America's Exploding Debt/Tax Bomb

By 2012 total US public debt will exceed US Gross Domestic Product, and there are more ominous signs...

The Treasury Department reported to Congress that by 2015 total US public debt will hit $19.6TR; the total would thus rise from today's 93 percent of GDP to 102 percent of GDP.

Taxes could deep-six the domestic economy in 2011, according to ace economist Arthur Laffer; he explains that people are advancing tax liability to 2010 ISO lower rates than Obama taxation will impose in 2011, and that corporate profits will tank in 2011, leading to a double-dip recession.  Arthur Brooks sees the US "slouching towards Athens" as our debt skyrockets; he notes that the average federal worker earns 77 percent more than the average private sector worker.  The Financial Times sees a "bleak" US jobless picture.  George Will likens the US tax code to daytime television.

There is, thankfully, one piece of good news: al-Qaeda's top financial genius was killed by a US drone strike recently.  The Washington Post reports that the loss cripples al-Q's financial operations.

Bottom Line.  America's economic arithmetic looks worse, as the administration barrels full speed ahead on a spending spree.

Letter from the Capitol, LFTC, 9/11, National Security, Foreign Policy, Economy, Conservative Politics