Massive Federal Debt
America is going to a place it has never been before in her history. Never, ever in the history of our nation have we amassed debt as we now have.
If your family income were $1,000 per month and your expenditures were $2,000 per month, leaving you to borrow half of all you spend each month, how long could your family sustain the economics? This is a fair analogy of federal spending in 2012.
January 2009 – $895.30
January 2010 – $1,089.20
January 2011 – $1,333.80
January 2012 – $1,737.80
A simple reading of the above gold price trend indicates the dollar has lost approximately half its value.
Gasoline trend – average national prices
January 2009 – $1.84
January 2010 – $2.67
January 2011 – $3.10
January 2012 – $3.44 practically double January 2009
Purchasing oil on the global market is a chief cause of fuel price increases. There is no global shortage of oil.
Another tell tale sign of inflation is the dramatic upward trend in costs of construction materials, chiefly driven by the cost of imported oil which also drives up food costs.
Let’s look at real unemployment, not the politically correct figures published by the Obama administration that excludes the “underemployed”.
January 2009 – 15.8%
January 2010 – 16.6%
January 2011 – 19.0%
January 2012 – 22.5%
Unemployment during the Great Depression was right at 25% here in the US and approximately 33% abroad.
Taxes – The Big Kahuna
Bush tax cuts expire December 2012 and the largest tax increase in all our history kicks in January 1, 2013. Even if SCOTUS declares all of ObamaCare unconstitutional, taxes will skyrocket due to astronomical federal debt and our inability to borrow from foreign countries.
Let’s talk about home foreclosures. Over the past 5 years foreclosures on 8,200,000 homes began. As of February of this year only 4,000,000 units have been closed out, leaving 4,200,000 as REO (Real Estate Owned) properties that are about to move forward into the foreclosure process. (Source: Business Insider)
DSnews.com publishes dispassionate, up to date information on the mortgage default industry. In an April 18, 2012 article Esther Cho related the first 4 million foreclosures to their impact on children. She reports that in the first wave 2,300,000 children lost their homes. She predicts 3,000,000 more children will lose their homes during the next wave of foreclosures.
As it was during the Great Depression, we are not isolated from the consequences of global financial meltdown.
We have TWO important elections in May: Primary (Republican vs. Democrat) Elections on May 29 and City of Rockwall General Elections on May 12.
On May 12, we vote for School Board candidates, City Council and the all important BOND ELECTION. If all five propositions pass, property taxes will go up a minimum of 36%. I encourage City of Rockwall residents to vote NO on all five propositions.
Additional debt threatens core city services and therefore quality of life in the City of Rockwall.
You can follow the dialog on Facebook at https://www.facebook.com/VoteNoTo36PctPropertyTaxIncrease
Learn about polling places and early voting here: http://www.rockwallcountytexas.com/index.aspx?NID=650