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Sunday, July 29, 2012

National Debt? No Such Thing

GOP presidential candidate Mitt Romney is among
the super rich with money in offshore accounts.
(photo: AP)
By Carl Gibson, Reader Supported News
28 July 12

Reader Supported News | Perspective
magine sitting at the kitchen table, stressing out over your family's finances. Between the student loan debt, the credit card debt, the car loan, the mortgage, the phone bill, the groceries, electricity and the water, you only have so much in your bank account to cover a few of those things. To avoid defaulting on your debt or having your car repossessed, you'll either have to forgo electricity for your home, or you can simply collect the debt owed to you by your rich neighbors, all of which totals more than you would make in 10 years. Would you shut off your lights, or collect what you're owed and settle all of your debt?

Any politician who bemoans the national debt, whether they be American, Greek, Spanish or otherwise, is lying to you if they blame anyone but the richest 0.001% for the country's massive debt. Because the richest 0.001% have anywhere between $21 trillion and $32 trillion stashed in overseas bank accounts simply to avoid paying their fair share of taxes. It's a number that's simply beyond comprehension. Even if someone had spent a million dollars a day since Jesus was born, they would have only spent $700 billion by today, just $0.7 trillion.  READ MORE

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