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March 15, 2009

Debt Consolidation on a National Scale

Source: - Greg Brown
Obama Policies Feed Market Panic

    If a company is too big to fail, it's too big to exist.

    Liberalism is wrong because it doesn't work.

    ~ George Will

Think about that for a moment, "If a company is too big to fail, then it's too big to exist".

"Too big to fail", only means that it has an unfair amount of political support.

The Way GM goes, ...

The market capitalization of General Motors on March 6th was $879 million dollars. -- less than $1 billion dollars. Today, it has recoved a little to stand at $1.66 Billion. goes the Country

The market has dropped 20% since Obama has been in office. Not a sign of encouragement.

Should we look to the Federal Government for help?

The off-book national debt of the federal government, the one that does not account for future pensions of federal workers and military, nor accounts for the future pensions of citizens enrolled in Social Security, which is esentially, every single citizen in the United States, is now standing at $10,900 billion dollars. ($10.9 Trillion)

For the cost of our national debt, the federal government could own 10,900 companies the size of GM, yet I don't believe they have anything near that to show for their debt.

Interest payments on this $10,900 billion dollar debt is $451 billion per year.

    Available Historical Data Fiscal Year End

      2008     $451,154,049,950
      2007     $429,977,998,108
      2006     $405,872,109,315
      2005     $352,350,252,507
      2004     $321,566,323,971
      2003     $318,148,529,151
      2002     $332,536,958,599
      2001     $359,507,635,242
      2000     $361,997,734,302
      1999     $353,511,471,722
      1998     $363,823,722,920
      1997     $355,795,834,214
      1996     $343,955,076,695
      1995     $332,413,555,030
      1994     $296,277,764,246
      1993     $292,502,219,484
      1992     $292,361,073,070
      1991     $286,021,921,181
      1990     $264,852,544,615
      1989     $240,863,231,535
      1988     $214,145,028,847

If there were no national debt it had to pay interest on, the federal government could have used those interest payments to have bought a GM-sized company every single day and still had an additional $340 million dollars left over each day.

The Federal Government could probably have bought the entire S&P 500 within a year.

Federal Debt Consolidation

If we, the taxpayers, were to just service the existing federal debt, each family would owe $4,500 per year.

Most families understand the drain of servicing debt. There is the giddy heady days when we spend like crazy, putting all the debt onto credit cards, then when the credit limit is hit, there is the sinking feeling that you not only cannot spend that "extra money", but that "extra money" has to be paid back. A double whammy.

The Federal Government believes there is no credit limit on their national debt.

In fact, it is engaging in a massive federal debt consolidation.

It is consolidating upon itself the debt of banks, mortgage companies, automobile companies, insurance companies, and States as fast as it can.

This consolidated debt will be serviced by all Americans, regardless of how individually frugal they are.

Sadly, most American families have also sucumbed to the blood-sucking Sadducee Shylocks out there and have themselves taken on an massive amount of personal debt.

This could be a triple whammy for families -- 1) Can no longer spend on personal credit, 2) Have to start paying back that personal credit and now 3) Have to start paying back the federal debt.

Solution to Federal Debt Consolidation

Let's not just consolidate the rich Sadducee debt onto the back of the federal government, instead let's also consolidate all personal debt of ordinary Christians into the consolidated debt of the federal government.

As I say in my article "Christian Jubilee", a $500,000 stimulus check to each American household would eliminate virtually all personal debt in society, causing a joyous celebration of citizens being free of massive debt for the first time in their lives.

As I state in "Christian Jubilee", if the Jewish Sadducees have a hard time of it, so what!

Article located at:
Last Hope for America
Christian Libertarian: Harmonious Union
Church and State

The Christian Solution ©             First Release: March 15, 2008