Happy Deficit Day!

Today marks the day that Uncle Sam officially has spent all the money that he collected from tax revenues!  For the rest of 2013 (97 more days) he will need to borrow every cent that he spends!

Since 1960, Uncle Sam has been in the habit...and deficit day gets moved earlier and earlier.

How long can a nation do that before serious problems erupt?

'Deficit Day" is here again, marking the day the U.S. government runs out of money and begins adding to the nation's already-enormous debt. Despite the $2.7 trillion the federal government collects every year from Americans in the form of income, payroll, corporate, estate and excise taxes, as well as tariffs, fees and other sources, on a calendar year basis the money runs out Sept. 25, at around 3 p.m.

Washington is spending at the rate of over $10 billion per day and from this point until Dec. 31 every dollar it spends will add to the nation's debt—which is already nearly $17 trillion. (This is a separate calculation from the overall federal debt limit, which will be reached in the next few weeks.)

Income, or no income, the government certainly won't stop spending.

This is not fiscal responsibility. Through the payroll tax, the government has simply raised tax revenues at the expense of people who are already overtaxed. Had the government simply held spending constant from last year, Deficit Day would have been shifted 30 days into the future, not 16. But a politician with more money in his hand is a politician who will soon be on a spending spree.

There are only a few possible eventual outcomes if this continues: The government will either print money to pay for its deficits, unleashing unprecedented inflation; it will gut social programs like Social Security and Medicare; or it will dramatically increase taxes on everyone down to, and including, the middle class.

The laws of mathematics can't be rewritten by political desires or "unified budget" accounting gymnastics. Our leaders need to face the truth and get our country's fiscal house in order before Deficit Day becomes Bankruptcy Day.

Here;  http://online.wsj.com/article/SB10001424127887323808204579089003430645252.html

Gut Social Security?!  Gut Medicare?!  What??  They can't do that!!  That would lead to anarchy and unrest!!  They would have to declare martial law to keep the masses under control if that happened.  Look at Greece, for heaven's sake!!  The people won't stand for it!!  We want our benefits!!  We want our benefits!  We don't care how you give them to us...we don't care if you have to steal the money from our grand kids....JUST GIVE US OUR BENEFITS!! 

I will remind you that America isn't mentioned in the biblical Last Days....so where do you think this once great country has gone?

"The love of money is the root of all kinds of evil."

Well one this is for sure...we Americans sure love our money!!