying now. Im tired of politicans ( republican, democrat, independant, and all making so much money). We should just spend money on defense. Not salaries, goverment pensions, vacations, welfare cash givaways, and fema checks to ever Tom Dick and Harry around. Waste Waste Waste is what that is. I say its time to start having the piper get paid. To any and all nations that we have liberated from France to South Korea to Iraq there should be a sur charge. Especially France the weak nothings that they are. Billions of dollars with the first installments due right now. We can poor all that protection money into our well being.

  5. Tom Says:

    I am just wondering why i should pay i higher % of my income because i make more money. You try to scare people by saying “Bush cuts the taxes of the Rich”. Uhmmm no. The rich pay a higher % of their income to taxes than those in the middle class. Two words…Flat Tax.

  6. Wealth Building Says:

    Thanks for the informative post.. and thanks for adding our comment to the blog. I am subscribing to your feed so I don\’t miss the next post!